It’s THAT time of the year again: year end freezing temperatures, lots of snow and the shortest days (longest nights!) in Saratoga County, New York and around the Capital Region. Brrr…
If I were to select which dimension of wellness to reflect and write first in a blog, it would be financial wellness. Why? Because a healthy budget and strategic financial planning makes an economically stable and happy family. Yes, money is not everything. And statistics don’t usually lie; yet sometimes they are engineered to generate certain results by the publisher. So it’s good to take it with a pinch of salt just like you would with news reports. According to Statistica, a global data and business intelligence platform based in Germany:
“As of 2021, there were about 690,000 divorces registered in the United States and the divorce rate stood at 2.5 per 1,000 of the population. Data on family income levels show that, in aboslute values, there are more divorces among the lowest and the very high-income groups of the population.”
Whether your family is in the lowest or the very high income groups, your marriage will be at higher risk of conflicts relating to financial challenges if you do not know how to manage your finances well.
Based tried-and-tested methods used in managing my own family’s financial wellness, here are three (3) simple short-term hacks that you can apply to promote your family’s financial wellness: track expenses, buy in bulk, and sufficient storage space.
(1) TRACK EXPENSES
One of the pertinent things to do in the hope of striving to achieve financial wellness for your family is that you MUST first track your family expenses and review it regularly. Don’t throw those physical receipts until you’ve recorded what you have purchased. And don’t forget those e-receipts too especially if you love to do online shopping like me. Tracking your expenses regularly will show you exactly where you had overspent so that you can create a more appropriate budget for the brand new year.
There are literally tons of budgeting tools or apps out there to help you: you can pick one that suits your preferences from Goodbudget to good ‘ol budgeting templates in Google Sheet (I know so because I use it till today and it works for me). No excuses! Budget like a champion!
(2) BUY IN BULK
To buy (in bulk) or NOT to buy (in bulk)? That is the question. What works for me and my family might also work for you if…
(a) There’s a REAL NEED (NOT want!) for the item on a monthly basis. For instance, if you use kitchen paper towels a lot, buy a pack of six (6) rolls or twelve (12) rolls to last for two or three months instead of just a few rolls to last for a month. It translates to cheaper price of each kitchen paper towel per roll. Strive to aim for zero wastage too. Remember our fellow brothers and sisters in war torn countries around the world. They are deprived of many things in life that we often take for granted: basic necessities such as food, clothings to housing and beyond. May Almighty God (Allah SWT) grant them His Guidance, Protection, and Sustenance for success in this world and the hereafter, ameen!
(b) There are REAL SAVINGS (not pure gimmicks!) from buying in bulk. Take advantage of discounts and promotions that are really worth buying in bulk in terms of dollars and cents. BEWARE OF SCAMMERS! Scammers are generally getting more sophisticated in their strategies and tactics to deceive you, often misrepresentating their products or services. Unfortunately, scammers are everywhere and disguised in many forms! You’ve probably heard the horror stories in the news over and over again from the seller/merchant scammers to employment scammers and even love scammers. What’s the common thread amongst these scammers? They are often intelligent, charming, and persuasive at the beginning of your interactions with them. Specific to sellers, they are cunning merchants who might be hiding behind the glitters or glamor, deceiving potential buyers whom they know have the purchasing power but have a weakness, a soft spot, an obsession or in desperate need or want for the specific product or service. Do your homework and safeguard yourself and family by staying on top of things through on-going scam education. Smart and kind people do get scammed too. If it can happen to others, it can happen to you too so don’t ever be complacent or overconfident. If you’ve been scammed before, don’t despair or beat yourself up! The most important thing to do next is to process your emotions first and then forgive yourself. Learn from your mistakes, be more conscious of your desires, and promise yourself that you’ll do better next time. Always raise your hand in humility and seek guidance and wisdom from Almighty God (Allah SWT) to guide and protect you from the evil of His creations.
(3) SUFFICIENT STORAGE SPACE
Ensure there’s enough STORAGE SPACE in your house to keep the extras BEFORE you any bulk purchase. Avoid buying in bulk if you really don’t have the extra storage space because you might end up in a power struggle with your spouse who doesn’t like clutter. Whether you keep the items in your pantry, kitchen cabinet or utility shelves in the basement does not matter much. The main idea to keep it out of sight but still within reasonable access. For me, I would buy non toxic laundry detergent or clean skincare products online and in bulk such as castille soap. Why? Because it saves time, effort and is convenient.
For long-term success in promoting your financial wellness, you might consider educating yourself on asset/wealth management products/services including various investment opportunities available in the global market. This is imperative if you do not have an educational background in business and management studies. You need to be fully aware that the risks associated with investment-related asset/wealth management products/services are often at a medium or high level. Moreover, products require long-term planning and a good understanding of your financial goals, your desired quality of life, your desired retirement age and beyond.
For instance, if you want to accelerate your wealth so that your children have the funds to pursue college/university education in the future, you have to “begin with the end in mind” and start researching for a suitable investment policy at least ten (10) years BEFORE they turn 18 years old. This famous phrase was coined by Stephen R. Covey as one of the seven effective “habits” of highly successful people as mentioned in his best-selling business book which was published in 1989 but is still relevant today, “The 7 Habits of Highly Effective People.”
For my fellow Muslim families who are looking for halal (permissable in Islam) investing options which adhere to the Islamic guidelines or are Shariah compliant, there are now more options available in the global market relative to decades ago, Alhamdulillah (praise and thanks to Almighty Allah SWT. As it is not intended for this blog post to make any recommendations of specific products/services in asset/wealth management, I would suggest that you to do your own research and seek help from those who are knowledgeable and have real experience in this area.
Wishing you success in your journey to achieve financial wellness!
Syazana B. M. Sani
for Team ASKtrioWello
References
Statistica (Germany)
