Is it possible to manage a balanced household economy and live with dignity? Is it possible to get out of the minus? Is it possible to save enough money to make dreams come true?

Building and meeting a family budget will help you balance expenses and income and plan your financial future. Now is a great time to sit down and plan it.

  For a budget management guide

Here are 12 iron rules to help you with this.

1. Joint bank account

Manage one bank account shared by both spouses. Consolidating all accounts into one bank account significantly saves fees, reduces credit limits, and allows better control over family budget management.

2. 1 credit card

Reduce each family member’s use to just one credit card. Don’t be tempted to get another “free” credit card. It costs you a lot, complicates your ability to track expenses and even gives you a false sense of abundance, one that sometimes has no basis in reality.

3. Bargain bank fees

Keep track of the fees associated withmanaging your bank account. If you think you’ve been charged too much fees, check with the bank teller to discuss them. Try to negotiate the fees. If you’re not chronically overdrafted, you have a good chance of cutting fees and saving costs. Remember: there are fees you really don’t have to pay, but until you ask to cancel or reduce them, you’ll keep paying them. You can switch to basicfee plans at a flat price supervised by the Bank of Israel.

4. Payments

Avoidbuying in installments. Payments are the number one cause of loss of control over family budget management. The payment option gives us the false feeling that “we won’t feel the expense.” Save the option for cases where there really is no choice, at especially large expenses.

5. Phone, Internet and cable

The rules of the game in the cellular market, internet and cable have changed drastically. You are a strong consumer and your bargaining power increases. If you have not upgraded the terms of your cell phone so far (and it does not matter if you are with the same company or when switching to a new company) – it is highly recommended to do so without delay. ToCommunication Expense Savings Guide

6. Gifts and events

Don’t get carried away with wedding and bar mitzvah gifts. Do not take into account the cost of the dish to the customer. Check with yourself how high the gift is that honors you and does not burden you. Consider going alone without your partner to events of people who are not very close to you, and save on waiting expenses this way.

7. Shopping at the supermarket

Always carry a pre-prepared shopping list at home and fill the cart with only the groceries on the list. Shop smart at the supermarket and don’t be tempted to purchase products on sale. If you are chronically overdrafted, remember that the real cost of the product that may not be needed right now includes the interest you will pay on the overdraft.

8. Shopping for furniture and appliances

Buy only what is really needed. Don’t be dragged into upgrades to cameras and stereos if you can’t get it. Check the possibility of purchasing an electrical product from a display or secondhand. In many cases, it is possible to obtain a product in excellent condition and at a price significantly lower than the price of a new product.

9. Insurance

Don’t rush to cancel insurance. Insurance gives you peace of mind and financial protection, even if you don’t have savings on the side and a surplus of money. Insurance protects you in extreme situations that can happen to any of us such as theft, illness and accidents. However, it is recommended to manage the family insurance plan:

• Check with an objective professional to see if you have double insurance.
• When making changes in the composition of your insurance portfolio, conduct a survey comparing what is offered to you at the various insurance companies and get a number of quotes, from which you can choose the right one for you.

10. Financial education for the younger generation

Talk to your children about money from an early age:

• Give them pocket money (you can start from the age of six), talk to them about a budget and savings for the future in order to purchase expensive products.
• Talk to them about priorities when making spending decisions.
• Involve them in managing the family’s finances and illustrate virtual costs such as electricity bills and telephones.

Make them active partners (within the limits of the child’s age and maturity) in the efficient financial conduct of the family.

11. Tax Returns

If you are an employee, you may wellbe entitled to a refund from the IRS. Check with a tax advisor or accountant. Examples of classic cases where you are more likely to receive a refund from the state:

• If you changed jobs during the year.
• If you have deposited money into a provident fund, study fund, pension or life insurance.
• Donations: The law has changed and currently if you donated over NIS 180 in a calendar year to a recognized public institution, you are entitled to a 35% tax refund. Tax returns can be filed up to six years back.

12. Health Insurance Rebates

If you have visited a private doctor, you may be entitled to a full refund or participation from your supplemental or private insurance. Check the procedure for receiving refunds. Sometimes in a simple procedure you will receive refunds of hundreds or even thousands of shekels.