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Analyst Reveals SA Spending Habits Print
 
Bright Khumalo, an analyst and portfolio manager with Vestact Asset Management in Johannesburg, has revealed some spending habits of South Africans. These include:
  • Spending to impress others.
  • Spending beyond one’s means.
  • Incurring unnecessary Debt.

SANHA Comments:
The Qurʾān and Allāh’s Noble Messenger (salutations and peace be upon him), provide complete guidance including financial affairs. The habits mentioned in the article have also been addressed in these teachings. Anecdotal evidence suggest that we need to be more circumspect in our spending habits, and at times all three bad habits are even combined at a single event, e.g. wedding feasts.
 
With regards to intention, Allāh’s Messenger (salutations and peace be upon him) taught us, “Indeed actions are according to intentions.” [ʾal-Bukhārī]

With regards to spending beyond our means, the Qurʾān says, “Indeed, the wasteful are brothers of the devils, and ever has Satan been to his Lord ungrateful.” [ʾal-ʾIsrāʾ: 27]

Debt is such a burden that Allāh’s Messenger (salutations and peace be upon him), taught us to seek Allāh’s protection against it:

اللَّهُمَّ إِنِّي أَعُوذُ بِكَ مِنْ الْهَمِّ وَالْحَزَنِ، وَأَعُوذُ بِكَ مِنْ الْعَجْزِ وَالْكَسَلِ، وَأَعُوذُ بِكَ مِنْ الْجُبْنِ وَالْبُخْلِ، وَأَعُوذُ بِكَ مِنْ غَلَبَةِ الدَّيْنِ، وَقَهْرِ الرِّجَالِ
 
“O Allāh! I seek Your protection against anxiety and sorrow, and I seek Your protection against helplessness and laziness, and I seek Your protection against cowardice and stinginess, and I seek Your protection against debt overpowering me and men controlling me.” [ʾAbū Dāwūd]

May Allāh guide us to live according to the Sunnah, in all dimensions of life, including financial. The current circumstances of the world should serve as an eye opener.
 
 
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