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Financial Checklist

Weekly activities
Remove cash from the envelopes when shopping for the week’s necessities, and keep track of the cash spent.
Review all of the week’s expenses and compare them to the budget you created at the beginning of the month. (See “Monthly Activities”.) These days this can be done electronically quite simply. Adjust your spending to correct for any deviations in your budget.

Monthly activities:
Prepare a budget for the coming month
First of month: take out cash to pay for flexible expenses (food, ozeret, allowances, dining out, clothing, etc). Place cash in marked envelopes and keep them in a safe.
First of month (or on payday): pay yourself (savings) with automatic bank transfer
For the self-employed: payment of bituach leumi, VAT, and income tax vouchers (some of these can be bi-monthly or quarterly)
End of month: Complete the review of all of your spending and compare to the budget created at the beginning of the month. Learn from the comparison so as to make a more accurate budget for the next month.

Yearly activities:
Car expenses: renewal of registration and test, annual tipul (if not more frequent), purchase of auto insurance (these vary from one car owner to the next)
Check with a tax professional if worthwhile to apply for tax refunds (should be done by mid-year)
Near year end (Nov-Dec) check with a tax professional how to maximize tax savings (example: adding funds to a Keren Hishtalmut)
Keep tabs on your bank fees. Contrary to popular belief, these are negotiable.
Review your phone, mobile, internet and landline packages. This is a very dynamic area, where vigilance can save you much money.
Pay tuition for higher or vocational education (can also be bi-annual or monthly)

Summer activities:
Camp and vacation expenses
Preparation for school year: books, supplies, clothing

Multi-year activities:
Review insurance coverages. Many coverages can become unnecessary or obsolete (life insurance for older couples with married children), and many folks have missing coverages (inadequate siudi or health insurance)
Review pension and long term savings programs. Check the yearly earnings, and no less important, check the amalot (commissions you are paying the pension fund for the privilege of holding and manipulating your money).
Review your mortgage rates and payments. Many have benefited from refinancing in a time of low interest rates.
Have a tax professional review your income for past years to see if you are entitled to any refunds.

Pesach food expenses (this should be planned already in Jan-Feb)
Heating and cooling expenses (higher in winter and summer, respectively)