Are you one of the low earners striving to create a solid budget this year? This is a crucial step towards financial stability, and we’re here to help! Regardless of your income level, learning the best methods to make a robust budget is a smart move. So, how do you go about creating one? Simply put, a budget is a financial strategy intended to alleviate the worry associated with handling finances. There are a few distinct methods, but the fundamental concept remains unchanged. After settling your debts, whatever money remains each month should be set aside for your monetary objectives and recreational pursuits.  Financial stress is common irrespective of the fact of being a low-income earner. So, you’ve come to the right place! This article will walk you through 3 practical and effective ways to budget for a low-income person. Let’s dive in! Saving money will become a habit if you consider the budgeted amount for savings, like the monthly bills. Make sure you allocate funds for savings after every paycheck, the same way you would for other expenses. If you’re prepared to take on a certain level of risk, consider investing in ULIPs, which provide greater profits, or start modestly and put your money into an assured savings plan. Keep an eye out for your spending patterns as much as you can. The potential to obtain funds to settle your obligation should not deceive you. No debt is preferable to debt, so you must avoid taking out loans. You can identify an underlying trend or an irregular habit that will stand out, like an inflamed thumb, by keeping a written record of your expenditures. In every way, it is an educational experience. Remind yourself that while perfection is unobtainable, improvement is possible with practice.  Another frequent issue with handling finances is that people occasionally get excessively excited about reducing their expenditures while creating one. You must continue establishing financial objectives for yourself. For instance, you have three months to settle some debts. Therefore, make one daily move toward your goal.  Over the holiday period, cut a movie schedule. Another strategy is to make your meals and bring them to the office the following week. Subsequently, take turns walking or driving to the office to cut down on travel expenses. If you want to accumulate funds and lead a life of freedom, spend time realistically assessing your present financial status and your desired future financial scenario. Try implementing each of the aforementioned suggestions one at a time in your daily routine, and you won’t face any issues. 

In the modern era, women have greater influence than before. They run multinational corporate dynasties, operate aircraft, and engage in territorial disputes. However, the myth that males are superior to women in handling money is still prevalent in the world we live in.  When it comes to Muslim women, the situation becomes riotous as Muslim women’s access to cash is significantly restricted by patriarchal elucidations of Islamic texts. Many Muslim women these days are unacquainted with their financial rights, which need to be taken into consideration! But Islam gave adequate financial rights to women.  The main motto of this article is to bust three leading myths about Muslim women’s economic rights. Let’s get started! The time after a divorce might vary in several nations based on what the judicial system considers reasonable. An example of this is the significant progress made by Tunisia. A Tunisian judiciary will grant sustenance and alimony upon the divorce decree if it determines that the prior spouse experienced injury throughout her marriage.  These payments will be made regularly until the ex-wife remarries, passes away, or no longer needs them. The first wife’s quality of living during her marriage is considered while determining the reward sum.   For an extended period, women held the opinion that women could not legally claim ownership of things owned by men; rather, men were just required to “pass on” their possessions to their spouses in honest efforts. The majority of Muslim family statutes do not govern marital possessions in any way.  According to reports, nations such as Brunei, Malaysia, Singapore, and Indonesia view a spouse’s unpaid labor as helping her husband to accumulate wealth. Therefore, the wealth may be distributed between them by an order from the court. The rules in Turkey permit an equitable split of assets obtained during a union, instilling hope and optimism for a fair division. While Islamic doctrine believes that a woman is not obligated to take charge of all domestic activities, numerous family rules and cultural norms impose this type of work on women. Studies and observations have shown us that women who spend longer hours at home without receiving compensation tend to be less competent to find employment outside the house for pay. The fact that women in the Arab world perform the greatest amount of free labor and have the lowest employment rates for women both lend credence to this statement.  Hope you comprehend your financial rights! 

Congrats on having your first baby! Being a first-time parent is undoubtedly daunting since they’re responsible for the best upbringing for a new tiny member who is dependent on them for everything. Parents, these times, must pay heed to the most minor things and be vigilant to their actions as they directly affect their baby’s health and fostering. Therefore, in the middle of unbridled joy and enthusiasm for welcoming a new baby, money is one of the factors that should be taken into account because poor money management skills may spawn financial anxiety.  For first-time parents, although the cost of fostering your kid is overwhelming, it doesn’t mean breaking the bank. Go through these 3 fantastic money management tips and keep monetary constraints at bay.  A child’s inclusion in a family boosts its monthly expenses massively. Therefore, the initial step in financial planning for first-time parents is crafting and designing a monthly budget. It helps ascertain major areas with maximum spending and minimize costs, assess monthly capital flow, and respond rapidly to changes in financial conditions. Cutting down on savings, investments, and assets to increase the budget is beyond ideal. Instead, they must assess their monthly income and budget and amend it based on their current requirements.   Term life insurance policy is going to help your family’s financial requirements after your death. Therefore, if you purchased the cover prior to your child’s birth, you must have considered your recent expenses and obligations to ascertain the optimal cover. Now that your kiddo is born, you will need to think about his education & marriage. Hence, the term insurance coverage amount you require would also boost to ensure those expenditures are handled if some mishaps happen to you.  SIP is the best way of investing in mutual funds in daily and tiny installments. Therefore, parents can start an SIP plan in their kiddo’s name in gold ETFs, equity & debt mutual funds. Otherwise, you may think of investing in PPF to obtain long-term objectives. These are prudent choices as the return on these investments is ascertained by the equity market’s success.  A significant amount of effort goes into your kid’s upbringing. From adequate nutrition to education, you must be considerate of their smallest requirements and preferences. Also, it doesn’t end here. You should ensure a secure life for your kiddo, and thereby, taking such liabilities, you must be financially capable in the coming years.