One of the three major responsibilities for Muslim wives in Islam is managing the family’s wealth. In addition to caring for the children’s education and overseeing the household, Muslim wives often negate their priority to manage their wealth–money, properties, belongings and investments.
Becoming a better Muslim mother Money Manager takes time, can not be achieved overnight, but with the right intentions and determination to learn and act accordingly, Allah (God) will help you succeed, inshaAllah (God willing). Listed below are the some tips to get you started:
Setting a Frugal Mindset for your family is an Act of Taqwa (God conscientiousness)
Frugality is an intelligent lifestyle–not a cheap one! Bargain shopping is a gift to your family, not a punishment. When a mother (and father) instills the value of earning a dollar and stretching its value, children will appreciate and even feel challenged to gain the most from your family’s money. Be creative and ingenious in
how to position the minds of your family members to appreciate frugality as a duty of all, and not a choice of a few. Those who are spend-conscience are more intelligent than spenders. You have an obligation to your family to be resourceful and appreciative of the worldly gifts Allah has provided your family: your wealth. Your material wealth is not an indicator of how much your faith is worth. Therefore, you should never judge your status in life with money–your status is determined by your deen–your religion and way of life.
So, live your life responsibly, after all, the one who misuses and abuses his/her wealth, is guilty of possible waste and arrogance. Don’t like the term: Frugal-Minded? Then, try Value-Spending.
Know The Financial Rights of Each Family Member in Islam
Your husband’s obligations is to provide your shelter, food, clothing, and financial means for you to live comfortably, therefore it is your responsibility to spend wisely. Spend your money reasonably and responsibly on the necessities in life, such as clothes, education, health and hygiene for you, your husband and children. However, if your husband is misery with his money and you do not have necessities, you are permitted to proudly, not secretly, use the money to fulfill the family’s needs. Keep in mind, that as a Muslim wife or mom, it is not your responsibility to bring money into the household. And, if you incur money it becomes your own wealth, which you can spend as you wish. This luxury, not afforded in many other cultures or religions, should never be under-appreciated or taken for granted. Meaning, if you have wealth and your family is experiencing difficulties, remember that charity must first start at home–so, helping your family carries great benefits for you in this life and the hereafter. On the other hand, if your husband is experiencing great fortune, and you desire to work, your duty to your family and home takes precedence. It takes a creative mother to find balance for her family–and it starts by maintaining balance herself first.
Understand the difference between Luxury and Rewards
Succumbing to desires through luxurious items should always be secondary to fulfilling your family needs. Also, when determining if you should reward your children, self or family (such as using money or monetary things as an incentive to completing one’s duties), be fully aware of your intentions and outcome of the reward: Is this an investment (such as rewarding your child’s positive work in his education) or a luxury (such as planning a family vacation while you’re experiencing daily financial problems; yet your reasoning is “we deserve to get away from our problems for a while”. No, your family deserves simplicity, sacrifice, and creative quality family time together getting back to Tip #1)
Follow-through With Your New-found Value-Spending Mindset
Learn circular and coupon shopping. Shop online. Be disciplined. Do not succumb to impulse shopping. Appreciate and invest your time in researching how to best spend your money and buy accordingly. Use only cash. Eliminate debt. Utilize technology.
Know the rules of ribaah/interest and why it is haram/prohibited.
By living life free of debt-incurring and addictiveness of credit cards, mortgages, leases, and/or being deluded with the fact that savings accounts and bonds are good for you–is living true freedom! There are halal, permissible, and more long-term beneficial financial options for your family, such as shared ownership, creative financing, charge cards (payments paid in full within reasonable amount of time with no interest) and cash dispersal. The more you research your rights and understand your duties to find the most Sharia-based financial alternatives; your wealth value maintains value from day-one.
Reduce, Reuse, Recycle & Be Resourceful: Green is for Islam too.
There are many financial, familial, and religious benefits that far-exceed the obvious environmental benefits of living a greener, more natural life. Reducing material things causes you to live a simpler, healthier lifestyle. For example, your closet was designed to hold clothes that you use on a daily basis, and your fridge was designed to cool foods that should be eaten and not thrown away. Can you think of a few things in your home right now that you reduce for the sake of Allah? Extra clothes or food to give to the poor? Reusing materials causes you to creatively not waste more than necessary. For example, by determining if there are any materials for your next family project, rather than buying extras, you gained more than just the value of those materials–you gained memories.
Recycling allows you to gain the most from your money. For example, you pay the 5-Rs deposit on your aluminum and plastic bottles when you purchase it, if you don’t recycle that bottle; you’re wasting money that is rightfully yours. Research and apply any new resourceful way to do things with what you buy, use, give away, share and spend.
Since green is often a color associated with Islam, take pride that being Green is about worshipping Allah, and not just a mere conservation attempt.
Building a Resourceful Network.
Being resourceful doesn’t stop at knowing things–it’s also knowing people. The power of networking helps greatly in living a more religious, frugal, value-spending, green, natural life, because like-minded people help others to achieve your shared goals quicker and easier. See your time spent sharing tips and tools to live life simpler as an investment in your time well spent. By setting a purpose of being more resourceful when you are with other moms, you become more determined in
your time spent together rather than resorting to gossiping or backbiting which is prohibited acts in Islam.
Learn how to save and invest based on Sharia laws.
o Don’t use savings account, bonds, or any interest-bearing bank options. o Save cash.
o Purchase gold or certified gems that maintain its value. Invest in your Muslim
brothers and sisters by offering creative financing options, shared home
ownership, business investments, or sharia-approved stocks.
o Keep in mind that it is allowable to invest and maintain financially-healthy
business relationships with non-Muslims, and typically there’s more to gain that
just financially when working collaboratively with non-Muslims because
investments should be based on value, and their knowledge have proven
o Your goal is to maintain your cash value at all time, and increase its value when
rational options become available.
o While simpler said than done, it’s your duty to invest your time to learn how to
save and invest according to the laws of Islam not solely for achieving the
greatest financial value–but more importantly to please Allah, for remembrance
of Allah is never forgotten in this world and/or the hereafter.
Learn how to build your wealth with an Entrepreneurial Mindset.
Now, that you are successful at, or at least are trying, to clear your family’s debt, spend cash only, build wealth through wise investments of your available cash, properties, and belongings; with the correct God-centered mindset, the next logical tip is to be more resourceful through entrepreneurialism. Thinking like an entrepreneur is about thinking creatively and investing wisely. Weighing one’s best value of his/her time and money, means a successful entrepreneur strategically weighs market-research and invests accordingly.
Your goal is not to be the next millionaire, but it is to achieve the millionaire’s mindset: to make money when the opportunity presents itself. So, if you’re able to make a few bucks with your family’s highly-talented new past-time of knitting, you have an entrepreneurial mindset. If you bring your passion of life online, and make money in the process—you have an entrepreneurial mindset. Follow a mentor, invest wisely, and your entrepreneurial-minded hobby has great potential to bring you wealth. Many moms are successfully making money online, and if this fits your family’s lifestyle; it’s a worthwhile option to explore further.
Give for the sake of Allah. Give often.
If you adhere to all the above tips, you are spending the appropriate amount of charity on your family, which may even bring your family more wealth in the process. As Muslims, we know that any charity given to the name of Allah is multiplied ten-fold, inshaAllah, God willing. Be mindful that your charity must be given purely, with the intention of pleasing Allah and Him Alone. So, it’s important to know that charity should never been given as an “investment”. Only Allah knows our pure intentions, and it given purely, He is the judge as to when He will reward our efforts–be it in this world, or in the hereafter.
Tips to cutting your grocery bill in half in less than 2 months:
- Involve your kids.
- Turn boring, cranky errands with kids into fun family field trips.
- Stop Clipping Coupons; Organize Them!
- Learn the lingo right from the start.
- Think Strategic Shopper, not Cheap Couponer.
- Let the Pros “tell” you what to do.
- Survey your starting point, and then set a realistic goal.
- Track your spending.
- Don’t drive around to save pennies; fit detours for Rupees
- Shop at discount stores
- Only use cash.
- Be patient, persevere, and work on one goal at a time.
- Find a network and stick with these smart & fun chicks!