Husbands and wives should be transparent with each other about their finances during Ramadan to avoid conflict and stress, especially since household income and expenses tend to fluctuate during this time. Open communication and joint management of finances are crucial for a harmonious relationship during the month of Ramadan, when couples already face challenges like fasting.
What Should Married Couples Prepare Budgets for During Ramadan?
Husbands and wives can avoid financial misunderstandings during Ramadan by managing household finances and anticipating increased expenses.
1. It's good to prepare a budget for shared expenses
Couples can plan their Ramadan budget together by listing necessary expenses, such as groceries, travel expenses to visit family (mudik), and dining out for Iftar gatherings.
2. It's good to prepare a budget for peace of mind together
Emergency funds can provide couples with peace of mind and financial security, especially during Ramadan when expenses tend to increase. Unexpected events, such as car troubles or home repairs, can cause anxiety and disrupt holiday celebrations. By setting aside money for emergencies and agreeing on what constitutes an emergency, couples can avoid using funds intended for other purposes.
3. It's good to prepare a budget to dream big together
As a married couple, you and your spouse likely have shared dreams that you want to achieve. These dreams could include experiencing the joy of Ramadan in Mecca next year. By saving consistently, any goal can be realized.
One way to start saving for a larger goal is to begin during Ramadan and continue for a set period afterward.
Effectively Managing Household Finances Can be Achieved by Utilizing the Shared Pocket Feature Offered by Jago and Jago Syariah
Married couples can manage expenses and save money together using the Jago/Jago Syariah Shared Pocket feature in the Jago application. The two types of Shared Pockets available are Spending Pockets and Saving Pockets.
1. Create Shared Spending Pockets to manage expenses together
Shared Spending Pockets function similarly to personal Spending Pockets, allowing couples to allocate funds for shared expenses and responsibilities during Ramadan. Both husband and wife can put money into and spend money within the Shared Spending Pockets.
2. Create Shared Saving Pockets to save together
Couples can utilize Shared Saving Pockets for both short-term and long-term financial goals. By setting a savings target and committing to regular contributions, couples can ensure that they reach their financial goals together.
Once a savings target is met, couples can transfer their savings to Jago Term Deposits/Sharia Deposits. The Jago Term Deposit provides competitive interest rates, while the Sharia Deposit offers profit sharing through Mudharabah Muthlaqah akad, compliant with sharia principles.
To learn more about the differences between Jago and Jago Syariah, please refer to this article.
Additionally, the Shared Pocket allows both husband and wife to view transaction history and maintain transparency in their finances.
Is It Selfish or Practical to Have a Separate Personal Pocket During Ramadan?
The Jago application allows you to create various types of Pockets, including Shared Pockets and personal ones. You can have a personal Pocket during Ramadan; it doesn't mean you are selfish. Everyone has individual needs and wants, and funds in a personal Pocket can be used for anything, as long as the budget allocation is correct and does not negatively impact essential household needs.
