7 Financial Management Tips for Ramadan

The holy month of Ramadan will be here soon, and you’ll see an increase in your daily needs. However, with an excellent financial management strategy, you can better focus on praying because you don’t have to worry about how to fulfill all the necessities.
An effective budgeting strategy lets you buy everything you need without lamenting your rapidly depleting monthly income. So, how can you manage your money effectively during Ramadan?

Make a Financial Plan and Stick with It
A robust financial management strategy requires a solid plan. The first thing you should do before Ramadan is plan what you’ll buy for the celebration. Then calculate your required money, and compare the results with your current financial capabilities. After perfecting your Ramadan budgeting plans, stick with the established maximum limit to prevent your money from running out too soon.

Prioritize Your Primary Needs First 
We associate Ramadan celebrations with new things to welcome the month of victory. You might also have to buy a set of fresh ingredients to cook Eid al-Fitr festive dishes. When managing your finances wisely, prioritize your primary needs instead of your wishes. That way, you can save money for more pressing needs.

Buy Groceries in Bulk Before Ramadan Arrives
Surely you must be familiar with the rising grocery cost when Ramadan is around the corner. To help you save more money, you should shop for food ingredients before the holy month because prices are still relatively affordable during that time. Next, try to purchase all your necessities in bulk so you don’t need to visit the supermarket too often to restock.

Allocate Some of Your Holiday Bonus
In preparation for the holy month of Ramadan, most likely, you’ll receive a religious holiday allowance or some form of holiday bonus from your workplace. Spending the bonus money for your wants may be tempting, but don’t give in to such impulses.

Try allocating 5% to 10% of your holiday bonus to your best extent to grow your emergency funds. With adequate emergency fund reserves, you don’t need to worry about money in the face of unexpected emergencies. So you can better concentrate on praying and spending quality time with your loved ones.

Try to Break Your Fast at Home
Since the pandemic, outdoor activity restrictions have become lax, and you’ll likely miss eating out at restaurants. However, try breaking your fast at home with your family as often as possible to save money. It’s more cost-efficient and healthier because you can adjust the amount of sugar, salt, and oil you use in your homemade cooking.

Participate in Fasting Break Events at the Mosque
You can visit a nearby mosque to break your fast with many people without disrupting your Ramadan financial plans. More often than not, mosques hold a mass fasting break event with free food for all local community members during Ramadan. This event is beneficial because you can save money and interact with your neighbors to strengthen your relationship simultaneously.

Discover Places Serving Free pre-Iftar Snacks
Pre-Iftar snacks have always been essential for Eid al-Fitr celebrations because their refreshing taste hits the spot after fasting for the whole day. As a Muslim, surely you’re familiar with the Prophet Muhammad’s advice to break your fast as soon as possible. With that in mind, such snacks are undeniably one of the most significant spendings during Ramadan. To maintain your financial plans, try cutting back on pre-Iftar meal expenses by finding places that serve them for free. Commonly, you can find these places on social media.

Fulfill All Your Needs Before This Year’s Holy Month!
With more necessities to fulfill as Ramadan approaches, you may need an extra source of income for various urgent needs. PermataKTA will help you manage your financial strategies more efficiently if you face difficulties.

Thanks to PermataKTA, you can apply for a collateral-free loan for up to IDR 300 mio and get your money without waiting a long time! What’s more, PermataKTA’s interest rate is highly competitive, only starting from 0.88% per month flat. Even more practical is that you can finish all the application processes 100% online with the PermataMobile X application!

PermataKTA allows you to receive extra funds to prepare for Ramadan with loved ones more easily anytime and anywhere! So, what’re you waiting for? Apply for PermataKTA now!