Salam all.
Since I'm concern about the economic situations of young graduates nowadays, I would like to share the financial management planning knowledge for Muslim's young graduates. Financial planning for Muslims is different from other plans due to its charity and zakat components. There are several expenses components for Muslim's young graduates need to focus when it comes to their financial planning.
Repayments (30% of monthly salary)
The repayments include loans such as home loan, car loan, credit card loan, personal loan and/or educational loan. All these loans must not exceed 30% of your salary.
Household (30% of monthly salary)
The household includes rental, petrol, food, utilities, and all your personal expenses.
Investment (10% of monthly salary)
The investment includes property investments, stocks investments, or gold. Books, investments workshops or training should be covered under this category, and young graduates should invest in knowledge first before committing to any investment strategy.
Protection (10% of monthly salary)
All young graduates must include protection within their financial plans. This includes health and life insurance and other insurances. Their insurance must not be more than 10% of the salary.
Saving (10% of monthly salary)
Saving is a relevant category all young graduate must put aside the moment they received their monthly. It is advisable to put this saving in a different account bank to avoid using them in the future.
Charity and Zakat (5%)
Muslim young graduates should give priority to giving charity to their parents and family members. If they received a salary amount that obliges them to give Zakat, they also must fulfil this religious obligation.
Others (5%)
It is advisable to use 5% of monthly salary for personal things other than the categories above such as holidays, entertainment etc. Have a little reward from your monthly salary.
- Dr. Fatin
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