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In these tough economic times, it is more important than ever for families to develop a budget and stick to it. Rainy-day funds, savings for college, or just making your rent payment can all be made easier with a budget. Citizens Bank supports its customer’s efforts to budget and save by offering expert guidance.

            “A financial goal can be very motivating,” said Sarah Lane, Citizens Bank Chief Retail Officer. “Whether you are saving for a family vacation, a down payment for a house or a new pair of shoes, if you have a plan, you’re likely to achieve your goal.”

            Putting together a household budget requires time and effort. Citizens Bank offers the following steps to create a budget:

  • Be a Spending Stickler. Track every penny you spend for a month. Keep receipts and write everything down. This will be an eye-opening experience and will help you see where you can cut back. For those going digital, try keeping track using the bank app or online account services.


  • Count Your Money. Determine the total amount of money coming in. Include only your take home pay (your salary minus taxes and deductions). Your income may also include tips, child support, investment income, etc.


  • Itemize, Categorize, Organize. Review the records and receipts you’ve been collecting over the last month. Categorize your spending using a budget sheet like the one offered by the American Bankers Association Education Foundation (also available in Spanish). We can help you find the best fit for you.


  • He Shoots, He Scores. Set a realistic financial goal and develop your budget to achieve that goal. Subtract your monthly expenses from your monthly income. Find ways to cut spending and set limits on things like entertainment expenses. Some accounts even have coupons and entertainment discounts that can help.


  • Save, Save, Save. Make one of your financial goals to save a certain dollar amount each month. Start an emergency fund if you don’t already have one. You never know when you may need it. Christmas Club, Money Market and Certificate of Deposit Accounts can all be great tools to help you save.


  • Stick to it. Keep track of your spending every month. Update your budget as expenses or incomes change. Once you achieve your financial goal, set another.


Citizens Bank is dedicated to serving customers and communities beyond traditional banking needs.  We would love to help you and your family in your budget journey. Let’s get started together. To learn more, come see us at any of our locations across the state or contact us at (844) 350-8512 for assistance by phone.

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