Why Ramadan needn't cost a fortune
Ramadan is a time for Muslims around the world to unite in a period of fasting, self-evaluation and spiritual growth. It is also a busy, and might be expensive, time for many. Here are our thoughts to help avoid over spending without compromising your enjoyment.
There’s a lot to do around Ramadan – buy Eid presents and cards, host iftars, travel, buy new clothes… Make a list of everything you intend to do and be honest about how much money you have available. Now you have your budget, evaluate where you can save money. Do you really need all that food? Could you save money on travel by sharing lifts? Could you make gifts? If you find that you can’t make savings anywhere and you overspend, then at least you know you need a bigger budget for next year, and you can start saving now. Or you may decide that it’s time to embrace a more modest Ramadan.
2. Buy simple, wholesome food
It is so very tempting to eat and drink a great amount during Suhoor and Iftar – and consequently to buy too much food. By avoiding the rich special dishes, and instead eating modest amounts of simple, wholesome food, you will not only help your budget, but also your health. You need food to give you the energy for the long hours of fasting. Try to eat smaller meals that will contain food from all the major food groups.
3. Be a savvy shopper
You may find that the things you want to buy are more expensive at Ramadan and so it always makes sense 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. You could prepare meals in advance and freeze them. However, if you haven’t done that over the past year, all is not lost. You can still compare prices and shop around for the best deals.
4. Make Eid cards and gifts
There’s an old saying, “it’s the thought that counts,” meaning it is the kindness behind the act that really matters, and Eid is a perfect time to put this into practice. Rather than buying shop bought gifts and cards, why not create something unique and special yourself? This will give you an opportunity to give your loved-ones gifts that really reflect their personality and interests. Cards are a great way to get the 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 now for next year
An important aspect of Ramadan is contemplation. If you decide that you’d like to become better at saving, then we have a number of award winning, Sharia-compliant products that let you profit from your savings while remaining true to Islamic values. We do not offer interest on savings, instead, we undertake ethical, Sharia compliant activities with the intention of generating profit, which we then share with you.
Whether you require instant access to your funds or are happy to leave them invested for the long term, we will have a savings account to suit your needs. You might be surprised how quickly your savings can grow. You can find out more about what savings accounts we offer here.