Al-Dai-al-Ajal Syedna Mohammed Burhanuddin (RA) states:
“Properly balance your household expenditure. Do not spend more than what you earn. One should create a budget according to his earnings. Allah gives rizq, but it is imperative to understand its importance and not squander away wealth behind unnecessary items and neglect that which is necessary.
Limit even that what you earn by halal means. Do not tire yourselves to the extent that you are unable to do anything else in life. Some feel that earning big early in life will help them in the future.
Allah Ta´ala bestows livelihood in every age. Albeit, it is necessary to have your investments in place, but do not indulge in such activities which impoverish you in the present to secure your future. That is illogical.”
There are numerous examples from the Quran, the revered words of RasulullahSAW and Moulana Ali (AS), which shed light on the concepts of balancing and planning in one’s life.
A budget helps you figure out your long-term goals and work towards them. If you just drift aimlessly through life, tossing your money at every pretty, shiny object that happens to catch your eye, how will you ever save up enough? The students were engaged with such thought provoking questions.
As important as it is to spend your money wisely in the present times, saving is also critical for the future. Building a budget forces you to take a close look at your spending habits and plan accordingly.
Basically, money management is about meeting your family’s everyday expenses, handling unexpected bills and saving for the future. It can put you in control of your money, which helps you avoid stress and feel more secure.
The importance of Budgeting was further emphasised by Mr. Abbas Rangoonwala , an active member of Tijarat Rabeha. He spoke about the necessity of maintaining a simple yet effective personal budget which will enable the students to be good decision makers and differentiate between wants and needs.
The students were also inspired by the short and effective talk by Janab Taher Bhaisaheb who brought to light the Islamic perspective of household, family and personal budget.
Students showed interest in the session by their active participation. The student queries were solved by giving real life examples.