4 Quranic verses guiding to balanced spending

We are going into 2023 in a few hours now.

A lot of predictions have been made on the economy for the year 2023. Some say it will be a year of recession. Some more extreme views expect a deflationary depression coming out of certain countries in late-2023.

The question will be what are we going to do?

Personally, I believe that the first thing we have to do is to look into our spending.

Yes, there are several things we need to do such as increasing our income, start investing, get a wealth protection plan etc.

But first, we should look into what we have and improve what we do with our money.

Balanced Spending

What we should aim is for us to spend moderately.

We have to balance our spending such that we do not become a stingy person not wanting to spend even for our essentials nor we become a spendthrift who spends carelessly.

We want to be a person who spends wisely for our essentials and for our loved ones, at the same time, saving for emergencies and investing for the future.

Our beloved Prophet Muhammad peace be upon Him teaches us to be moderate and balanced in our spending.

In this article, I will share with everyone 4 verses in the holy Quran that guides us to spend moderately.

1) Surah Al-Isra' Verse 26

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Give to close relatives their rights, as well as the poor and ?needy? travellers. And do not spend wastefully.

2) Surah Al-An'am Verse 141

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Eat of the fruit they bear and pay the dues at harvest, but do not waste. Surely He does not like the wasteful.

3) Surah Al-Isra' Verse 29

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And let not your hand be tied (like a miser) to your neck, nor overextend it (like a spendthrift) means, nor be extravagant in spending and giving more than you can afford, or paying more than you earn, lest you become blameworthy and find yourself in severe poverty

4) Surah Al-Furqan Verse 67

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(Among the attributes of the believing servants of Allah) are those who, when they spend, are neither extravagant nor stingy,but are in a just balance between them

These are 4 verses that encourages us Muslims to be moderate in our spending and be a just person.

By being balanced in our spending, I believe that we can go through any financial crisis and even find opportunities in those crisis.

Let's start looking into how we spend and change our behaviour and habits.