6 May Budget Expenses You’re Probably Forgetting
It’s FINALLY May, the snow has stopped, and the temperatures have risen to what is normal for Spring.
The month of May is so exciting, full of plans for the summer, finishing up school, holidays, and plenty of time outside.
With so much going on, it’s easy to get caught up in all the fun and forget out how taxing this season can be on your bank account and budget.
So, to give you a bit of an edge, here are 6 expenses you might be missing from your May Budget:
You should definitely plan to spend a bit of money to spoil mom on Mother’s Day. She works hard for your family, and deserves a day! Ask her how she would like to spend the day, and then budget accordingly for the expense.
Stuck at the end of May, when most budgets are almost tapped out (especially during Baby Step 2, hello!) is a holiday that most people have off work for – and you’re probably going to want to celebrate in some way: be it a backyard bbq, camping, or another fun family outing.
Try divvying up the costs if you’re spending the day with extended family, but more importantly determine how much Memorial Day is going to cost and put that amount into your budget. Being blindsided by cost on a holiday is no fun!
If you have kids, then chances are they’re going to want to go to a summer camp (or three) during summer break. With school letting out within the next month or two, it’s time to either put deposits down on those camps or pay them in full – registration deadlines are coming fast!
Make sure to add a line to your budget for these camps and tighten up your budget in other places, if needed, to fit the added expense into your budget.
Again, this is mostly if you have kids. Summer means lots of activities: the pool, camps, meeting up with friends, community events, etc – which means you will need to budget for extra gas. Add that to rising gas prices, and it’s incredibly important to increase your gas budget during the summer.
Graduation Gifts & Parties
Everyone knows someone who is graduating – between cousins, nieces, nephews, and those kids that you’ve grown up going to church with, expect to buy your fair share of graduation gifts. And, if you have a child who is graduating, you’ll have the added expense of throwing them a graduation party. Set aside a set amount for a gift per graduate, be it $10 or $50, and then you will be prepared when all of those invitations start showing up in your mailbox.
School’s out, which may mean it is time for family vacation! Now is the time to start setting money aside to reserve hotels, activities, or whatever else you have planned. You probably don’t need the whole amount set aside, but it’s good to determine exactly how much vacation will cost you this year, when you’re going, and then divide the total amount by the number of months until you depart.
Or, if money is tight, check out these inexpensive staycation ideas, things to do in St. Louis (an incredibly affordable city), or find fun, free things to do you in your town.
I hope your May is absolutely amazing!
For our family, May seems to signify the beginning of summer – even though it isn’t, actually – because we put up our pool, start mowing the lawn regularly, and we have so much fun as a family.
Don’t let yourself get burned by unexpected May expenses – take some time to figure out what these added expenses are going to cost you and incorporate them into your budget today!
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