Beginning of the month - Overview

Can you believe we just passed the end of May?!?!? We are almost half way through 2024! Since it's the beginning of June, we want to take a look at the state of our finances.

I like to go through a list of end of the month budget questions at the beginning of every month to see if there is anything I need to—or want to—change as we move into a new month.

If you don’t have a budget, then you probably will want to start there. Register for my Masterclass today to get a template and let me help you get started with you new budget today! https://form.jotform.com/241486174233153

If you do have a budget, then consider this post your sign to do a May budget recap and help you get some perspective so you can stay on track.

Did you actually track your spending?

If you did, great job! If not, what kept you from doing it? Do you need more help to get started?

How much did you spend last month?

Look at any categories where you spent more than you expected, and see if that was just a one-off or if you need to overhaul something more substantial in your budget.

Will you be planning to spend more or less on a certain category in the coming month?

Look through upcoming schedules. Do you have a lot of graduation parties to budget for? What about upcoming summer expenses, or vacations?

Are there any holidays or events coming up that will cause you to spend more?

Father’s Day is coming up. Do you go all out on fireworks for the 4th of July? Consider how much you might spend on these situations.

Are there any recurring expenses that won’t happen this month?

Do you have school lunches that are budgeting to come out during the school year? If so, you could MOVE those funds to your savings so at the beginning of the school year, you have money put back already.

Are there new sinking funds that have come to your attention?

A friend recently had an unexpected expense when her son got invited play in a soccer tournament that wasn't included in the club soccer's yearly fees. Now she knows that next summer, she’ll need to have about $300 set aside for that.

Do an inventory check—how are you on groceries, personal care items, household items?

Is there anything you need to stock up on? Things like toilet paper or toothpaste. When you buy those in bigger bulk purchases, you can get more than one and it will last you more than just one month.

Are there any new categories you need to add to your budget?

Budgets have to be flexible. Our variable expenses are always moving so sometimes there may be items we’re spending on every month that are all pushed into one category. Separating a category out can be helpful. What does that mean? Well take for instance if you have a lot of streaming subscriptions.

How are you doing on your financial goals?

Are you trying to pay off debt? Build up an emergency fund? Examine how far you’ve come and how far you have to go. And lastly - think about any financial wins you can celebrate! What did you do well that you are so excited to celebrate?!?