The Qadr of Money

Source: Vakil.org

I am going to pile Step 18, Step 19, Step 20, and Step 21 together in one post because they are very much connected to each other. Hopefully I can tie everything together neatly here. Before we start, please watch the video below:



Steps 18-21 is all about budgeting, and budgeting is about the present to the future, not the past. Think of budgeting as a guidance in assigning each and every dollar a job, and with the guidance created, you have peace of mind of how you will live in the present and upcoming month. It's much more peaceful than spending aimlessly and hope all will be well. So, we create a predestination of where will each dollar will go to based on the things we know will come. Things called fixed, variable and periodic expenses like mortgage/rent, utilities, insurance, birthdays and so on. When the money have been predestined to certain jobs, they cannot go anywhere else, like the comic strip above. Do not let your free will create chaos on the flow of your money. Automatically impede the movement of your money once your receive your paycheck.

"..And peace will be upon he who follows the guidance." 

20. Surat Ţāhā (Ta-Ha; 47) 

And We did not create the heaven and the earth and that between them aimlessly. That is the assumption of those who disbelieve, so woe to those who disbelieve from the Fire.

38. Surat Şād (The Letter "Saad"; 27)

Indeed, all things We created with predestination.

54. Surat Al-Qamar (The Moon; 49)

The Top 4 Reasons People Fail at Budgeting

Budgeting isn’t easy, and many people experience difficulty trying to get the most out of this essential financial tool.  While the concept may sound simple, adhering to your budget could be a lot harder than you might think.  To help you experience success, here are the top 4 reasons why people fail at budgeting.

Unrealistic Expectations

The key to a successful budget is in the planning.  When you sit down to write up your budget, it is essential to be as realistic as possible.  If this is your first time working with a budget, or if you have previously experienced difficulty saving money, you should remember to start small.  Keep your goals simple and achievable, and then work on a budget that supports them without being too strict.  As you get used to your budget and start to experience progress with your savings, you can tighten the belt a little more. Following a gradual, step-by-step process will ensure that your budget is realistic, and most importantly, achievable.
  
Giving In to Temptation

Temptation is the biggest enemy when it comes to trying to stick to a budget. Months of hard work and sacrifice can come completely undone simply with one impulse purchase, so it’s important to be vigilant. Try and ensure that you are never in the situation to go through with spending on a whim by having clear goals and constantly reminding yourself of what you’re working towards. When you’re tempted to spend, walk away and take the time to truly consider your actions. It’s easy to get carried away in the heat of the moment, so removing yourself is an important step.   

Feeling like You aren’t Getting Anywhere

Sometimes it can feel like you are putting in all this hard work and not really getting anywhere. Your goals are still years away from being achieved, and you may start to ask yourself why you’re doing this. The trick is to focus on small, short-term goals that you can easily achieve, as this gives you a sense of success. By making budget a rewarding experience, you are far more likely to stick with it in the long term and avoid the feeling of being stuck in a savings rut.  

Not Seeking Advice

Many people aren’t aware of the help that is available when budgeting. Seeking advice from a reputable company such as Fox Symes debt assistance will allow you to access the highest quality professional budgeting advice personally tailored to suit your financial situation.  Not only are they experienced, they have a clear and objective approach to create a budget plan that reflects your needs. You don’t have to go through this on your own, and with professional advice, you’ll be able to experience great budgeting success sooner than you think!  

By being aware of these common reasons for failure, you can ensure that you avoid making the same mistakes with your own budget.  Remember that you can always get advice and support from a professional agency such as Fox Symes, ensuring that your budget has the very best chance of success.  Whatever you do, don’t give up. Budgeting might not be easy, but it is one of the most important and rewarding financial tools to help you to get on track and achieve your goals.

Using YNAB for Small Business Finances

I've used YNAB for a while now, and as you can see from my blog, I like the program. My wife and I are not perfect and sometimes we hit financial setbacks that are beyond our control; however, each time we do we stick with our budget. What we see is that we always have enough to pay for bills and get food. YNAB does work, and it works well for personal finances. 

However, what about small businesses? Does YNAB work for a business owner? 

The answer is... It depends.

It depends on your business. YNAB does extremely well for cash flow budgeting and cash based businesses. If you use a cash based accounting system (you get paid when a product/service is rendered and you pay bills when you receive them) then YNAB is great for you. If you need to have an accrual system, YNAB may not be the best choice.

I have a small company that I run part-time, I sell items online and also do some consulting work. I have QuickBooks Pro (since I am a QuickBooks consultant), but I find myself using YNAB more often. Even though I use both systems, there isn't a lot of work since both programs are able to import and categorize transactions. 

I use YNAB to help me keep my cash flow steady and also keep my spending under control. It has the same effect on my company's finances like it does on my personal finances. There are some things that QuickBooks does that YNAB doesn't, like track and manage taxes. Also, YNAB doesn't track inventory. Lastly, the reporting features are lacking when it comes to business reporting, and it cannot do a balance sheet yet.

However, Jesse (the creator of YNAB) is working on improving YNAB for small business owners, so I believe these features will be available eventually. 

If you want more information follow these links:

YNAB for Small Business

Different businesses who use YNAB

Video about YNAB for small business

Spend 'Til You Drop

Broke Monopoly

I had always been taught and told to save. Save for the things I want to buy. Save for my goals. I did exactly just that. I became proficient at saving. Once, I brought a bag of pennies to Toys R Us to buy a handheld game. You can imagine the horror that the clerk went through of counting pennies. By the time I was a young adult, I had developed a habit of saving and spending it all at once. But my spending was of useless spending and brought me to my financial demise. It is like a winning poker player who chooses to go all-in at his last hand and game, then ends up losing it all and being a loser. So, for a long time, I never saw the real lesson of spending when I always feel like a loser in the end.

And spend of your substance in the cause of Allah, and make not your own hands contribute to (your) destruction; but do good; for Allah loveth those who do good.

2. Surat Al-Baqarah (The Cow; 195)

And [they are] those who, when they spend, do so not excessively or sparingly but are ever, between that, [justly] moderate

25. Surat Al-Furqān (The Criterian; 67)

The focus should be balanced. Saving is important but, spending is equally as important. But the word that we all should be more focused on is "spend". The reason is, only through spending can we actually realize a benefit (or destruction!). Think about it. What benefit is there through saving if no spending actually occur? Even the money that WE SAVE in the bank, the BANK SPENDS for benefit. Benefit to the people working for the bank and society. It is the purpose of banks to gather money and redistribute them as loans. The bank profits, and those who borrow for purpose of business profits from income. Or if it is a car loan for example, the bank, the car dealership or person receiving the money benefits. The reminder of excessive spending is, as we all know, what happens on a bigger scale when everyone stretch themselves too thin.

Going back on the topic of step 17, saving for our goals. If you remember "The Priority Pyramid" teaches us the foundation and goals that we should build on; spending less than earned (no additional debt), consumer debt free (no credit card debt or car loans), and building an emergency fund. They are part of what Dave Ramsey calls "The Seven Baby Steps". All of these require spending, than actual saving. Now, there's nothing wrong with spending all your monthly income, if you spend it all your required expenses and the seven baby steps. Once you receive your paycheck, you automate yourself to start spending money to pay for your emergency and future expenses fund, debt, investment fund, college fund, a home, retirement fund and charity. In the end, you're left with nothing. You have spend 'til you drop. But this time, it's okay.

What benefits can you actually get from hoarding and not spending money anyway?

O you who have believed, indeed many of the scholars and the monks devour the wealth of people unjustly and avert [them] from the way of Allah . And those who hoard gold and silver and spend it not in the way of Allah - give them tidings of a painful punishment. | The Day when it will be heated in the fire of Hell and seared therewith will be their foreheads, their flanks, and their backs, [it will be said], "This is what you hoarded for yourselves, so taste what you used to hoard."

9. Surat At-Tawbah (The Repentance; 34-35)

Yikes! Okay, okay. That ayat is about embezzlement of funds, and not redistributing it. But, hopefully the importance of proper spending stands.

Choosing Credit Card Processing Companies?

These days whether be small or big businesses accepting credits cards is very important because without them you know you are going to loose quite a many customers. But the processing of the payments for instance working with credit card processing machines is not a layman’s job. For this you need to hire a credit card processing company. Since it is completely upon computer and internet networking not all business owners has an idea how it works. Very few credit card processing companies work for the betterment of their clients. You will never know about the service and may even loose thousands of money just as hidden cost. Hence choose the credit card processing companies carefully for which there are certain intelligent methods as well.



Tips on how to Choose the Right Credit Card Processing Company

• A certain amount or percentage of the total sale and the cost of the each transaction is what the company will ask from you. But usually this amount is double the actual cost and hence it is your call on how you negotiate the deal. Hence the first thing to check is the fees. In case a company is charging you less, you need to ensure how the transaction fee charging method is; is it monthly or on the basis of large sales. Hence you need to find out whether such hidden costs or fees are there or not.

• There are different types of transaction rated which you need to check and get updated regularly. For instance, there are times when swiped credit cards transaction charges are less while the swiped debit card charges are more, and such deals vary.

• The best way to check the credibility of the company is to have a contract with such companies only for a year. In case the service is satisfactory to you, you should choose to reconsider or extend the contract.

• Make sure you do a good background check up on these companies. Sometimes problems regarding such companies are reported in the consumer or government forums. For US, the place to find such complains is the Better Business Bureau or the Federal Trade Commission.

• To cross check the company, ask the business representative of the company to give you contacts of two of their clients. If they show signs of hesitation it is a sign for you that the company is not that good in their service. Secondary references also help you to do business better.

• Do not hire processing equipment from that company rather own it yourself. The rent of such equipment over the years would be much high than one time investments. In case you change the company, the equipments are not affected.

I am Sandy Wood, an entrepreneur by profession. Before contacting the credit card processing companies I had already bought the credit card processing machines. It actually helped me to get the contract deals quite cost-effectively.

How to Obtain ICICI Bank Home Loans?

To own a house is an asset. It makes you feel safe and secured and also gives you a sense of pride. It is one of the biggest investments that you make in your life. So, you must be very sure about your decision.

It is always not possible to buy a house by arranging the finance by yourself at one go. You can always take loans from financial companies that give home loans.
You can consider icici home loans when you want to purchase a house. The features of ICICI Bank Home Loans are discussed below:

1. Eligibility for Home Loans – The eligibility to apply for loans varies from person to person. Financial institutions will give you a loan depending on your requirements and needs. You have to be sure of your eligibility first. You have to fill up some forms to check if you are eligible or not.

2. Amount of Home Loan – The amount of loan depends on your capability to repay the loan. The maximum amount that is given as loan is 80% of the total cost of the house. In some cases, they give you 90% of the total cost as well.

3. Time Period of Home Loans – The maximum time period for which you can obtain a home loan is 20 years. If you are a salaried person, your loan can extend to the time of your retirement.

4. Interest rates – The rates of interest depends on the kind of home loan that you have taken. If you have taken loan which is less than equal to 3 million, then the rate of interest will be 10.25% if the loan amount is more than 3 million then the rate is 10.50 – 11%.
Interest rates are also dependent on the duration of the loan. The early interest rates are more or less fixed. For the first two years, the interest amount will be 10.25% if the loan amount is less than equal to 3 million and 10.50% if it is more than 3 million. For 3 years, the rate of interest is 10.50% and 10.75% respectively. For 5 years, the rate is 10.75% if the loan amount is less than equal to 3 million and 11.00% if it is more than 3 million.

5. Documents Required – It is easy to get a home loan from ICICI Bank. To quicken and make the entire process easier, they keep the paperwork to the least. You have to fulfill the basic formalities. You need your identity proof, income and bank statements, and address proofs to apply for the ICICI Bank Home Loan. You may have to furnish more documents, if required.

6. EMI Calculator – Banks provide easy methods to calculate the EMIs that you have to pay. On the basis of the calculations, you can decide which category of loan you will apply for.

Decide on a good financing company. Do your research well before you finalize on anything. This is an important decision. Read the offer documents provided by them very well before you enter into a contract with them.

A Thousand Years Minus Fifty

Noah's Ark. Source: Wikipedia

And We certainly sent Noah to his people, and he remained among them a thousand years minus fifty years, and the flood seized them while they were wrongdoers.

29. Surat Al-`Ankabūt (The Spider; 14)

And construct the ship under Our observation and Our inspiration and do not address Me concerning those who have wronged; indeed, they are [to be] drowned."

11. Surat Hūd (Hud; 37)

And a sign for them is that We carried their forefathers in a laden ship.

36. Surat Yā-Sīn (Ya Sin; 41)

There are many doors to take on the way to prosperity. All containing different strategies. The truth is, any strategy will do. The often heard "spending less than earnings" (or earning more than you spend, if you prefer to spin it that way) is the foundation of all types of strategies. You can start change now, without having to go through 30 steps to financial literacy, as long as you know how to spend and accumulate wealth, you'd be perfectly fine.

The key is really in the commitment. Are you committed? If you say you will save 20% of every paycheck, are you committed to it? You will not spend more than X amount on groceries per month, are you committed?

If we go through stories of Prophets, their life requires much patience and commitment. Prophet Nuh (alayhi-salaam) goes through one of the most grueling task in building a ship that would have enough room for pairs of animals and his followers. How many hundreds of years did it took to build it, since he lived around 950 years?

Prophet Nuh (alayhi-salaam) probably prepared himself for something terrible that would occur, but he didn't know exactly when. Prophet Yusuf (alayhi-salaam) had it better with the dream interpretation of seven productive years then seven difficult. That's something you can plan. Even after the construction of the ship was finished, and all animals collected, there is probability that the flood did not occur immediately. Though, that story, any many stories of our Prophets are lessons of holding onto a commitment.

We must have the commitment to go through our plan for a prosper future, saving for a terrible unknown, because once it occurs, only our laden savings account will carry us through it.

How to Raise Money in Tough Times

The economy is in a pretty hard place for everyone at the moment. Each day, it can seem as if everything’s getting more expensive, while the amount of cash in your pocket just isn’t matching up to this change in lifestyle.

Rather than sitting back and doing nothing, it makes sense to tackle the problem head on by looking at clever ways to get more money coming in to beat the ailing economy.

Check out these top-tips for making extra money in harsh economic times.

Get work

The number one way to make money is to work for it. If you’re not in work at the moment, it can seem like a daunting time to look for a job, as you’ll feel like you’re competing against a lot of out of work people.

Make sure you have a great CV by spending time identifying what makes you a better employee than other people. This could be anything from your personality and attitude, to a specialist qualification that most people simply don’t have.

Then spend more time on the layout and format of your CV to make sure it’s clear, concise and really sells you as a professional. Try to keep your CV short to around two sides, so employers know at a glance what a great employee you would make.

Trade your things

One aspect of money-raising many people overlook is making the best use of what they actually own already. It’s much harder searching for new ways to make cash, rather than simply selling the things that you can do without.

Take a look at websites such as MusicMagpie, where you can sell your unwanted goods quickly, easily and totally free of charge. Be sure to have a look at the website here.                                   

All you need to do is fill out an online form to get an instant quote for your CDs, electronics, clothes and other consumer items. Then you can box them up and either mail them free of charge for remote payment, or drop them off into special shops for instant cash payment.

Start a business

Even scarier than looking for a job in trying economic times is the thought of starting a business. However, this can be one of the best times to launch a business, as long as you make sure you’re selling the right goods or services to the right client base.

With so many retailers now going out of business, there are opportunities to lease prime shop fronts and you can negotiate with the landlord to secure a good rent.

You’ll also find that businesses with lower start-up costs are more successful when consumer spending is low, so as a new business you won’t need as much cash to get your business trading in tough economic times.

5 Ways Grocery Shopping Online Can Save You Money

If you’re like most people, when you’re shopping at the supermarket for groceries, at the checkout you often realize that you’ve spend way too much on things that you don’t really need.

That is not a coincidence.

Grocery stores tend to place the essential everyday items on different ends of the store, so you have to walk around through aisles of delicious goodies that you don’t really need, but tend to buy out of impulse.



This is just one of the many ways supermarkets tend to trick you into buying more than you need, but what can you do?

Well, there is another way to do your grocery shopping – you can simply go online and order your groceries to your doorstep and from the comfort of your own home.

It not only saves time and energy, but can also save you a lot of money in the long run. Here are just a couple of ways that grocery shopping online can keep money in your wallet.

1. Compare Prices

When shopping online, you can simply go over different sellers and compare prices, selecting the best prices for the items you want without having to drive around different shops.

This is an efficient way of saving money, because you can always find the best prices quickly.

2. Online Coupons

You can find great deals on many of the biggest online grocery sellers – various coupons can be applied to your sale and can significantly reduce the number on your bottom line.

3. No Bait and Switches

Grocery stores are always looking for ways to get an extra buck out of your pocket, so you always have to keep your guard – whether by product placement, or even more deceiving tactics, like injecting the meat with water to make it heavier.
You don’t have to deal with that when ordering online – you get what you order and can stick to your grocery list, without being tempted to add unnecessary items.

4. Wholesale Prices

Here’s where you can really save money – online stores don’t have overhead expenses like rent of store space, electricity, staff, so they don’t have to compensate for these with raised prices.

The prices tend to be measurably lower when buying online, and you can buy in larger quantities, which can reduce your costs even more.

5. Saving Time and Fuel

Driving to the store and back every week can really burn through your time, and your money. Fuel expenses are one thing you can cross off when you order online – you simply get the groceries delivered to your door and if you buy in larger quantities, the delivery is usually free.

You can forget sitting in traffic going to the supermarket, the long queues and looking for products all over the store – if you switch to online shopping, these will be things of the past.

You can save time that can be better spent doing the things you love, and, in addition, keep your wallet thicker– no more supermarket tricks to swindle you out of your money.

Author byline: Michelle Forsyth is a self-acclaimed online shopping addict. When she is not working on her favorite hobby, blogging, she spends time with her two daughters Hayley and Claire.

Binary brokers: Take your pick from US friendly trading providers

When we say that a particular broker is US friendly, it simply means that the broker abides by the norms of FATCA or Foreign Account Tax Compliance Act. In USA, all types of income are subjected to taxation rules, regardless of whether the income that is being earned by US citizens is from within the country or across the border. The investments made that are subjected to taxation also include cash that you have spent for binary options. As such foreign brokers that agree to deal with US citizens have to disclose all kinds of income as necessitated by FATCA.
So, you will come across many brokers that avoid all these hassles and do not agree to deal with US citizens. The binary brokers that agree to comply with the Patriot Act as well as FATCA are the ones that are referred to as US friendly binary brokers.

Given below are names of the brokers that agree to work with the US traders. They are as follows:

o 24Option - They deal with US traders and offer one of the most standard services. Although it is quite new to this field and has started operating only a couple of years ago, it has made a place for itself in this industry within a very short time span.

o Trade Rush - This was the first broker to introduce the concept of “60 seconds Options”. Aside from dealing with international traders, it also deals with US traders. Known for offering expert guidance, you can approach the broker for your binary option trading needs.

o Nadex - This broker will allow you to trade in the market directly. It mainly caters to US clients. In order to trade with this binary broker, you will be required to furnish details of your social security number and Tax ID number.

o EZTrader - This is one of the most sought after binary brokers in US. In order to serve its US traders better, it has a toll free number meant only for the US traders. As such it is a binary broker that you can trust and deal with.

o Global Option - This is one of the binary brokers that offer the provision of trading according to “country specific” requirements. For instance, if you a trader in US, you can trade US assets and watch out for trends in the US stock indices. For this you will have to choose the US Options to go ahead with the trade. The same process is repeated for the other country traders.

o Ikko Trader - Known for offering services in French aside from English, if you are French speaking but residing in any state in US, you can turn to this broker if you have difficulty in trading on English language platform.

Aside from the above, you will come across several other binary brokers that are US friendly. Shop around for the best broker in town and the one that you think will be able to fulfill your trading needs of binary options and earn handsome profits in the process.