By Sadiq Abdulfatah

“The feet of the slave of Allah shall not move on the Day of Judgement until he is asked about five things: about his life and what he did with it, about his knowledge and what he did with it, about his wealth, how he earned it and what he spent it on, and about his body and what he wore it out for.” Narrated by Abu Barzah Al-Aslami (Jami’at Tirmidhi, hadith 2417)

Rising prices all over the globe have been creating challenges for us all. But as challenges arise, we should also be strategic in order to see through those challenges. We do not need to feel like helpless victims when there may be things, we can do to improve our situations because as Muslims how we spend matter a lot. Even if you have limited funds, there are several things that you can do to help you manage your finances.

What You Can Do 

Live within your means:

When you do this, you will likely feel more in control of your financial situation and more confident about dealing with unforeseen expenses. To help you live within your means, create a budget—a plan that tracks your income and expenses. As you consider your budget, carefully determine your real needs. Then do your best to stick with yours, adjusting it as your income or prices change.

Instead of buying items on credit, pay with cash if you can. Some find that by spending in this way, they manage their budget more effectively and even stay out of debt. Also, take the time to review your bank statements. You will feel less stressed when you know how much money you actually have. Living within your means can be hard. But a practical, well-thought-out budget can be a big help. You may also have a greater sense of control. “Those who, when they spend, are neither extravagant nor stingy, but hold a balance between.” Surah Al-Furqan (25:67)

Protect your livelihood:

What practical things can you do to keep your job? Here are just a few: be punctual. Have a positive attitude towards your work. Show initiative, and work hard. Be respectful. Follow rules, and try to improve your skills.

Avoid wasting your money:

Ask yourself, ‘Do I have any expensive or wasteful habits?’ For example, many people waste their hard-earned money by abusing drugs, gambling, smoking, or drinking too much alcohol. These habits can also cost them their health and their job. “Do not squander wastefully.” Surah Al-Isra (17:26-27)

Save for Emergencies:

When you can, put aside a small amount of money for unexpected expenses or emergencies. Such a fund can give you a measure of security should you or a family member face a sudden health issue, the loss of a job, or some other unforeseen event.

There are other money-saving tips you can engage in, which will enable you to spend less and save more.

Prepare more meals at home:

Nowadays we think eating out with our money is a way of living the big boy and girl lifestyle but in reality it is unwise action. Frequently eating out or regularly buying prepared meals and drinks can be costly. Granted, it takes time and effort to prepare food at home, but the savings can be considerable. You will also have more control over the health and quality of your meals.

Shop smart:

Going for the latest brand while shopping is not smartness. Why do we need to go for a brand with a higher price but the same quality as that of a lower price? Is it because of the brand? This is not a way to be smart while shopping.

One can avoid this situation, by: Make a list, and stick to it. Resist impulse buying. Find better deals by buying some things in bulk if your budget allows. Be sure, though, that you can safely store perishable items to prevent waste. Consider buying cheaper store-brand items if the quality is reasonable. Shop online to find better deals, to avoid unplanned in-store purchases, and to keep better track of spending. If online shopping is available, surf for the best price. Look for sales, and use coupons where available. Compare prices, including for the cost of energy and other utilities.

Think twice about upgrades:

Manufactures of phone and other products constantly roll out new models to increase profits. So stop to ask yourself: ‘Will upgrading to the latest model really benefit me? And if I do upgrade, do I really need the latest model?’

Repair and reuse items:

Maintain your appliances to prolong their life and, if it is cost-effective, repair them when they break down. You might also consider pre-owned products. ‘Tokunbo’

Grow your own food:

Could you set aside some space to grow your own food? In addition to reducing the bill, you might grow something to trade, sell, or share. “It is he who produces gardens, trellised and untrellised, date palms, and crops of different shapes and tastes…. Eat of their fruit when they bear fruit, and give its due on the day of harvest. And do not waste; indeed, He does not like the wasteful.” Surah Al-An’am (6:141)

May Almighty Allah (S.W.T.) continue to guide us in every step or decision we take in this life, for He is the One Who guides His slaves alright.