I want to save $25000 for immigration. I earn $1000 a month. My plan is to reach $25000 in 3-4 years. I don't use interest yielding accounts. What would be the best way to save this money?

  • 3
    State your country. Without knowing your country it is impossible to answer.
    – Mindwin
    Jan 2 '17 at 12:19
  • 1
    Limit your monthly expenses to ~$305 per month (3 years) or ~$479 per month (4 years). Save the rest in a low-risk fixed returns investment.
    – Mindwin
    Jan 2 '17 at 12:21
  • 2
    Is the reason you don't use interest yielding accounts because of religious beliefs? Perhaps you should consult those in your faith. The advice given here is usually that without regard to one's faith as @Mindwin 's comment indicates.
    – Pete B.
    Jan 2 '17 at 13:34

My suggestion is that you speak with a financial adviser that specializes in Islamic investing. For the long term there are Islam approved mutual funds that only invest in non-banking organizations, and I would assume there are more conservative options for the short term as well (3-4 years). Although you may not feel the effects of inflation all that much in just a few years, it would still be beneficial to utilize programs that allow you to earn a return on your money. (I may not have said that for $2,500 but for $25,000 I think it's worth looking into.)

Also, some scholars suggest that it is even allowed to invest in mutual funds that deal with banks, as long as you calculate the portion of your return that came from the bank charging interest, and donate that amount to charity.

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