Today, a significant amount of information is circulating regarding making Aliyah, which is something not heard since the Six Day War back in 1967. Over the past five years, the number of people attending Aliyah events throughout the United Kingdom and North American is on the rise. In fact, a large number of people are showing interest and participating in olim. When looking at Diaspora Jewry, it is easy to say that more than 20,000 new olim is an accurate number.

Many reasons exist for the growth in Aliyah in the western world. For one, the current economy has been devastating. Additionally, the cost for Jewish education has skyrocketed. Then, with many unhappy people ever since President Obama took office, the Israeli government has used this as an opportunity to educate people about olim. However, several organizations to include Ami and Nefesh B’Nefesh have seen incredible success, strongly believing that if people are provided with olim to include all things involving Aliyah, the people will gravitate to it.

These organizations also believe that rather than olim trying to get through life without much, if any assistance for things such as education, housing, and jobs, that if prospective olim are provided with Aliyah events and support, the problems would be greatly diminished. If you think you might be interested in Aliyah, the following suggestions would help make the transition easier from a financial perspective.

Budgeting

One of the first and most important steps to take for any prospective olim is to stop putting so much emphasis and worry about the cost of living in Israel upon arrival. It is true that because healthcare and education costs are less than what you would find in North American, income levels are also less. Then, to start Aliyah, there are expenses involved, especially at first. However, to gain incredible insight into you could budget for this and afford to live in Israel, you might visit the NBN website, which offers a wealth of information.

Buying Transition

It is perfectly normal for new olim to choose products from the old country, those they know and understand but to make the transition easier when moving from North America to Israel counselors for Aliyah actually suggest that people continue buying American products for awhile. Keep in mind however that many modernized products, specifically those from the United States are higher priced than what you would pay in Israel but within a short time, you will be able to find similar products that are just as good but for less money.

Some new olim prefer to stick with the US currency while some depend on non-Shekel pensions. No matter the preference, one of the most important changes will be to move the money to Israel but using an easy, efficient, and affordable method. For this, you could deposit dollar checks into a local bank in Israel, having the money wired electronically, or work with a licensed, foreign exchange firm. If you choose the latter, you would find the process simpler by working with a financial expert or a veteran olim.

If you decide to move to Israel you would also want to meet with a financial planner who can provide you with guidance for hedging foreign currency to the Shekel. The good news is that the financial market has been stable in Israel for the past three years but even so, approximately 20% moves for both appreciation and depreciation have been seen specific to the US dollar and Shekel. This means that if for some reason you were to see a decrease in income by 20%, completing your Aliyah could be significantly impacted. This is why understanding how to manage your finances is a key factor when becoming a new olim.

The truth is that making Aliyah is a serious decision, one that comes with numerous and dramatic changes. Because of this, the key to success starts with good planning to make the transition seamless but it also depends on education so as you begin your new life and experience new lifestyle changes, you would not feel as overwhelmed.