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26 Iyar 5763 - May 28, 2003 | Mordecai Plaut, director Published Weekly
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Home and Family


Going With the Cash Flow
by Rosally Saltsman

Many people, when they make financial decisions, tend to stick to them and forget about them. For example, if someone takes out a loan or opens a trust fund or savings account, or buys insurance, once the deed is done, it's a done deal.

Since the terms for money in Hebrew and Aramaic denote movement, we should consider our finances always being in a state of flux and therefore our financial commitments ought to be reviewed and renegotiated accordingly. For example, if someone takes out a bank loan (which costs interest), s/he can keep her ears open for a cheaper alternative (in terms of repayment) either through a gemach or personal loan and repay the loan at the bank.

Insurance agents are always trying to coax me to meet with them so that they can show me how buying insurance is more financially sound. Insurance policies are meant to protect us if the need arises, G-d forbid, or if we need the savings portion for a simcha. But insurance we buy at thirty is meant to answer different needs and meet a different budget than what we will require at forty.

It's a good idea to periodically sift through our insurance plans and annuities to see if we're still getting the maximum benefit from them. Usually workplaces offer all kinds of insurance and savings plans. These need to be reviewed periodically as a little investigation may yield a better alternative. Also, changing jobs often involves some alteration in the workers' benefits package. We need to be updated about our benefits when this happens.

The same goes for savings accounts. We may need to pay more or less or reinvest in a higher interest-earning account. Standing bank orders (horaot keva) should also be checked at least once a year for payments that you didn't intend to continue, or to rethink whether you still want these particular payments going off your account.

Even small considerations need to be reconsidered. I have three reduced numbers on my cellphone. These are three numbers that I call for a fraction of the price of other calls. I noticed that there's one other number I call more often than one of those preferred numbers, so I called the phone company and asked them to change the preferred number. It cost five shekels to change but it will doubtless save me tens, if not hundreds, of shekels over the course of the year.

Life is dynamic. That goes for our financial life as well. If we don't keep track of the shifts in our monetary resources, we'll miss opportunities to fine- tune our saving and spending habits. Even our budgets should undergo periodic check-ups.

The more in rhythm we are with the ebb and flow of our money, the more we'll experience smooth sailing in the sea of finance.

 

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