المملكة: Ramadan advice .. An economic expert urges early financial planning to face Eid requirements

Dr. Abdullatif Saber, the assistant professor of finance and economy at Jeddah University, called on families to adopt the approach to organized financial planning, stressing that it is the best way to overcome the financial pressures that many families may face during the holy month of Ramadan and the following seasons such as Eid.
Dr. Saber pointed out that the financial challenges suffered by some families in Ramadan often stem from the lack of prior readiness to face the additional or surprising expenses that the month requires, which puts a burden on the head of the family.
He stressed that the effective solution lies in preparing a comprehensive and balanced annual financial plan that clearly links the sources of income and expected expenses throughout the year.

Divide expenses

The economist explained that this plan must include a proactive division of large and repeated annual expenses, such as the costs of Eid requirements or family clothing, over the months of the year.
And he set a practical example of this, indicating that if the estimated cost of these items for an average family reaches 5000 riyals, this burden can be distributed by saving an amount of approximately 600 riyals per month throughout the year.
Dr. Saber added that the application of this method of regular saving ensures the availability of the necessary financial liquidity when the time of need, such as Ramadan or the holiday period, without this causing great financial pressure and surprisingly on the monthly family budget. He stressed that this organization only requires commitment and financial discipline.
Dr. Abdullatif Saber reaffirmed the importance of prior planning and discipline in the management of the family’s financial affairs, pointing out that this approach not only guarantees financial stability, but also provides families with the opportunity to enjoy the spiritual and social atmosphere of Ramadan without disturbing any economic pressure or concerns.