Breathing Space

Saving money provides the key to building wealth and becoming financial independent. Follow these seven tips on saving money to help achieve your dreams.

A budget is really the key to money management. Compile a detailed list of all your regular monthly expenses and spending. Identify where you can cut down and draw up a new budget or spending plan. Before allocating money to anything else, you should PAY YOURSELF. Allocate at least 10% of you monthly spending plan to savings and investments. All other expenses are secondary to paying yourself. Paying yourself first will empower you to the achieve financial independence that is desired by so many and achieved by so few.

“Take care of the pennies and the pounds will take care of themselves.” The small low cost items that we regularly buy without thinking can add up to a significant sum over a month. Watch what you spend on luxury and impulse items and the savings could be significant. The higher prices at the local quick shop may seem trivial, but the small amounts add up over time.

Your savings should typically be invested in a number of diverse instruments. You should have some liquid savings to cover emergencies. Traditionally, the remainder of your investments should be split between equities, property, and perhaps an interest bearing account such as the money market. Shop around and ensure that the companies that you use to build your investment portfolio are sound and trustworthy. Diversifying your investments helps to reduce the risks.

When shopping, try to buy the items that are on special. This can save you some money, but don’t buy items just because they are on special. If you don’t need it, then this will just add to your expenses.

Debt is the enemy of savings. Target your debts one at a time to eliminate each. Begin with the smallest debt and work your way through all each debt until you have got rid of each. If you do have a debt problem, then use the “pay yourself” amount allocated in your budget to get rid of debt. Once you are debt free, savings will accumulate much more quickly.

 Use your savings to finance your next appliance, furniture, car and even your house! The interest and finance charges on financing these items adds up to a substantial sum over time. You can achieve substantial savings by adopting the “old fashioned” approach of only buying something when you can afford it! It may take an extra year to get that new car, but you will have saved a lot of money in the process.

You will be able to save more if every member of the family buys into the concept. Encourage the children to save for the things that they want from their allowance. When everyone works towards the same goal, you will be able to save much more money more quickly.

The seven tips are all closely related. They all hinge on the need for savings and the goal of achieving financial independence. It may be difficult to begin the process, but once you adopt the philosophy of “paying yourself first” the process becomes easier. As your savings build-up, you will find yourself in a position to pay for what you need (and perhaps what you want!) in cash.

Gambling has become central to your life. Your thoughts and actions are focused on gambling. Debts are mounting and your relationships are taking strain. Your wife has threatened to leave. In your mind, you just need one big win to cover what you have lost. You don’t really believe that you have a problem. If this scenario sounds anything like you, it is time to stop gambling.

Gambling is one of those human activities that can become addictive. Many begin with casual gambling, placing the odd bet on a race or a sporting event or an occasional visit to a casino. Many people are able to gamble on an occasional basis without it becoming a problem. For others it is the first big win that sets them on the path to compulsive gambling.

Some grew up in a family where gambling is a way of life. There was always a card game going on in the house and horse-racing is a family event that preoccupies everyone in the house.

Compulsive gambling can become a serious addiction. A compulsive gambler sitting at the casino is unable to leave. Winnings come and go and only after exhausting all other resources does the compulsive gambler walk away. Like the man that has just lost his life savings calling his friend. “Please lend me another 1000. I’m feeling lucky.”

The three stages of addiction have been defined as the winning stage, the losing stage and the desperation stage. In the early stages of addiction, the gambler wins frequently and believes that this is due to skill. As time goes on, wins become less frequent and losses mount up. The losses lead to unpaid bills and mounting debt. The gambler becomes more and more desperate to win back the losses. The only way out is to admit to and face the problem. The alternative is destitution, the break-up of family life. Suicides are common amongst compulsive gamblers.

Quitting gambling is not easy. Gambling has become central to the compulsive gambler’s life. Many of the gambler’s thoughts and actions centre on gambling.

Gamblers Anonymous has been modelled on Alcoholics Anonymous. It uses the same principles and follows the same twelve-step program as a means to control the addiction. Gamblers Anonymous is a self-help support group that believes that the only way to quit gambling is through total abstinence supported by regular attendance at meetings and participat9ion in the twelve-step program.

The first principle required to quit is to do it one day at a time. It is futile to worry about the past. The only day over which you have some control is today. When necessary, reduce it to one hour at a time, especially in the early phases.

Handing over control of your finances to someone you can trust. Without access to money, the gambler will find it difficult to gamble. Ban yourself from casinos and other gambling facilities wherever possible. These make quitting much simpler.

Attend meetings regularly. Support groups are very useful to help the gambler get through the week without gambling. The other group members share your experience and know what is involved. They are able to offer support.

In some cases, compulsive addictive gamblers find that a rehabilitation centre is the only way to break the addiction. Others seek counselling to assist in giving up.

Gambling often leads to financial ruin and the breakdown of relationships. Once you have quit, it will become possible to begin to rebuild your life. Meet with your creditors and make realistic plans for repayment. Remember that it was gambling that has led to your predicament. Gambling further will not provide a solution.

The festival of Hanukkah - or dedication - commemorates the rededication of the Temple on of the 25th day of the Hebrew month of Kislev in 165 BCE. The Temple was rededicated following the victory of the Maccabees against the might of the Syrian-Greek Empire against overwhelming odds.

Israel had become part of the Syrian-Greek Empire ruled by the Seleucid dynasty. Antiochus III (222-186 B.C.E.) was victorious in battle against the Egyptian King Ptolemy and gained control of the land of Israel in 198 B.C.E. Antiochus III had been favourable towards the Jews, but this changed following his defeat by the Romans who compelled him to raise heavy taxes from the people of his empire.

Antiochus’ son Seleucus IV succeeded Antiochus after his death. His attempts to raise taxes for the Romans by appropriating Temple funds failed.

Seleucus was murdered and replaced by his brother Antiochus IV, a ruthless tyrant. He sought to unite his empire through enforcing a common religion that involved the worship of idols. A failed rebellion resulted in a number of harsh decrees against the Jews and the practice of Judaism was outlawed. Jews were forced to worship pagan Greek gods.

Many of the Jews at the time complied with the Syrian-Greek laws. They chose survival under foreign law against death. To these, the Maccabees were fanatics endangering the lives of the entire community.

In 167 B.C.E. Antiochus IV dedicated the Temple to the worship of the Greek god Zeus. The Temple was defiled.

The high priest Mattityahu was asked to sacrifice a pig to the Greek gods on the newly built pagan altar. Mattityahu refused and killed a Jew that offered the sacrifice. He fled with his sons to the Judean hills. Many faithful Jews followed. They formed a guerrilla army and launched attacks on Antiochus’ army units and destroyed pagan altars. Mattityahu appointed his son Judah, known as the “Maccabee,” to lead the force and to continue fighting for Torah law after his death.

One attack after another by Antiochus failed to defeat the Maccabees. Antiochus sent in a force of over 40,000 men led by Nicanor and Gorgiash.

Judah decided to fight to the death “in defence of our souls and our Temple!”

Following a series of battles, the might of the Syrian-Greek army was defeated against all odds. Jerusalem and the holy Temple were liberated.

The Temple had been defiled and filled with idols. The golden menorah that played host to the eternal flame was missing. The Temple had been used to worship of the Greek god Zeus.

The Temple was cleaned and cleared of idols and unholy animals and a new menorah was made. The Maccabees were eager to rededicate the Temple. This required the lighting of the menorah. The Maccabees searched extensively but only one container of pure consecrated olive-oil - enough oil for one day - was found.

Nevertheless, the menorah was lit to rededicate the Temple on the 25th of the Hebrew month of Kislev. It would take eight days to prepare fresh consecrated oil. Miraculously, the oil burned for eight days.

The focus of Hanukkah has always been on the miracle of the oil rather than on the miraculous victory against an overwhelming force. The eight day festival of Hanukkah was instituted as a permanent feature of Jewish life.