During Ramadan, sometimes, without realizing it, our spending becomes increasingly consumptive. Data from a survey shows that Indonesian consumer spending soars up to 50% during Ramadan. These expenses relate to preparations for welcoming Ramadan, such as buying new clothes, worship equipment, food and drinks, and renovating houses. However, not all these expenses are important and must be made during Ramadan.
There are many ways you can do to keep your expenses low during the month of Ramadan, you know! Come on, see the full explanation here!
1. Create a Financial Plan
When entering the month of Ramadan, you also need to make a financial plan for the month of Ramadan to stay frugal. You can make a priority list of what you will need during Ramadan. Some routine expenses such as paying utility bills, installments, eating suhoor and breaking the fast, and other basic needs can be included in your spending priorities. Remember to set aside some of your money to share with others in need in this good month.
You can also record daily expenses in your financial plan. Keeping a daily spending log can help you determine how much you spend during Ramadan. If your costs start to get out of control and exceed the budget plan, you stop spending on things beyond your needs. This is, at the same time, a step to prioritize needs to remain frugal.
2. Separate Expenditure for the Month of Ramadan and Hari Raya
The third thing you can do to save money is to separate expenses for Ramadan and Hari Raya. Spending during the month of Ramadan usually focuses on basic daily needs, especially for suhoor and breaking the fast.
While expenses for Hari Raya usually focus on buying new clothes, gifts, parcels, or Hari Raya Allowance (THR) for parents, siblings, and nephews. Apart from that, there is also a need to provide Eid cakes as a tradition for entertaining visiting guests on Hari Raya.
3. Make a List of Suhoor and Breaking Menu
To help you stay frugal, making a menu list for suhoor and breaking the fast can help control your expenses during Ramadan. By making a menu for suhoor and breaking the fast, you can shop for food needs according to the menu and avoid wasting spending on unnecessary food needs.
4. Shop Early
When entering the month of Ramadan, some necessities usually experience price increases compared to previous months, especially before the holidays. To anticipate this, you can start shopping for basic needs such as rice, cooking oil, salt, sugar, and others before entering or starting Ramadan.
However, remember you don't need to panic buy by buying all of these needs in excessive quantities. Buy all these basic needs in reasonable amounts according to the needs during Ramadan.
5. Take advantage of Ramadan Promotions
During the month of Ramadan, businesses will usually provide many promos to attract consumers to shop. You can use this promo to save on your expenses during Ramadan. However, you need to remember not to overdo it when shopping to keep your expenses under control.
Bank MAS also has special promos for you every Thursday-Sunday during Ramadan, you know! A cashback promo of up to 50% can save you up to IDR 150,000. Want to know what the promo is? Come on, click the banner below!
Source: Sambut Ramadan Penuh Berkah Tanpa Takut Dompet Terkuras - OJK