We’ve all heard the familiar saying “after the holidays”, often used in Israel as the most common excuse for procrastination. Everything tends to be pushed off until “after the holidays” – whether it’s dieting, chores, or financial choices. When it comes to our finances, waiting for “after the holidays” can often come too late.
Why not kick start the New Year on a positive note with some practical guidance?
- For those of us who are parents, it’s more convenient to align our yearly financial planning with our children’s school schedule. Registering for extracurricular activities, private lessons, youth groups, and similar commitments all carry financial consequences. Take into account the financial aspects of these obligations and evaluate if you can sustain them over the course of the year.
- Did you spend the gift cards you got for the holidays? If not, don’t forget about them. People sometimes think these cards are like disposable money, but they’re not. You can use them to buy things you planned to get. And remember, put them in your wallet so you don’t forget to use them. They have an expiry date, and it would be a shame to miss that date.
- November usually has lots of sales and discounts to get us to buy more stuff. But before you buy, ask yourself if you really need that new gadget or if the deal is really good. Don’t get tempted by discounts on things you don’t really use.
- If you’re shopping online, make sure the websites are safe before you give them your credit card info. And check if the price includes the cost of shipping. Also, find out what you can do if you need to return something or cancel your order.
During this time, you’ll notice many marketing promotions, especially in clothing stores. Take advantage of these sales to shop for clothes you’ll need throughout the year. Don’t forget to explore stores with excess items and second-hand shops for great deals.
- People tend to change furniture or buy new items to continue the sense of renewal during this time. However, the best time to purchase furniture is usually towards the end of the civil year when prices drop, and merchandise is sold at lower prices. Remember, furniture is a long-term investment, and its physical condition often doesn’t justify replacement. If you haven’t planned to do so in advance, don’t rush into buying something new.
At Paamonim, we suggest commencing the new year with a fresh approach, focusing on mindful spending to ensure you have funds left “after the holidays.” Take advantage of this new beginning to consider your financial goals, both personal and for your family. For more tips and guidance on financial management, please be sure to visit our website.
Wishing you a Shana Tova !!!