The Dream About The Skinny Cow

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[He said], "Joseph, O man of truth, explain to us about seven fat cows eaten by seven [that were] lean, and seven green spikes [of grain] and others [that were] dry - that I may return to the people; perhaps they will know [about you]." | [Joseph] said, "You will plant for seven years consecutively; and what you harvest leave in its spikes, except a little from which you will eat. | Then will come after that seven difficult [years] which will consume what you saved for them, except a little from which you will store. | Then will come after that a year in which the people will be given rain and in which they will press [olives and grapes]."

12. Surat Yusuf (46-49)

We all need an emergency savings. Just how much is often the difficult question to answer. It might be a number that helps you sleep at night. For example: If things are a mess, but you have $10,000 in the bank, you wouldn't lose any sleep about how you will pay your bills, buy food, and so on. However, different circumstances affect the monies required. So, I think Surat Yusuf provides a good guide on answering the question of how much is needed under extreme situation when a seven year drought happens.

Notice in the ayats that during the seven years of normalcy, you will have to save money, squeeze the spending and save. During the seven difficult years, you will consume from what you save and even have the ability to save from the income you receive. We can apply this to a hypothetical case on how much needed to face seven difficult years in which you will consume your savings. For example, you are unemployed but you have a temp job (which have nothing to do with your educational background, or specialty) that barely covers your lifestyle. So, every month you dip your hands in your savings for seven years, whilst also saving from income you receive at the temp job. How much do you need? In this scenario, you would have to be honest with yourself on what kind of lifestyle you would be undertaking under very difficult circumstances, the job you would be willing to take while unemployed (for seven years!), and how much that job would pay. Do it for seven years and you have your number.

A much easier way is to visit the calculator and you have your required drought savings and when you will be able to achieve the goal. That's it for step 14!

OFF TOPIC: I apologize that scheduling of articles posted are slipping a bit. I am in transition for a new job at a government institution. My job will focus on consumer education and protection in the financial industry.   So, maybe in future articles I will be tying Islamic personal finance with my findings at work.