(Courtesy of Ark Mortgage) The month of Tishrei is a time of awe and celebration, but no matter your relationship with the chagim, there’s no denying that it can get expensive. We at Ark are mortgage experts, but also care about your finances as a whole. Here are 10 tips from our Ark advisors to get you through Tishrei without being in the red.
1. Make a budget. We know this is dreaded advice, but taking a look at your finances and deciding how much you are willing to spend will keep you from making impulsive purchases. Set aside a certain amount for groceries, sukkah decorations, Chol Hamoed trips, clothing, shul dues, childcare, and most importantly, tzedakah. Sticking to a budget will keep you away from dread when that credit card statement shows up come Cheshvan.
2. Plan ahead. Building on the previous point, planning (even a little bit) gives you ample opportunity to shop sales on airfare, Chol Hamoed trips, groceries and clothing. Sticking to your list will help you buy less.
3. Keep your receipts. When giving tzedakah to a 501(c)3 organization, make sure to get your receipts now to keep for your records. You may not feel the savings now, but you will come tax season.
4. Also, keep your receipts. Keep the receipts from your purchases to keep track of how much of your budget you’ve spent.
5. The “three-day” rule. Avoid impulse purchases with this clever exercise. If you’re about to make an impulse purchase, wait three days and see if you still want it. If you do, buy it! Chances are you already forgot about that pair of shoes.
6. Shop with cash. You cannot spend money you do not have if you are using cash. Bring just enough to stick to your budget. Some businesses even offer cash discounts.
7. Avoid takeout. Weeks of constant cooking wear out even the greatest balabustas, though you’re probably spending more on groceries this month than any other month (besides Nisan), so it might be a good idea to set a lower takeout budget to offset the costs.
8. Free day trips. When planning for Chol Hamoed, look out for day trips that are free. Many places have free admission days. It’s a great opportunity to discover more things to love about where you live.
9. Share a babysitter. If you plan on hiring someone to watch your kids on the Yamim Noraim, coordinate with neighbors or friends and split the costs of childcare.
10. Keep it simple. Last but not least, don’t be afraid to challenge the pressures we all feel around the chagim to have every aspect be ornate and “picture perfect.” Your sukkah will still be beautiful with homemade decorations and no cohesive theme. Living within your means and being grateful for what we do have will put us in the right mindset for this holy month.
All of us at Ark wish you a happy and sweet new year. Our advisors are always here to help you get a loan that adds to your financial well-being.
Ark Mortgage is a community-based mortgage lender that provides expert financial advice to people who are making the biggest financial transactions of their lives.
