Common Financial Mistakes Before Eid and Smart Tips to Avoid Them!

Kapanlagi.com - Eid is getting closer! This joyful atmosphere is often colored by a significant increase in spending. Various preparations need to be made, from buying new clothes, booking return tickets, to preparing angpao for relatives. However, without careful planning, the excitement of Eid can lead to concerning financial problems.

Who should be cautious? Everyone, especially those with limited income, needs to be aware of the financial mistakes that often occur before Eid to avoid falling into financial trouble afterward.

Some common financial mistakes include uncontrolled spending, poor management of THR (holiday bonus), and lack of budget planning. Many people are swayed by various tempting discounts and promotions. They tend to buy items that are not really needed just because they are attracted by low prices.

As a result, funds that should have been allocated for important needs are instead spent on less priority items. In addition, mixing monthly salary and THR is also a common mistake. THR, which should be used for Eid needs, such as travel expenses and zakat, ends up mixed with regular monthly expenses, causing expenditures to swell.

Read the complete review on Kapanlagi.com, Tuesday (2/4/2025).

1. Common Financial Mistakes Made Before Eid

Managing finances leading up to Eid can indeed be a challenge, especially when mixing monthly salaries and holiday bonuses (THR).

A common mistake often made is combining the two, whereas the monthly salary should be used for daily needs such as bills and installments, while the THR is specifically allocated for Eid-related expenses, such as travel costs and zakat fitrah.

For example, if your salary is Rp 5 million and your THR is Rp 3 million, separate them so that your spending remains controlled and not wasted. Create a clear budget and consider having two separate accounts, one for salary and one for THR.

Additionally, be wary of the temptation of impulsive shopping that often arises before Eid; make a shopping list and stick to needs, not wants. Don't forget to plan your budget in detail and pay off any existing debts so that your Eid can be more peaceful without financial burdens.

With careful planning and discipline in spending, you can celebrate Eid with tranquility and happiness!

2. Common Financial Mistakes to Avoid Before the Next Eid

Avoid spending all your income, including your holiday bonus, on consumable needs that can drain your wallet! Instead of immediately spending all your money, such as buying new clothes or souvenirs, allocate at least 20% for savings or investments as a financial safety net for the future.

Having an emergency fund is crucial to face unexpected expenses, so make sure you don't get trapped in a difficult situation. Additionally, make wise use of discounts: shop according to your needs and don’t be tempted to buy things that are not really necessary just because there’s a price cut.

Don’t let social pressure affect your financial decisions; socializing can be done simply without having to dig deep into your pockets for a lavish party.

Remember, the happiness of Eid is not measured by how much you spend, but by the value of the togetherness you build. So, celebrate wisely and within your means!

3. Key to Successful Financial Management Before Eid

Prepare yourself to celebrate Eid with more peace and joy! Start by creating a special Eid savings fund, setting aside a portion of your income each month so that when the special day arrives, you already have enough funds without feeling burdened.

Don’t forget to shop for Eid necessities early, so you can get friendlier prices and avoid exhausting long queues.

Prioritize your spending wisely; focus on primary needs such as zakat and holiday bonuses before moving on to secondary items like new clothes.

Utilize cashless payments, such as credit cards or e-wallets, to monitor your spending and prevent impulsive shopping.

Finally, enhance your knowledge of financial management by seeking information and education that is widely available for free, so you can make smart financial decisions and maintain financial stability.

With these steps, your Eid will surely be more meaningful and full of happiness!

(kpl/rao)