According to the Big Indonesian Dictionary (KBBI), wasteful means excessive use of money, goods and so on. What about you, do you often spend money wastefully? Actually, how is wastefulness seen from the Islamic point of view?
Wasting Money in Islam, Is It allowed?
Islam strictly prohibits wasteful actions. Wastefulness is a form of disgraceful behavior. By committing extravagance, a person squanders the wealth they have for nothing.
As stated in the Al-Qur'an, Surah Al-Isra verse 26: “Give to close relatives their due, as well as the poor and ˹needy˺ travellers. And do not spend wastefully.” (source: Republika)
It is also stated in the Al-Qur'an, Surah Al-Isra verse 27: “Surely the wasteful are ˹like˺ brothers to the devils and the Devil is ever ungrateful to his Lord.” (source: Republika)
Instead of spending your money wastefully, you can use it to help those in need, starting with your immediate family first. Furthermore, money can also be donated to those who are poor or really need a helping hand. If you meet people who are on their way to achieving goals that are justified by religion, you can also help them with your money.
Also read: Share Kindness through Fajr Sadaqah dan Friday Sadaqah via Jago Amal
How to Stop Bad Spending Habits and Live a Simple Life
To be able to overcome bad spending habits requires commitment and being disciplined in using money. For this reason, setting a budget for each need is important.
1. Prioritize main expenses and savings
Of course, the budgets that need to be prioritized are the budgets for main living necessities, which include breakfast, lunch and dinner, transportation to work as well as monthly bills such as electricity, telephone and internet.
Apart from that, savings should be a priority, such as emergency savings and savings for various financial goals such as child's school funds, which are really important. Don't forget zakat and/or sadaqah to help ease the burden of suffering for those who are less fortunate.
2. Reduce or limit the budgets for non-priority expenses
Buying snacks, shopping outside of shopping for daily necessities, weekly entertainment and various other expenses that are directed towards wants are not a priority. It doesn’t mean that you should remove those expenses, but the budgets for all these wants can be lessen or limited to reduce spending. The most important thing is to meet all priority needs.
3. Separate budget for each need in 60 Jago Syariah Pockets
So that the budget for each need and savings is correctly allocated and not mixed with each other, you need multiple bank accounts. But, don't worry, having lots of accounts can be hassle-free if you don't have all your accounts scattered.
With Jago Syariah you can have multiple bank accounts in one application. Once you log in to the Jago application, you will see the option to create a Pocket. The Pocket feature functions as an account. Go to Pocket details to see the specific account number for the Pocket you tapped.
For savings, there is the Saving Pocket. For bill payments, transfers to other banks, shopping and fulfilling various needs, there is the Spending Pocket.
For long-term investments and emergency savings that can be dipped into at any time without penalty, there is the Sharia Deposit Pocket.
You can have a total of up to 60 Jago Syariah Pockets, which means the same as having up to 60 bank accounts to manage your finances and budget better. Move money from the Main Pocket, which is usually the main source of funds, to each created Pocket when budgeting.
Other Jago Syariah Features to Help Control Spending
Apart from the 60 Jago Syariah Pockets, there are several other Jago Syariah features that you can use to reduce or even overcome bad spending habits.
1. QRIS Jago Syariah
Not only is it more practical and faster when making payments, QRIS Jago Syariah can really help you manage your expenses better so you don't overspend. You no longer need to worry about wasting money.
The way to do this is by choosing the right source of funds when making a QRIS payment. As stated above, you can separate money for various needs into different Jago Syariah Pockets.
After a Spending Pocket is created and money is allocated to it, you can make it a source of QRIS Jago Syariah funds. To buy snacks and eat heavy meals, for example, you can choose Meals Pocket. To shop for monthly needs, choose Shopping Pocket as the source of funds.
This way, you don't take money for other needs. If the money in your Pocket runs out, you have to be strong not to be tempted to add more money. Another commitment is that when budgeting at the beginning, make sure you also allocate the right budget or according to the portion by first prioritizing important expenses and savings.
2. Jago Syariah Visa Debit Card
Apart from paying with QRIS, another convenience that can certainly help you prevent wasting money is the Jago Syariah Visa Debit Card. By shopping using a debit card, you can only use the balance in your account.
But if you use the Jago Syariah Visa Debit Card, there are other benefits. You can link your Jago Syariah Visa Debit Card to your chosen Spending Pocket. In other words, 1 Spending Pocket can be linked to 1 Jago Syariah Visa Debit Card. It will definitely help you control your expenses more easily.
Apart from that, what can make you put the brakes on spending is the option to set daily transaction limits. Do you shop online more often using a debit card? Make sure you set a daily online transaction limit so you don't overspend in a day. Other daily limits that can be set include cash withdrawals and transactions at EDC machines.
3. Autosave feature for the Saving Pocket
To avoid wasting money, it's better if money can go straight into savings. So, it will no longer be used for shopping or buying snacks, unless you transfer the money in your savings to your Spending Pocket.
To save automatically, make sure you activate the Autosave feature which is only available in the Saving Pocket. You are free to set the amount and time yourself.
Managing Finances According to Sharia Principles with Jago Syariah
Alhamdulillah, you can rest assured that you have a Jago Syariah account because it complies with sharia principles.
The Jago Syariah Saving and Spending Pockets use Wadiah Yad Dhamanah akad. Your money is deposited without interest.
To get profit sharing from investments or savings, you can save money in a Sharia Deposit with Mudharabah Muthlaqah akad.
Ready to experience how wasting a lot of money can be more easily reduced, overcome or eliminated by managing money according to sharia principles with Jago Syariah?
