Finance Issues

[PersianPrince]

I'm having a bit of a financial difficulty. Im very good with money, but costs here in the UK are on the rise. My company, which is part of a large American corporation does not give generous pay rises. I am therefore facing a little bit of difficulty due to some unexpected (essential) costs.

Here are some options I have explored:

1. Change job - I've had 6 interviews in 3 months. Money is better elsewhere in smaller companies, but with the extra travel costs, the end result will be negligible.

2. Do a second job - this is a tough one. My company does not permit me to work in another job, even if it is stacking shelves in Tesco. They are worried that I will not give full attention to my current role.

3. Take out a short/mid term unsecured loan. I am finding this very difficult. I have been refused on the basis that I have changed address in the last 3 years. (Probably just the Global Credit Crunch).

4. Conceptualise an earth shattering business idea, propose it to investors or an existing company and set a foundation for my future - this is not as easy as it sounds. In my exisiting job, I am already working long hours and sometimes I catch up with admin over the weekend. (Boring). Also, If I try to be self employed while at my current company, I will be thrown out.

5. Wash people's cars, deliver newspapers, do dirty jobs just to give me some extra cash in hand. My family are dead against this idea. But I am considering doing this on the hush hush (not in the area I live in of course!)

6. Cut costs. I have terminated my mobile phone contract. I send e-mails or use IM, or Skype. I've changed my car insurance. I'm in constant negotiation with my existing creditors (I don't have bad debt! Everything is paid on-time). I don't binge eat anymore. I don't buy newspapers. In fact, I carry no cash with me at all anymore. I might have the odd tenner, but I have to feed my car in order to get to work.

For the people I care about in my life, I must do something. Does anyone have any alternative ideas? I don't like the idea of borrowing money.

 

[جوري]

I am sorry about your troubles akhi.. we all go through some very trying times, both the lean and taxing years are our lot and test in life and we must device thoughtfull plans to deal with them....now,

how about cutting costs + getting a second job that your company won't find out about?.. Maybe tutoring in the evening for money?

or get a better paying job but also move closer to it so you won't spend so much on transportation?

or borrowing from an Islamic bank so you won't pay back with interest?

Sometimes you can try to find alternative to every day things you use like buying generic brands, or cutting out 'luxury items' I used to buy a $3.00 cup of coffee everyday when I decided to just invest in a travel mug and make it myself before I head out.. stuff like that.. just basically sit down and think of what you can do without, what you can do to maximize your dollar, what alternative routes you can take, perhaps you might find more affordable residence in an area less populated and with a higher paying job?

I wish you the very best insha'Allah

 

[PersianPrince]

I am sorry about your troubles akhi.. we all go through some very trying times, both the lean and taxing years are our lot and test in life and we must device thoughtfull plans to deal with them....now,

how about cutting costs + getting a second job that your company won't find out about?.. Maybe tutoring in the evening for money?

or get a better paying job but also move closer to it so you won't spend so much on transportation?

or borrowing from an Islamic bank so you won't pay back with interest?

Sometimes you can try to find alternative to every day things you use like buying generic brands, or cutting out 'luxury items' I used to buy a $3.00 cup of coffee everyday when I decided to just invest in a travel mug and make it myself before I head out.. stuff like that.. just basically sit down and think of what you can do without, what you can do to maximize your dollar, what alternative routes you can take, perhaps you might find more affordable residence in an area less populated and with a higher paying job?

I wish you the very best insha'Allah

PurestAmbrosia,

Thank you for taking the time out to reply. Im looking into the tutoring you've suggested and the Islamic Banking. Im also waiting on a couple of companies where I've attended interviews.

 

[جوري]

Baraka Allah feek, thank you for sharing your progress..

I used to tutor alot in my undergrad days, and in my graduate years although I didn't accept money for the latter..

I think it is a good way to grow, it is a noble deed to teach ..

 

[PersianPrince]

Did you teach the subjects you studied? I suppose with the experience I have at work, I could teach many things. Im told I can talk, so I was thinking about it. But as you said, Im not sure if I could take money from teaching!

I've managed to adjust some of my direct debits around, so my cash-flow flows in the right direction, but this is a longer term solution. In the short term, I still need to do something.:exhausted

 

[جوري]

Did you teach the subjects you studied? I suppose with the experience I have at work, I could teach many things. Im told I can talk, so I was thinking about it. But as you said, Im not sure if I could take money from teaching!

I've managed to adjust some of my direct debits around, so my cash-flow flows in the right direction, but this is a longer term solution. In the short term, I still need to do something.:exhausted

I tutored biology, math in under grad, in grad school I tutored in pharmacology, pharm at the time was part of my curriculum so it benefited me personally greately I couldn't forsee making money out of something that was granting me good grades...

it was very enjoyable, I made some revolting mnemonics for the group I was tutoring, and we had a really great time.. I sometimes still get calls on how they recalled something on morning rounds from the crap I tought them, which is always pleasing.. well as far mnemonics in bad taste go...

so yes I'd stick with stuff I know, or I'd go for tutoring really young kids, but I wouldn't go for macroeconomics if your area of expertise is 3200 BC cuneiform :mmokay:

you know you might find this time gravely trying, but perhaps this is the time you'll find your peak period of personal growth, best memories and new friendships...

I'll be thinking of you and I'll make du3a that Allah makes it easy for you insha'Allah..

let me know how you fare

 

[PersianPrince]

I tutored biology, math in under grad, in grad school I tutored in pharmacology, pharm at the time was part of my curriculum so it benefited me personally greately I couldn't forsee making money out of something that was granting me good grades...

it was very enjoyable, I made some revolting mnemonics for the group I was tutoring, and we had a really great time.. I sometimes still get calls on how they recalled something on morning rounds from the crap I tought them, which is always pleasing.. well as far mnemonics in bad taste go...

so yes I'd stick with stuff I know, or I'd go for tutoring really young kids, but I wouldn't go for macroeconomics if your area of expertise is 3200 BC cuneiform :mmokay:

you know you might find this time gravely trying, but perhaps this is the time you'll find your peak period of personal growth, best memories and new friendships...

I'll be thinking of you and I'll make du3a that Allah makes it easy for you insha'Allah..

let me know how you fare

Sounds like it worked out quite well. You must be bright

I tell you what struck me from your reply; when you said "but perhaps this is the time you'll find your peak period of personal growth". I also believe this is true. I am at quite a crucial turning point in my life at the moment. Of course this naturally brings mountains in the way. Alhamdullilah, I am in a better position (mentally) than I was a few months back. I have to be honest and say that I only started doing all my prayers from back in December and it has had a remarkable effect.

Sorry - I am thinking aloud here. I think the bottom line is, I need to step back a bit and think about things from a different perspective.

Thank you so much for remembering me in your duas. That's really kind of you!