Managing Money in the Jewish Faith: Resources & Support

The meaning of personal finance can vary depending on your needs, concerns and values. In the Jewish community, money plays a part in ensuring that Jews can maintain their religious and cultural lifestyle as well as pass on traditions to the next generation.

You can learn more about personal finance and the Jewish faith by looking at the expenses individuals incur by living as Jews.

There are many stereotypes related to Jews and money. One of the oldest and most harmful anti-semitic tropes is that Jews control the world economy and the banking industry. This lie was recorded in “The Protocols of the Elders of Zion” and was used by Adolf Hitler as justification for exterminating the Jewish population of Europe. Jews are also portrayed as both greedy and rich, but also cheap.

In reality, Jews are obligated by the Torah to give charity, improve the world and stay honest.

When it comes to money, many Jews — especially those who are religious — will turn to the Torah for insight. The Torah and other works offer guidance on a variety of topics, including giving charity to support one’s community, not stealing and not being greedy.

An important mitzvah, or commandment, that many Jews adhere to is giving tzedakah, or charity. Every Jew, regardless of their financial status, is obligated to give 10% of their earnings to the needy. However, charity can also be considered “volunteering” or doing something else which is positive.

Many will collect cash or spare change in a personal tzedakah box, which can resemble a piggy bank. When it’s full, they’ll donate it to a charity of their choice, such as a homeless shelter, food pantry or old age home. Often, the final donation will be made in the form of a check. Tzedakah boxes also appear in kosher grocery stores and other Jewish businesses so shoppers can easily make donations which will be given to the needy.

Jews are not obligated to make a set number of donations per year, but many observant individuals will give tzedakah before Shabbat, which is the day of rest. It is also common to set aside money for charitable causes before holidays, such as Yom Kippur.

If you have a limited budget to stick to every month, you can still create a charity plan that works within your limits. Use the following tips to make a giving routine.

It is explicitly forbidden for Jews to steal, even if they intend to return the money or object right away. Jews also cannot knowingly buy an object that has been stolen. When it comes to business transactions, Jews must be as honest as possible and treat the other party with the utmost respect. For example, while it’s possible to take advantage of clients by being dishonest about the costs associated with carrying out a task, the Torah puts an emphasis on surrounding oneself with people who have strong moral values and will not cheat.

If a Jewish person damages or destroys another person’s property, they also have to make restitution. In the Torah it says, "If one kills an [other's] animal, he must pay for it, [the value of] a life for a life." (Leviticus 24:18).

The Talmud, which is a collection of writings that cover Jewish law and tradition, says that it is important to have enough money to survive and be comfortable, but it’s critical not to be greedy. Jews believe that all wealth comes from God — since you cannot take money with you when you die, you should be humble when making money.

Maintaining a Jewish lifestyle can be extremely expensive due to the high cost that living in accordance with Jewish law requires. Common expenses include kosher food, tuition for Jewish day schools and tickets to attend synagogue on important religious holidays.

While not all Jews keep kosher, the ones who do pay a premium for kosher meat and other products. The cost of kosher meat can be more than double the price of non-kosher meat because there must be a supervisor to ensure an animal is slaughtered correctly. If a cow is inspected and found to have a disease, it is prohibited to use its meat. This screening process takes time and money, as does salting the meat, which is required under Jewish law.

Kosher food always has a special label. Some mainstream grocers will have a special section for kosher meats and cheeses, while other stores will cater specifically to the Jewish community and only carry Kosher food, meaning shoppers don’t have to check for a hecksher, or Kosher label.

Many Jews of all backgrounds send their children to Jewish schools which offer both a religious and secular education. Tuition at Jewish day schools can be costly. Many elementary and middle schools charge about $25,000, on average, per year, while high schools charge upwards of $40,000, on average, per year, making it comparable to college tuition.

Schools and community members offer tuition assistance, but families may find themselves sacrificing vacations and other luxuries to afford the cost. As a result, some Jews choose to send their kids to public school during the weekday and Hebrew school on Sundays. Some Hebrew schools charge $800, on average, for the academic year.

Many costs arise during the Jewish calendar year. Food for Passover can be particularly expensive because religious Jews adhere to rules which obligate them to rid their pantry and refrigerator of most food used during the rest of the year. During Passover, Jews must buy food that is strictly supervised and free of chametz, or leavened bread.

Throughout the rest of the year, religious objects like Shabbat candle holders; boards for challah, or bread; siddurim, or prayer books; lulavim, or the fronds of a date palm tree, and etrogim, or yellow citrons, must be purchased.

Consider these four tips for staying on budget.

While living a Jewish life can be expensive, there are ways to make it more affordable. You can find organizations and services to assist you with your finances, discover additional ways to save money and scale back expenses, such as school tuition, that is best for you and your family.

When it comes to Jewish schools, scholarships are available for families who do not have the financial resources to pay, and schools may give discounts if more than one child is enrolled. If a parent works at the school, they might be able to receive a discount on tuition for their children as well. Some schools make it a point to never turn away a child who wants a Jewish education. Instead, they will raise funds for the Jewish child in need.

There are various resources that Jews can tap into if they are in financial straits. If a woman is getting married and she can’t afford a bridal gown, for example, she can go to a gemach, which is the Jewish version of a recycling agency. There, she can find a gown to borrow for the big day, and she may only need to pay for cleaning the dress after she’s worn it.

There are also special gemachs for items including baby toys, medical equipment, chuppahs (a wedding canopy), children’s clothing, centerpieces for events and much more.

While Jews tend to live in cities that may be more expensive, such as New York City, Los Angeles, Chicago and Miami, moving to a smaller Jewish community in a more affordable state could be financially beneficial. If you are more deeply religious and highly active in an organization like Chabad, you may also be paid to establish a Jewish community in a rural area.

Various resources offer support to members of the Jewish community in financial need.

• Jewish Free Loans: Cities across the U.S. have Jewish free loan organizations, where those of all races and religions can apply for interest-free loans for personal or business matters.
• The Jewish Federations of North America: This organization represents 146 Federations and over 300 communities which raise money to support social welfare, social services and educational needs.
• PJ Library: The library offers free storybooks for Jewish children from birth through 12 years of age — and it takes less than a few minutes to sign up.
• Chabad: Chabad is an Orthodox Jewish organization that operates on donations from the community and provides free Shabbat and holiday meals to any Jew in need.
• Scholarships.com: A variety of scholarships are available for Jewish students looking for funding for higher education.
• MAZON: MAZON is an organization that gives $2.5 million to 52 local organizations across the U.S. and in Israel in order to fight hunger.