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You guys!! We are busting out May budget reminders and some tips on starting a new budget each month. Are you ready?
Can you believe it’s nearly May?? It is amazing how quickly this year is going by – it is going to be summertime before we know it!
If you have been following Reach for More for a while, then you know what a new month means…
It’s new budget time!
Why a new budget?
The reason we tweak our budget each month is because our goals for our money should be different each month. In December you are going to spend your money on different things than you will in May. Your budget should reflect that!
Each month, as I build my new budget, I like to do a check of my calendar. I look for any event, birthday, or holiday that is out of the normal and make sure I’m considering those expenses in our plan for the month.
Then I spend some time with last month’s budget (in this case, I’ll look at April), and see where I went over and where I stayed under and where I need to make some changes.
Using EveryDollar, it is simple to set up the basic bones of your new budget. On a computer, click ‘April 2020’ at the top of the screen and then select ‘May 2020’ which will be greyed out. EveryDollar copies your April budget into the new month, so your budget lines all transfer over.
Now that you are set up, you can start making this new budget reflect the new month. Change your plan, add new lines, delete old ones – whatever makes sense for the month ahead!
Budget Reminders for May
Quarantine Budget Additions
Below are the budget reminders for a ‘typical’ May. But – the world we are living in right now is anything but typical. So here are a few things I’m adding to my budget this month
Takeout from somewhere local
Once a week we are hitting up a locally owned restaurant for dinner (takeout, of course!). Not only is it something to look forward to, but it’s also a way to support struggling businesses during this time.
If you are able, sending some extra money to your community food bank or shelter is one way to show support.
Now…on to the rest of the May budget reminders!
If you have a long-standing tradition of taking mom out for a fancy brunch, make sure you have budgeted for it properly! There’s nothing worse than trying to celebrate with the sick feeling of breaking your budget lingering in your stomach!
Want some budget-friendly Mother’s Day gift ideas? Check them out here!
Social distancing getting you down? Here are some ideas to celebrate mom during quarantine!
If you have someone in your life graduating this year, tucking away a big of money this month will help to make next month’s celebration easier!
It will be here before we know it, so make sure you are ready! Putting away a bit of money each month can make summer holidays way less stressful!
Fresh soil, a few packages of seeds, a new rake to replace the one you broke in the fall. Gardening is a fun and generally low-budget hobby, but make sure you are being intentional and planning ahead before you fill your flower beds and sew your seeds!
Sharpening the blades on the lawnmower and getting the dandelions under control can cost money, so be prepared!
May long weekend festivities
In Canada, we have a statutory holiday to Celebrate Queen Victoria’s birthday each May! (I had to google the reason for the holiday, all I knew was we get Victoria Day off!)
This long weekend is welcomed with the arrival of spring (or often, winter’s last hurrah!) but whatever the weather, make sure you put your plans in your budget!
**Let’s all take a moment and mourn the loss of May long weekend celebrations for 2020 – Stay home. Stay safe. **
Like I said – May long weekend often brings a big dump of snow, so camping might not quite be on the list of activities this month. But by tucking away a bit of money now, you’ll be set for the coming months. I like to start saving for camping early. I use this money to pay reservation fees, to compensate for the increased food and gas costs, and to pay for any extra adventures we might go on while we are away!
That’s a wrap on May budget reminders. I know these budget reminders may not be helpful this year – camping doesn’t seem possible and summer holidays will probably be limited too. You can still get intentional with your budget – decide where you will spend and where you will save and give every single dollar a job so that you know where it is going!
What are you adding to your May budget? Come share with us on Facebook!