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July 22, 2014 / 24 Tammuz, 5774
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Overspending

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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 firm located in Jerusalem. He specializes in working with clients in New York, Florida, and Israel and is a licensed financial professional both in the U.S. and Israel. Securities are offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, SIFMA. 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. Doug’s newest book The Expatriates’ Guide to Handling Money and Taxes is available at www.expatguidetomoney.com. He hosts a weekly finance show, Goldstein on Gelt, on internet radio. Listen live or download podcasts. Toll-free from U.S. 1-888-327-6179, Jerusalem: (02) 624-2788. Follow on Twitter: @DougGoldstein or contact at doug@profile-financial.com.


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