05 Apr 2024 | Edukatips

8 Best Strategies to Organize Your Finances Ahead of Eid

As the Eid holiday approaches, it is understandable that expenses will increase compared to other months. This is normal as many things have to be prepared to welcome this, which can be costly.

While THR (religious holiday allowance) may increase your income this month, it is still important to save for Eid and have a solid financial plan to avoid running out of your THR.

Tips for Managing Finances During Eid Holiday

Solid financial planning during Ei is crucial to ensure that your THR does not go to waste. Check out the following tips for managing finances and avoiding overspending during Eid.

1. Distinguish between monthly salary and THR

Sometimes, your monthly salary and THR may be given at the same time or close to each other. It is important not to be surprised by this and to be mindful of managing both appropriately.

It is recommended that you create a budget and separate expenses based on your monthly salary and THR income. Your monthly salary should be used to cover daily expenses and investments, just like any other month.

On the other hand, use your THR bonus to cover the expenses associated with Eid, such as buying groceries for Eid, sending hampers, buying new clothes, and covering travel expenses for homecoming.

2. Keep a record of expenses

To ensure accurate spending, it is recommended to keep a well-organized record of your expenses. Include details of each expense and identify the source of the fund, whether it’s from your monthly salary or THR. It is also a good practice to prioritize expenses based on a priority scale to avoid unnecessary spending. Review your spending record weekly to monitor your cash flow.

3. Zakat and donation

Remember that 2.5% of your income must be allocated for zakat and donations. It’s important to prioritize these expenses. Choose a trustworthy institution to ensure your contributions will bring blessings and benefits to those in need.

4. Set a savings goal

The Eid THR bonus presents an opportunity to increase your savings. Set aside a portion of it and create a savings goal at the outset.

5. Invest

Apart from saving, THR bonus can also be used as liquid funds that can be invested in a portfolio. With this, you can plan how to grow your money with the right investment strategy. However, always choose a safe and reliable investment platform and diversify your investment portfolio to minimize any potential risks.

6. Self-reward

Self-rewarding is an important aspect of life. After working hard for a year, it is only fair to give yourself a meaningful reward. This can help you reflect on your achievements and make you happy.

However, it is crucial to be mindful of your budget while rewarding yourself. You can look for the best price options by shopping online or visiting the store. If you prefer online shopping, you can use BCA Virtual Account for a hassle-free payment process.

7. Check prices and discounts

Whether you are buying items for Eid or yourself, research the offer prices. For BCA customers, there are many attractive promos that you can use to save money on your purchases.

Moreover, take advantage of the Eid discounts to get the best deals at various places. If you plan to go back to your hometown, you can also benefit from attractive promos for booking accommodations to save money for the future.

8. Find additional income

Look for additional income to earn more money ahead of Eid. You can do this by finding a side job that matches your skills or using your THR bonus as business capital.

Use your THR as capital to start a small business, such as selling various Eid cookies and hampers.

Implementing the right financial strategy during the Eid season can make celebrations easier. Do not go overboard just because you received excess funds in the form of THR. Be wise in your spending habits.

 Manage financial plan more easily with myBCA. You can use the "Catatan Financial" feature to record your expenses in detail and practically. Download the myBCA app on the Play Store and App Store.