01 Apr 2024 | Edukatips

Tips to Maintain Steady Finances During Eid

It’s important to carefully plan your finances for Eid for various reasons. During the holiday, people tend to spend more, and unexpected expenses can arise.

Additionally, the fasting month involves giving THR (a bonus) to relatives and friends, and there’s also the plan for homecoming as Eid al-Fitr approaches. Therefore, it’s crucial to have a strategy to manage finances during this time.

Tips to Prepare Finances for Eid

To prepare finances for Eid, you should take several steps beforehand. Here are some tips for managing your finances during the Eid holiday.

1. Create a financial plan

It’s a good idea to create a customized financial plan to calculate your expenses during Eid. This should include the cost of homecoming and the allocation for giving THR. Once you have created your financial plan, try to be disciplined and prioritize all potential expenses. With a financial plan, you can adjust your spending within the set limits.

2. Set aside funds for almsgiving

Eid is also a great opportunity to give alms. So, you don’t want to miss out on it. Try to set aside some of your wealth for almsgiving. Nowadays, you can easily give alms or zakat online through a Virtual Account that can be paid through myBCA and other BCA e-channels.

3. Maintain savings and investments

It’s important to maintain your savings and investments during Eid, as consumptive spending often increases. Setting aside funds for savings and investment can help you avoid overspending. One of the options for investing is through the Welma feature on myBCA, which provides investments such as bonds and mutual funds.

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