Save now to secure your future.

Saving is an essential economic practice that affects individuals and societies. It is the surplus income remaining after consumption, meaning that it is the difference between an individual's income and the amounts spent on consumable goods and services. Savings are usually deposited in bank accounts for long-term or short-term uses (such as unexpected expenses, travel, purchasing furniture … etc).

Saving in Islam:

Saving in concept is not disrepute in Islam, in the narrations by Al-Bukhari and Muslim that Sa`d bin Abu Waqqas narrated, about the messenger of Allah (PBUH) said to him:

“It is better to leave your heirs well-off than to leave them poor, begging people. You will not expend a thing in charity for the sake of Allah, but you will be rewarded for it; even the morsel of food which you feed your wife''.

Also, in the narrations by Al-Bukhari and Muslim, narrated by Omar May Allah be pleased with him, that the messenger of Allah (PBUH) used to sell the dates of the garden of Bani An-Nadir and store for his family so much food as would cover their needs for a whole year”.

Furthermore, the legitimacy of saving for future needs is also specified in narrations by Al-Bukhari and Muslim, narrated by Ka’ab Ibn Malik said: “When I sat before him, I said, 'O Allah's Apostle! Because of the acceptance of my repentance, I will give up all my wealth as alms for the Sake of Allah and His Apostle. Allah's Apostle said, 'Keep some of your wealth, as it will be better for you.”

Ibn Daqeeq AlEed in his book The Explanation in AlOmda: There is proof that keeping the money that you need is better than giving it to charity. This was divided according to the person's manners; if he is unable to stand need, it's detestable to give his money for charity, and if he can stand the need: it's not detestable.

Reasons for Savings:

Saving is the result of the need to fulfill immediate and future needs. There are many reasons for saving, such as:

• Preventive saving: used to face emergency cases.
• Saving for financing personal projects, such as purchasing furniture or services (travel, entertainment, parties … etc).
• Saving for retirement or to establish a property.

The Role of Saving in Economic Activity:

Most countries have realized the importance of savings in developing the economy and promoting growth, and consequently maintaining stability. National savings are the main pillar of support for investment, therefore, many countries have worked on raising awareness about savings in different ways, as well as attracting these savings and collecting them to be used in financing economic growth in a manner that serves the countries' goals and offers benefit to the society in general.

Some methods that will help you save:

1. Be careful when making small purchases.
   Most people warn you about making large investments and huge purchases. However, it seems that we tend to spend carelessly on small purchases, and these purchases add up to become large amounts.
2. Focus on the future.
   Spending our money to get something that we like is very easy. But at the end of the day, you will end up spending all your money, no matter how much your income is. Try to shift your focus on the future rather than the present only.
3. Assign a part of your income for saving.
   Do not save whatever remains after spending; spend whatever remains after saving.
4. Make the best benefit from sales and deals.
   Get more value through finding better deals and discounts, “why do you have to spend more for things that others pay less for?”
5. Do not buy unnecessary items to impress others only.