Hajj Savings Plan
Hajj is one of the 5 Pillars of Islam. Once in our lives, Muslims must make a pilgrimage to Mecca. The problem is that if you live in Canada or the United States it can cost up to $12,000 to go on your trip to Hajj. That is just for one person. The reality is procrastinating on this requirement can have consequences. Your health, wealth, and income are not guranteed. That is why Planning for it today is essential. Follow these 5 steps to go to Hajj sooner.
Step 1: Determine when you want to go.
Do you want to go next year? 3 years? 5 Years? Setting a specific date and writing that date down is essential. Without that, we have no target and no means of setting regular savings targets. Canadian Islamic Wealth has helped many families go to Hajj and the ones that are successful have a date in mind for when they want to go. By setting an actual date instead of saying “eventually” the formings of something real begins.
Step 2: Determine the Cost and the Savings Targets
If you can find cheaper packages go for it… but from what I have seen in Canada Hajj can cost $12,000 or more. What does that mean for a savings target? Well depending on when you want to go will determine how much you need to save. For example, if you needed $12,000 in 5 years. You would need to save $158 per month and achieve an 8% profit on your investments. If you wanted it in 3 years you would need approximately $250 per month in savings and a 10% Return. Either way, setting a savings strategy is essential for achieving your Hajj goal.
Step 3: Put it somewhere you won’t touch it
Many of us are weak. When we see large sums of money in our account we want to spend it. I know. I’ve had many clients ruin savings plans in the past by having access to the money that is intended for Hajj. That’s why I want you to open a Hajj savings account with us. If it’s an emergency… a real emergency… you can get it back. But most of the time having to call us and hear a lecture on the importance of Hajj is enough for people to think twice before ruining their hajj savings plan.
Step 4: Open a TFSA at CIW
Very few companies out there understand the importance of hajj and its financial implications the way we do. Not only will we open a TFSA for you and make sure your profit is earned in a halal way, but we will also help you achieve your other financial goals in a halal way.
Step 5: Enjoy the fact that you’ve completed an essential pillar of your faith.