Wednesday, 3 August 2016

Dealing with Inflation

Hello readers, hope you are doing good. Yes, you!. I will be writing about inflation today. Some weeks back, I was asking my cousin about financial challenges individuals are facing. I wanted to know what financial challenges youth are facing. I fall into that bracket too, however, I cannot know it all. The only One that knows it all is Allah. So send me mails about financial challenges you are facing, you never can tell I might be able to help. My email address is on the right-hand side of my blog.

Today you buy an item $5, the next two months the same item is going for $10.  It does not only happen with that product but it happens to all other products, however, your salary/income has remained the same so what do you do to provide for such situations. I am not going to tell to save up money in a bank and start collecting interest because it is a major sin. Yes, it is a major sin. God does not like interest. It is a major sin to pay or collect interest. Don't do that, however, I will be providing you with alternatives that you can use to deal with inflation. Here they are:

Always have a budget, yes a financial budget for every month. Take a look at your inflation rate in your country and adjust the figures of your budget accordingly. Meaning if you know the price of garri will go up by 20% then let the price on your budget reflect the 20%. Two previous article of mine, will show you how to create a budget; budgets are like smoothies and Part 2 

Another way of dealing with inflation is to always save 30% of your income in a non-interest savings account, so it can always cover those necessary unforeseen expenses. You can also deal with inflation by having a second source of income. The internet is big so you can have your regular job and still find a way to make halal money online.



It is a good thing to work and make halal money, by this halal money I mean pure money. It is also a good thing to aim at becoming rich. It is not a sin at all; some individuals have correlated money with evil, they are wrong. Money is good when its gotten through halal sources (meaning pure sources) and it is spent in the way of God. By this, I have not said do not spend your money on yourself please do but always pay Zakat (which is the obligatory charity) and give Sadaqah (which is the non-obligatory charity).

The amount of Zakat has fixed rates which I will be discussing in another article. Sadaqah depends totally on what you can afford to give out. They both purify your wealth. I have not said it purifies wealth gotten through illicit means, it does not. Stay away from it cause it is a sin. It only purifies money that is gotten from pure sources. Paying your Zakat which is obligatory makes your money good to spend on yourself. When you give Sadaqah you are blessed with multiples of the money you give out. Giving Sadaqah is another way of dealing with inflation because that Sadaqah you have just given out is a loan you have given to Allah which He will multiply for you. Allah loves charity and He blesses those who give them out.

So, do not let anyone stigmatize you when you have a desire to be rich. Halal means anything that is acceptable Islamically. Hope, I have dealt with the inflation. Thanks for reading my article. Keep checking out my blog regularly. Cheers!


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