As Hari Raya approaches, Malaysians are gearing up to celebrate with their loved ones, seeking forgiveness, and repentance.
However, amidst the joyous festivities, many find themselves facing increased expenses. With tempting deals and sales everywhere, it’s easy to get caught up in the spending frenzy.
But, before you dive headfirst into the festivities, consider how you can manage your finances wisely to avoid post-Raya blues.
Buy Now, Pay Later – A Debt Trap?
While buy now, pay later schemes offer instant gratification, they can lead to long-term financial strain. Opting for deferred payments for your Raya purchases may seem convenient, but beware of the accumulating debts.
Constantly utilising deferred payment options can land you in a cycle of debt. Instead, consider using payment methods that offer better exchange rates and lower fees, such as the Wise card.
Make it a priority to clear any outstanding debts once the festive season ends to avoid future financial burdens.
Savings for Stability
Receiving duit raya can be exciting, but resist the urge to splurge all the extra cash on immediate luxuries. Consider saving some of it for a rainy day or putting it towards future expenses.
Practicing patience now will ensure you have financial stability in the long run. Remember, ‘sikit-sikit, lama-lama jadi bukit’ – your savings will grow over time, providing you with more options for future holidays or shopping sprees.
Cash vs. Digital
As the tradition of giving duit raya evolves, consider whether to bank it digitally or stick with cash. Digital platforms like Wise offer seamless money transfers across borders with affordable exchange rates. If you prefer e-payments, explore different savings features offered by digital accounts.
Alternatively, if cash is your preference, consider cash stuffing – dividing your budget into separate envelopes for different expenses. This method helps track spending and ensures better financial accountability.
In the midst of Hari Raya celebrations, take a moment to reflect on your financial management strategies. Implementing these tips may lead to a more financially secure future, ensuring that the next Raya will be even more meriah. Selamat Hari Raya, maaf zahir dan batin!
