Waseem sits at his kitchen table, staring at his latest credit card statement.
His stomach churns.
After months of carrying a balance on the card, he finds himself in thousands of dollars of debt with no apparent way out.
But it wasn't always this way. Waseem used to be financially stable. Or at least he thought he was.
Waseem had a simple method for managing his money: he intuitively cut back when he felt he was spending too much. He indulged a little when he felt like he had enough to spare. He called it his "budget-by-gut" method. And it worked fine…until it didn’t.
Waseem had considered saving up an emergency fund, but he put it off whenever he thought of it. Given how things had gone in the past, he didn't believe that he needed one. Besides, he once heard an Imam mention that the Prophet (PBUH) “did not save anything for tomorrow.” Maybe saving wasn’t a practice for devout Muslims?
This is the beginning of an article I wrote for the Zoya Halal Investing blog entitled "How to Spend Less and Save More: Lessons From Waseem's Story." Continue reading
What's Your Financial Wellness Score?
Answer a few short questions and get your personalized score in less than 5 minutes.
Written by Farooq Maseehuddin
Farooq Maseehuddin (Muslim Money Guy) is a financial educator and writer. He holds both a Bachelor of Education (BEd.) and a Master of Education (MEd.) from the University of Alberta. He's been a high school teacher and Muslim community organizer for nearly two decades.
