We tend to spend more on the holy month of Ramadan, however, here are a few tips to twist things around and make it the month of giving and saving.
How can I save and not overspend during Ramadan?
Specify the number of Iftars you will be hosting
Before Ramadan, write down the number of Iftars you will be hosting at your place so you can set up a budget for each. In that case, you will get to know the number of people in common so you combine them all in one Iftar.
Set up a budget and stick to it
People tend to overspend during Ramadan, here’s why you should plan for Ramadan’s budget ahead of time. You don’t want to reach the end of the month being broke. So, write down all your expenses including the Iftars you will be hosting, the gifts..etc and manage it accordingly. Do not forget the saving amount!
Do not shop when you are hungry/fasting
Studies have found that when you shop while hungry, you tend to buy a massive amount of things you end up not needing. Also, you will see that you will purchase high calories food which is bad for your health.
Do not shop for the whole month at once
The best strategy for Ramadan shopping is to go 4 times during this month, once every week. Do not shop all at once because, after the first Iftar, you will get a better image of the quantities that you need so you will adjust accordingly.
Focus on the quality, not the quantity
The quality of food and the company are the most important things during Ramadan. So do not overcook food that you will end up throwing. One or two main courses maximum are more than enough for a group of 10-15 people.
Minimize the times of having Iftar/Suhoor outside
Dining out can be very pricey and especially in Ramadan because most restaurants offer only buffets which range from AED 120-500. That is why we suggest that you minimize the number of times you will be having Iftar or Suhoor outside.
Take advantage of Ramadan offers
Ramadan brings along huge offers with it so it is great if you take advantage of Ramadan offers especially when buying the essentials for the house.
Keep in mind that Ramadan is the month of giving, here is why, the number one priority should be giving back to society and keeping a budget for charity.