May in my budgeting world actually starts on the 3rd and ends on the 30th (don’t ask). At the start of each month, I like to sit down and decide how much money I should allocate to each budget category, based on what I have written on my calendar and what I expect to occur. My income is not fixed, so I used an average of what I expect it should be, and I shoot for the lower end of the spectrum as far as pay cheques go.
My main reason for having a budget so I’m going to continue tackling this, the same way I have been for the last three months (not that you would know what I have been doing -_-).
Even though I have student loan debt and I put what I deem to be significant amount to it every month, I still want to save money. I don’t see the point in putting every penny to debt and then if something happens I’m cashed strapped. I love travelling, so I will continue to put $100 a week to that account and $60 to my Rainy Day fund. I know it probably seems backwards, but if something dire had to happen I would use the travel money. Simple. Plus, any extra money I save throughout the week goes to my Rainy Day fund.
I have set up my income to go to two different bank accounts every pay day, so the Other Savings category is what is left over when I have taken out what money I need for the week.
Gifts & Guilt Free Spending
So people decided to be born in this month and Mother’s Day happens to be this month as well as several outings I plan to attend. The money in these accounts is used for gifts (duh!) and clothing and other things I will need for my planned activities. I haven’t bought any new clothing since December, but I really need to buy a shirt or two and a pair of black flats (so I can wear them with everything. I’m such a cheapskate).
My commute to and from work demands that I spend at least $40 a week on bus fare, but some days I can save money if I get a lift to work. I categorise this as a fixed expense and I don’t change it from month to month.
This is just daily allowance to cover snacks and drinks and I have brought it down to $4 a day and even save it most days. I have the advantage of my employer providing lunch for us, so I don’t have to worry about either preparing lunch or preparing to buy lunch everyday.
I have tried, and tried, and tried, to get my prepaid BB service on a monthly schedule, but to no avail, so now I budget $60.00 a month.
I only pay one utility bill and I’m budgeting $80.00 for it this month as its usually that amount or less each month.
I could have just shut up and shown you this:
Monthly Breakdown (Major Expenses)
– Student Loan: $720.00
– Transportation: $160.00
– Allowance: $80.00
– Guilt-free spending: $160.00
– Gifts: $60.00 ($40.00 to be added that I saved in April)
These numbers aren’t set in stone and obviously some categories will have to be tweaked as the month progresses. The other savings category will most likely be that amount when the month ends, because as I said before, my income fluctuates.
What does your budget for May look like?