• Home
  • About Us
  • Guides

    Savings Calculator to calculate savings goals and basic savings projections

    Planning & Budgeting

    Investment Returns Calculator to calculate investment returns, investment comparisons and investment portfolio simulator

    Saving & Investing

    Guides to tackle financial debts in Malaysia for Free

    Tackling Debt

    Free Guides on Choosing and purchasing a vehicle in Malaysia

    Buying a Vehicle

    Free Guides on Purchasing a Home in Malaysia and avoiding crippling debt

    Buying a Home

    Free Guides On purchasing insurance in Malaysia safely

    Insurance

    Free guides to ensure a comfortable Retirement by planning your retirement

    Retirement

    All Guides Icon

    All Guides

  • Guides
    • Planning & Budgeting
    • Saving & Investing
    • Buying a Home
    • Buying a Vehicle
    • Tackling Debt
    • Insurance
    • Retirement
  • Calculators
  • Blog
  • Take Quiz
    • English
    • Bahasa Malaysia
    Have any questions?
    hello@multiply.org.my
    RegisterLogin
    MultiplyMultiply
    • Home
    • About Us
    • Guides

      Savings Calculator to calculate savings goals and basic savings projections

      Planning & Budgeting

      Investment Returns Calculator to calculate investment returns, investment comparisons and investment portfolio simulator

      Saving & Investing

      Guides to tackle financial debts in Malaysia for Free

      Tackling Debt

      Free Guides on Choosing and purchasing a vehicle in Malaysia

      Buying a Vehicle

      Free Guides on Purchasing a Home in Malaysia and avoiding crippling debt

      Buying a Home

      Free Guides On purchasing insurance in Malaysia safely

      Insurance

      Free guides to ensure a comfortable Retirement by planning your retirement

      Retirement

      All Guides Icon

      All Guides

    • Guides
      • Planning & Budgeting
      • Saving & Investing
      • Buying a Home
      • Buying a Vehicle
      • Tackling Debt
      • Insurance
      • Retirement
    • Calculators
    • Blog
    • Take Quiz

      Planning & Budgeting

      4 Ways to Avoid Overspending This Ramadan and Hari Raya

      • Posted by Multiply
      • Categories Planning & Budgeting
      • Date April 15, 2022
      4 Ways to Avoid Overspending This Ramadan and Hari Raya 1 - Multiply - Planning & Budgeting

      Ramadan is here again and as this year is also the first time Malaysians are allowed to take part in activities without most of the COVID-19 restrictions, it may cause us to spend more than we intend to.

      So, here are some simple tips to help you budget for the season.

       

      1. Plan your spending in advance

      In a Google survey among Muslim-majority countries, 83% of families changed their food consumption habits during Ramadan (food bills up by 50-100%)1. With statistics showing that Malaysians also plan to shop mostly on clothes and household items this year2, planning our spending will be helpful to avoid overspending.

      Here’s how you can do it:

      1. Make a list of what you plan to spend on (based on your wants and needs) and how much you can afford to set aside.
      2. Review your list to see if there is any spending you can cut down on.
      3. Keep track of your expenses every week to make sure you’re staying on track with your budget.

       

      If you ever go over budget, look for other ways you can cut down on spending so that you can stick to your monthly budget. You can use our example below to help you start:

      4 Ways to Avoid Overspending This Ramadan and Hari Raya 3 - Multiply - Planning & Budgeting

      Need help? Use our monthly budget calculator

       

      Now that you have a budget, what do you need to keep in mind when spending?

      1. Don’t compete with others (social pressure)

      Social media and peer pressure can make you feel like you should spend more than you need to this season.

      Have you seen many relatives pose in custom baju Raya?

      Or do you have a friend that’s buying a whole new living room set to entertain during the festive month?

      If this kind of spending is over your budget, don’t feel pressured to follow trends.

      • You can always search online shopping apps for matching baju Raya sets on sale or
      • Buy one or two stand-out items to help your house look fresh for the season.

      There are many ways you and your family can still usher in Hari Raya with joy.

       

      1. Don’t take loans or use your savings

      Just to keep up with Raya spending, some may find other ways to boost their celebration expenses without thinking of the consequences. Avoid:

      • Applying for the EPF Special Withdrawal unnecessarily
      • Maxing out your credit card spend or
      • Taking loans from family and friends

      You must remember, it is not worth facing bigger problems in the longer term for short-term (celebrations) gain.

      • High interest payments/debts,
      • Low retirement or short-term savings
      • Estranged relationships

      Always keep in mind the budget you have. Spending quality time with family and friends does not depend on how much you are able to spend for the season.

       

      1. Use the Ramadan and Raya promotions to your advantage

      Retailers, restaurants and online shopping apps will usually offer deals during Ramadan ahead of the Hari Raya celebrations. Check various offers that can help you get more value out of your money.

      E.g. Social Media notifications from your bank or favourite shops

      • E-wallet/card promotions
      • Special discounts and bundle offers

      However, be careful about spending unnecessarily due to attractive promotions. We should not take on “debt” that we can’t afford.

      • Read the terms and conditions of some promotions carefully, like Buy Now Pay Later (BNPL) schemes.
      • Avoid temptations by turning off notifications from the online apps

      Be Ramadan and Raya-ready, without hurting your wallet.

       

      We know that after almost two years of living in lockdown, many of us are looking forward to celebrating Ramadan and Raya in bigger and better ways this year. But always remember to keep track of your spending as getting in long term debt for short term gain isn’t worth it. Having a modest celebration does not take away from the joy of spending time with dear friends and family.

      So, be sure to use our tips to help you keep your spending under control this season.

      Multiply would also like to take this opportunity to wish our Muslim readers a blessed and joyous Ramadan!


      1https://www.nst.com.my/opinion/columnists/2021/04/684573/ramadan-effect-shows-religion-goes-hand-hand-economy

      2https://business.yougov.com/content/41763-malaysia-ramadan-shopping-trends-2022

      Share with:


      Admin bar avatar
      Multiply
      The Multiply Admin

      Previous post

      I have one month to Withdraw from EPF, Should I?
      April 15, 2022

      Next post

      5 Tips to Increase Your Salary
      May 23, 2022

      You May like

      ENG Budget Visuals 1
      Ready for Malaysia’s Budget 2023?
      22 February, 2023
      where-can-i-get-help-if-i-am-struggling-financially
      Where can I get help if I’m struggling financially?
      13 February, 2023
      Carousel – Budgeting 1-01
      Want to grow your savings?
      1 December, 2022

      Search

      Latest Posts

      2 Initiatives Every Housewife and Married Woman Shouldn’t Ignore
      31Mar2023
      Preparing for Retirement: Do's and Don'ts 5 - Multiply - Retirement
      Preparing for Retirement: Do’s and Don’ts
      24Mar2023
      Ready for Malaysia's Budget 2023? 7 - Multiply - Planning & Budgeting
      Ready for Malaysia’s Budget 2023?
      22Feb2023

      GUIDE CATEGORIES

      • Planning & Budgeting
      • Saving & Investing
        • ETFs
        • Unit Trust
        • Stocks
        • Investing Basics
        • Fixed Deposits
        • Savings
      • Tackling Debt
      • Buying a Vehicle
      • Buying a Home
      • Insurance
      • Retirement

      STAGE OF LIFE

      • Student
      • Families
      • Working Adults
      • Retirees

      Latest Guides

      5 Things To Check Before Investing in A Company’s Shares

      5 Things To Check Before Investing in A Company’s Shares

      Free
      What you need to know about ‘Buy Now, Pay Later’ plans

      What you need to know about ‘Buy Now, Pay Later’ plans

      Free
      What Do You Need to Know About E-Wallets?

      What Do You Need to Know About E-Wallets?

      Free

      Don't miss out, join our mailing list

      newsletter-subscribe-multiply

      logo-multiply-learn-investing-for-free

      hello@multiply.org.my

      Information

      • Home
      • Blog
      • About
      • Contact

      Categories

      • Planning & Budgeting
      • Saving & Investing
      • Tackling Debt
      • Buying a Vehicle

      Categories

      • Buying a Home
      • Insurance
      • Retirement
      • All Guides

      Instagram Feed

      It's income tax filing season! So, in this week's It's income tax filing season! So, in this week's series of Multiply Simplifies, let's talk about income tax. 😊#incometax #taxseason #taxfiling #malaysiataxfiling #lhdn #tax101 #financialliteracy #financialeducation #personalfinance #multiplymalaysia #malaysia
      Long-term financial security is important to help Long-term financial security is important to help you feel in control of your future. Here are two initiatives every housewife and woman shouldn’t ignore! To learn more about SKSSR & i-Sayang, click on the link in our bio. #socialprotection #retirement #retirementplanning #financialsecurity #women #womenfinance #multiplymalaysia #malaysia #financialliteracy #financialeducation
      Looking for an alternative saving option for your Looking for an alternative saving option for your retirement plan? Private Retirement Schemes (PRS) might just be the answer you're looking for! Learn more about PRS through this week's episode of Multiply Simplifies! 😊 #retirement #retirementsavings #retirementgoals #retire #savings #financialplanning #financialliteracy #financialeducation #personalfinance #multiplymalaysia #malaysia
      Adakah anda percaya bahawa bila anda bersara nanti Adakah anda percaya bahawa bila anda bersara nanti, anda akan bebas daripada tekanan dan kerisauan? Fakta sebenar adalah sebaliknya! Jangan biarkan mitos mengganggu persediaan anda untuk masa depan yang selesa. 👴👵🏝️Layarilah laman web kami untuk ketahui lebih lanjut dan kira jumlah simpanan yang perlu anda mulakan sekarang! #simpananpersaraan #simpanan #persaraan #bersara #perancangankewangan #matlamatpersaraan #pendidikankewangan #kewanganperibadi #multiplymalaysia

      Multiply by Creador Foundation.

      • Privacy
      • Terms
      • Sitemap

      Facebook Google

      Login with your site account

      ten + 18 =

      Lost your password?

      Not a member yet? Register now

      Register a new account

      1 × three =

      Are you a member? Login now

      Language :

      • English
      • Bahasa Malaysia

      What's your spending style?

      Managing our spending can be tricky business. So tell us how you spend your money and we'll help you figure out how to make the most of it!

      1. How do you earn money?
      2. How were you managing your finances before COVID-19 hit?
      3. How has COVID-19 affected your spending overall?
      4. How did the movement controls (MCO/CMCO) affect your credit card spending?
      5. If you received Bantuan Prihatin Nasional (BPN) assistance, how did you use it?
      6. If you're taking money from your EPF account during the MCO/CMCO (under i-Lestari), how are you using it?
      7. The loan moratorium was helpful for me because:
      8. The holiday season is just around the corner. What do you have planned for year-end shopping?
      9. Have you planned your budget for 2021?
      10. How are you preparing financially for 2021?
      11. How do you think you'll manage your money in 2021?
      12. What do you think you need most to improve your finances in 2021?
      13. In 2021, my top financial goal is to:
      14. In 2021, my biggest financial worry is:
      15. In 2021, which areas of personal finance would you like to learn more about?
      clock.png

      Time is Up!

      Language :

      • English
      • Bahasa Malaysia

      Take our quizzes!



      What’s your finance personality?

      Latest


      What’s your spending style?

      Language :

      • English
      • Bahasa Malaysia

      Whats Your Finance Personality?

      Find out if you’re a Money Boss, Finance Cadet or a Finance Newbie by taking this quiz!

      1. It's the end of the month, you are thinking...
      2. Say you want to go shopping for fun, do you...
      3. So you crashed your car and it's going to cost RM1,000 to fix, you
      4. Your credit card statement is in and your reaction is
      5. After months of saving (see "sikit -sikit, lama-lama jadi bukit" really is true), you've got cash sitting in the bank. You then
      6. You're buying a new car (yes, imagine away - Toyota, Proton, or BMW). You take
      7. You are thinking of investing. What do you do...
      clock.png

      Time is Up!