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11-29-2007, 09:08 PM
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Re: Saving money
just give it all to me. i'll save it for you! 
problem solved 
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In happy moments, praise Allah. In difficult moments, seek Allah. In quiet moments, worship Allah. In painful moments, trust Allah. In every moment, thank Allah.
"Friends on that Day will be foes; one to another except Al-Muttaqoon (the pious)"
[al-Zukhruf 43:67]
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12-06-2007, 01:51 PM
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Re: Saving money
heeeey i never got a savings account cuz i thought it accumulates interest?
i just do direct deposit and everything goes in my checking account. not much saving going on though cuz i gots to pay for random stuff around the house.
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05-20-2008, 09:37 AM
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Re: Saving money
I've opened up a retirement account that pulls a bit of my earnings every month, and also contribute a decent amount to my 401k every pay period. That's pretty much very, very long-term savings, and I likely won't be touching that until I retire or die, but it's still pretty important to do.
Another thing you can do in the short-term is build up a budget by taking down a liberal account of each of your expenses (make sure to include a 10-20% of each paycheck to move into a savings account), adding them up and subtracting them from your total paycheck. This will help you trim off excess expenses (seeing it on paper can be a real eye-opener) as well as itemize everything and keep you from going over.
Paying bills online can help to save money, or it can burn you. A lot of places won't charge you a fee but some places do and it can be a pretty hefty one.
Avoid using ATMs for cash, that $2 a pop can add up like wo.
Keep a change jar and cash it in once it fills up, not at Coinstar but at a Chevy Chase bank or one of those other places that doesn't rob you of anything.
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05-20-2008, 07:17 PM
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Re: Saving money
Saving money is one thing but its also wise to think about building a credit rating (in case you want to lease or rent)
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Children saw Hodja coming from the vineyard with 2 basketfuls of grapes on his donkey, gathered around him and asked him to give them some.
Hodja picked up a bunch of grapes, cut it up into pieces and gave each child a piece.
"You have so much, but you gave us so little," the children complained.
"There is no difference whether you have a basketful or a small piece. They all taste the same," Hodja remarked.
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05-20-2008, 07:20 PM
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Re: Saving money
Quote:
Originally Posted by Revert
Saving money is one thing but its also wise to think about building a credit rating (in case you want to lease or rent)
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SAVING money? In this economy? When rice and gas are going through the roof, jobs are vanishing? Good luck with that one 
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Wisdom is the supreme part of happiness - Sophocles.
A dream is the answer to a question we do not know how to ask - Fox Mulder.
As it is the characteristic of great wits to say much in few words, so small wits seem to have the gift of speaking much and saying nothing - La Rochefoucauld.
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05-20-2008, 07:45 PM
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Re: Saving money
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Originally Posted by Timbit
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I was working part-time. Like 20 hours a week.
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05-20-2008, 08:33 PM
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Re: Saving money
I save $200 per pay period. it automatically goes into a savings account. Then, to save for retirement, I have 9% of my pretax pay going into a deferred comp account. That's in addition to my pension.
I have no idea how much money I have saved, I never look at it to be honest with you. when I need money, I call and they send me money.  |
06-12-2008, 04:07 PM
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Re: Saving money
Oooh saving! I'm an expert!
Seriously however, save 50 per cent of your wages in a seperate bank account to your current account, then you won't easily over spend and go: "oops, well I'll make it up next month/week" because you won't. It's too easy to give up saving that way.
Yes if you want to buy a property, you need to build up a credit rating but you can do that without getting a credit card, get a mobile phone bill in your name and pay that on time and in full and you should get a good credit rating.
Good luck
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06-13-2008, 08:35 PM
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Re: Saving money
WHY are SO MANY MUSLIMS KEEPING MONEY IN SAVINGS ACCOUNT? DONT YOU KNOW INTEREST IS HARAAM?
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06-13-2008, 09:34 PM
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Re: Saving money
mutual funds are not a bad idea. I had some financial aid from school leftover so I invested it in the Amana Income Fund (an islamic fund that goes by amanx). it seems to be a safe investment if you have a little extra money that you don't plan on using in the immediate future.
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06-13-2008, 09:47 PM
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Re: Saving money
Quote:
Originally Posted by RestlessSoul
mutual funds are not a bad idea. I had some financial aid from school leftover so I invested it in the Amana Income Fund (an islamic fund that goes by amanx). it seems to be a safe investment if you have a little extra money that you don't plan on using in the immediate future.
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hahahahahhhhhhhhhhhahha.
my friend invested $4k into Amana. Now its $2k. He's crying  |
06-13-2008, 09:52 PM
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Re: Saving money
Quote:
Originally Posted by zeyneddine
hahahahahhhhhhhhhhhahha.
my friend invested $4k into Amana. Now its $2k. He's crying |
when? it dipped down for a while in the past several months due to the general market being bad, but it's back up to where it was at ~$31/share. |
06-14-2008, 10:55 AM
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Re: Saving money
Quote:
Originally Posted by zeyneddine
WHY are SO MANY MUSLIMS KEEPING MONEY IN SAVINGS ACCOUNT? DONT YOU KNOW INTEREST IS HARAAM?
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Not if the savings rate is retroactively matched to the inflation rate, retard.
Try again.
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06-14-2008, 11:03 AM
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Re: Saving money
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Originally Posted by IbnMardhiyah
Not if the savings rate is retroactively matched to the inflation rate, retard.
Try again.
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I don't understand what this means. What do you mean by 'savings rate'? Does that refer to the amount of money a person deposits into his/her bank account?
And if the savings rate is matched to the inflation rate, then why is this not considered interest?
Although, I don't buy the argument that 'savings accounts' are haram either. If you don't want your bank account to accrue interest, you can always tell the bank you do not want any interest deposited on your accounts. I highly doubt they'd have a problem with this.
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06-14-2008, 11:16 AM
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Re: Saving money
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Originally Posted by bravotwozero
I don't understand what this means. What do you mean by 'savings rate'? Does that refer to the amount of money a person deposits into his/her bank account?
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The rate on your savings account. Are they giving you 0.5? 3.0? 2.5? As a percentage of the amount of money you have in the account.
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And if the savings rate is matched to the inflation rate, then why is this not considered interest?
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Scholars have said that in Islam, one of the principles is that you're allowed to protect and keep the value of your money. So if the inflation rate one year was 2.5%, you go back and calculate the interest received on your savings account for that entire year. Everything above the 2.5% mark, you take and get rid of it, because that is what would actually constitute interest.
simple example: - you have $100 in your savings account on Jan. 1st and the savings rate is 3.25% per annum, and on Dec. 31st you have $103.25 in your account. You wait a few months until the economic data and inflation numbers come out and the inflation rate was reportedly 2.5%, then you keep a total of $2.50 from the accrued savings. The remaining 75 cents is haraam and you discard it.
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Although, I don't buy the argument that 'savings accounts' are haram either. If you don't want your bank account to accrue interest, you can always tell the bank you do not want any interest deposited on your accounts. I highly doubt they'd have a problem with this.
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Agreed, although not all banks do that.
I opened my first account with BMO when I was like 15, and I told them right away that I didn't want any interest in my savings account and they said "okay".
Later on when I opened an account at TD, and requested the same thing, they were like "oh sorry we cant change that, the system does it automatically and we can't shut it off"
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Elizabeth Swann: There will come a moment when you'll have the chance to do the right thing.
Jack Sparrow: I love those moments. I like to wave at them as they pass by.
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Last edited by IbnMardhiyah : 07-05-2008 at 10:32 PM.
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Were you guys working full-time or just getting paid lots?
