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Many aspire to perform the Hajj Sacrifice during Hari Raya Haji, but have to forgo this intention due to financial constraints, especially considering the rising costs of livestock farming, which have increased by 35 to 40 percent recently. However, this does not mean that you cannot perform the Hajj Sacrifice. If done correctly and in the right manner, you can still participate in fulfilling the act of the Hajj sacrifice.
Ways to Save Money for the Hajj Sacrifice Every Year
Every capable individual is encouraged to perform the Hajj Sacrifice during every Hari Raya Haji. Hari Raya Haji, also known as Hari Raya Korban and Aidiladha, is celebrated by Muslims worldwide until this day to commemorate the story of Prophet Ibrahim (AS), who was willing to sacrifice his son, Prophet Ismail, out of his obedience to Allah (SWT).
As a result of this event, Muslims slaughter sacrificial animals every year during the celebration of Aidiladha and distribute the meat to those less fortunate. The following guide can help you in planning your finances to save money for performing the sacrificial ritual.
1. Set Up a Special Fund
To help you achieve the goal of performing the Hajj Sacrifice, you can set up a special fund to save money, similar to how you would set up an education fund for your children. You can have a physical fund at home (such as a piggy bank) or allocate a dedicated account, such as the MAE account by Maybank, for this purpose. For those unfamiliar with the MAE account, you can follow the steps below to save money in the MAE account:
Saving Money for the Hajj Sacrifice in the MAE Account by Maybank
Essentially, MAE by Maybank is an application that facilitates financial transactions and management for Maybank users. In addition to financial management, MAE allows you to perform transactions using QR Pay, pay bills, transfer money, reload, and more, all with ease. It also enables you to monitor your daily and monthly expenses. Here is a complete guide on how to use the MAE account to reference and assist you:
i. Identify Your Saving Goal
First, you need to determine your saving goal – in this case, you need to save money to participate in the Hajj Sacrifice during Hari Raya Haji. Log in to your MAE account, then select “Create Tabung” and choose from the available options. You can also name the fund according to your preference, such as “Hari Raya Haji Cattle Sacrifice.”
ii. Set the Duration
Next, choose the start date and the expected date for the fund to be fully accumulated. The MAE application will calculate the monthly amount to be allocated to help you reach your set target. For example, if one share of a cow costs RM750, the monthly amount to be set aside from your salary (salary savings) would be approximately RM62.50 per month for a period of 12 months, or about RM2.08 per day.
iii. Start Saving
You can choose whether to save in your own fund or in someone else’s fund. Saving in someone else’s fund is suitable if you plan to perform the Hajj Sacrifice together with other family members. In this case, you act as the treasurer, and all participating family members save in the same fund. You can also choose whether to auto-deduct the money directly from your account or manually deposit it into the fund, depending on your convenience and budget, until the fund is full.
2. Include it in your Annual/Monthly Budget
The easiest way to save money for performing the Hajj Sacrifice every year is to make it one of your mandatory annual or monthly expenses. If previously you only allocated a budget for renewing car or motorcycle insurance, road tax, zakat, and the like, now is the time to add another item to the list of annual or monthly expenses that need to be paid.
In the market, the price of a cow in 2022 increased to RM5,200 per cow compared to below RM5,000 per cow last year. This means that the estimated price for one share of a sacrificial cow this year is around RM750 to RM850. You can take into account the current market price of cows when determining the budget to allocate each year. This is because the price of a cow fluctuates based on the current economic conditions every year.
3. Set Up Salary Deductions
If you struggle with discipline in saving money, you can set up automatic salary deductions to a dedicated account every month. For example, you can set up a monthly salary deduction to your Tabung Haji account. When the Hajj Sacrifice season arrives, you can withdraw a portion of those savings to perform the sacrificial ritual.
Hopefully, this guide will help you plan your finances better and provide an opportunity to perform the Hajj Sacrifice every year. Essentially, the Hajj Sacrifice is a way to express gratitude for the blessings and provisions received throughout the year.
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