Posted by: islamicfinancingnews | May 27, 2014

Some good budgeting tips to go with islamic home financing

Having a sense of how to budget your money is invaluable when you’re dealing with islamic home financing. When you own a house, it’s essential to know how much money you make, how much you owe and where that cash is going. Here’s a few helpful tips you can use alongside your Islamic mortgage financing.

• Get organized. The first thing you’ll need to do is record where you spend your money and how. An Excel sheet is a great way to keep a running tally.
• Divide your expenses into categories. This is especially critical when you buy your first house because there will be things that need to be done right away like repairing a leaky faucet and things you’ll just house huntingwant like the latest concert tickets.
• Pay more than the minimum on your bills. This is a good habit to get into that you can also extend into your Islamic mortgage financing.

Staying Sharia complaint with islamic home financing is a good step along the way to successful and financially responsible home ownership. Having a well designed budget will help you to accomplish this.

 


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