Are you worried about overspending this month due to increase in food prices? Check these three tips to control your spending.
Spending in a season like this will require you to be frugal with your money, because you may be prompted to spend off your budget.
In Nigeria, the increase in demand for foodstuffs in Ramadan often leads to inflation of food prices in the market.
However, this general increase in food prices could prompt you to overspend. But to avoid this, here's how you can prevent overspending this Ramadan.
Setting your budget helps you to keep your money in check. It prevents you from making impulsive decisions about needs and wants.
In Ramadan, you may need to buy some of your needs in bulk. Buying things you'll need in the next two weeks now will not hurt your pocket as prices of things may keep going up in the market.
Also make sure you have enough money in the budget to avoid the temptation of spending from your savings.
Having a list makes it easier to identify what your needs are. Make sure the list covers everything you need, and buying these items in bulk helps you to save more money.
Prices of common foodstuff like rice, beans, garri are likely to increase in the first week of the special season. However, once you identify what you need to buy, chances are that you'll get them at reasonable prices before their prices go up.
For some band loyalists, this may be a right time to ignore your brands if their prices are affected by Ramadan-induced inflation.
Instead of buying those brands and end up having little or nothing left in your budget, you can go for alternative products at a supermarket that sell things at reasonable prices.