Saudi Families Increase Their Spending By 150% During Ramadan

Special studies reported that spending during Ramadan was up by 150% amongst Saudi families. Economists alerted to the need for developed financial skills regarding Saudi family budgets, such that there is someone responsible, or a framework overseeing family spending versus income.

Bank Loans

Economic expert, Gamal Banoon alerted to the importance of the presence of financial frameworks, in order to create a balance between outgoings and income, and he considered that any fault in this balance will directly affect the family concerned because they will be unable to cover their costs, except with the aid of financial loans, that would weigh heavily on the family's shoulders.
Banoon drew attention to the fact that the shopper should be wary of advertisements and promotional offers and avoid being misled by them. There are several important 'seasons' coming up after Ramadan, which will also require increased spending.

Family Strategies

Dr. Azza Jalal, Professor of media studies at Umm El-Qura University, stated that the importance of financial planning for the family lies in being confined within the limits of its budget, so that it doesn't come across any obstacles during the month due to any miscalculations brought about by unnecessary over-spending.  
Jalal added that efficient financial planning helps to prevent the family from falling victim to promotional offers. It does this by aiding the family to reach its goals via the easiest route. It can also help the family to a reach level of acceptance, since each member is aware of their duties and rewards. Good financial planning also helps to combat chaos and prevents the loss of energy and time and money on shopping. 

According to Brian Tracy, time and management trainer, the primary reason for success in life is the ability to assign specific life goals and then achieve them. This is why people without goals usually end up serving those who do have achievable goals.

The Trap of Promotional Offers

Dr. Jalal explained that it is possible to avoid the trap of promotional offers by careful financial planning and making a list of priorities. She also recommends involving several members of the family in the planning process and drawing out a careful plan. This should go a long way to ensuring success and fulfilment in family life.

She also liked to remind of the fact that the primary purpose of Ramadan is spiritual and lies in having a sense of empathy with the poor and needy.