Financial Stability in Israel: Is It Possible?

I was reading an article on how in 2015, 53% of Israel’s population over the age of 20 were in overdraft. Saving money is a problem in a society that is searching for happiness in material items.

Budgeting has become a thing of the past.

People wonder how they can earn, what on paper sounds like a good living, yet they’re left broke at the end of the month.

It’s a problem that is rising across the world.

But there are ways that you can put an end to that shrinking wallet.

Budget Starting Today

If you never plan to make a budget, you might as well stop reading this article. The only way that you’ll ever be able to save money is if you get on a budget today. I don’t want to reinvent the wheel, and I suggest you read the following budget articles to get started:

Budgeting seems simple, but it’s a tedious process that no one wants to face. Once you budget, you’ll be able to see where your money is going.

You’ll also be able to find you’re spending too much on grocery shopping because you go to the store hungry every time. Studies show that hungry shoppers spend 20% more on food.

Shuk Shopping

Speaking of grocery shopping, the Shuk is a great place to buy fruits and vegetables. You’ll be able to save hundreds of shekels per month by shopping at the right time. Prices tend to drop on Friday afternoons, and this is when vendors will discount their products.

Vendors often sell their goods at a significantly cheaper price than the supermarket.

You can get everything from bread to grains and spices at the Shuk.

It’s also a great way to get out and about.

Buy Online After Searching Markets

Online shopping is easy and fast, and you’ll always find someone offering coupons. Deal on the Web is a great resource for finding deals, but, depending on where you live in Israel, there may be even better deals waiting for you.

Haifa has “MyMarket,” which is a must-visit for seasonal discounts.

Clothes and electronics are greatly discounted at the market. Chol HaMoed of Sukkot has great deals on sandals.

There are markets that are waiting for you to save money. Even if you need to travel to get to them, you’ll often save a lot in the process.

Cut Back on Your Lifestyle

Living an expensive lifestyle is expensive. You have options, and this may mean sacrificing some of the activities that you normally in order to save money. A few areas that you can opt to save money include:

Skipping the movies
Going to community center concerts
Going to free lectures
Negotiate cell phone plan prices
Use the self-service lane when filling up your car
Get rid of credit cards to reduce bad spending habits
Evaluate and remove any unnecessary subscriptions you have
Buy secondhand items

Financial stability is possible, and with the right lifestyle changes, you can start living a life of financial stability today.