Recover Your Finances After Hari Raya: How Debt Consolidation & Mortgage Loan Refinancing Can Help!

The festive season, especially Hari Raya, is a time for celebration after a long month of fasting. However, the excitement of shopping, traveling, and buying gifts can often lead to overspending, leaving many of us feeling financially strained as we head into the months that follow.

In 2019, 46% of Muslims surveyed in Malaysia stated that they spent between RM500 – RM1,000 for Ramadan and Hari Raya.

This year, curious about our fellow Fusionist colleagues, we asked them how much they would spend for their Hari Raya celebrations!

On average, total spending ranged from RM500 – RM3,000 for individuals or those with fewer family members. However, for those with more family members, the budget typically falls between RM4,000 – RM6,000!

“Almost every year for Raya, I will spend around RM5,000-RM6,000 because I have so many kids! I will spend about RM500 for each of my kids.” – Nelly

The total spending budget includes festive preparations such as:

Baju raya

Shoes and accessories

Raya cookies and food

Transportation fees to ‘balik kampung’

Duit Raya (money packets)

While our colleagues expressed concerns about their Raya budget, they also recognised that Raya is a once-a-year occasion and a truly fulfilling celebration.

“Is it worth it? Yes, because it’s for Raya! But it’s quite a burden because RM800 is not a small amount and can be saved for other things or used for the coming months.” – Jurika

“I do feel heavy about it, but Raya only comes once a year. Plus, Raya is about being happy and making your family and children happy!” – Hidayah

“For me, I feel truly happy because I can make my parents and siblings happy with the money I spend. I’m very happy!” – Ridzuan

If you’re feeling the financial pressure, you are not alone. The good news is that there are effective ways to recover and get back on track!

Strategy #1 Kosong-kosong your ‘hutang’ with Debt Consolidation

Debt consolidation involves combining several debts into a single loan, often with a lower interest rate. This option is ideal if you’re struggling to keep up with multiple payments and want to “zero” out your credit card or outstanding loan balances.

Why This Works?

⭐ Simplified Payments: One loan, one payment – easier to manage.

⭐ Lower Interest Rates: Save money by reducing the interest you pay.

⭐ Reduced Stress: No need to track multiple debts or creditors.

⭐ Faster Debt Repayment: With a lower interest rate, you can pay off your debt more quickly.

This is the perfect solution for those who want to clear their debts and focus on just one payment, giving you a clear path toward financial freedom.

Strategy #2: Let Your Home’s Value Work for You – Save & Enjoy Cash Outs with Mortgage Loan Refinancing

Mortgage loan refinancing allows you to tap into your home’s value by replacing your current loan with a new one, often at a better rate. This can help you lower your monthly payments, save on interest, and even provide extra cash for other needs.

Why This Works?

⭐ Lower Monthly Payments: Secure a better interest rate and reduce your monthly expenses of up to 70%.

⭐Access to Cash: Use your house’s market value for cash outs, whether for investments, renovations, kids’ education or other financial goals.

⭐ Save on Interest: A lower rate means you pay less interest over time.

⭐ Shorter Loan Terms: Adjust your loan terms to fit your current financial needs. With IBPO, we can help you to shorten your loan repayment period by up to 10 years plus cash rebates of up to RM50,000!

Mortgage loan refinancing is a great option if you’re looking to strategically lower your commitments, reduce your loan tenure, and even get some cash out. It allows you to make the most of your home’s value while enjoying greater financial flexibility and reduced financial pressure.

Start planning for financial security in the months ahead!

It’s always easier to plan with someone by your side. Let our expert financial consultants help you find the best financial solutions to manage your finances. Contact us today!