The holy month of Ramadan is a time to quick, pray and provides for the advantage of others. It’s adopted by EID, the place Muslims have fun with buddies, household, and meals.
Nevertheless, surveys have proven that many households spend greater than deliberate throughout Ramadan and EID. Some find yourself borrowing utilizing bank cards or private loans.
The low cost galore on Vehicles, furnishings, and nearly every thing else, makes it tougher for individuals to remain inside finances.
Inadvertently individuals find yourself making each small and large unplanned purchases throughout Ramadan. This put stress on their finances throughout the remainder of the yr.
Typically it may take greater than a yr to repay the debt acquired from making these unplanned purchases.
The excellent news is that there’s a solution to get pleasure from Ramadan and EID with out worrying about cash. By making a finances and sticking to it, households can have a guilt-free and stress-free celebration.
You may also plan to make the most of reductions on automobiles, furnishings, and different objects throughout Ramadan with out worrying about breaking the financial institution or buying debt.
Listed here are Six easy steps to guilt-free and debt-free celebrations.
- Create a beneficiant finances for spending throughout Ramadan subsequent yr. Embody small and large purchases you’ll like to make subsequent Ramadan.
- Do not assume {that a} finances is a instrument to limit your spending. Have a look at it as an environment friendly spending plan supported by financial savings or surplus earnings.
- Create a automobile to fund your spending finances for subsequent Ramadan( Sinking Fund). Huge firms do that recurrently. They create a sinking fund to purchase massive capital-intensive belongings sooner or later.
- Determine how a lot you need to save each month or each week to realize your spending objective for Subsequent Ramadan.
- Open a separate Financial savings/objective account and automate the financial savings.
- By Ramadan 2024, you should have sufficient financial savings to spend guilt & debt free. Repeat this course of after each Ramadan.
Go to Ramadan to Ramadan Savings Challenge to study extra.
How do you want this concept? Will this work?
Share your views on this.
