4 Ways To Stay Financially Healthy This Ramadan & Raya 2021 | BigPay

Ramadan and Raya are great occasions to spend more time with your family, especially after what we went through in 2020!

However, it’s also widely noted that the Ramadan & Raya season is where overspending occurs the most, where nationwide spending peaks at their all-time-high of the year! Naturally, a period of overspending leads to financial stress and strain on many households - but it really shouldn’t be this way.

This year, let’s do Ramadan & Raya slightly differently: here are 4 ways to stay financially healthy this Ramadan & Raya 2021!

1. Plan your spending even before Raya starts

Yes, there’s nothing that keeps you financially healthy like setting a budget. In fact, a firm budget is the most effective curb for impulsive spending!

That said, setting your budget is often the easy part - you can do it manually by simply writing down your planned expenses, or you could do it via a detailed excel spreadsheet!

Maintaining an up-to-date budget keeps you on your toes so you know when you’re overspending. Give yourself extra credits if you set separate sub-budgets for different categories of items you intend to spend on!

2. Avoid credit cards if you can’t afford to pay them back

While credit cards are useful for earning cashback or points, it’s vital for you to remember that they also carry some of the highest interest rates on outstanding balances!

In fact, it’s not uncommon for credit cards to charge double-digit interest if you don’t pay back your card’s charges after the statement date.

Hence, if you’re still planning to fully utilise your credit card’s limit, be sure to prepare ample funds to pay it back fully. This will prevent any excessive charges as well as preventing it from affecting your credit score!

3. Your duit Raya deserves to stay in the bank

When you’re getting stacks and stacks of duit Raya from your generous relatives, remember this: your spending has started before Raya itself, so don’t overdo it and spend your duit Raya as well!

If you’re the impulsive type when it comes to spending, here’s a quick fix — keep your cash in a separate box away from your wallet so that you’ll not be tempted to pull them out and spend!

If you’re getting duit Raya on your eWallet, it’s even easier - just send it to your savings account!

4. Spend more time with your family, not more money

A new set of swanky Baju Raya might be tempting, but sometimes we should remember what Raya gatherings are all about — spending time with family and friends!

Think about your favourite Raya memories - is it about fancy baju Raya and the new watch you bought, or are they more about a few special moments with your family and friends?

After all, it’s moments that make memories, not fancy clothes or new furniture! Okay, maybe an excellent rendang will be remembered for years to come, but you get the point!

So think twice if you’re considering stretching your budget for a new Raya buy. Is it really worth it?

BigPay believes in managing your money better. Especially during the Ramadan & Raya season.

If you’ve found this guide helpful in saving yourself a ton of money, here’s one more thing you can do that makes great money sense - get BigPay!

We’re the only app out there with a striking blue debit card that allows you to pay anywhere that accepts card payments. With our automatic expense tracker and seamless P2P transfers (you can even send duit Raya with a GIF!), we think you'll love BigPay!