Financial Capability Month Challenge: Time for a Better Budget
In Partnership with GreenPath Financial Wellness
April is Financial Capability Month, making it the perfect time to put fresh eyes on your finances.
Have you ever checked your account balance and thought, “Where did all my money go?” You’re not alone. A well-structured budget doesn’t have to be about cutting back – it’s about gaining control, reducing stress, and working toward what matters. Whether that’s paying down debt, saving for retirement, or (finally) taking a vacation, sticking to a budget gives you freedom in the long run.
Numbers That Tell a Story
📌 41% of U.S. adults have credit card debt.
📌 Inflation continues to challenge household budgets.
📌 Even though 74% of Americans use budgets, many struggle to stick to them.
The Budgeting Challenge
Even when money is tight, small steps can help you regain a sense of control. Over four weeks, we know you can have more tools to help you make a plan that fits your reality.
Week 1: Take Stock (Without Judgment)
- Days 1-2: Gather documents – Collect personal checking and personal savings account statements, bills, and income records. If you don’t have access to everything, just start with what you know (like recent pay stubs or receipts).
- Days 3-5: Sort spending into essentials vs. non-essentials – Focus on basics first: housing, food, transportation, and bills. Then, list everything else.
- Days 6-7: Track daily spending – If writing down every dollar feels overwhelming, start small – like noticing where cash disappears fastest, like fast food, gas, or supplies.
Week 2: Think Small
- Days 8-10: Find areas to free up cash – Look for small, manageable changes. Might you cook one extra meal each week instead of going out, or switch to coffee at home?
- Days 11-13: Commit to one realistic goal – Maybe it’s paying a credit card bill in full. Small wins build momentum.
- Day 14: Choose a budgeting style that fits your situation. Zero-based budgeting or the 50/30/20 rule are some examples.
Week 3: Adjust and Automate
- Days 15-17: Adjust spending based on what’s possible – Don’t aim for perfection. Aim to find small ways to stay on top of expenses.
- Days 18-20: Automate what you can – Even if it’s just setting reminders to pay bills on time, little systems can help.
- Day 21: Revisit and adjust – If your first plan didn’t work, that’s normal. Tweak it and keep moving forward.
Week 4: Subtract, Add, and Celebrate
- Days 22-24: Downgrade without losing what matters – Instead of cutting everything, swap or downgrade packages (e.g., cheaper phone plans).
- Days 25-27: Explore ways to boost income – Selling things you don’t need, freelancing, or joining the gig economy part-time can provide short-term relief.
- Days 28-29: Plan for expenses you know are coming – Even setting aside $5-$10 per paycheck in a high-yield savings account for emergencies makes a difference.
- Day 30: Reflect on progress (no matter how small) – If you made any improvement this month, celebrate it! Every step forward counts.
Remember that you don’t have to budget alone – connect with your financial institution to see what services and resources we can provide. Our nonprofit partner, GreenPath Financial Wellness, also offers free financial counseling and personalized debt management. Their NFCC-certified counselors are ready to meet you wherever you’re at, without shame or judgment.
if you’re more interested in receiving free financial counseling in person, our long-term nonprofit partners, Ariva, offers free, confidential, one-to-one time at our branches in the Bronx, at a New York City Financial Empowerment Center, and now in our new Red Hook branch for Money Talk Mondays. As a community bank in New York, it’s our mission to support and nurture your financial journey. Get in touch with us today.