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Budgeting.  Who else cringes when they hear the word? Our emotional response to the word budget conjures visions of denying yourself something tangible as a result of painfully grinding through your expenses and spending. Why do we give the word budget so much emotional power? I suggest that instead of dreading the word, we should find ways to embrace it. So if the name budget is the issue, change it! Just forget the first 3 letters and call it your GET Plan, as in how to GET the resources you need to send your kids to college, retire at 60, or even take that dream vacation.

Are you ready to GET going to achieve your monetary goals? Here’s how to start:

• Choose your budgeting method. Just like diets, there are a million different budgeting methods (50/30/20, Zero Sum, Cash Envelope, etc.). Research those methods and determine what method is best suited for you and your family. 
• Set specific and realistic goals. Unrealistic goals will derail your budget before you even get started. 
• Track, track, and track some more. Whether you use an app, Excel spreadsheet or just pencil to paper, tracking is crucial in making yourself accountable. 
• Establish needs versus wants.
• Prioritize debt repayment.
• Consider using automatic savings tools. Sock away money before you ever see it and most likely you will not miss it. 
• Plan purchase dates for large purchases. Do you have an eye on a new TV? Plan ahead and save with your timeline in mind. 
• Include a contingency category in your GET Plan. Life throws everyone curveballs, but having a contingency fund can alleviate some of that stress. 
• Include fun or extras in your GET Plan. Treat yourself.
• Adjust your GET Plan monthly. It shouldn’t be a static document. Life changes and your plan should too.
• Don’t be hard on yourself. We all have missteps. That is life. Keep your end goal in mind and work toward achieving it.    

Now that you have the tools in your toolbox to help you start your Get Plan, how can Community Bank help? We want to be your trusted advisor and our bankers are ready to assist you in meeting your financial goals. Here are just a few examples of how we can help:

  Want to reduce your debt? We can help analyze avenues for debt consolidation and evaluate the advantages of refinancing at a lower interest rate. 

  Need a savings account specifically for that beach trip? Not a problem.

  Need a long-term savings solution? We can help you start an IRA with retirement and tax planning benefits. Speaking of retirement and tax planning, we also have a Brokerage and Investment department (securities are not FDIC insured, may lose value and have no bank guarantee).

  Want to bank on your phone? Our digital platforms allow you to set up Bill Pay and automatic savings transfers. 

A final note: A tip mentioned early was to track, track and track some more, and there’s no simpler way than to use Community Bank’s MyFinance.  It is a budgeting tool that is already tied to Community Bank’s digital banking platform. Look for this icon  to get to MyFinance on your computer or your mobile device. How easy is that? In MyFinance you can add a budget, set goals and track them, review your current and projected cash flow, generate a personal balance sheet, and link accounts from other financial institutions. 

Each of us at Community Bank wants our customers to succeed in reaching their financial goals. Budgeting (or a GET Plan) is a great place to start working toward your goals, and we are happy to help you achieve them. Do you need help getting started? Click the Schedule an Appointment button on our website and let’s GET going!

Susan Barber
President and CEO