Spend less, save more this Ramadan
The blessed month of Ramadan - where Muslims across the world unite in a period of fasting, self-evaluation and spiritual growth - has begun.
Ramadan is a time of celebration and giving, and so it is hardly surprising that it often proves to be one of the most expensive periods of the year, with money being spent on gifts, food and gatherings with friends and family. However, it is possible to minimise the extra expenditure this Ramadan. Just follow our five tips below:
1. Create a Ramadan budget
Create a budget for everything you plan to do: buy presents and cards, host dinners, travel, buy new clothes etc. If you discover that you don’t have the money you need, embrace the opportunity for a modest Ramadan. If you break your budget, note how. This will help you will budget more effectively next year.
2. Buy food mindfully
It can be very easy to buy too much food for Suhoor and Iftar. In order to save money and stay healthy, try to avoid the rich special dishes, and instead eat simple, wholesome food - and not too much. This will give you the energy that you need for the long hours of fasting. For more information on how to prepare for Ramadan fasting, please go to the NHS page on a Healthy Ramadan.
3. Shop smart
Last minute shopping is more expensive, so whether it is outfits, food or gifts, give yourself as much time as possible. Shop around to compare prices and get the best value for your money. Buy in advance where possible – for example, buy Ramadan food in bulk to prepare and freeze or store until needed and buy next year's Eid gifts throughout this year if possible.
4. Make, or personalise, Eid cards and gifts
Make Eid cards and gifts and give something truly unique to friends and family. Make, or personalise shop bought gifts, to reflect the recipient's personality and interests. Creating Ramadan cards and gifts is a great activity for children, to help them better understand the joy and wonder of Ramadan.
5. Review your savings habits
An important aspect of Ramadan is contemplation. If you decide you’d like to become better at saving, Al Rayan Bank has a number of Sharia-compliant products to help you. To discuss your savings needs, please ring our dedicated Customer Services team on 0800 4086 407.