What would happen if the money in your bank account bought less this year than last? Would you change your spending habits? Would you spend more time thinking about how to get a better deal or look for sale prices on items that you frequently buy? Would you stop buying certain items or change your outlook on what is a “need” and what is a “want”?

The cost of everyday goods just keep going up. The average price of gas in Baltimore, at the time of writing this article, is $4.84 per gallon. Eggs have jumped in price from $1.67 per dozen in 2021 to about $2.74 in 2022. And a gallon of milk will set you back about $4.33. Overall, inflation in May hit 8.3%, but the year-over-year increase specifically for food items rose 9.4%. Chicken is up 16.4%. Eggs are up 22.6%. Margarine is up 23.5%. Why is this happening? Why would your money be worth less this year than last year? You would need to understand inflation in order to answer this question.

Ahhh, the scent of spring. The weather is getting warmer with plenty of sunshine while the flowers are blooming and the birds are chirping. Pesach is now just a sweet memory, right? Or are you faced with unaffordable credit card bills from all of your Pesach expenses? Did your never-ending expenses include meat, chicken, wine, shmurah matzah, disposable goods, snacks, extra cleaning help, clothing, shoes, and accessories? And don’t forget the afikomen presents and Chol Hamoed outings. Have you thought about how you will pay for the credit card bill that you’ve just recently received?

Is this a yearly occurrence, a continuous cycle you’ve grown accustomed to, where you overspend over a short period of time and then don’t have enough money to pay your bills? Is there a different way to cover your Pesach expenses or, for that matter, any predictable recurrent expense? A sinking fund may be the answer for you.

Sara Levin* is a spunky 8^th grader who attends the local Bais Yaakov. Her father is a lawyer and her mother is a professional organizer and party planner. Sara is the youngest child in a large family. It has always been the goal of Sara’s parents to raise fiscally responsible children, and for the most part, all six of Sara’s siblings are prudent with their money and make educated decisions about it. How did Sara’s parents accomplish this? Let’s use a small example to illustrate how Sara’s parents have helped her be fiscally responsible.

Looking to cross the financial finish line a winner – with your life goals met and out of debt? Having some financial difficulties and worrying constantly about your personal finances? The world is abuzz with swarms of ads for a variety of people who can help, but which one is right for you: a financial coach, a financial advisor, a financial planner, or a financial therapist? What are the differences, and who will be better able to help you? Allow me to be a “financial definer” and help you on your way!