Financial Atonement for Yom Kippur

Financial Atonement for Yom Kippur

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NEW YORK (MainStreet) — When it comes to money, there's one thing we all have in common: we make mistakes.

It's pretty normal to fall into a cycle of making the same mistakes over and over again. If you find yourself continually falling short of your financial goals it might be time to look for new sources of inspiration.

The Jewish High Holidays are upon us, and many of the traditions can be applied to our financial lives as well—no matter where we fall on the religious spectrum. This is the perfect time of year to reflect, resolve, and renew – sort of like a juice cleanse. But for your money.

1. Reflect

Start by spending time reflecting on your financial habits. Look over important documents like your credit card bills, 401(k) statements and tax returns. Try to identify the mistakes that are holding you back from reaching your goals. It could be anything from impulse shopping to paying unnecessary bank fees to buying fancy coffees.

Once you've identified the mistakes you want to leave behind, make a physical representation of that decision. Consider the Jewish tradition of Tashlich, which involves tossing pieces of bread into a body of water to represent casting away past shortcomings. Out with the old, in with the new.

2. Resolve

Commit to making progress this year toward at least one financial goal. By giving up your past mistakes, you are essentially embarking on a financial fast. But fasting isn't just about giving something up. It's really about redirecting.