Eid holiday has always been a long-awaited moment. First, the week of Eid provides an opportunity where every family can plan a family visit and gather with their loved ones. The next anticipation comes from the religious holiday allowance (THR) which companies generally give to permanent employees as a form of appreciation to celebrate the holiday.
The amount of religious holiday allowance that a person receives can vary according to each company’s policy, generally the amount of an individual basic salary that is enough to help finance an employee’s expenses during Eid. However, if you are not considerate in managing the allowance, you can immediately run out of it, and you end up having to pry into your savings to pay for the remaining expenses.
Therefore, you will need a good financial management plan if you want to properly manage your holiday allowance. Here are some practical tips that you can try to manage your finances during Eid holidays:
To ensure that your allowance does not immediately run out, set aside your allowance for future savings into a separate bank account as soon as you receive it. For example, you can set 20%-40% from the total amount of allowance that you received. This fund can be used for various financial goals, such as for your children's education fund, your house mortgage, pension fund, investments, and so on. It is important to do it immediately to ensure that you can manage the allowance wisely instead of accidentally or recklessly using all of it.
Communicate your holiday spending plan with your partner, and decide how much budget you’ll need for this year’s Eid holiday. You can start by making expenditure items that might appear during Eid, such as homecoming transportation costs, halal bihalal consumption costs, money to send to your parents, and other types of relevant expenses. After that, distribute the funds from the total budget that you've previously agreed together.
With good preparation, you can save for some expenses on holidays. For example, if you want to wear matching clothes for the family during the Eid, you can plan in advance by ordering it wholesale instead of buying several pieces independently at the shopping center, Or you can reduce the expenses to eat out—either for main courses, iftar, or pastries—and make your own at home. Can you imagine how much money you might save?
While enjoying togetherness and companionship on Eid holidays with your friends and families, you should not forget to set aside some of your allowance for zakat fitrah to share with the less fortunate. This is done as a means to complete your fast, purify your accumulated wealth, and also help them to properly celebrate the holiday. You can pay zakat fitrah through trustworthy foundations or organizations
When you’ve allocated the expenses budget and agreed it with your partner, it can be said that the expenses budget is secure. This would mean that you don't have to worry in terms of financial planning and can enjoy the Eid holiday with your whole family.
Happiness in the Eid week can emerge in a simple manner without costing a lot of money or reducing the essence of togetherness with friends and family. Through considerate expenses allocation, you can still maintain relationships with friends and family while having some leftover funds that you can use in the future.
Have a blessed Ramadan, may this year’s Eid al-Fitr bring happiness and prosperity to all of you. Ramadan Kareem and Eid Mubarak!
Michael Wehandy
Principal of prasmul-eli
Eid holiday has always been a long-awaited moment. First, the week of Eid provides an opportunity where every family can plan a family visit and gather with their loved ones. The next anticipation comes from the religious holiday allowance (THR) which companies generally give to permanent employees as a form of appreciation to celebrate the holiday.
The amount of religious holiday allowance that a person receives can vary according to each company’s policy, generally the amount of an individual basic salary that is enough to help finance an employee’s expenses during Eid. However, if you are not considerate in managing the allowance, you can immediately run out of it, and you end up having to pry into your savings to pay for the remaining expenses.
Therefore, you will need a good financial management plan if you want to properly manage your holiday allowance. Here are some practical tips that you can try to manage your finances during Eid holidays:
To ensure that your allowance does not immediately run out, set aside your allowance for future savings into a separate bank account as soon as you receive it. For example, you can set 20%-40% from the total amount of allowance that you received. This fund can be used for various financial goals, such as for your children's education fund, your house mortgage, pension fund, investments, and so on. It is important to do it immediately to ensure that you can manage the allowance wisely instead of accidentally or recklessly using all of it.
Communicate your holiday spending plan with your partner, and decide how much budget you’ll need for this year’s Eid holiday. You can start by making expenditure items that might appear during Eid, such as homecoming transportation costs, halal bihalal consumption costs, money to send to your parents, and other types of relevant expenses. After that, distribute the funds from the total budget that you've previously agreed together.
With good preparation, you can save for some expenses on holidays. For example, if you want to wear matching clothes for the family during the Eid, you can plan in advance by ordering it wholesale instead of buying several pieces independently at the shopping center, Or you can reduce the expenses to eat out—either for main courses, iftar, or pastries—and make your own at home. Can you imagine how much money you might save?
While enjoying togetherness and companionship on Eid holidays with your friends and families, you should not forget to set aside some of your allowance for zakat fitrah to share with the less fortunate. This is done as a means to complete your fast, purify your accumulated wealth, and also help them to properly celebrate the holiday. You can pay zakat fitrah through trustworthy foundations or organizations
When you’ve allocated the expenses budget and agreed it with your partner, it can be said that the expenses budget is secure. This would mean that you don't have to worry in terms of financial planning and can enjoy the Eid holiday with your whole family.
Happiness in the Eid week can emerge in a simple manner without costing a lot of money or reducing the essence of togetherness with friends and family. Through considerate expenses allocation, you can still maintain relationships with friends and family while having some leftover funds that you can use in the future.
Have a blessed Ramadan, may this year’s Eid al-Fitr bring happiness and prosperity to all of you. Ramadan Kareem and Eid Mubarak!
Michael Wehandy
Principal of prasmul-eli
