Behadrei Haredimכלכלה17:07

New Family Savings Plan Offers Long-Term Wedding Funding for All Children

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The Central Gemach in Israel launched "All of Us as One," a family-wide wedding funding plan that covers all current and future children with one monthly payment. It offers flexible funding amounts, interest-free loans, and an option to increase funding annually to match rising costs, simplifying long-term financial planning for weddings.

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Central Gemach offers a single family plan covering all current and future children’s weddings.
Families choose funding amounts from 40,000 to 400,000 shekels with fixed monthly payments.
The plan includes up to 24,000 shekels grant per child to reduce repayment amounts.
Loans are interest-free and repaid over 100 installments, clarifying future costs.
A growing amount option increases funding by 2% annually to offset rising wedding expenses.
Plans are customized per family based on children’s number, ages, and payment ability.

Israeli parents often face the financial challenge of funding multiple weddings over the years as their children reach marriage age. Traditionally, families had to enroll each child separately in wedding loan funds, making it difficult to manage and sometimes leading to missed planning opportunities. To address this, the Central Gemach (interest-free loan fund) has introduced a new program called "All of Us as One," which allows families to join once and include all current and future children under a single plan.

This program simplifies financial preparation by requiring one fixed monthly contribution per family, covering all children’s weddings. Families can choose their desired funding amount per wedding, ranging from 40,000 to 400,000 shekels, with corresponding monthly deposits. Additionally, the plan offers a grant of up to 24,000 shekels per child to reduce the repayment burden. Loans are interest-free and repaid over 100 installments, allowing families to clearly understand their future financial commitments.

Recognizing that wedding costs rise over time, the program includes a "growing amount" option, increasing funding by 2% annually from the first wedding onward. This feature helps families plan for inflation and escalating expenses over decades. Each family’s plan is tailored based on the number and ages of children, monthly payment capacity, and desired funding level, with Central Gemach representatives assisting in selecting the best option.

This innovative approach aims to ease the financial stress of wedding preparations by offering a comprehensive, long-term solution that adapts to family growth and economic changes.

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