Developing your Personal Budget

 Our Deen explains every aspect of our lives. Just as we need guidance for  physical, mental, and spiritual aspects of our lives, we also need guidance for the financial aspect of our lives. We have to understand that guidance for our financial life is also vital to our survival in this world and in the Hereafter. Don’t be surprised,  whether you have little or more you can still make a budget. We all actually do it informally, but to do it consciously and with an aim in mind gets you better prepared for the rainy day.

As we talk about Budgeting – where do we see it in the Quran!!! The following ayahs from Surah Yusuf always clicked to me as Ayahs providing guidance on how to efficiently make a budget among other lessons that we learn from it.

Let’s look at surah Yusuf Ayah 46 to 48

 The first Seven years-

If we take a closer look at these ayahs, we learn the concept of budgeting.

During the first seven years Allah instructs in the ayah to “Plant Grains” as you grow your harvest and earn income. Leave some as a saving (leave in the ear whatever you will Harvest) while you consume/ expense a little (except for the little you will eat).

This reminds us of the three components of a Personal Budget

1. Income

2. Expenses

3. Savings

Often people forget that a budget starts off with the estimation of income. Based on that will be the determination of how much is saved and how much to spend.

Have you noticed in these ayahs that Allah (swt) is telling us through Yusuf (as) “leave in the ear whatever you will harvest- except a little that you will eat.” The ayah talks about storing and saving first and then talks about expenses.

STOP!! DID WE ALWAYS THINK OF SAVINGS THE WRONG WAY!

We always had it wrong, and I am no exception- we spend the amount of income we receive first and if any money is left then we think about saving. I guess it is time to change that perception- First take out what you need to save for the future and then spend what is left to fulfill your current needs. This is a very thought-provoking concept to understand and implement.

Have you heard about the concept of the rainy-day?

Save for a Rainy Day!!!! It means putting some money aside for the future in case there is an emergency.

Saving is crucial as we can understand from the ayahs of Surah Yusuf.

Determining how much money should not be put at risk and be immediately available to spend should something terrible occur in life is essential to our smooth survival.

Relief is in sight- The promise of Allah (swt).

In the Ayahs above we see that after 7 good years come 7 hard years and then 7 good years again. After hard times relief will come.

Allah(swt) explains how in the years of difficulty you will use up your savings but also relief is always in sight.

This gives us good hope, just like Allah (swt) says in surah Ash Sharh

Hard times do not make an announcement before coming, so our strategy is to be ready if we are tried through one. May Allah protect us all and provide barakah in our Rizq. ameen.

As we ponder on the ayah from Surah Yusuf, we determine the three components of a Budget……

To learn how to do this wait for our next Post:

 Want to Be Notified, Please Subscribe at the end of this page.