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Budgeting | What Should Be Your Savings Goal?

Having BIG goals is an important part of life.  Saving for Hajj should be most people's big goal.  But what should one's savings goal be?  Here are a few suggested tips.

  1. Find a Hajj provider that you like today. There are many if you live in North America.
  2. Identify which package best suits your situation. For some people it will be the cheapest package (a shared room with up to 4 people). For others, being in the same room with a spouse when possible is important and worth the cost of a double room.

    Once you have found the package price, use this as a starting point.  As an example I will simplify with $5,000.
  3. Identify when you plan to go.  For this example I will assume 5 years from now.
  4. Add $500 for each year in the future.  This is the inflation rate that you should consider.
  5. For my example the savings goal should be:
  • Savings Goal = $5,000 for the base + 5 years X $500 = $2,500
                          = $7,500

What are some of the factors you will need to consider for inflation 
  • Hotels especially close to the Grand mosque are in very high demand.  
  • Value Added Tax may change in future (started in 2018)
  • Flight costs may increase, especially if there are significant increases in jet fuel
  • Other future taxes



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