In anticipation of Ramadan, you'll soon receive your Tunjangan Hari Raya (THR) or holiday allowance, equivalent to 100% of your basic salary. Although substantial, the money can quickly deplete if you don’t manage it properly. So, how can you manage your THR money to ensure it lasts? Here are some tips:
Create A Detailed Budget for Each Expense
Even though your income increases due to the Ramadan bonus, expenses during the month also rise significantly. After all, in Indonesia, there's a tradition of gathering with family and giving money to relatives, close friends, and neighbors. Therefore, planning your expenses is essential.
When creating a budget for Ramadan expenses, ensure your basic needs are met first. Then, plan specific costs for the fasting month until Eid al-Fitr, such as transportation home, money for nieces and nephews, and family meals.
Prioritize Essential Obligations
As mentioned in the previous point, basic needs must be met first. What exactly falls under essentials? As a rule of thumb, you must secure money for food, clothing, and shelter for the upcoming month.
After ensuring all these needs are met, you can move on to secondary and tertiary requirements that fulfill desires. Some items in this category include clothing, gadgets, and entertainment expenses. This way, you can be more mindful when managing your Eid holiday allowance.
Set Aside Money for Charity and Zakat
Another way to manage your Eid holiday allowance is by setting aside money for zakat and charity. You can categorize this as a new item under basic needs or create a new category for the holy month of Ramadan. Whatever your decision, ensure that zakat and charity funds come from priorities rather than leftover spending.
Avoid Impulsive Shopping Behaviors
In addition to the above methods, managing your Eid holiday allowance involves adopting a thrifty mindset. What does this mean? A crucial attitude for those who want to save is practicing mindful buying, meaning making purchases consciously. This way, you can avoid impulse buying.
Impulsive behavior involves acting suddenly according to emotion. While this can have positive effects when donating, if applied during shopping, the purchased items may exceed your budget and previous planning.
Record Every Expense Meticulously
The following way to manage your Eid holiday allowance is by meticulously recording expenses. When you budget your costs, ensure that your monthly spending is well-documented. Why? When your payments are detailed, you can better evaluate them for the following month.
Some people may need to pay more attention to the importance of regular monthly expense records. However, this can be a track record that will determine your financial decisions the following month. When your expenses in the previous month were excessive, you'll know which items can be saved in the next period.
Build An Emergency Fund Reserves Early
Even though both income and expenses are high during the holy month of Ramadan, opening an emergency fund is still crucial. You can try PermataME iB savings based on the Mudharabah Mutlaqah contract.
You can manage your Ramadan holiday allowance well by following the six tips above. By avoiding impulsive behavior and practicing good planning and financial recording, you'll achieve your goals of saving expenses even in the holy month of Ramadan.
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