HELP YOUR PURSE IN PWASA

I love living in Cape Town. 

It’s a place where everyone – regardless of religion - knows that Muslims “Pwasa” in the month of Ramadaan. 

There is something truly special about the unity, love and respect shared in our communities at these special times.

Self-reflection and the intention to do better are key parts of Ramadaan for Muslims.

It’s the ideal time for us to take stock of our lives from every aspect, including reviewing our financial state of affairs. 

Ramadaan is a month-long detox for the body and mind. You should also strive to clean yourself of bad financial habits to keep your finances in shape.

I don’t think one needs to be Muslim, to sit down and do a thorough check of one’s finances. In fact, I think all of us must regularly reflect on where we are financially, especially in terms of our debt, our savings and our financial goals.

Financial discipline is key, and if we can consciously make the effort to discipline ourselves in other areas of our lives during Ramadaan and Lent, then why can we not make the same effort where our money is concerned?

If we adopt the same discipline in managing our money, we can definitely benefit from controlling our temptations to spend.

In the present world of instant gratification, having financial discipline is more relevant than ever.

We live in an increasingly materialistic society where promotions, specials and discounts are in abundance. 

Every religious celebration like Ramadan, Eid, Easter and Christmans is becoming over-commercialised. If you lack financial discipline, you’ll end up giving in to your urges and spending unnecessarily on things only to regret it afterwards.

We should be focused on other priorities, such as saving for an emergency, growing our wealth, or accumulating assets that grow in value. 

During the holy month, Muslims learn not to give in to hunger and push through the day for the promise of great spiritual reward. We should use the same approach for our finances. 

Like fasting, sticking to a budget and saving money doesn't have to feel restricting.

On the contrary, it should be liberating! By managing your money well, you can achieve financial freedom. 

Therefore, having financial discipline will give you clarity on what’s important to you, so you don’t lose track of your financial goals.

This is not to say that you shouldn’t spend on anything at all. It’s OK to treat ourselves and our families every now and then, but all in moderation. 

It is crazy to incur debt and go broke in Ramadaan – just to keep up with the Joneses. That is not the true essence of Ramadaan.

It’s vitally important to know that if you are going through a financially difficult time – you are not alone. 

Most of South Africa is struggling right now. Acknowledging that you have a problem in the first place is a step in the right direction to find a solution.

Whether you are Muslim or not, here are some financial tips for Ramadaan, and any other month when you want to reflect on your finances. Moderation is key. 

Ramadaan is special, and we want to give our families the best - but we shouldn’t overspend or take on debt to maintain a lifestyle. 

Find the balance between celebrating this special time and remaining logical and realistic about your finances.

• Draw up a budget. As boring as this might sound, it helps. In Ramadaan, keeping track of the “hidden and spur of the moment” expenses is essential. Running to the shop every day before “Boeka” time can add up to an enormous amount after 30 days. 
• Try to give yourself a daily allowance and stick to it. Check your spiritual and financial self and ask yourself the difficult questions, including whether you are shopping and buying to impress others during Ramadaan. If that is the case,  then you have some serious introspection to do.
• Go back to the true essence of this blessed month. Once you do that, it will become clear that this month is not about spending more. It’s not about the savouries in your freezer or the new clothes in your cupboard. Now is the perfect time to cut down on apps, gadgets and excessive spending on data. If you can discipline your body when it comes to eating, you can discipline your mind regarding time and money spent on the internet and social media. You don’t have to go to the extremes of cutting out everything all at once, but now is the perfect time to try cutting down.
• Now is the perfect time to start “making” your own things instead of outsourcing and buying if it is becoming too costly for you. I am a huge promoter of supporting our local businesses, but not at the expense of your financial well-being.
• Giving charity to those in need during Ramadaan is very rewarding. Make your contribution part of your Ramadaan budget. Many organisations are doing fantastic work feeding the less fortunate, but you should not feel bad if you cannot help them all. Give as much as you possibly can, but stay inside your budget.
• Make sure you have paid your obligatory fitrah and / or fidyah for Ramadaan and covered your other necessities, especially before going haywire on Eid spending.

I wish all our Muslim readers a Ramadaan Mubarak and our Christian readers a beautiful Lent. 

May our deeds for the sake of the Almighty be accepted In Shaa Allah / God willing.