10 smart financial tips for the last 10 days of Ramadan

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a mother staying up at night during the last 10 days of ramadan with her children

As Ramadan draws to a close, it’s essential to ensure that your financial practices align with your values and goals, especially as a young Saudi navigating the path to financial empowerment.

Here are ten smart financial tips to help you make the most of the final days of Ramadan:

1. Review your spending

Take a moment to review your expenses throughout Ramadan. Identify areas where you can cut back and redirect those funds towards savings or charitable giving.

2. Set clear goals 

Define your financial goals for the upcoming months. Whether it’s saving for a specific purchase, building an emergency fund, or investing for the future, having clear objectives will help you stay focused and motivated.

3. Prioritize Zakat

As an obligatory act of worship, Zakat holds significant importance during Ramadan. Take the time to calculate your Zakat accurately and allocate it to those in need, following the principles of Islamic finance.

4. Practice gratitude

Cultivate a mindset of gratitude for the blessings you have, including your financial resources. Reflecting on your blessings can help you make wiser financial decisions and foster contentment with what you have.

5. Preparing financially for Eid

With Eid approaching, it’s tempting to overspend on celebrations and gifts. Set a realistic budget for Eid expenses, including gifts, food, and any other festivities. Stick to your budget to avoid unnecessary debt or financial strain.

6. Building wealth through patience

Understand that building wealth is a long-term endeavor that requires patience and discipline. Use the final days of Ramadan to reaffirm your commitment to your financial goals and the steps necessary to achieve them.

7. Digital Ramadan

Leverage technology to manage your finances more effectively during Ramadan. Utilize budgeting apps, online banking, and digital payment platforms to track your spending, automate savings, and stay organized financially.

8. Seek professional advice

Don’t hesitate to seek guidance from financial advisors or mentors who can provide personalized advice based on your individual circumstances and goals. A trusted advisor can offer valuable insights and help you develop a comprehensive financial plan.

9. Avoid debt

Be cautious about taking on debt, especially high-interest debt like credit card debt. While certain types of debt, such as mortgages or student loans, may be unavoidable, aim to minimize your debt burden and prioritize paying off any outstanding balances as soon as possible.

10. Automate your savings

Use tools available through your bank to set money aside every month in your savings account. This money can be taken from your current account at your chosen date so that you don’t have to think about it. Think of it this way, you’ll be paying yourself first!

By incorporating these smart financial tips into your routine during the last 10 days of Ramadan, you can strengthen your financial foundation, align your spending with your values, and take meaningful steps toward achieving your long-term financial aspirations.

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