There are various ways to achieve financial well-being. One of them is by managing your finances well. For Muslims, coupled with managing finances according to sharia, blessings in life can be enjoyed.
Money Management Using Sharia-Compliant Approaches for Financial Well-Being
What are the principles for managing money that can be used as a guide if you choose sharia-compliant approaches, concepts, or methods?
1. Plan finances by prioritizing current life needs
Of course, we all know that there are many needs in life. However, you need to remember that not every need must be met. Some needs are more important than others. There are things that are not a need, but more of a want.
Oriented to this life, there are 13 needs to be prioritized, such as education, marriage, savings or investments, household needs and urgent needs, as well as obligations to parents. The complete list can be read here.
These needs are included in the concept of 'dome of needs', which is a concept recommended in Islamic family financial planning.
2. Allocate money to meet needs after death
Still referring to the concept of the ‘dome of needs’, it would be good if in planning to meet financial goals, you also prioritize a budget to meet life's needs after death.
The need to give qurban, the need to perform the Umrah and/or Hajj, the need to pay zakat, as well as giving sadaqah or infaq and waqf are included in the necessities of life after leaving this world.
In other words, according to Islamic teachings, you can set financial goals by prioritizing income to meet the needs stated in points 1 and 2, compared to other goals such as buying a new car (if you already have a car), going on vacation and living a consumptive lifestyle.
3. Avoid bad spending habits and use money in moderation
Apart from prioritizing the use of money for the purposes discussed above, another way that you can apply to more easily achieve financial prosperity is to spend money in moderation.
This can be done by properly managing the budget for each need and sticking to the budget allocation in a disciplined manner.
4. Manage finances by using sharia-compliant products
What is also very important is using sharia-compliant products in managing finances to meet needs and achieve financial goals.
Sharia financial products use akad, such as Wadiah and Mudharabah akad. By always managing your finances according to sharia, you can feel peace of mind and enjoy a more blissful life.
How to Manage Finances Using Sharia Principles with Jago Syariah in the Jago Application
To always be ahead in managing your budget and managing your overall finances, all of which comply with sharia, you can rely on the Jago application. Register for a Jago Syariah account first (if you haven't already) to start using the available features.
1. The Jago Syariah Pocket feature makes managing budgets easier and more practical
In the Jago application, you can create many Pockets to separate your budgets according to your needs. The Jago Syariah Pocket has the same function as an account. By creating a Pocket, you create an account.
Up to dozens of Pockets can be created, which means you can have up to dozens of Jago Syariah accounts under one main account in the Jago application.
One need can be separated into one Pocket. For example, if you have five needs, such as monthly shopping, bills, child's education, parents' needs, sadaqah and zakat, they can be separated into five different Pockets.
2. Automatically allocate a budget to each Jago Syariah Pocket
For Saving and Spending Pockets, you can activate the automatic budgeting feature. In other words, your savings can grow by themselves. Managing expenses is hassle-free because you no longer have to move budgets between Pockets manually.
Read how to allocate budgets automatically in this article.
3. Save money in Sharia Deposits for future financial goals
Not all financial goals must be achieved now. Some take a long time. If there are several goals you want to realize, you can determine the priority scale. For future financial goals, you can choose to save in Sharia Deposits and get profit sharing.
Through the Jago application, you can open a Sharia Deposit and set the desired savings period, according to your needs. Through the Jago application, you can also renew, withdraw and close your Sharia Deposits.
4. It's easier to control spending with non-cash transactions via the Jago application
Apart from budgeting using the Jago Syariah Pockets, another way to control spending is by making cashless transactions.
Use the Jago Syariah debit card or QRIS Jago Syariah when making payments. Why? Because you can link your Jago Syariah debit card or QRIS with the right Spending Pocket during payments. For the Jago Syariah debit card, you also take advantage of an additional feature, namely setting daily transaction limits for various types of transactions.
5. Jago Syariah uses Wadiah Yad Dhamanah and Mudharabah Muthlaqah akad
Apart from enjoying ease and convenience in managing finances and transactions, using Jago Syariah you can also enjoy peace of mind as Jago Syariah uses sharia principles.
The Jago Syariah Spending and Saving Pockets are based on Wadiah Yad Dhamanah akad, so you will not earn interest on the money you save. Meanwhile, the Sharia Deposit uses Mudharabah Muthlaqah akad so you can earn profit sharing.
It's time to always manage finances according to sharia with Jago Syariah to make it easier to achieve financial well-being.