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August 14, 2023

Navigating Family Finances: A Guide to Smart Spending

At Citizens First Bank, we firmly believe that building a strong financial foundation is a vital part of ensuring a happy and secure family life. We understand that managing a family’s finances can be a challenging task, which is why we’re excited to share some valuable insights on how to make the most of your hard-earned money. Join us on a journey of discovery as we delve into the world of smart spending for families. 

Planning Out Your Smart Spending 

Creating a budget is like drawing up a roadmap for your family’s financial journey. Sit down together and map out your monthly income and expenses. Identify your fixed costs such as housing, utilities, and insurance, and allocate a portion of your income to savings and investments. Planning ahead gives you a clear picture of where your money is going and helps you avoid unnecessary purchases.  

Budgeting Apps

As we continue to develop technologically, there are now numerous apps and online tools available to help you manage your money. We recommend using them to track your spending, set savings goals, and stay on budget. At Citizens First Bank, we now offer online banking services that allow you to set up automatic payments and keep an eye on your accounts at all times. This will play a huge part of the budgeting process!  

Dine In or Dine Smart 

Partaking in dining out, whether at a fast-food spot or an upscale restaurant, is such a fun experience, but strains the budget. An alternative worth experimenting with involves family cooking sessions. This fosters a connection as family members collaborate on meal preparation, experimenting with local ingredients and new recipes. 

Beyond saving your family money, dining in encourages valuable life skills. This could mean anywhere from children to young adults learning their way around the kitchen. This shared experience also promotes healthier eating habits. By being a part of the meal preparation process, families can make conscious choices about ingredients and cooking techniques, leading to more nutritious meals. So not only can family cooking help with healthy eating habits, but it can also save you money! 

 Smart Spending and Thoughtful Shopping 

Before making a purchase, ask yourselves: Is this a want or a need? Teach your children the value of making thoughtful choices when shopping. When buying groceries, essentials, school supplies, etc., create a shopping list and stick to it. Consider buying in bulk for items you use frequently and take advantage of discounts and coupons to stretch your dollars further. You’ll see a noticeable difference every month. If you’re even luckier, you’ll be able to set aside a set dollar limit every month and start creating a savings safety net that can be utilized in multiple ways.  

Plan Ahead 

Taking good care of your family’s money for the future is an extremely important task, but you can do a few smart things to make sure everything stays steady down the road. First, it’s a good idea to save up some extra money for unexpected situations; savings. It’s like having an “oops” fund that helps when things don’t go as planned. Then, think about when you’re all done working and want to relax – that’s called retirement. Saving a bit of money now for that time later is like planting seeds for a garden in the future. Lastly, it’s super helpful to write down what you want to happen with your things if you’re not here anymore. This is called making a will. It’s like drawing a map for your family so they know what to do when you’re gone. 

Mastering the art of smart spending as a family is both rewarding and achievable. By planning, cooking at home, embracing local experiences, making wise shopping choices, and preparing for the unexpected, you’re laying the groundwork for a financially secure and fulfilling family life. Citizens First Bank is honored to stand by your side as you navigate this journey, providing the tools and support you need to make the most of every dollar. As your friendly financial partner, we’re here to support your family’s financial goals. Our team of financial experts is always available to provide guidance and advice tailored to your unique needs. Contact us today for additional information or questions regarding your financial future!


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Holmen, WI 54636  
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