rain jacket and rain mitts

Depends on how you define breaking the bank. I use an Outdoor Research Helium II jacket and Outdoor Research Revel mitts.

Ditto on the OR Helium II for price point and great reviews. I got my girlfriend one off STP with a coupon for ~$60. I also made her a pair of tyvek rain mitts out of old tyvek envelopes I get my stuff in. http://www.sierratradingpost.com/outdoor-research-helium-ii-jacket-waterproof-for-women~p~5114u/?filterString=s~helium-ii%2F&colorFamily=02

I love my helium 2 jacket so much that a few weeks ago I grabbed another one on gear swap for a great price so I can keep 1 in my commute day pack for my walks to and from work.

where are you going that you need a rain jacket and mitts during the summer? if you want to save money and think poncho too heavy, maybe frog toggs, no need for mitts maybe something more like a wind shirt if there's only a small chance of rain

very true. Depends where you are going I guess. In the Summer here in NY I would NOT wear a rain jacket and/or mitts at all.