About 80% of Israeli households are spending more than they earn and the average Israeli family cannot get through the month – new statistics unveiled in the 2014 State of the Nation report by the Taub Center for Social Policy Studies revealed on Wednesday. From this report we understand that budgeting and prioritizing our expenses has become imperative.
We are now approaching the end of 2014 and we will soon commencing a new year 2015. A new year brings with it new hope to achieving the Israeli dream of being financially stable.
So in order to create your personal budget here are some myths why you are unable to budget.
- Lack of time, some of you, like myself being self-employed, work a 6 day week. Shabbat I do not work, but I still make time to sit done to prepare my budget. We seem to make time for everything else from preparing a meal to going out with friends. With my system, all you need to is 10 minutes to deal with my budget. A very wise woman once told me, “Suzy, you always have 10 minutes before you shower, to do something that needs to done”. So true.
- Financial Procastination – We tend to put off items that we do not want to deal with and only deal with them when we have to. This situation requires more time and energy in dealing with the situation than it would require if we dealt with it in the first place. For example, going to the dentist, if we would go every 6 months as recommended and not go when we that something is wrong. The bi annual check-up takes up hardly any time, would nip the problem in the bud as opposed to have root canal treatment which cost more and takes up so much more time. Sometimes our procrastination means that we are never really prepared for a rainy day.
- Financial illiteracy – the lack of how the Israeli financial system work finds so many of us working against the system as opposed working with it. Do you understand how the banks work, our pension fund or even the tax system. Take time to learn how these systems work, make appointments with your banker, insurance agent and account. These meeting can save you and your family thousands of shekels.
- Everybody lives in overdraft. You do not have to join that statistic just by prioritizing your expenses. Ask yourself whether you really need that item or are you trying to impress somebody who really doesn’t care about whether you have a certain item or not. Learning to live within your mean and managing your budget, means that you will giving yourself a quality of life being free of a financial burden which is full of debt.
- Fear of not knowing how to budget – like most skills in life you are either taught them by your parents, school, university or self-taught. If you want to learn how to budget successfully and become financially stable you can teach yourself, attend a course or turn to a professional like myself. My simple 3 point system will push you forward in achieving your financial goals.
Contact me for a free financial consultation on 054-4217207 or at firstname.lastname@example.org
Download my free booklet of HOW TO SAVE MONEY IN ISRAEL http://suzykahati.com/l/