Experts call for good borrowing in Ramadan and shorten it to the necessary needs

Consumer experts called for rationalizing and seizing borrowing during the holy month of Ramadan, and restricting it to the necessary needs that are indispensable, and cannot be postponed, noting that the person’s endeavor to borrow in Ramadan to buy a new car, for example, while his car is in good condition, or borrowing for the purpose of traveling abroad, from wrong practices that may cause financial hardship for some families.

They demanded a distance from manifestations or comparisons with others, explaining that Ramadan usually witnesses an increase in consumer spending, given the determination and feasts and the presence of many and intensive offers and advertisements to promote the purchase of goods or services, noting the need for a financial culture that determines the priorities of spending in a way that suits the personal and family conditions of the consumer.

They called on consumers to invest as part of their money in small projects, or in developing their skills to improve their income, pointing out that this trend distracts the person from the recreational consumer spending that he does not need.

Borrowing

In detail, the banking expert, Ahmed Youssef, stressed the necessity of rationalizing and controlling borrowing, and focusing on rational borrowing that aims to finance the necessities only, and avoiding borrowing to obtain unnecessary goods or services for the person, and can be dispensed easily or can be postponed.

“Borrowing in Ramadan, to buy a new car, for example, while the person’s car is in good condition or borrowing for the purpose of traveling abroad, from the wrong practices that may cause financial hardship for some families.”

In this regard, he demanded a distance from manifestations and comparisons with others, and to be satisfied with what the person possesses, as long as it is in good condition, with the commitment of the so -called good borrowing, explaining that borrowing is a two -border weapon, as it is beneficial in buying the essential necessities that are indispensable, but it may lead to financial problems for the person, and constitute a burden on it, if it is to buy unnecessary goods.

Youssef called on citizens and residents to allocate an aspect of their salaries or their income for investment, especially since this trend distracts the person from the consumer spending that does not need it, calling for dealing with Ramadan as a normal month like the rest of the year, and his lack of competence with more consumer spending, which is not an urgent need for him.

Youssef stressed that «Ramadan is a usually witnessing an increase in consumer spending, given the presence of resolve, banquets, offers and many advertisements to promote the purchase of goods or services, the person may not need it.” He pointed to the need for a financial culture, awareness and understanding among (the head of the family) that he is responsible for spending on his family, and he must define the priorities of his spending, in a way that suits his personal and family conditions, especially that there are basic obligations It has priority, such as paying the installment of the house, school installments, and others.

Unnecessary borrowing

For his part, the banking expert, Amjad Nasr, called on consumers to avoid unnecessary borrowing, and to stay away from debts in the month of Ramadan, unless there is an urgent need for them, to buy necessary goods and services, which cannot be dispensed with, pointing to the importance of living within the capabilities of the person, without wasting.

Nasr called on consumers, in the event that they have to obtain a loan to finance the purchase of a commodity, such as cars, to develop a plan to pay the debt as soon as possible, explaining that the smart purchase is the one that serves the needs of the consumer and not the random desires that constitute a burden on it, and drain it financially for several years, without justification.

Nasr explained, “Some companies that sell perennial goods focus on offering offers in Ramadan, given the concerns that a slowdown in sales will occur, and until they maintain a certain level of sales, due to Ramadan conditions for busy work, worship and buying basic food commodities,” noting that buyers always postpone the purchase of cars, for example, to Ramadan, to realize that there are strong offers that stimulate the purchase.

Misconception concepts

Nasr noted that “there are some wrong concepts for some people, such as that expenditures should increase in Ramadan, while the opposite should be that there is a control of expenses, and asceticism in Ramadan, because it is a month for worship, in the first place, and the rate of spending in it should not exceed other months.”

Nasr stressed the importance of consumers working to control their budget and control expenditures, especially in Ramadan, which usually witnesses an increase in spending, driven by determination, feasts, special offers and discounts that tempt consumers to buy.

Nasr advised consumers to put a clear budget for Ramadan, through the monthly income calculation and spending priorities, such as rent, bills, food, transportation, grocery stores and planning for purchases in advance, and allocating a part of savings, even if it is simple, and the need to control purchasing habits during Ramadan, and not respond to the pressure and temptations of buying unnecessary things, due to the discounts, indicating that «our religion The cream urges moderation in spending, and avoid extravagance. ”

Nasr stressed the importance of consumers keen on investing an aspect of their money in small projects, or in developing their skills to improve their income, pointing to the importance of entertainment in the holy month, but within the budget limits, and the use of expenses management applications to help track expenses, as well as the importance of a portion of money for charity, zakat and social solidarity, and supporting the licensed charities in the country, in the event of a financial surplus, instead of Going to meet unnecessary needs.

For his part, a retailer, Divi Nagphal, called for a commitment to rational borrowing in Ramadan, in particular, by borrowing for the utmost necessity only, and if borrowing is the only way to meet the necessary needs, indispensable.

Nagpal stressed that “the month of Ramadan witnesses that some of the suppliers and merchants offer attractive offers and discounts within the framework of intense competition in the market, in this particular month, but these offers should not be purchased just because they are reduced, without a need for them.