Article from Harakah on 14 July 2015

Stop. Wait a minute. Check your purse before it is too late!

Fireworks. Green packets passed around. Aromatic smells of delicious rendang and curry fill the air, making your mouth water. The ketupat, used to decorate the house, brightens the atmosphere with their bright colours of yellow, and green. Hari Raya. A month of celebration after fasting. The feeling of joy when you can eat again to your heart’s desire. Not to mention, the month to get really, really broke.

This situation is not unfamiliar for all of us. In fact, we usually find ourselves short on cash during this festive season every year. Year, after year, we skip reading articles that tell us to save wisely this Raya, and go all out on spending. However, after purchasing a ton of new clothes, food, and decorations, or even spending it on a holiday with no budget, your wallet seems to be lacking in size. Sound familiar? For most of us, this tends to happen to us a lot.

Picture this: You were intending to save your money for an iPhone 6 plus, or the Samsung S6 Edge. Not to mention, if you were to use your credit card, it would take with what feels like forever to pay back the loans with interest, to the bank. What now? You have been wanting a new phone for ages, but it is hard to not spend money, especially when Raya sales are everywhere.

If only you could turn the hands of time, and take back purchasing the items you do not need. Having a budget sounded like a party pooper before, but now it looks like the only way you could to be able to afford for a phone, a car, or even a house in the near future. Oh Raya, such a time to enjoy, but also a time to remember we have to control our temptations to spend.

What about consulting the experts on financial planning? Nah, those things cost money, which is not something you want to spare at the moment. But wait! You remember seeing a TV ad about an agency that provides financial management services for FREE, what was the name of it again? After looking it up, you learn that the Agensi Kaunseling dan Pengurusan Kredit provides financial education to the public, and helps individuals with financial planning for the future!

You schedule an appointment, and the counsellor gives useful tips on saving at least 10% of your allowance, as well as spending within your means. Now your head is lighter, and your wallet is not as thin as before, because you are saving money.

Plan for tomorrow. Plan for the future. Plan now.

Together with AKPK, you can achieve your goals and dreams. Don’t wait.

Article taken from Bernama

KUALA LUMPUR,-- It is possible for one's personal finances to go awry in the run-up to the Hari Raya celebration in the absence of proper planning and prudent spending.

The Credit Counselling and Debt Management Agency (AKPK) has offered some relevant tips to guide Muslims into being more thrifty in their festive spending.

Said an officer at its Financial Education Department, Noorhaliza Abu Bakar: "Among the tips that can be used as a guide are shopping early and preparing a list of items they intend to buy. But first, they must be able to differentiate between necessities and desires. And, they should only resort to using their credit card if there's no outstanding balance.

"As consumers, they must make price comparisons to avoid paying more than they should. They should also exercise their will power and not fall for all those cheap sales and promotions, either at shopping centres or online, to avoid overspending," she told Bernama.

Noorhaliza also urged women to team up with their family members to prepare their own Hari Raya cookies and delicacies as they would not only save money this way but become closer to each other as well.

She said care should be taken to ensure that allocations for new clothes and furniture did not exceed the budget, as the temptation to buy certain items on hire purchase schemes would only add to their financial burden.

"Instead of buying new furniture, they can put their creativity to good use by repainting their old furniture and rearranging the living room. They can also do some alterations to their existing curtains and cushions to make them look new.

"As for duit raya, people should only give what they can afford and not try to show off. And, for those returning to their kampungs, try to carpool as it will save money, energy and reduce traffic congestion," she added.

Noorhaliza said one of the advantages of drawing up a budget for Hari Raya was that it would enable people to keep their expenditure within limits, and still have money left for their daily expenditure after the festivities were over.

"Having a budget also prevents one from incurring arrears on their housing and car loans," she said.