Let's be positive and not negative: five financial resolutions for the new year Israel today

The Rosh Hashanah we celebrated this week is a time of new resolutions and beginnings, and an excellent time to implement and improve issues related to our financial conduct.

manage the household budget.

We will involve all the members of the household, including the children (of course according to their age), in management, decisions on priorities, implementation and monitoring.

Important issues in this context are not to be afraid to talk about money, keep a record and track income and expenses, decide together which expenses to reduce and which to expand, track and eliminate duplicate and unnecessary expenses, and most importantly - persist in the process.

We will examine the family credit portfolio

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We will check which loans are available, what is the interest rate paid on them and what is the possibility of replacing them with loans on preferential terms, while remembering that the overdraft is the most expensive loan, and that there are relatively preferred sources of financing such as loans from the workplace, loans against a training fund and more.

We will examine the adaptation of the family investment portfolio to the economic reality that has changed significantly.

Recently, interest rates in Israel and around the world have risen, and inflation and political instability in the world have economic consequences.

It is worthwhile to examine the total investment portfolio of the household, which includes among other things the financial and pension assets: does the proportion of assets with a relatively high level of risk match the preferences of the family?

Does the internal composition of the solid parts really correspond to the latest developments?

If changes are required, they must be made, and of course - seek professional help.

We will examine the family's financial preparation for retirement

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We will collect information about the pension assets of the household members, and check whether they are suitable for them also in terms of taxation, withdrawal options and more.

We will examine the household insurance system

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We will check if it is adapted to the current family and personal situation.

In the field of private health insurance, disability insurance and more, there are sometimes duplications that should be avoided.

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