How to Manage Your Finances Before Ramadan for a More Peaceful Fast

Every year, many people assume that Ramadan is the perfect time to save money. The logic is that since you're fasting, food expenses should naturally be lower. However, reality often proves otherwise.

According to Kompas, the momentum of Ramadan contributed to the increase in inflation in March 2024 compared to February 2024. The Central Statistics Agency (BPS) recorded an inflation rate of 0.52 percent on a monthly basis and 3.05 percent on an annual basis. Acting Head of BPS, Amalia Adininggar Widyasanti, explained that this inflation rise was related to the observance of Ramadan.

On top of that, lifestyle changes during Ramadan can also lead to overspending. Many people are tempted to break their fast at restaurants, buy excessive amounts of takjil (snacks for breaking fast) that often go to waste, or splurge on new clothes and Eid hampers.

To avoid financial stress, it’s crucial to plan your finances wisely before Ramadan begins. With the right strategy, you can fully enjoy the holy month without worrying about money.

1. Save and Allocate Your Budget Smartly

Why Should You Start Saving Before Ramadan? The prices of essential goods will continue to rise, and numerous expenses may pop up unexpectedly. Therefore, preparing a special Ramadan budget well in advance is a smart decision.

How to Effectively Manage Your Ramadan Budget

Create a Special Ramadan Budget:
Separate your budget into categories such as basic needs, zakat, charity, and social activities like group iftars. Use the 50-30-20 rule: 50% for essentials, 30% for wants (iftar outings, hampers, new clothes), and 20% for savings and charity.
Use Auto-Debit for Better Discipline:
Features like auto-debit payments, such as iB Hijrah Savings or Dream Fund, can help you save automatically each week without the hassle of setting aside money manually.

2. Shop for Ramadan Essentials Gradually

Why Should You Shop Early? Many people tend to delay buying Ramadan necessities until the days just before fasting begins. However, according to Tempo, the Coordinating Minister for Food Affairs, Zulkifli Hasan, also known as Zulhas, revealed that the prices of essential goods such as cooking oil and sugar have increased in several regions ahead of Ramadan. Therefore, starting to gradually stock up on Ramadan necessities now could be a wise choice.

Smart Shopping Strategy Before Ramadan
- Buy Non-Perishable Items Early:
  Shop for essentials like rice, cooking oil, sugar, flour, syrup, dates, and other long-lasting foods before Ramadan begins.
- Buy Fresh Ingredients Closer to Ramadan:
  As Ramadan nears, purchase fresh vegetables, meat, fish, and other perishables.
- Shop for Clothes and Hampers During Ramadan:
  Generally, prices for clothing and hampers tend to be more competitive during the middle of Ramadan.
Take Advantage of Promotions and Discounts
Look out for discounts or cashback offers from banks, especially Islamic banks, that often run promotions for basic food purchases.
Use a Shariah-Compliant Debit Card for Safe Transactions
Avoid using conventional credit cards that may not align with your beliefs. Instead, opt for a Shariah-compliant debit card like Shar-E Debit Muamalat, which ensures your purchases are in line with your values.

3. Set Aside Funds for Charity and Social Activities During Ramadan

Why Should You Set Aside Funds for Charity Before Ramadan? Ramadan isn't just about fasting; it's also a time for giving. To avoid financial strain during the fasting month, it's better to prepare your charitable donations in advance.

Types of Social Expenses to Prepare for

Zakat Maal: It's recommended to pay this before Ramadan to have peace of mind.
Infak and Sedekah: You can donate directly or through a trusted zakat organization.
Eid Gifts and Hampers: If you plan to send gifts to family or friends, allocate funds for this now so it doesn't interfere with your main budget.

Practical Ways to Set Aside Charity Funds

Use Online Zakat Features
Mobile banking apps like Muamalat DIN offer a ZISWAF feature, allowing you to pay zakat, infak, and sedekah digitally for convenience.
Decide on Your Charity Plan:
Whether it's a one-time donation or a daily contribution (e.g., Rp10,000 per day), setting a plan will help you stay consistent.

A More Peaceful Ramadan with Financial Security

With careful planning, Ramadan can be a more peaceful and spiritually fulfilling experience without the stress of financial concerns.

Checklist Before Ramadan:

Do you have a specific Ramadan budget?
Have you started purchasing essential items?
Have you set aside funds for zakat and charity?

Good financial planning allows you to focus on worship without the distraction of financial worries. Start organizing your budget and managing your expenses wisely now, so this Ramadan will be more rewarding and under control.

How to Manage Your Finances Before Ramadan for a More Peaceful Fast

1. Save and Allocate Your Budget Smartly

2. Shop for Ramadan Essentials Gradually

3. Set Aside Funds for Charity and Social Activities During Ramadan

A More Peaceful Ramadan with Financial Security

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