Financial Management Guides After Lots Of Expenditures For Eid

JAKARTA - It is undeniable that people have more spending in the month of Ramadan and Eid compared to other months. Various extra needs must be prepared, especially during Eid al-Fitr or Eid al-Fitr, which usually does not exist in ordinary months. These needs include buying new clothes for the family, buying Eid delivery for relatives, and shopping for meals on Eid al-Fitr. Therefore, each employer usually provides Holiday Allowances or THR to workers to meet these various needs.

We must manage the THR as well as possible, and don't let us spend it all during Eid. After Eid, we still have a lot of daily needs that we have to fulfill, which usually prices are still soaring. Managing the THR we receive is very important, as important as how we manage finances well after Lebaran. Here are some tips summarized by VOI from Bank Neo Commerce's official broadcast.

1. Reviewing expenses during Ramadan and Eid

It is important to revisit expenses during Ramadan and Eid al-Fitr, as we spend a lot of extra spending outside of usual monthly expenses. Doing this makes us have a clear picture of our financial condition, which can help us in making more effective financial plans going forward.

2. Create a monthly budget

After reviewing expenses during Ramadan and Eid, we must make a budget for the following months. The monthly budget covers all important and routine matters, such as electricity, water and internet bills. In addition, it also includes routine installments, maybe People's Housing Credit (KPR), and other debt installments. And the last and most important thing is including allocations for daily needs, of course it must also be included in the monthly budget.

3. Prioritize the need compared to the desire

After a large amount of extra spending in the month of Ramadan and Eid, we must be able to withstand various less urgent desires or expenses. It is very important for us to be able to distinguish between needs and desires. This can certainly help us save after a lot of spending in the previous month.

4. Avoid using savings or emergency funds

After a lot of money comes out to meet the needs of Ramadan and Eid, there is a possibility that the money that should be used for the next month's needs will also be used. Responding to this, we should avoid using savings or emergency funds to cover deficiencies, if any. It's a good idea to save, for example by buying household necessities with a cheaper price option.

5. Apply for a loan if the savings or emergency funds are used

It's not impossible, there must be some of us who need additional funds to meet their daily needs. Especially after a lot of usage during Ramadan and Eid, such as THR for families, nephews, sending hampers, and so on. The most important thing to remember is that if we want to apply for a loan, we have to go through a trusted institution, such as through a bank.

Eid spending is not small, as an illustration that during the Eid al-Fitr holiday, the average public expenditure reached Rp. 2.7 million per person, based on data from the Ministry of Tourism and Creative Economy (Kemenparekraf) at that time.

Based on a survey conducted on 1,045 respondents spread across various points in Indonesia, the largest spending was used for transportation, namely 23.4 percent, 22 percent accommodation, 20 percent eating and drinking, then 14 percent for souvenirs, fashion, and craft needs.