In September 2024, 52% adults reported an increase in their cost of living compared with the previous month. Of those whose cost of living increased, 92% said it was because food shopping had increased in price, while 68% said it was because gas and electricity bills had increased in price .
As providing for basic needs becomes ever more expensive, we become more aware of the necessity of managing our finances well.
Maybe Jewish tradition isn’t the first place we might look, but it is rich in models of financial prudence. Take Joseph, who manages in the seven good years to save enough to provide for the seven years of famine in Egypt. Or the Eshet Chayil , who among her many qualities is the economic force in her household, buying wool and linen to turn into garments she will then sell, considering a field before buying it, planting vineyards, bringing food from afar…”
Or Moses who makes a public accounting of all the donations used to build the Mishkan, proving that no money was used inappropriately or wastefully.
Rabbinic tradition too is replete with ideas about how we should approach our finances. Well aware of the deep relationship between material and spiritual wellbeing, the rabbis taught “Im ein kemach, ein Torah.. ” – without flour there is no Torah, without Torah there is no sustenance”
But once our needs are met, we must make financial decisions based on our values. Moses teaches “when you have eaten and been satisfied, beware lest you grow arrogant and say “my own activities made me wealthy”. and you forget God” . After death, the soul is asked several questions, including “were you honest in your business dealings? When we give tzedakah, we must give enough that the recipient can themselves give tzedakah.
Risk management is also considered – emulating Jacob who divided his camp before meeting Esau so as not to lose everything. Talmud quotes Rabbi Yitzchak: “A person should always divide money into three – a third each in land, commerce and cash”
How we manage our money speaks to our values. Talmud records Rav Elai “In three matters one’s true character is seen – in drink, in pocket (financial dealings) and in anger” But maybe it is the word for a coin “zuz” which gives the most important insight. Coming from a root meaning “to move”, we understand that acquiring and storing much money is not helpful to society. Money moves around from one person to another, and this helps each person to have enough, rather than wealth being an end in itself.
Written for “Leap of Faith” in the Jewish News
Managing our money according to Jewish Values
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