How do you manage your money?

[Mochatanya]

Do you have a financial plan? How much of your paycheck do you contribute to savings?

Do you invest in financial institutions, or are you most of a 'money-for-the-moment' kind of person?

Just curious

[The Arabman]

I save a portion of my paycheck, though I don't invest in financial institutions as it involves riba. It's pertinent to have a financial plan.

[Mochatanya]

Arabman, considering the fact that this post was for Muslims, I am talking about business ventures and Islamic financial institutions.

[The-Screw]

i'm terrible with money...honest to god. it's the one thing in life i wish i knew how to manage it. i make $ 1,600 a month but i only spend no more than $ 400 on rent, phone, cable, gym, and everything else. somehow, at the end of the month i'm almost broke...someone is always asking me to Borrow money, maybe if i learn how to say NO i can save money.

[The Arabman]

Mochatanya, since most of us live in the West, I don't think business ventures and Islamic financial institutions are viable options. Such ventures and institutions cannot operate in the West; lawsuits and dismantling it in the name of anti-terrorism will doom it.

[Mochatanya]

Arabman

Screw, I'm trying to combat a money-management problem myself, the best thing is to write up a plan and do NOT forget to donate Sadaqah.. You will find the benefits in this life and the next.

[The-Screw]

Donate?



i haven't donated anything in a long time...matter of fact, i can't remember the last time i donated anything. i hardly visit the mosque so its kinda hard for me to come across someone collecting donations.

[Mochatanya]

You gotta go out of your way to do these things sometimes, but trust me, it's good for the soul, the deeds and this world.

[*Anisa]

Just open up a savings account, but remember to write down the amount of money you put in so that in the future you can exclude the interest and donate it.

[gurey25]

there is always a savings account, i have one with an Islamic Bank so there is no interest, but if you dont have an islamic instituition you can always subtract and give away your accumulated interest.

You can also go into a hagbad or something like that,
we have one in our office.

but most of all remember that however much you plan for your financial future all wealth comes from god and that you should use it wisely.
I honestly believe that if you share your wealth with others, god will increase your wealth.
Im a bit of a sucker and i give away obscene amounts of money,
but somehow i do pretty well, alxamdullilah.

[LionHeart-112]

I do what gurey does. I basically subtract the interest and give it to charity. I really don't have a financial plan as i'm deeply in debt (student loans and other bills). My plan is to just pay them off and start saving and investing after i finish school. It's a hopeless dream saving money while u are on a budget. Always end up emptying my accoutn because of damned textbooks or "hidden' unversiyt fees..damn school.

[Samatr]

Rent
Dahabshiil---> Dire Dawe
McDonalds($1 menu)

The rest goes to my extracurricular activities.

[LionHeart-112]

^^cheap ass negro...at least go to wendy's....it's a step higher on the fast food ladder

[Samatr]

They are all the same, I just eat it to fill my stomach.

Ramen noodles are also a good bargain.

[gurey25]

i loath Macdonalds,
it is the most disgusting invention ever.

Subway for me.