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As another year rolls around and we prepare for the expenses of the Jewish holidays, don’t let old habits bring you financial stress.

The month of Tishrei is a great time for new beginnings— especially when it comes to personal finances.


If you find yourself burdened with debt, make a resolution to start the year off right and eliminate your debt for good. The following four steps will help you begin your journey towards financial freedom:

  1.  Know your debt: Simply put, debt is an amount of money that one party owes another. Common examples include bank loans, student loans, outstanding bills, credit card payments, unpaid parking tickets and more. In order to deal with this long list, create a spreadsheet that details each creditor, balance, interest rate, number of monthly payments remaining and amount of each payment.
  2. Calculate your monthly repayment ability: The key to living debt-free is knowing exactly how much money you can spend each month on your repayments without accumulating more debt in the process. Be realistic about what you can manage: calculate your monthly income and expenses and determine your ability to meet your monthly payments.
  3. Prioritize: In order to settle your debt wisely, prioritize which to eliminate first. The more burdensome the loan, the higher the priority to deal with it first. Once you start with one, you’ll feel more confident when moving on to the next.
  4. Plan your payments: Don’t be afraid to talk to your creditor about restructuring or consolidating your loans. Just remember- never commit to a monetary settlement if there is no sure way you can pay back that amount of money. It’s also a good idea to have backup: consider making a list of assets that can be liquidated, such as cars, jewelry, and savings accounts if need be.

Lastly, remember to persist even when it gets tough. These small steps will make big changes to ensure your financially stable future.

This article was a collaborative effort from Paamonim experts.

Paamonim is an organization in Israel that provides assistance to struggling families in Israel who are looking to learn how to emerge from financial crisis, live within their means and save for a financially secure future.

If you need more advice, or want to help, contact Paamonim.



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