Money Allocation...the Jewish Way
Whatever money comes in...put it in a single pot and spend.
Money Allocation...the Jewish Way.
Whatever money comes in...
First, we put away the Tithe (10%) - This is money that you give to God's work.
Second, 10% is for Giving - this money is for neighbour needs that come up. How can we say we love our neighbour if we do not have any money to help them should they have a need.
Thirdly, another 10% is for savings.
Fourthly, 20% is for investing.
The fifth allocation is the balance of 50% is for spending.
What did your Father teach you about money management?
Our problem is that we have "no margin" in our life. We live in a race to get things...and are in the same way in a race to get rid of every cent we have. If we have any money left over at the end of the month...that becomes our savings. Fat chance in that happening.
Get five jars and allocate your money in the same way as stated above.
Also, once the money is allocated you cannot move it from one jar to another. It must remain in that jar.
For those that prefer more of a tech solution. Go online or visit your bank and have them set up five accounts for you as stated above. As money comes in allocate it immediately.
Let me know your thoughts...