Ramadan is a time when many people tend to overspend. This year, why not try to spend right by being more mindful of your purchases and avoiding excessive spending? Some people believe that participating in a no-buy challenge during Ramadan is an effective way to spend right. However, is it the best approach?
No-Buy Challenge: Why People Hold Back on Spending?
1. Want to learn to live a frugal lifestyle
This reason is fine, Jagoan. But, don't sacrifice your needs, especially basic needs. The no-buy challenge, for example, is more suitable for consumptive needs or wants.
2. Changing economic situations
The uncertain economic situation is also one of the reasons people refrain from spending. Increases in prices of goods and services, increases in tax rates and various tax cuts, for example, can have an impact on people's purchasing power in general.
Is the no-buy challenge the right thing to do right now?
Not necessarily, because according to BPS data for 2023, domestic consumption figures are still the main driver of the domestic economy (source: Databoks).
So, when consumers refrain from spending, demand will decrease. Producers will reduce supply and reduce costs so as not to suffer losses. One of the impacts is that unemployment will increase due to a reduction in staff or employees.
Apart from that, MSMEs are also one of the most affected when consumer purchasing power decreases. Operational costs remain high, but income has decreased and there is limited capital and access (source: Tempo).
Jagoan, spending effectively is more important than simply spending as little as possible.
4 Ways to Spend Right When Doing Ramadan Shopping
1. Switch from monthly to weekly shopping
Setting a budget for weekly shopping is easier because the amount is smaller. It is also easier for you to spend right as you can only use the budget that has been provided for shopping that week.
Imagine when you allocate a budget for the entire month and the budget has been used up in the first two weeks. And, you used up all the budget not because you shop for the third and fourth week's needs, but because cannot resist the temptation to shop. In the end, you will add another budget for shopping for the last two weeks. If it happens, your goal to spend right will not be achieved.
2. Take advantage of various promos and discounts
Find out any available promos and discounts before shopping to save money. Regardless of how much the discount is, the savings can be significant, allowing you to allocate your remaining budget to other necessities or save it for next month.
3. Buy local products, including for Ramadan needs
Many benefits come from shopping local, both for you as a consumer and for MSMEs. Not only during Ramadan and Eid, but you can also buy local products to meet your daily needs.
4. Buy in the quantity that you need
To ensure you spend right when shopping, don't get bored of reminding yourself to only buy the quantity you need, not with the consideration of 'I may need it one day'. Including when the product you want to buy is on sale, buy only what you need. Later, after constant reminders, you will get used to purchasing only the quantity you need. Spending right, then, will become your new habit.
Manage Your Budget for Ramadan Shopping Using the Jago/Jago Syariah Pocket in the Jago Application
Complete the four ways above by being jago at managing your shopping budget, including shopping for Ramadan needs, using the Jago/Jago Syariah Spending Pocket.
In the Jago application, you can create Pockets in the quantity you need. One Pocket for one need. In other words, you can create a separate Pocket for your shopping needs. And, specifically for Ramadan shopping, if necessary, you can also separate it into another Pocket that is different from your regular shopping Pocket.
Next, you can allocate a pre-set shopping budget to that Pocket. If you follow the ways above, you can move your budget every week.
Did you know that in the Jago application, you can automatically move your budget from one Pocket to another?
Use the Jago/Jago Syariah Visa Debit Card to ensure you spend right when you shop
Apart from managing budgets using the Jago/Jago Syariah Pocket, you can shop and make payments using the Jago/Jago Syariah Visa Debit Card. Why?
Because you can link your Jago/Jago Syariah debit card to the Spending Pocket that you have created for shopping. This way, when shopping, you will only use the budget from your shopping Pocket, not other Pockets.
And, you can also set daily shopping limits using the Jago/Jago Syariah Debit Card, for example for payments via EDC machines or payWave. What happens once you reach your limit? Your transaction for that day will be rejected. Wait for the next day to go shopping again.
Speaking of which, do you prefer shopping offline or online? Shopping anywhere is no problem as you can use the Jago/Jago Syariah debit card to shop for local products in offline and online stores. Especially when shopping at offline stores, it is more practical to use a debit card as you don't need to carry cash.
