FINANCIAL TIPS FOR 2022

Suzy Kahati

Many of us are familiar with New Year’s resolutions — eating healthier food, staying in touch with friends, and exercising more are popular ones. While these resolutions might do you a world of good, it also pays to think about some of the financial changes you could undertake in the New Year. Here are five financial tips for 2022 that are easy to implement and keep.  These tips will jump you onto the path to financial success. 

  1. If there is something that we have learnt from the pandemic, is the importance of savings.  I know that some of you might find this challenging – so I suggest saving the minimum of NIS 100 a month.  Stick to it for a couple of months and once you have seen that you have succeeded. increase the amount.  You will be surprised how simple saving is going to be without having to deprive yourself and yes you can do it!
  • I would love that everybody would work with a budget.  However, some people the whole subject of budgeting daunting.  Therefore, I suggest that you start off with one item like food, create a budget and stick to it.  Once you have accomplished this task, then after a couple of months start on another budgeting clause like restaurants, create a budget and stick it.  Once you have accomplished this task, then after a couple of months start on another budgeting clause.  By the end you will have created your budget – well done!
  • PROMISE yourselves, that you will dedicate some time in checking your bank and credit card statements.  Understand every charge that you have been debited.  I guarantee that this simple exercise, which should not take you more than 5 minutes a month, can save you MONEY!
  • Make an appointment NOW to meet with your insurance agent.  New types of insurance is evolving all the time and you can either buy cheaper insurance or buy a specific insurance and not have to buy a policy that includes items that you are already insured for.  This meeting can save your MONEY!
  • Lastly but the most importantly, I suggest you draw up an annual plan.  This plan should include all the events that you can forecast: for example, when do you want to take your vacation that you have saved for? Pesach, kids going back to school, higher electricity bills in the summer/winter and so on.

WISHING YOU A HAPPY AND SUCCESSFUL 2022