Please note: advisory meetings and the service itself are provided in Hebrew only. These guides are here so you can read and understand the topic in your own language.
A budget is not a list of restrictions. It is a plan that tells your money where to go, instead of wondering where it went.
Step 1: See reality
Collect bank statements and credit card details for the last 3 months. Mark every expense with a category. Most people are surprised.
Step 2: Divide into three groups
- Fixed – mortgage or rent, municipal tax (arnona), insurance, kindergarten.
- Necessary variable – food, fuel, electricity.
- Discretionary – outings, restaurants, subscriptions, shopping.
Step 3: Set goals
- Emergency – a cushion of several months of expenses.
- Debts – closing expensive loans. Loan consolidation
- Goals – equity for an apartment, education, a car. Saving for equity
Step 4: "Pay yourself first"
On the day your salary comes in, transfer a fixed amount to savings before you start spending. What remains is the budget for the month.
Step 5: A short monthly review
A quarter of an hour a month: what you planned, what happened, and what you change.
Elia's tip: In the budget of a family planning a mortgage, check how much you can already "pay" yourself in savings today. If it is hard to save the difference between your rent and the expected mortgage payment, the planned payment is probably too high.
This article is general information and is not personal advice or a commitment. Rules, interest rates and taxes change from time to time, so check the current situation and your own figures before any decision.