Personal Finance

Loan consolidation can simplify your finances in the short term, but may complicate things in the long term. If you consolidate your loans your loan term may be (probably will be) extended. What this means is that although your monthly payments are lower, you may end up paying more interest in the long run.

As freshman commence their journeys, sophomores return for another year, juniors pray they can make it to senior year and seniors struggle with senioritis, it’s time for all of us to take a step back and learn so that gaining education doesn’t cost us the rest of our lives.

Notice that when Allah speaks about business in the Quran
That the only time he’s made it permissible for us to take wealth from someone else
is through the act of trade

We’ve all been there and it’s no fun. Whether to pay a minimum on our credit card bill or pay back a friend, there’s a certain resistance that each of us feel when parting with our money.

When deciding whether you should pay off your debt or save for later, you need to take into consideration something even more important: time. Through compounding, small contributions that you make now to your retirement or education funds grow significantly, allowing you enough latitude to do both simultaneously.  If you are starting late in the game, you need to prioritize.

An emergency fund is an amount of money that you save for hard times. Out of sight and out of mind, you don’t use it until you absolutely, positively need it. Many advocate for at least $1000 in savings to be held in an easily accessible location (i.e. in cash or a savings account). While $1000 is a frugal choice, I’d say you probably want a little more than that. If you can save around $3000 dollars for your emergency fund, it will go a long way during hard times.