How to save money over Ramadan
Our straightforward ideas could help you save money this Ramadan.
1. Budget for what’s important
Ramadan promises to be a busy time this year, especially after two years impacted by COVID restrictions. Many will be planning on buying Eid presents and cards, hosting dinners, travelling, buying new clothes… But before you get carried away, do you know how much money you have available to spend during Ramadan? Once you know, make a list of everything you’d like to do and then see if you can afford it.
If you can’t, don’t worry, as there are ways to trim down your outgoings. Do you really need all that food? How about clothes? Could you save money on travel by sharing lifts? Could you make Eid gifts and cards, rather than buy them? This is not about enjoying Ramadan less; it’s about understanding what is important enough for you to spend your hard-earned money on it.
If you can’t make savings and end up overspending, then you know you will need a bigger budget next year, and you have the opportunity to start saving now. Or you may decide to embrace a more modest Ramadan and actually spend less than you have. Whatever your decision, you will be making it based on a sound understanding of both your budget and what’s important to you.
2. Save money on food
It is so very tempting to eat and drink a great amount during Suhoor and Iftar – and so easy to buy more food than needed. By avoiding, or limiting, the rich special dishes, and instead eating modest amounts of simple, wholesome food, you will not only help your budget, but your health too. You need food to give you the energy for the long hours of fasting and smaller meals, containing food from all the major food groups, is what your body needs.
3. Save money on shopping
Brands and supermarkets in the UK are increasingly targeting Muslims observing Ramadan, as they know there is potential for increased spending on food and gifts during the religious period. This means that you may find that the things you want to buy are more expensive at Ramadan, so the first rule is to shop ahead. Make a list and throughout the year pick up the things that you need, possibly at a fraction of the price. This approach will also give you the luxury of time to choose thoughtful gifts and avoid the stress of rushing out on a last-minute shopping trip. However, the way things have been over the last few years, you may not have had the opportunity to shop ahead for Ramadan this year. There is still time to shop around for the best deals online and look out for the post-Ramadan sales to maximise your savings for Ramadan 2023.
4. Save money on Eid cards and gifts
COVID kept us isolated from one another and now we have the opportunity to be together at Eid again, what better way to celebrate than with a handmade card or gift? This will give you the opportunity to create something for your loved ones that reflects their personality and interests. After all, as the saying goes, it’s the thought that counts, or in other words, the kindness behind the act that really matters. Eid is a perfect time to put this into practice. Cards are a great way to get your kids involved too; if you don’t have any budding artists on your hands there are many free card templates to download online.
5. Save for Ramadan 2023
It may seem strange to be talking about next year’s Ramadan before this one has begun, but when saving money, it always pays to think ahead. If you decide that you’d like to become better at saving, then we have a number of award winning, Sharia-compliant savings products that let you profit from your savings while remaining true to Islamic teachings. We do not offer interest on your savings, instead, we undertake ethical, Sharia compliant activities with the intention of generating profit, which we then share with you. There is something to suit every budget and you’ll be surprised how quickly your savings will grow. You can find out more here.