By Rosanne Schwab
In these tough economic times, it is more important than ever for families to develop a budget and stick to it. Rainy-day funds, saving for college or just making your rent payment can all be made easier with a budget. Peapack-Gladstone Bank supports its customers’ efforts to budget and save by offering expert guidance.
A financial goal can be very motivating. Whether you are saving for a family vacation, a down payment for a house or a new pair of shoes – if you stick to a plan, you are more likely to achieve your goal. Putting together a household budget requires time and effort. Peapack-Gladstone Bank offers the following steps to help you create your personal budget.
Be a Spending Sleuth. 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.
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. You can track your spending using a budget sheet. There are a variety of weekly, monthly and yearly spreadsheets available online for managing your specific household expenses.
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.
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.
Stick to it. Keep track of your spending every month. Update your budget as expenses or income change. Once you achieve your financial goal, set another.
Be patient as you transition to life on a budget, because it takes time to make it work. While budgeting requires effort in the early months, learning to maintain a budget will pay big dividends for your entire family in the long haul.
About Peapack-Gladstone Bank
Established in 1921, Peapack-Gladstone Bank is a $1.58 billion asset, wholly owned community bank that offers a full range of quality banking products and services to businesses and residents of Essex, Somerset, Hunterdon, Middlesex, Morris and Union counties in New Jersey, through 23 full-service branches, an online branch and a wealth management division, PGB Trust & Investments. In addition to its personal and business banking product line, Peapack-Gladstone Bank offers consumer and commercial lending products and services like auto and home equity loans and lines of credit, residential mortgages, commercial mortgages, term loans, lines of credit and construction loans. For additional information about Peapack-Gladstone Bank or to open an account online, visit www.pgbank.com or call 908-234-0700. Member FDIC. Equal Housing Lender.

