Ramadan is a time of deep reflection and development. It is also a month of self-discipline, and spiritual growth for Muslims around the world. It is a time to cleanse the soul, practice self-restraint, and increase acts of worship. Ramadan is a special time for Muslims to renew and augment their commitment to faith, family, and community. This can also be an opportunity to adjust and improve the general trajectory of our daily lives. Some financial habits for consideration during Ramadan are the following:

Develop new spending patterns.

During Ramadan our lives are completely different to what they are outside of this month. One obvious difference is that there are less hours during the day that we eat. This is a good starting point to reflect on our current spending patterns and adjust if required.

We may realise that there are certain subscriptions that are unnecessary or that we’ve been spending too much on food and entertainment throughout the year. This month is a good opportunity to cut out the wastage from our spending and avoid excessiveness. As Muslims we are taught “O children of Adam, take your adornment at every masjid, and eat and drink, but be not excessive. Indeed, He likes not those who commit excess.” (Qur’an 7:31).

Similarly, due to the high levels of spirituality we are significantly more inclined towards engaging in activities that bring spiritual benefit. Now is an amazing time to make an intention to adjust our spending in such a way that a greater portion of our spending is directed towards that which would benefit us in both worlds instead of superfluous spending.

If we keep track of our spending during this month it has many benefits. It can be looked at after Ramadan as a model for the future. Additionally, next Ramadan (may we reach it), we can relook at the spending patterns during this Ramadan and plan to improve on it.

Support and spend in the local community.

Ramadan brings out the brotherhood innate in the Muslims community. We are constantly reminded of our shared bond of brotherhood as Muslims irrespective of our financial situation. Additionally, this innate cognisance of our shared community is augmented during Ramadan by acts of worship such as the night prayers (taraweeh) and spiritual seclusion (itikaaf).

Ramdan is an amazing time to channel our shared community in a practical manner. The Beloved ﷺ said that “A believer is like a brick for another believer, the one supporting the other.” (Muslim).  Instead of shopping at large or multinational corporations, we can start developing awareness of the small businesses in our communities and support them. By supporting small businesses in our communities, we could contribute towards a mother feeding her child or an employee being able to sustainably move away from a work environment that is unfriendly to Islam. If possible, it is also an opportunity to support the oppressed and downtrodden. By doing this, we spend with dual intentions and elevate it in purpose.

Charity

Ramadan is a month of charity. Now is a good time to give, it is also and amazing time to develop an attitude of altruism. If our zakah anniversary is during Ramadan, we should give our zakah. It is also an amazing time to supercharge how we give charity. Make it count and give it in ways that are sustainable for both the giver as well as the receiver.

Allah knows best.

You may find How Ramadan can realign our relationship with wealth interesting.