How to Properly Send Eid Money to Avoid Overspending

Sharing Eid money or Eidi is the most eagerly anticipated moment for many people, including parents, relatives, and neighbors. However, in carrying out this Eid tradition, you need to be careful and stay on budget. Don't let your good intentions to share your fortune actually backfire due to overspending. 

Organize and plan your budgeting for Eid money with these following steps, so you can celebrate this joyous moment without the worry of overspending. 

Check Your Financial Condition and Set Your Priorities
The first thing you have to do before planning the budget for Eid money which will be given to family members is to check your financial condition. Make sure if you have ongoing obligations such as debt and credit installments.

You also need to check the safety of your financial condition for the future, such as emergency funds, education funds, pension funds, and monthly bills. If everything is safe and sound, you may begin to set the priority of this year's budget for Eid money. Are you going to make it a priority or not?

If you plan to make Eid money your top priority as a form of sharing, you can set 60% -70% of your monthly income. However, if you don't make it a priority, setting 20%-30% of your monthly income is enough.

However, it should be noted that this tradition is not mandatory. So, you don't need to force yourself because this is usually done by those who feel satisfied with their current financial condition and want to share their fortune with relatives.

Use Religious Holiday Allowance, Not Your Savings
After knowing your financial condition and priority for the Eid money, you must determine the source of the funds. With the proportions mentioned earlier, your budget for Eid money can be taken directly from the religious holiday allowance that you’ve got from your work. You don't need to take it from your savings, especially not your emergency fund, that you have stored for so long.

Sharing as a celebration of Eid is important, but you must not ignore your future needs which may require savings and emergency funds. Therefore, be wise in determining the source of your Eid funds.

Write Down the List of Eid Money Recipients
If you have determined the source of the Eid money, the next step is to determine who will receive the Eid money. Generally, Eid money will be given to immediate family first, such as parents, in-laws, siblings, and nieces. Don't forget grandparents, uncles, and aunts either! Giving Eid money to your neighbors can be an additional option if you have more sources of funds, as well as extended family.

Distribute Eid Money Fairly
In distributing Eid money, you need to do it fairly. It means that it should be according to their needs. This can be seen from the age of the recipient and your closeness to the person concerned. The amount of Eid money for your parents will definitely be different from the amount of money that will be received by your nephews or your neighbors. Therefore, you need to determine the nominal wisely and carefully.

For example, you have budgeted Rp500,000-Rp1,000,000 for your parents and in-laws. For uncles and aunts, the nominal can be reduced to IDR250,000. Meanwhile, for nieces, you can give Rp100,000-Rp150,000 for those who are in high school or college.

For those who are still children, you can give Rp20,000-Rp50,000. However, this is not a fixed number. You can still adjust it to the financial conditions and budget that you specify.

Memorable Gift Giving
You can also share your fortune on Eid by giving memorable items to your relatives. Some people may be just as happy to get items that can be worn on Eid, such as new clothes, new mukena, sarong or prayer mat, sandals, or a bag.

As a suggestion, before buying these items, ask the person concerned what items they want. So, the items that you will give them will be useful for their lives and create long-lasting impressions.

After finishing the budget and list of recipients, don't forget to prepare Eid greeting cards for each recipient. You don't have to write them down one by one and then send them by postcard. Just select the most attractive WhatsApp Gift through the PermataMobile X mobile banking application, now you can send Eid greeting cards as well as Eid money to relatives. Very easy, right? Download PermataMobile X from the App Store or Google Play and spread happiness on Eid.