Saving and Celebration: why Ramadan needn’t cost too much
If you’re not careful, Ramadan expenses can quickly mount up. Food, gifts, clothes, travel, celebrations and of course charitable donations… did you know that British Muslims gave approximately £100 million to charitable causes during the month of Ramadan in 2016?
Is it possible to save money during Ramadan? We believe it is.
Create a Ramadan budget and stick to it
Do you know how much Ramadan is going to cost you? Write a list and cost it out now. If you don’t have the money to do all the things you want to, you may want to embrace the experience of a more modest Ramadan. Or, if you do have the amount you budgeted for, but end up overspending, make a note of how and when. This will help you budget more effectively next year.
Buy only the food you need
It can be all too easy to buy too much food for Suhoor and Iftar and as well as damaging our budget this can hurt waistlines. To save money and stay healthy, try to eat simple, wholesome food - and not too much. This will give you the energy that you need for the long hours of fasting. The NHS has created resources for a healthy Ramadan, including meal plans and a video. Find out more here.
Be a savvy shopper
Last minute shopping often proves to be more expensive, so whether it’s outfits, food or gifts, give yourself as much time as possible. With more time, you will be able to shop around and get the best value for your money. Buying in advance where possible will also help – whether buying Eid gifts throughout the year, or buying good Ramadan food in bulk to freeze or store until needed.
Make you own special Eid cards and gifts
Why not give your family and friends truly unique Eid cards and gifts this year, by making them yourself? Or if you don’t feel like you could tackle a whole gift you could personalise a shop bought gift with handmade extras. If your children or grandchildren join in, this wonderful activity will help them understand the joy and wonder of Ramadan. If you’re looking for inspiration, there’s plenty of tutorials online.
Review your savings habits
An important part of Ramadan is contemplation, and it is a good opportunity to review how you are living your life, and where you might like to make positive changes. If you decide you’d like to become better at saving, then you may want to look at Al Rayan Bank’s Sharia compliant savings products.
In celebration of Ramadan, Al Rayan Bank has increased the expected profit rate on its Instant Access Cash ISA to 1.35%. Find out more here.