Financial expert Aaron Katzman advises reviewing the budget before Rosh Hashanah — Jerusalem Post
In Israel, financial expert Aaron Katzman, in an opinion column for the Jerusalem Post, suggested using the period before Rosh Hashanah for an annual review of personal finances: income, expenses, savings, debt and investments. He linked this practice to the theme of responsibility, which, he said, is important for the Jewish New Year.
Reviewing income and expenses
Katzman noted that at the end of the year, companies analyze revenue, expenses, profits, losses, assets and liabilities. Investors, he said, review their portfolios to determine what worked and whether their investments align with their goals.
According to the author, a similar approach can be applied to personal finances. Before making decisions for the coming year, he advises assessing income and expenses, checking whether any debt has emerged, whether enough money is being set aside for retirement, and whether investments align with the established plan. Separately, Katzman suggests determining whether money has helped achieve the goals that are most important to a person.
Money as a tool
Financial planning, Katzman believes, should not be reduced to maximizing income. He called money a tool for providing for one’s family, children’s education, a dignified retirement, charity and living in accordance with one’s values.
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The author gave the example of a person with a high salary who spends all of their earnings: despite substantial income, their financial situation may worsen. At the same time, a person with a lower income can build a more stable financial outlook if they save regularly, avoid unnecessary debt, invest wisely and donate to charity.
Plan for the coming year
Katzman called on readers to review statements, financial goals, expenses, investments and major expenditures planned for the coming year. He also advised determining amounts for savings and charity, and then drawing up a plan.
The author stressed that the purpose of such a review is not to predict market conditions or life circumstances, but to make considered decisions and use available resources responsibly. The publication notes that the position presented reflects the author’s opinion and does not necessarily coincide with the position of Portfolio Resources Group Inc. or its affiliated entities.
