Ramadan is traditionally a time where people spend more time with friends and family, dine out more frequently and even donate more than other times of the year. Naturally, your expenses increase during this month and you might spend more than you had intended.
However, let this Ramadan be a different story. Instead of considering this holy month of fasting and sacrifices an excuse to overspend, manage your finances by saving money. There are many ways in which you can cut down on your expenses and still enjoy Ramadan. Let us look at some of them:
- Keep it simple
Ramadan upholds basic human values and simplicity. While you contemplate on your actions in this holy month, practice simplicity in your financial expenditures too. Instead of organizing lavish Iftar banquets, go for small outings or break your fast at home with your loved ones.
- Stick to your budget planner
Make sure to stick to your budget while making purchases for the month and not to use it as an excuse to spend.
Alternately, if you can, create a separate Ramadan budget that includes all the expenses that you would need to make during the month. That could include the cost of gifts, clothes, decorations, entertainment and food. Once you make a budget, it will be easier for you to follow it if you include your family in its implementation as well.
- Utilize rewards and discounts
During Ramadan, the market is flooded with rewards and discounts. You might come across Ramadan offers on clothes, accessories, toys, etc. Along with sales, you can also utilize your reward credit cards to make your purchases. Credit cards are a good way of saving money, especially during the festive season. You can get cash back by using a Citibank Cash Back Credit Cards. Alternatively, with other Citi Credit Card, as you spend, you accumulate reward points that you can use for shopping, dining out and more.
- Save on your travel plans
If you are planning to travel during Ramadan, plan your trip in advance to avail of reduced rates. You can also utilize your credit card miles to book affordable tickets. Moreover, these points can be redeemed for hotel bookings, reward flights, and travel expense subsidies.
- Practice frugality in gifts
Spread love and happiness without spending extravagantly or purchasing expensive gifts. Create personalized gifts at your home as per everyone’s choices that serves as a sweet gesture.