The Story Never Ends

In the economic cycle; expenses, income and savings are closely related to microeconomics.

Hence, distinguishing between needs and wants allows consumers to plan their expenses. In the sense of accounting, record the expenses and keep it neat and secure.

Two kinds of expenses.

Consumers spend wisely in order to achieve the goal. The products are
1. Product need - must be fulfilled in everyday life such as food, clothing and shelter.
2. Product want - wish to live more comfortable

Two ways to increase savings
1. Reduce expenses
The most difficult and affordable part is reducing costs. One of the best ways is to reduce daily expenses. How to do it? Citing the old man's words, spend on the ability to face difficult times that are not known when it will happen. Hopefully the world will continue to prosper for the well-being of a universal human being.

2. Increase revenue
In a country, the main source of income for the working group is wages. Wage rates are based on education, employment and experience levels. Hence, part-time jobs are sometimes provided by employers in certain sectors without neglecting their primary task. The main purpose is to help them increase their income. Apart from working part-time, running small businesses can also be profitable to sustain life by not leaving existing jobs.

Four ways to increase revenues
There are various ways and methods to increase revenue, but the authors only state four.
1. Salary increases ;
2. Halal occupations that offer considerable rewards according to their capabilities ;
3. Low-risk businesses ; and
4. Shariah -compliant investments