Observing Ramadan, culminating in the celebration of Eid al-Fitr, is a special moment eagerly awaited by Muslims. Compared to other months, increased shopping needs usually accompany this occasion.
Therefore, everyone, including students, must carefully adjust their spending budget. The higher demands during Ramadan and Eid often lead to uncontrolled spending. With increased expenses compared to previous months, careful planning is essential. Without preparation, shopping can become impulsive.
So, how should students plan their finances and prioritize expenses?
Dr. Akhmad Akbar Susamto, a lecturer at the Department of Economics, UGM’s Faculty of Economics and Business (FEB UGM), explained that this phenomenon is common from both religious and cultural perspectives.
However, good financial planning is necessary to maintain a healthy budget before and after Eid.
“It is important to seriously consider what items we will spend on and where the income will come from,” he explained on the FEB UGM Podcast episode titled ‘Secrets to Managing Finances Before Eid Without Going Broke.’
Dr. Susamto emphasized the importance of having a spending plan and setting priorities.
Before making purchases, one should assess which needs are truly essential.
It may help to make a list of urgent and less urgent items.
“How much is needed, starting from the most necessary to the ones that can be delayed,” he said.
According to him, the availability of digital payment features and pay-later services has contributed to the rise in shopping behavior. This ease of payment often leads to impulsive buying.
In financial planning for Eid, it is also important to consider religiously recommended spending, such as giving charity.
“Although charity is not mandatory, Muslims are encouraged to allocate funds for charity from non-essential spending. So, avoid shopping when you’re physically or mentally hungry. Looking for discounts is fine, but if you don’t need it, why buy it?” he added.
Celebrating Eid is often associated with receiving the Eid bonus or THR (Tunjangan Hari Raya).
However, this can lead to spending on less crucial things.
“Don’t use your savings to buy non-essential items because THR is intended to support the Eid celebration. Be careful when calculating your financial plan,” he advised.
“Students who do not yet have their own income and still rely on monthly allowances need to adjust to their parents’ financial capacity. Students should also create a spending plan to manage their finances properly.”
Reporters: FEB UGM/Shofi Hawa Anjani and Kurnia Ekaptiningrum
Author: Agung Nugroho
Post-editor: Lintang
Image: Okezone