Paamonim: From Debt to Savings
The Paamonim organization, which provides financial assistance and counseling, has released its annual report. The organization found that over the past year, it helped the average family add 2,000 shekels a month to its budget.
The average family was able to save 500 shekels a month with help from Paamonim’s advisors. The savings broke down to an average of 200 on food, 70 on clothing, 50 on cell phones, 60 on gasoline, 50 on bank feels, and 70 on various other expenses.
In addition, Paamonim’s career counselors helped the average family add 1,500 in income, whether by adding hours at work, requesting additional salary or benefits, or finding more lucrative work.
One story included in the report was that of the Breiga family, which arrived at Paamonim for emergency help and advice after incurring heavy debts. “Our salaries aren’t bad… We just didn’t know how to manage our money,” explained Ayelet Breiga.
For one year they learned financial management with the help of their Paamonim advisor, Avi. The family learned to make a budget for the first time and to cut back. Twelve months in, they were out of debt and even able to save money each month.
“As last year came to an end, the subject of the high cost of living became part of Israelis’ agenda,” said Oriel Lederberg, Paamonim’s CEO. “Paamonim has been dealing with this issue for year.
“We know that, in addition to the justified demands for change from the government, and the justified call for corporations to show more social responsibility, there is a need for a serious change on the family level when it comes to the budget,” Lederberg continued. “Without this, the desired change will not come about.”
“I wish the entire people of Israel a good year, a year of prosperity and success,” he concluded.
Paamonim previous expressed support for those protesting over the cost of living, but added a new dimension by taking to the streets to teach financial responsibility as well.