Hello readers, I hope you are all good. I am writing about ways to stop living from paycheck to paycheck. A lot of people live from paycheck to paycheck which means before they receive this month's salary they would have finished spending their last month's salary. It could also mean as last month's salary is finishing they receive this month's salary. Pay-day loans are now available if your present salary finishes before your next month salary.
Pay-day loans will just put you in trouble because you will have to pay interest on the loan and Allah (Exalted and Glorious is He) hates interest.
"Those who swallow usury will not rise, except as someone driven mad by Satan's touch. That is because they say, “Commerce is like usury.” But God has permitted commerce, and has forbidden usury. Whoever, on receiving advice from his Lord, refrains, may keep his past earnings, and his case rests with God. But whoever resumes—these are the dwellers of the Fire, wherein they will abide forever." Quran 2:275
"God condemns usury, and He blesses charities. God does not love any sinful ingrate. "Those who believe, and do good deeds, and pray regularly, and give charity—they will have their reward with their Lord; they will have no fear, nor shall they grieve. O you who believe! Fear God, and forgo what remains of usury, if you are believers. If you do not, then take notice of a war by God and His Messenger. But if you repent, you may keep your capital, neither wronging, nor being wronged." Quran 2:276-279
Therefore you should not go near payday loans. Payday loans make you spend more than your income, since you will have to pay interest. Here are the ways of not living from paycheck to paycheck.
- Live below your income, if you could afford an apartment that its rent is One million naira, you should go for the one whose rent is lower, like the one that its rent is six hundred thouaand naira.
- Make sure you have two sources of income. You could be working for a company and have a business on the side.
-Have a monthly budget, make sure all your expenses as well as the sadaqa and zakat (if you qualifty to pay zakat) are included in the budget as well as all your income. The expenses should also include your cost of leisure (taking out time for leisure will contribute to your general wellbeing). Try and cut your expenses, for example cut your electricity fee by reducing the amount of electricity you consume.
- Always save 30% of your income in an halal bank account. I think you must have heard of this principle, save first and spend after. In other words, you take out the money you want to save first before spending. Make sure you save money enough to cover your expenses for one year.
- Do not take conventional car loans or conventional mortgages because you know interest is not good. You will end up eating into your future by that I mean you could end up keep paying for your mortgage when you have retired
Just buy what you can afford or save money to buy the property you want or get an Islamic bank to buy the property so you can pay for the property in instalments to the Islamic bank. Conventional banks do not buy properties, they just loan you the money and use the property you want to buy as collateral. In conventional banks if you cannot keep up with the monthly payment, you will lose the property. While with the Islamic bank if you cannot keep up with the monthly payment you will still own a percentage of the property since you were actually buying the property from the Islamic bank.
- Always cut your clothes according to your size. Do not live above your means. Spend on what your income can afford. Allah hates spendthrifts.When your salary increases or business starts bringing you more income your size has increased, then you can spend more but efficiently as well.
- Save some money for unexpected challenges so you will be able to deal with them adequately when it occurs.
Make sure your business and/or your job is halal. Everything should be done seeking the pleasure of Allah. Part of seeking the pleasure of Allah means hoping for a reward from Him in this life and the Hereafter. Everything happens according to the will of Allah (you have freewill, therefore, you are responsible for your actions).
Halal means anything lawful Islamically.
Alhamdulillah (Praise be to Allah). May Allah send peace and blessings to Prophet Muhammed (P.B.U.H). Thank you for reading this article. Like this page on facebook. Keep reading this blog regularly. Cheers!
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