Budgeting basics: managing your expenses in the last stretch of Ramadan

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Can you believe that we are in the final days of Ramadan? As we reach the end of the holy month it’s essential to maintain a firm grasp on our finances, ensuring that we honor our financial obligations while also fulfilling our spiritual duties. For young Saudis striving for financial empowerment, cultivating a mindset of gratitude can be transformative in shaping a healthier approach to money management.

Here’s how practicing gratitude can positively impact your financial outlook:

1. Assess your financial situation

Begin by assessing your current financial situation. Take a look at your income, expenses, debts, and savings to gain a clear understanding of where your money is going. This will serve as the foundation for creating a realistic budget that aligns with your financial goals.

2. Identify essential expenses

Prioritize your essential expenses, such as food, housing, utilities, transportation, and healthcare. These are non-negotiable expenditures that must be accounted for in your budget to ensure your basic needs are met.

3. Set spending limits

Establish spending limits for discretionary expenses, such as dining out, entertainment, and shopping. Determine how much you can afford to spend in each category without compromising your financial goals or exceeding your income.

4. Plan for Eid

It is important to budget for Eid celebrations and gifts for loved ones. Set aside funds for Eid shopping including new clothes, gifts, and festive meals, to avoid last-minute financial stress of overspending.

5. Track your spending

Keep track of your expenses throughout Ramadan to make sure that you stay within your budgetary limits. Use a budgeting app or spreadsheet to monitor your spending in real time and identify any areas where you may need to adjust your budget accordingly.

6. Adjust your budget as needed

As circumstances change, be prepared to adjust your budget accordingly. If unexpected expenses arise, take a look again at your budget and make necessary revisions to make sure that it stays realistic and manageable.

7. Seek support and accountability

Don’t hesitate to seek support and accountability from friends, family, or financial advisors. Share your budgeting goals with trusted individuals who can offer guidance, encouragement, and accountability as you strive to manage your expenses effectively.

As you navigate the final stretch of Ramadan, remember that effective budgeting is a powerful tool for achieving financial empowerment and security. By taking control of your finances and managing your expenses wisely, you can lay the groundwork for a brighter financial future.

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