web analytics
October 22, 2014 / 28 Tishri, 5775
At a Glance
Blogs
Sponsored Post
Meir Panim with Soldiers 5774 Roundup: Year of Relief and Service for Israel’s Needy

Meir Panim implements programs that serve Israel’s neediest populations with respect and dignity. Meir Panim also coordinated care packages for families in the South during the Gaza War.



Overspending

broke

Often one spouse accuses the other of being an over-spender. But what exactly is “overspending”? This definition changes from family to family; for one, going out to eat on a weekly basis may be within their means, while even a periodic coffee may be stretching the resources of another couple. So how does a family determine whether they can afford to eat out?

One cannot “overspend” if there isn’t a budget that defines spending limits. A budget can help reduce friction between spouses who have different spending patterns. If both partners agree to create and abide by a budget, then the one spouse is no longer the “bad cop” that regulates his or her partner’s spending habits.

Spending as an emotional issue

People spend money for a variety of reasons. Some expenses, like groceries and utilities, are a necessity, while others are discretionary. However, even within fixed expenses there is usually room to cut back. Does Shabbat dinner need to be an expensive cut of meat accompanied by costly wine, or will chicken and grape juice suffice?

Examine your fiscal habits. Do you have an idea of how much your monthly expenses are? Where do you spend money? Do you charge or pay in cash? Do you have financial goals that are important to you, and if so, are you actively working to achieve them? How would you feel if your spending habits changed? How would that change affect your spouse/family?

Consider the doctor who tells an overweight patient that unless he lost a considerable amount of weight, he would face serious illness. Chances are, the patient would diet and exercise. So why is there a discrepancy when a financial adviser recommends a fiscal diet and an exercise program of spending within a budget?

Very often, financial issues mask other problems within a relationship. Therefore, creating a budget is not only a good tool to monitor spending, but it can also help improve family harmony.

About the Author: Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd, a financial planning and investment services firm located in Jerusalem. He specializes in working with clients who live outside of the United States and want to maintain a U.S. brokerage account. Doug’s newest book, co-authored with Susan Polgar, about how using chess strategies to improve your finances, Rich As A King can be purchased at www.richasaking.com. He is a licensed financial professional both in the U.S. and Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, SIFMA, FSI. Accounts held at Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. Neither Profile nor PRG gives tax or legal advice. Before immigrating to Israel, it is advisable to consult with a tax attorney who is knowledgeable about Israeli law. Contact at doug@profile-financial.com


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

No Responses to “Overspending”

Comments are closed.

SocialTwist Tell-a-Friend

Current Top Story
Israel's Deputy Ambassador to the United Nations David Roet, at a UNSC meeting held July 22, 2014 regarding the Palestinian Arab-Israeli conflict.
Israel Attempts to Insert Reason into UN Debate About Middle East
Latest Blogs Stories
Statue of King David

Though secular, Hitman’s CV includes writing music for, recording, and popularizing religious songs.

256px-Israel-Palestine_flags.svg

Polls indicate that the Palestinians are much more against a two state solution than the Israelis.

Doug Goldstein

Has the Jewish world adapted to the times? Hear the answer with Doug and his guest, Rabbi Berel Wein.

NY rally against Met Opera's 'Death of Klinghoffer' opera. Sept. 22, 2014.

Leon Klinghoffer’s daughters: “‘Klinghoffer’ is justified as ‘a work of art’…This is an outrage.”

Kids bring in the light and let out the darkness through breathing exercises; it changes people.

If I make a million dollars in 2 weeks, how can I observe something like this and sit by quietly?”

Sometimes collective action against the heinous acts of the majority is not enough. The world should not only support the blockade of Gaza; it must enforce the dismantling of Hamas.

How long will it take for Israel and the Jewish World to admit that we are in very serious danger?

How do changes in technology affect the human life and our interactions with each other?

Palestinians (and Jordanians) often use the term “provocation” regarding Israeli action in Jerusalem

The zealots who engineered the ban have been publicly disgraced.

I am sick and tired of this one way street boycott! Time to boycott all products developed or invented in the Palestinian controlled areas! Let’s start with……umm….

Such an incredible miracle to have Israel, it’s crazy that every Jew isn’t clamoring to live here!

Driving is cultural. I come from a place with incredibly polite and safe drivers, unlike Israel.

My difficulties persisted until I met a beggar outside a restaurant after Tisha B’Av 12 years ago.

I’m more worried about the dangers of the Palestine virus than the Ebola one.

More Articles from Doug Goldstein, CFP®
Doug Goldstein

Has the Jewish world adapted to the times? Hear the answer with Doug and his guest, Rabbi Berel Wein.

Doug Goldstein

How do changes in technology affect the human life and our interactions with each other?

Discover the connection between hypnotism and investing on this week’s show.

Discover the motivations and the emotions that may affect investing.

Grandmaster Michael Adams talks about life as a professional chess player.

Why some countries are more economically successful than others? Tune in for the answer…

Why is an IRA a worthwhile account for retirement? And how can you use it to the best advantage?

How do you reach the top of your profession, and are you always aware of your own talents?

Printed from: http://www.jewishpress.com/blogs/goldstein-on-gelt/overspending/2013/08/01/

Scan this QR code to visit this page online: