Every married couple certainly wants a peaceful family life where all their needs can be met properly. InsyaAllah, there is a way to manage finances according to sharia principles to be able to support and provide for your family well.
Managing Family Finances, Who Has the Right?
Do you have your own way of managing family finances? Have you ever wondered who actually has the right to manage household finances, the wife or the husband?
It turns out, according to Rasulullah SAW, it is more important how to manage household finances according to the agreement between husband and wife than who does the management. Therefore, it is best if the couple can sit down together and agree on a financial priority scale.
Are there any future plans you and your family want to achieve? You can start budgeting your funds now and start saving money. Your family life will be more peaceful when finances are in order.
How to Manage Family Finances According to Sharia Principles with Jago Syariah
What can a married couple do to be able to have a peaceful family and live with ease with their children?
1. Families manage savings and expenses using akad that is justified in Islam, namely according to sharia principles
Transaction agreements in sharia banking use akad. So that you and your family can live your daily lives in peace, you can have savings and manage expenses from the money in your account using akad.
Jago Syariah uses 2 akads for your peace of mind. There is Wadiah Yad Dhamanah akad in the Saving Pocket and Spending Pocket, as well as Mudharabah Muthlaqah akad in the Sharia Deposit.
2. Married couples can use a joint account to save money and manage household needs
If according to the agreement you and your partner want to manage household finances together, you can open a joint account to make it easier to do so.
At Jago Syariah, you can open more than 1 joint account in the form of a Shared Pocket. The Shared Pocket can be a Spending Pocket or Saving Pocket. For short-term savings purposes such as halal vacation during your child's school holidays, for example, you can use the Shared Saving Pocket. Another example is for sadaqah and zakat, you can use the Shared Spending Pocket.
When a partner has joined the Shared Pocket, the Pocket will appear in your partner’s Jago application. So, it is very easy and practical to move money to this Shared Pocket from other Pockets.
3. Prepare a family emergency fund in a safe place and in accordance with sharia principles
Emergency fund savings are savings that are very important for everyone to have. Emergency fund savings can help you and your family overcome unexpected events that can occur at any time calmly and without the need to borrow or owe money to other parties.
How much emergency fund should you have? Edo Velandika CFP®, a certified financial planner, suggests the following amounts.
"Everyone, whether married or not, needs to prepare an emergency fund. If you are married with 1 child, the emergency fund you need to prepare is at least to cover family expenses for up to 12 months."
Using Mudharabah Muthlaqah akad with the principle of profit sharing, the Sharia Deposit is a suitable place to save emergency funds. Withdraw your Sharia Deposit directly from the Jago application during an emergency or urgent situation. You will receive the principal funds along with the prorated profit sharing directly in your Main Pocket. And, there are no penalty fees that you need to pay for withdrawing your Sharia Deposit before its maturity date.
4. Save for long-term financial goals also in a safe place and based on sharia principles
For long-term financial goals such as saving to perform Umrah with the entire family and saving for your child's education until university, you can choose the Sharia Deposit. Apart from a competitive profit sharing ratio, you can also set an automatic roll over mode for the principal balance and profit sharing. So, long-term savings are definitely safe from being used for other needs.
The latest Sharia Deposit profit sharing ratio can be seen on this page.
InsyaAllah providing for your family and fulfilling all your family's needs well and in accordance with sharia principles is easier by managing your finances with Jago Syariah.
