Saving Money 101: Stop Wasting And Start Building Wealth Goldstein On Gelt podcast

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Saving Money 101: Stop Wasting and Start Building Wealth

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Why Saving Money Feels Hard (And How to Make It Easy)

Ever check your bank balance and think, Wait—where did all my money go?! One minute, payday hits, and the next, your hard-earned cash has vanished—eaten up by bills, surprise expenses, and everyday spending. It’s like your money is playing hide and seek… and winning.

But here’s the good news: saving money doesn’t have to feel impossible. You don’t need to overhaul your lifestyle, live on instant noodles, or give up everything fun. A few smart tweaks can turn saving from a dreaded chore into something effortless—maybe even a little exciting. Let’s break it down.

Why an Emergency Fund is a Game-Changer

Life has a knack for throwing expensive surprises your way—your car breaks down, a medical bill pops up, or your fridge decides to call it quits. Without a financial cushion, these moments can turn into full-blown crises, leaving you scrambling for a solution.

That’s where an emergency fund comes in. Think of it as a financial safety net. Instead of reaching for a credit card, borrowing money, or selling investments at the worst possible time, you can handle unexpected expenses stress-free. No panic, no debt—just peace of mind.

How Much Should You Save?

Think of your emergency fund like a financial airbag—you hope you never need it, but you’ll be glad it’s there. Here’s a good rule of thumb:

Steady paycheck? Aim for at least three months’ worth of expenses.

Self-employed or income varies? Six months is a safer bet.

Retired? Keeping up to a year’s worth of expenses in cash can help you avoid selling investments during a market downturn.

And don’t stress about saving it all at once. Start small, set aside what you can each month, and watch it grow.

Where to Keep Your Emergency Fund

Not under your mattress, that’s for sure. And not in a checking account earning zero percent interest, either. The goal is to keep it safe, accessible, and ideally, earning a little something.

If your expenses are in dollars, a U.S. money market fund could be a great option. Some are even insured, similar to FDIC-backed bank accounts. Unlike a regular checking account, which earns almost nothing, money market funds often provide a variable return, so be sure to check with a financial professional to understand the risks and details.

If you need shekels, Israeli banks may not offer great interest on regular accounts, but some allow you to lock your money for short periods (daily, weekly, or monthly) to earn a little extra. Even a small return is better than letting your money sit idle.

Beyond the Emergency Fund: Making Your Money Work for You

An emergency fund is your financial safety net, but long-term security requires more than just stashing away cash. At some point, you’ll want to stop working—or at least have the option to stop.

Many people assume that between Social Security (U.S.), Bituach Leumi (Israel), and their pension, they’ll be fine. But the reality? Those sources often fall short. To maintain your lifestyle in retirement, you need investments that grow over time.

Building an Investment Portfolio

Investing can feel intimidating, but it doesn’t have to be complicated. A broad, diversified portfolio—such as an index fund tracking the S&P 500—can be a straightforward way to grow wealth over time. Others prefer a mix of stocks, bonds, or managed portfolios tailored to their goals and risk tolerance.

The key is consistency. Even small contributions, made regularly, can grow significantly over time. And while markets fluctuate, history suggests that long-term investors tend to fare better than those who sit on the sidelines.

Important note: Investing involves risk, and past performance does not guarantee future results. Always consult a licensed financial advisor to determine what strategy makes sense for your situation.

Plugging the Financial Leaks: Where is Your Money Going?

You might think you have your spending under control, but when you actually track where your money is going, the results can be surprising. Many people waste thousands each year without realizing it—on subscriptions they don’t use, high-fee services, and impulse spending.

A quick self-check:

Are you paying for things you don’t actually use (streaming services, gym memberships, premium banking fees)?

Do you regularly eat out or order takeout but can’t seem to save for bigger goals?

Are you overspending on insurance or other recurring expenses without shopping around for better rates?

You don’t have to cut everything fun out of your life—you just need to be intentional about where your money goes. A simple spending review can help you redirect money from waste to wealth-building.

The Secret to Saving More Without Thinking About It

One of the easiest ways to build wealth? Automate your savings.

Set up an automatic transfer so that every month, a portion of your paycheck goes straight into savings before you have a chance to spend it. You can do this with your emergency fund, investment accounts, or even a retirement account.

The less you have to think about saving, the more likely you are to actually do it. Over time, those small amounts add up in a big way.

Small Changes, Big Impact

Financial security isn’t about being rich—it’s about being prepared. An emergency fund gives you the freedom to handle life’s unexpected expenses without stress, turning financial shocks into minor inconveniences.

Investing wisely allows your money to grow over time, so you’re not just stashing cash but actually building long-term wealth. At the same time, cutting out unnecessary expenses doesn’t mean giving up what you love—it means making sure your money is working toward what truly matters.

The easiest way to stay on track? Automate your savings. When saving happens in the background, it becomes effortless—and over time, those small, consistent contributions can add up to real financial security.

If you want to make sure your U.S. brokerage and IRA accounts are positioned to support your financial future, schedule a free Cross-Border Financial Evaluation today and get a clear, customized plan for managing your investments while living in Israel. www.profile-financial.com/call

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