Posted by: islamicfinancingnews | October 28, 2013

More Budgeting Tips That Work Within Islamic Finance

You need to be careful with your money when you start out with Islamic finance and that situation could last well beyond the first five years that you own

you home. Although the experts have predicted it’s that first five years that is the biggest adjustments for new home owners, the recent recession has made frugality something that will last longer for many people. Here’s a few more tips to save some money where you can.

  • Take out enough money from the ATM to last a week. Sure, it’s more convenient to use the machines when and where you need them, but using this method cuts down on the transaction fees that you’ll pay in the long run.
  • Keep all your receipts for one month. After that you can look at the patterns that emerge and where you can cut back and save even more money. For example, if you’re eating out at restaurants too much, you’ll see it quickly when you have a paper trail to look at.
  • Pay off the highest interest debt first. There are usually credit cards. If you have a lot of debt, consider consolidating your loans.

Islamic mortgages are a smart financial move to stay Sharia compliant,. Budgeting is another necessary element.

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