Vacation time is around the corner, and many of you have been asking how do families plan for going away?
The Living Financially Smarter in Israel secret: Create your annual budget to work on saving for a vacation.
You can set up a savings plan, such as a Pakam, or Peri, that you can add money to and take out money from any day, and the interest is minimal. The benefit is that you may not be doing it for the interest, but rather for the convenience of putting money aside.
This pakam, or peri, can be used for a number of things and can be a big benefit of creating an annual budget for yourself- by knowing how much is being set aside each month.
The amount of money will look different for every person and family, but this is especially helpful for planning any summer activities or vacation, without feeling crunched for time (and money) last minute.
This sort of “hack” is so helpful in establishing smarter Israeli banking habits to live a financially smarter life in Israel.
If you want even more information on the ins and outs of banking, grab your copy of my book, Smarter Israeli Banking.