Ramadhan is a month full of blessings that Muslims around the world always await. In addition to being a moment to increase worship and get closer to Allah, Ramadan is also a time to share with others.
However, behind the excitement of this Holy Month, we often face challenges in managing finances. Without good planning, expenses during Ramadan can swell and disrupt financial stability.
Not a few people only realize after Ramadan has passed that their expenses are much greater than expected. Many expense items can unknowingly drain your pockets. Therefore, it is important to recognize potential financial leaks so that we can go through Ramadan calmly and maintain financial balance.
According to Amalia K. Nisa, Founder of @mommenkeu, five main leaks often occur during Ramadan and need to be anticipated so that finances remain stable until Eid arrives. Come on, take a look and prepare the solution!
1. Zakat Maal (For Those Who Have Reached Nisab and Haul)
Zakat maal is zakat imposed on assets that have reached nishab (minimum limit) and have lasted for a haul (1 year of ownership). Mandatory requirements for zakat maal:
• Assets are fully owned
• Have reached nishab (worth 85 grams of gold)
• Haul (1 year) has passed
• Assets are growing or have the potential to increase
The amount of zakat maal is 2.5% of the total assets subject to zakat. For example, if someone has savings and assets worth IDR 100 million and has owned it for a year, then the zakat is IDR 2,500,000.
“Many of my clients and class participants have just realized that they have never paid zakat maal. They only know about professional zakat. In fact, the assets we have (savings, stocks, deposits, etc.) if they have reached the nisab and haul standards, zakat maal must be paid,” said Amalia.
During Ramadan to Eid, we usually spend a lot of money on alms, infaq, and donations. However, don’t forget that zakat maal is an obligation, while alms are sunnah.
2. Fidyah (For Those Who Cannot Fast Throughout Ramadan)
Fidyah is compensation paid by someone who cannot fast and cannot replace it on another day. For example, pregnant or breastfeeding mothers and sick parents.
The amount of fidyah if using money is the value of 1 meal for one day of fasting that was missed. If in the form of rice, it is equivalent to 1 mud or around 675 grams of rice per day, which is not fasting.
3. Alms in the Month of Ramadan
The month of Ramadan is the best moment to share, and many types of alms can be done, such as sharing takjil, breaking the fast, or sahur, alms for social activities in the mosque, and helping the poor and needy.
Alms are not obligatory like zakat, but they have extraordinary rewards in the month of Ramadan. So, make sure the alms budget remains in accordance with your financial ability.
4. Unexpected Social Costs
The month of Ramadan is also synonymous with various social activities that can make the budget swell, such as breaking the fast with friends and family, homecoming souvenirs, hampers for family and relatives, and Eid Allowances (THR) for Household Assistants (ART), employees, relatives, or parents.
These activities are indeed important for maintaining friendships, but without careful planning, they can become a big financial leak. So, make sure everything is included in the budget calculation.
5. Costs During Homecoming
Homecoming is often one of the biggest expenses before Eid. One of them is transportation tickets or fuel if using a private car. In addition, expenses during the homecoming holiday also need to be taken into account, for example, the budget for travelling in the homecoming area. Snacks and food during the trip certainly need to be included in the budget, especially if multiplied by the number of family members.
If not managed properly, homecoming costs can drain savings and disrupt the post-Eid budget. Therefore, prepare homecoming funds well in advance so that they are lighter.
Budget Management Tips to Avoid Breaking
To keep your budget safe during Ramadan until Eid, Amalia, who is also active in opening a Financial Planner consultation room, shares some budget efficiency tips that can be applied.
- Buy enough clothes, or wear what you already have
There is no obligation to buy new clothes every Eid. If the clothes are still wearable, there’s nothing wrong with wearing them again.
- Make your cakes or buy enough
The price of cookies often soars before Eid. If possible, make them yourself at home or buy them in quantities that suit your needs.
- Prepare your takjil and food, buy enough snacks
Managing your own food can save a lot of money compared to having to break your fast outside often.
- Sort the list of hamper recipients according to your budget
Give hampers to family and close friends first. It doesn’t have to be luxurious, the important thing is the intention to share.
In addition, shopping with the concept of mindful spending is also highly recommended. Mindful spending does not mean stopping shopping; rather, it means spending money consciously and according to needs.
“Let’s share more kindness and according to our ability in the month of Ramadan. Helping others can be done by buying local products, buying from friends, or supporting the businesses of those closest to us. Adjust to your needs and budget so you don’t waste money,” concluded Amalia.
With good financial planning, Ramadan and Eid can be lived more calmly and full of blessings. Come on, tidy up our budget from now on! (YN/NCI)
