Financial Plan During Ramadan

Financial Plan During Ramadan
April 30, 2016 Mrs. K Compare

Ramadan_Mubarak financial plan - Financial Plan During Ramadan - Financial Plan During Ramadan

Ramadan is a special month that revives the spirit of our faith and builds upon the essence of our core values of charity, sacrifices, patience and spirituality. There are a few other things that Ramadan brings with it – higher prices for groceries, temptation to get carried away with retail madness and attending every Iftaar deal in town.

Since Ramadan is a festive month for us, every brand, service provider, restaurant, will try to tempt you to buy the latest line of clothing, spend more than you usually do, buy more groceries or try their Iftaari all you can eat deals. In pursuit of circumventing temptation during Ramadan you should financially plan your month in advance. It is easy to get carried away during all the festivities to please ourselves andforget the larger purpose like charity, patience and helping others.

A sound financial plan will help you enjoy the month, yet fulfill your social and moral obligations. Its okay if you haven’t already planned financially, I have some tips that may help you get started on the right foot.

Budgeting – Financial Plan for Ramadan:

Since everyone celebrates Ramadan according to their own respective financial capabilities, your budgets will tend to vary. Do not compare yourself to others, just merely focus on what you can and cannot do. Having said this, there are some common elements that every ones budgets should comprise of.

  1. Groceries: Plan your iftaar menu on a weekly basis, so you know what you need and how much it will cost. Stay on a look out for deals your bank has to offer on groceries. Some bank’s offer deals such as complimentary drinks on spending on a specific amount. This may help reduce your overall costs, especially if you are shopping for your Iftaar party.
  2. Charity: How much you intend to give or do for charity. Remember to give what you can afford, there are ample of charity organization doing a lot of good work. Put aside some money in advance, and try to do this towards the beginning of the month of Ramadan.
  3. Hosting: Decide on how many Iftaar parties you are going to host for friends and extended family. I recommend capping this at two, one for extended family and the other for friends.
  4. Eating Out: Only choose 1 or a maximum of 2 Iftaar deals that you intend on trying. These tend to be expensive, and can add up to a significant amount should you choose to do more.
  5. Shopping: Buying new clothes makes up a big part of the Eid festivities, so plan this ahead for yourself, your kids and other dependents in advance. Try to only buy a maximum of two new clothing articles per person in your family. Avoid getting carried away, and shopping for an entire new wardrobe.

Most importantly enjoy Ramadan, use the zoloft info time to bond with family, helping others and looking at the bigger picture.

Ramadan Mubarak!

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