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4 tips to help you manage wisely in months of high expenses
There are months that are a big challenge financially - vacations, gifts, a new car and home remodeling - can all add up to significant expenses, which you should prepare for properly.
Here are some tips that will help, including a smart and affordable product that you must be familiar with
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In collaboration with max
Monday, 11 October 2021, 09:18 Updated: 09:45
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How do you deal with high expenses?
(Photo: ShutterStock)
Each and every one of us is familiar with this situation: a time when a combination of several things leads to higher-than-usual expenses.
It could be renovating the house, shopping for clothes for the winter, a new car you fell in love with and decided to buy, moving house of course, a family vacation or even a full month of birthdays and gifts. Sometimes there are also less predictable expenses (say, urgent dental care) and no matter how you turn it around, there are times when expenses just keep piling up and "falling on you".
So what do you do, and how do you manage wisely in such months of unusually high expenses? Here are some tips that you should know and use at the right time.
Plan your budget together:
It is important that all family members, who plan to make high expenses, be as aware as possible of the bigger picture.
Transparency in the family and thinking ahead will help everyone know as soon as possible what is realistic in terms of expenses and what is better to postpone or give up at all.
Thus, even if the expenses do pile up, at least you will have a certain direction and you will be able to plan in advance how to deal with them.
Keep track of expenses:
In general, but especially in the months with high expenses, we often tend to get lost.
A neat table, preferably on a computer but not required, will help a lot in such a case and so will checking your bank account a little more frequently.
Do not hesitate to log in to the account even once a week, to peek, compare to your table and see that you are on the right track despite all the expenses.
Tracking Expenditures Will Help (Photo: ShutterStock)
Use the smartest and most affordable payment option:
In many cases of exceptional expenses, we tend to go into a deficit in the bank, under the credit line. This minus is actually a kind of loan, on which we pay a particularly high interest rate, such that we do not even really know what it is until the date of payment. In addition, the minus hurts our credit rating, which allows us to get loans at affordable interest rates and in general, this is an option that exists, but it is better to avoid it.
Another solution is to choose the amount of credit card billing that offers a much more flexible and affordable option to deal with exceptional expenses. What is the product Choosing the amount of charge on the card? For example, if in a certain month you made credit card transactions for NIS 5,000 and you only want to pay NIS 3,000 out of them at the moment, as part of choosing the monthly charge you can "move" the remaining NIS 2,000 for the next month plus interest. offer new customers the first 3 months with no interest at all for the use of the product, ie - 2,000 shekels would remain 2,000 shekels, without the addition of interest and surprises so you can deal with the return in a more relaxed, after a month or months with high costs will be behind you.
Try to cut where every It is possible:
In months of high expenses, it is better than ever to pay attention to places where you can also save - do not waste unnecessary electricity, do not leave the vehicle on while you are waiting for someone and just burn fuel, buy at the supermarket more accurately.
These things can add up to a significant amount each month and help you cope a little better with high expenses.
For more details on choosing the credit card billing amount >>
Legal notes:
The benefit of a fixed billing product is only available to new entrants to the service Customers who meet the eligibility conditions will be able to enjoy the benefit 0% interest benefit will also apply to transactions made abroad | The balance of the amount, which will not be charged, will be added to the cumulative basket of transactions that will bear 0% interest for the benefit period, and thereafter - depending on the interest stipulated in the card terms | From the credit limit, whichever is higher | In non-multi-type cards, a minimum monthly repayment of NIS 500 or 1% of the credit limit, whichever is higher, can be set. Cumulative | If the card exceeds the credit limit allocated to it, the monthly charge will be in excess of the limit | Details about existing loans on your card can be found on the monthly details pages | Failure to meet the loan repayment may result in arrears interest and execution proceedings |Max | Subject to the terms of joining and the approval of the company.
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