Effective financial strategies for Ramadan
There’re a lot of special experiences the holy month of Ramadan brings along with it. Other than fasting, this month is an opportunity to connect with others and spread kindness all around! But even though a lot of people think that Ramadan is a chance to take it easy on our wallets, the truth is, Ramadan has its very own set of expenses. And they weigh heavily if you haven’t figured out how to accommodate them in your budget.
To help you build better money habits and kick financial stress to the curb, here are some simple and effective strategies you can employ this holy month!
Limit takeout and dining outside
Yes, at some point, you might feel the need to spice things up a bit. Whether it’s by ordering that burger you’ve been craving ever since you began your fast or putting on your shoes to eat at that restaurant down the street, we feel you. But, if the pandemic taught us one thing, it’s that you don’t always need more than good company and a home cooked meal.
Now, don’t get us wrong. We’re not telling you to skip takeout or dining altogether but to limit it instead. If you’re used to ordering food instead of cooking, say twice a week during Ramadan, then start by cutting the frequency in half! You’d be surprised how much you’ll save by employing this simple strategy, particularly if you tap into our card holders’ discounts *wink*
Don’t go overboard
Ramadan is the month of generosity, but it’s also the month of mindfulness. So, to make sure you make the most of it while keeping yourself afloat, have you considered allocating a special charity budget? Figure out how much money you can give out to charity beforehand and stick to it to be on the safe side. Whether that’s 300 JOD or less, it doesn’t matter. It’s your generous character and thoughts that do.
To make things easier, you can even donate through our mobile banking app to several charities and organisations. ;)
Make smarter spending decisions
We’re all inclined to buy things we don’t necessarily need at the moment. But with Ramadan approaching, it’s important to kick that habit to the curb! For example, if you caught sight of a jacket, you don’t need to buy it with Ramadan creeping closer. True, it might be on sale or the last of its kind, but is it worth being broke and having to borrow money?
With smarter spending decisions comes responsibility. So, if you really want that jacket, then buy it during Eid? That way, you’ll keep your Ramadan budget intact, find a way to accommodate this expense into next month’s budget and still get that jacket!
Create a Ramadan Fund
You might think that it’s a little too late to create a Ramadan fund for this year. True, but there’s nothing wrong with creating one for the year after — in fact, it’s even brilliant!
Set a tangible goal in mind and begin to save money to reach it. Remember the primary rule of saving: start, as little or as much as you can, it doesn’t matter, what matters is to start! If your goal is to save 1,000 JOD for next Ramadan, then you can create a savings goal through the app to reach your goal. That way, when Ramadan comes knocking, you’ll not only have money in your pockets, but a complete arsenal to keep you afloat!
With that said, you’ve now got all you need to keep yourself at ease during Ramadan. Remember to both be responsible and mindful of your spending habits and decisions this holy month, and nothing will be able to burst your bubble!
Ramadan Mubarak!
