Ramadan is around the corner and many may be gearing up for the month by filling every white spot on the calendar with iftar and sohour plans and stocking up on groceries.
Two things are often hard to maintain during Ramadan: weight and budget. With much of the month’s social gatherings revolving around food, it’s often difficult to resist delicacies and to keep control of spending.
In addition, thanks to the powers of commercialisation, Ramadan has also turned into a time for making big-ticket purchases that aren’t necessarily related to the month’s spiritual or social nature. Brace yourself for offers for almost anything and everything, from cars and clothes to Eid getaways.
Despite these temptations, there are ways to avoid Ramadan’s shopping and dining sprees that may take a toll on your budget and be hard to recover from for months to come.
Discipline
Make a decision to keep the tradition of enjoying Ramadan gatherings with family and friends without breaking the bank. This takes discipline and a lot more than wishful thinking. Here are a few tips on how to keep your budget:
Throwing a banquet for family or friends can be costly. However, it goes without saying that it can be less expensive to do it yourself at home than to take everyone out or order food. At home, you can control how much you spend and not worry about what others order.
That is why the first step in saving this Ramadan is to keep dining out in check, which also applies to your own outings for meals.
Despite the fun and good company, resist the temptation to turn spending on food and beverages into a daily habit. This can end up being a black hole for your money.
Shop prudently
Several times during the year, retailers find reasons to offer generous discounts.
While you may take advantage of Ramadan offers to buy necessary items, don’t go out of your way to purchase what appears to be a bargain.
Avoid impulse buys by listing what you’re planning to buy, and shopping around to make sure that you get a good deal.
Take on a new challenge
With almost all employers reducing work hours during Ramadan, this may be a good time to take on a new challenge. Start a workout regime or a new hobby, for example.
And, don’t let the social events derail you from your ongoing work projects, education plans or personal development efforts. Focus on the core meaning of the month, which typically won’t adversely impact your productivity or budget.
Spend within your budget
Do you run from one paycheque to another? If yes, you probably can’t afford any sort of splurging during Ramadan.
Unless you’ve planned and stashed some money aside in advance, you likely will be using credit to pay for meals and shopping. This is the first step on a slippery slope of debt from which you might not be able to recover.
Instead, stick to your regular lifestyle and limit hanging out more than usual with friends and co-workers. The bottom line is: Don’t turn the month into a drag on your budget and a source of financial stress.
The writer is a former Gulf News Business Features Editor.
