I remember when I was a teenager that my friends and I would sometimes get into arguments whether you should put your seat belt on or not. The conversation would always end with that you have to do everything possible to protect yourself and then have trust in Allah.
There is a story of the prophet Muhammad (صلي علىه و سلم) which one of his companions asked him, “Should I tie my camel and trust in Allah, or leave the rope loose and then trsut in Allah?” The prophet Muhammad (صلي عليه و سلم) replies:
Tie your camel and trust in Allah
This means that in every aspect of your life, you should do everything in your power first, and then trust in Allah.
The same is true about your finances when you want to get out of debt. There are certain steps that we outline in our eBook that, if you are in debt, you should do before paying that debt off.
1. Make a plan with your family. Make sure that everyone is on board. If they’re not, then you’ll have to talk that our with your spouse to make sure they’re on board first. Remember, you can lead a horse to water but you can’t make them drink.
2. Keep all credit cards current. This means that the first step to get out of debt is to pay only minimum balances on your cards. The result is that you’re now going to have more money freed up every month to put it towards the next step below.
3. Save $1000 for an emergency fund. Any leftover amount of your monthly budget should go towards keeping a $1000 buffer in your checking account. This will sometimes take a few months to get but it’s essential when you want to get out of debt. This amount is ONLY for emergencies. For example, if your tire pops and you need to get a new one, you now have a $1k buffer in your account to get yourself some new tires. Remember, that once you start dipping into this, you’re immediate goal is to replenish then continue to pay off your debt.
All three steps above is what I call “tying your camel”. Once this is done, trust in Allah that you will start this path to paying off debt.