Setting financial goals this Muharram

, ,
image of a mosque

As Muharram kicks off the Islamic New Year, it’s not just about new beginnings spiritually — it’s also a great time to think about your money and set some goals for the year ahead. Whether it’s saving up for something special or being smart with your cash, setting financial goals now can really help you out.

Why set financial goals?

Financial goals are like targets you set for yourself about how you handle your money. They help you plan ahead and make sure you’re spending and saving in the best way possible. Whether you’re dreaming of a new game console, planning for a trip, or thinking about the future, having financial goals is super important.

How to set financial goals?

Here’s a quick refresher on how you can set your financial goals:

  1. Figure out what you want: start by deciding what you really want to achieve with your money this year. Maybe it’s saving a certain amount each month, buying something you’ve had your eye on, or starting to save up for bigger plans down the road.
  2. Decide what’s most important: not all goals are equally urgent. Think about which ones matter most to you right now and focus on those first. It could be saving for something fun or putting money away for something important like school.
  3. Set specific targets: instead of just saying, “I want to save money”, get specific. Say, “I want to save SR 500 by the end of the month.” It’s easier to stay on track when you have a clear goal in mind.
  4. Make a plan: break down your goal into smaller steps. If you want to save SR 500 in a month, think about how much you need to put aside each week to make it happen.
  5. Keep track of your progress: check in on your goals regularly to see how you’re doing. It helps you stay motivated and lets you adjust your plan if things change.
Tips for reaching your goals
  • Budget smartly: make a plan for your money. Decide how much to spend, save, and maybe even share with others.
  • Think before you spend: when you want to buy something, ask yourself if you really need it. Make sure it fits with your goals.
  • Learn about money: if you’re interested, look into how investing works. We have a few blog posts on this topic that you can read! Check out the tag: investing
  • Get advice: don’t be afraid to talk to adults you trust about money. They can help you understand things better.

Setting financial goals during Muharram can be a cool way to start the year strong. By deciding what you want to do with your moment and making a plan to get there, you’re not just being smart about your cash — you’re setting yourself up for a great future. Every little step you take now will help you be more in charge of your money and ready for whatever comes next.

© FataFeat 2023