I’m not a psychologist (although I often joke that if I was ever to go back to school it would be to study the psychology of money), but let me suggest that a large part of the problem is that we are overwhelmed by the enormity of the concept of checking all our bills. We are already juggling so many other balls in our hectic daily routines, and there are so many bills – phone, internet, electricity, gas, water, bank fees, food … the list goes on. And with some of the bills you only know there is an issue when you compare older bills to see the context, which makes the task even more complicated.

Ironically, our desire to do a perfect, comprehensive job often ends up stopping us from doing anything at all. We convince ourselves that we need a large, uninterrupted block of time, something very few of us can spare, and so we put it off. Again. And again.

Start Small. Look Forward

My suggestion is to start small, start now and don’t look backward. When your next bill arrives, find a few minutes to look at it. Don’t think about what you haven’t done and should do – that negative mental energy won’t take you anywhere productive. If you notice something unusual on that bill, or something that requires some kind of follow up, schedule yourself a specific time to do that, so that that task doesn’t disappear within your busy daily life.  A few minutes a day can make a significant impact on your ability to stay on top of your finances.

The Power of Those ‘Few’ Minutes

A famous story is told of Rav Moshe Feinstein, who was able to finish Shas (the entire Talmud) solely by using the small amounts of time waiting for appointments. An inspirational lesson for all of us about the value of those ‘few’ minutes we often ignore. Maybe we won’t learn all the Talmud in that time, but we can certainly manage to check a bill or two!

Small Actions, Big Results

Lowering our expectations of that job done perfectly, from start to finish, makes it happen. And ironically, we achieve much more as a result.

And here’s another story to encourage you to keep checking your bills. Someone recently told me that after they had been checking for a period of time, they noticed an inexplicable increase in their water bill. They called a plumber who couldn’t see a reason for the increase. The watering system in their garden was also checked and found to be working properly. (Did you know that in Israel, if you have an increase in water usage due to a leak in your garden, the iriya will refund you the excess payment?)  After much thought they checked the roof and discovered that their water system had a pipe leading off. Further investigation led them to understand that their water was being syphoned off and used by their neighbors who were renovating.

In theory, technology makes things easier, but only if we use it properly. Our bills are sent to our phones and computers via emails or texts. But unless we deal with them pretty immediately, or have some other method of bringing them back to our attention, we run the risk of losing them among more recent emails and texts. So when your next bill arrives, read it quickly, and either deal with it or schedule a time when you can.

Good may not be perfect, but it can be very, very good, especially when compared to the nothing that we often do as we wait for the perfect! 

Now that you have hopefully internalized this positive mindset, here are some other ways to recoup money before the year’s end.

End of year tips

• Increase your contributions to your pension plans or long-term retirement savings plans (kupot gemel) to ensure you are contributing the maximum (especially if you are self-employed). Contributions help to reduce your current tax liability and savings are invested in either tax-free or tax-deferred funds which can optimize the long-term growth of your investments and pensions. Check with your insurance agent or financial professional about options that match your situation.

• You still have time to make charitable donations (to tax-approved charities) in 202 If you have taxable income, you can receive a reduction of 35% of the donation from your taxes paid (either through your employer or directly with Mas Hachnasa if you do it early enough).  And if you don’t manage to receive the refund before the end of the year, consider filing an annual tax return to recover a refund for any donation made in 2025.  Speak to your accountant for more details.

If you have retirement funds in the US and have reached the age of 73, you need to ensure you are taking out at least your Required Minimum Distribution (RMD).  There may even be situations where you would want to withdraw larger amounts than your RMD, especially when your income is low. Coordinate with your accountant to keep your potential tax liability to a minimum.

Consider selling offsetting share positions (e.g. if you have paid taxes, sell shares that are priced at a loss, if you have sold shares at a gain, consider selling shares with gains) to optimize your tax exposure.