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3 Things To Do With Your Eid Money & Gifts

by Helmy Sa'at

When celebrating Eid, it is tradition typically to hand out cash to young children and even participate in gift giving and exchange among family members and friends.

While we are still immersed in celebratory spirits, there are still lessons to be gleaned from accumulating such monetary and material gifts, especially, for the little ones. Here are three things to do with their Eid money and gifts:

Share By Paying It Forward

It is never too early to instil the spirit of giving in young minds. Charity is something to be encouraged actively as it contributes to the uplifting of those in need, which aids in the betterment of society as a whole.

Woman collecting money for charity and holds jar with coins.

Understanding the rationale behind a specific action would help in sincere participation. Simply saying the following does not help: “It is good to do charity.” Thus, avoid a reductive approach to charity when explaining to your children about it. Take the time to explain the circumstances in order to develop a greater appreciation of the act in the long term.

Charity is not restricted to monetary form as any other gifts, such as food and books, could be donated or regifted to those who need it more, or would benefit greatly from receiving it. This also leads to reducing wastage and helps in reining in feelings of greed.

حَدَّثَنَا عَمْرٌو النَّاقِدُ، حَدَّثَنَا كَثِيرُ بْنُ هِشَامٍ، حَدَّثَنَا جَعْفَرُ بْنُ بُرْقَانَ، عَنْ يَزِيدَ بْنِ، الأَصَمِّ عَنْ أَبِي هُرَيْرَةَ، قَالَ قَالَ رَسُولُ اللَّهِ صلى الله عليه وسلم ‏ “‏ إِنَّ اللَّهَ لاَ يَنْظُرُ إِلَى صُوَرِكُمْ وَأَمْوَالِكُمْ وَلَكِنْ يَنْظُرُ إِلَى قُلُوبِكُمْ وَأَعْمَالِكُمْ ‏”‏ ‏.‏

Abu Huraira reported Allah’s Messenger (ﷺ) as saying: Verily Allah does not look to your faces and your wealth but He looks to your heart and to your deeds.

[Sahih Muslim 2564c]

Wise With Money

On the other end of the spectrum is to save their Eid money and gifts. When it is, specifically, about the dollars and cents, take this opportunity to teach your kids some elementary form of financial literacy. Remind him or her of the responsibility of keeping it safe. This also implicitly instils a sense of discipline and trust in your child that he or she is responsible to take care of the money.

Spending power should come with a deeper sense of duty. Help to teach him or her about careful spending based on what has been accumulated. Implement a simple structure to curb the urge to splurge, for instance, on an expensive toy or the latest video game, using their Eid money.

Little girls smiling for the camera

Invest In Their Future

Savings is not just about putting aside money over a period of time in order to buy something expensive in the near future or about having funds for an emergency. A healthy relationship with money and understanding of the power of having financial surplus would pave the way to making better choices when it comes to spending.

A boost in their savings provided by the collection of Eid money is a great opportunity to invest in worldly spending that would either value add positive experiences to their life or attaining some significant skillset in areas driven by passion. The latter would entail enrolling in classes, such as baking, swimming or even painting whereas the former would encompass taking learning trips to certain spaces such as museums or partaking in music camps whereby learning is compounded by the expansion of not only the minds, but also social circle.