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.
