MAY 2021 BUDGET RECAP | Paycheck Budget + Summer Activities

well welcome to the budget mom youtube channel i'm kamika love from thebudgetmom.com and we have ryan back today for another budget recap and today we're going to be going over our may budget and oh my gosh [Music] so two weeks about two weeks out of may i wasn't here oh yeah may was a big travel monday the other two weeks i didn't pay any attention to my finances didn't track my spending it was a complete disaster or mess i had receipts overflowing in my wallet all over the place i had no idea what was going on with my spending categories i kind of was going by the seat of my pants hoping because i what happened was i literally was stealing cash from other envelopes and i didn't realize and i didn't know like how much am i really going over budget and these guys it was literally like oh i have the cash i'm gonna spend it because i'm doing fun i'm doing i was doing a lot of fun activities and embracing the summer weather yeah and it made me realize during the summer months my gas and my fun spending increases drastically i bet i am a summer girl and i realize this about myself i am at my happiest when i am in the warm sun by the water yeah so i went kayaking i went hiking i went swimming i went boating i did all the things okay so may i was off a little bit because i knew it was going to be a hard month because i got so disorganized and so outside of my routine that i became flustered yeah and i was anxious yeah like really i feel like that too when i don't look at my budget for a few days yeah and mine was like weeks it's like almost like i'll just put it off a little bit yeah or it might look like i want to go out and do fun things and i like on to let me just be the budget mom is coming out and saying my budget and and tracking my spending in my financial routine was not at the top of my priority yeah i get that hey my my mental health and that should be yeah and here's the great thing because of the way that i've set up my budget and because of the way that i have managed my money it was okay for me to step back and not be in complete destructive chaotic mode because i wasn't able to do it right so that way you'll see everything that was happening in may um for me my may was kind of crazy because i had a couple of really big things happen as far as like my household i spent eight thousand dollars in my household category why because my my property taxes that i pay once a year remember i own my home outright but i still have to pay property taxes house insurance my property taxes come out once a year every year in may eight grand i owe i own a lot of property so it's not just my house that i'm paying property taxes on it's my land as well i get i get that question a lot my sinking fund i had to use for my you were prepared i was prepared it's just my budget and my spending is a little skewed this month right which is what happens and guess what i'm fully aware of why yeah right exactly so between traveling fun expenses i went way over budget in my gas i'm talking about like over 100 bucks oh my gosh and my household spending was completely insane mind blown so that was my may chaotic i know may wasn't as crazy as it was i mean mother's day was in may right yesterday yep we went to new york yep it was my niece's birthday and i honestly think that's about as exciting may it was for me but that's a lot it was a lot of money spending but i was prepared and i'll show you guys that it was a lot of me spending money but i was prepared okay so let us show you where our dollars went in may exactly our financial goals where ryan is on her debt journey now that she has sold her car and what that looks like as far as where she is throwing her money now and everything else for our may budget breakdown and recap today ryan is using the full-size budget by paycheck workbook i am using the budget by paycheck box at booklets which is why you're seeing a difference in design in size so i'd like to mention that because i get a lot of questions about that so for me in the month of may and so this is my may budget and i get all the information for today's recaps coming from my expense trackers a lot of different things so let's very quickly talk about the first worksheet which is the monthly budget category breakdown and let's talk about the inflow of money into my life in may that comes from a couple of different sources now when i am discussing my budget recap and you're seeing these percentages it's always based off the total inflow into my life not necessarily just my earned income so the inflow into my life in may i had a starting balance of 1151 that was strictly the cash i had sitting in my checking account the first day of my tracking period in may i have earned income which was my tbm paycheck of five thousand dollars i had other income um six hundred dollars which is everything outside of your w-2 paycheck or your normal paycheck and i used savings in the month of may i transferred money from my dedicated savings account into my checking account to spend and that savings used and that was by far my biggest inflow into my life eighty six hundred dollars so when you're seeing i have a total monthly inflow of fifteen thousand three fifty four people like oh my gosh this month is 100 different than any other month i had my biggest bill come out this month it only happens once every year my property taxes so of this fifteen thousand dollars only five thousand of it was earned income so with that being said i was off by for only forty five dollars meaning my income matching my expenses right zero base budget income minus expenses equals zero i'm off by 45 bucks but i knew it was gonna be a challenge this month i'm fine with that i'm leaving it i'm moving on i was under budget if it's in green i was over budget if it's in red now my tracking period budget for all my categories are right here for instance i had 150 for gas and any car purchases i was at 259 so i was over in my gas budget by 109 and people ask me like if you're over budget then where did you get the money it came from my checking account cushion that ate into my checking account cushion because i'm cashless for my gas category i'm swiping my debit card i was over with james and here is why i signed my son up for parkour oh it was literally on the spot complete decision out of the blue we were there like he had asked me it was done like i just paid for it because he hasn't wrestled in two years because schools have been shut down so that was a little over a hundred dollars for that and then my biggest one eight thousand dollars over my household but i know why i had my property taxes and of course and look at my fun and entertainment oh right because of your vacation i used i had i had a vacation trip to austin texas that i use vacation savings for that goes in my fun and entertainment but i also was over in my fun and entertainment because i stole cash from other categories um so and if it's in green i was under a budget so that's where i am with my monthly budget category breakdown all right so here is mine for my starting balance into may was 521.18 total incoming inflow was 4 4203 and i broke it down here i know it's kind of small but earned of that was about 3 800. i had some other income that i'll talk about later for 200 and then i used a sinking fund for my niece's birthday for 200 which brings my total monthly inflow to 47.25 um everything here in green means that i was under budget everything in red means i was over mostly i was i did pretty well in the month of may it definitely helped on my gas and my food being out of town for those four days for work so that definitely helped those um household i was over by 38 cents um i did put more to debt than i had budgeted for which is always a good thing and then same with savings yeah same with savings and then here's kind of where i spent all my money so mother's day as you know was in may so what i used is any unused cash for my cash envelopes from april i just used that 135 from my mother's day for my mom and my boyfriend's mom um my niece's birthday you can tell i had a 200 sinking fund but i did go like 52 over that and i just used my checking account cushion for that and then my mom's birthday this is a huge one my brother this other income here this 200 is paying half for a new bissell thing my mom wanted so my brother and i were able to get her that which is really special to me because i never spent that much money on my mom before yeah so it's just always really nice you know the best part is is i had it i had it set aside so it was really good for that um so yeah i was off by 19. so the 200 here yep that you received his income from your brother is offsetting half of this yes yes perfect okay correct this is what it would look like on your monthly budget category breakdown when you're doing that now people will ask me miko what does that look like on your expense tracker what this would look like is this other income would be an inflow yep and i just wrote i call my brother bub so i just wrote bub in inflow yep inflow and then you would write down the expense yep of it and that's exactly what i did yep yeah perfect okay so the next worksheet we're going to look at is our monthly debt and savings breakdown now i am debt free whereas ryan has debt so i use the debt portion of the monthly debt and savings breakdown worksheet as my investment tracker so out of my entire inflow for the month which was that fifteen thousand i described earlier i invested one thousand one thirty four of that which is seven percent of my inflow three hundred dollars went to my non-retirement brokerage individual account 834 dollars went to my son's 529 that aligns with my financial goals i'm happy with that for my savings what i'm using for the total monthly income is i put it in parentheses here i'm only going off of my earned income my other income and my starting balance right right okay um it gives you a more accurate representation of what you are truly saying means because you're never gonna save savings used right you know what i mean so i was able to save 28 of this figure and it went towards my five dollar challenge my 2021 savings challenges if you have not heard about our savings challenges i'll link the video right now in this video and in this description below and my sinking funds now 92 oh my gosh went to sinking funds remember i'm on a like all foot forward trying to get my sinking funds saved right this year early so i can throw that money towards other things and then six percent went towards my 2021 challenge and then two percent went towards my fido and that aligns with my financial goals that's awesome now my sinking funds is lumped all in one category this category includes many different things vacation savings property taxes house insurance a whole lot of things that's true so to save me from writing it all i just lump it all together under one category called sinking funds okay so i do have debt so this is my monthly debt and savings breakdown page total monthly inflow for the month was 4725 and i put about 27 of that to debt all of it went towards my student loan that is the only debt that i have so any extra discretionary income that i receive i just throw it at my student loan so i was about i was able to put about 1200 almost 1300 towards my student loan which is awesome i'm so happy about it and this is strictly because ryan sold her car paid off a bunch of debt no longer has a debt payment and is now using that debt that car payment right that she was paying is now going towards her student loans which is exactly what i'm doing which increased this amount a ton yeah as well as my insurance it's so crazy to me that i'm saving like i want to say almost 50 dollars just on insurance just because i don't have to have full coverage anymore right so all of that extra i'm just throwing towards my student loan so i've been making good progress on that um and then on this side my total monthly income like mikko just said this does not include savings used which is why this number is going to be less than this number i put about 13 of my income to savings um let's see 380 towards sinking funds 129 for the 2021 savings challenges and then a hundred dollars for my emergency fund right because that's the goal of yours right to increase your emergency yeah i've just been throwing um a hundred bucks at it a month so fifty dollars a paycheck is what i'm doing i have three thousand now but i just i kind of want to just i'm comfortable with that but i i would love more you know yeah yeah i'm making it a small amount to where it doesn't really affect my other goals but it's big enough to make a difference yeah for sure love that love that idea okay now the last worksheet we used to recap our budget and this is very helpful worksheet because it's comparing this month's spending to last month's spending why is that important it's important especially you should have some type of measurable when it comes to your success especially if you're setting up any type of small changes or goals that you are wanting to accomplish from month to month this is going to tell you if you're accomplishing that so it's also easy to see and notice any type of trends or out of control what i call leaky spending i'm leaking spending from month to month so um i had a course a drastic change in my income i increased by eight four nine one eight thousand four ninety one strictly to using my property tax savings if it's in red over here i spent more in may than i did in april and if it's in green i spent less so of course gas i told you i was over yeah james that parkour household eight thousand dollars more than last month and then my fun and entertainment all these things i knew right right all these things i did know um and then i was really i spent look i saved less 400 less for savings but i knew that because i was spending it for fun activities right my budget allows me the flexibility to spend the money the way that i value and i spent i decided to spend it on joy yeah last month i love that and guess what i didn't go into debt to enjoy my life right right right ton of fun i had a ton of fun and it was amazing so this is where i am at as far as my spending compared from may to april and and my biggest thing here was i knew for a fact like i wanted to spend less than food and i definitely did i spent 355 dollars less oh my goodness here for food and that's because like i said i was gone for two weeks out of the month traveling so i didn't do any grocery hauls and don't forget i'm a single mom that shares 50 50 custody with my ex-husband i didn't have them for one of those weeks yeah it was just me that definitely yeah and guess what i don't give a crap like you know what i mean oh for sure when it comes to like i don't need to cook myself an elaborate meal like i can throw a burger on the grill and be totally happy right you know i can make myself a small salad and not have to worry about making something you know more nutritious more impactful for my kids children right so it makes a big difference but that was one of my goals i did it of course traveling helped by yeah right but it is what it is okay so i had a monthly inflow change it increased 55 if it's in red here it means i spent more in may than i did in april if it's in green i spent less in may than i did in april so i did spend more nothing too drastic that i noticed when i was doing this i spent more in food more impersonal a little bit more in gas and i just want to say that's probably because of the same reason that media is facing just prices are increasing and you know that kind of stuff um i put more towards debt in may than i did in april but i didn't save as much right in may than i did in april and would you say that was what you you wanted to do more towards debt for sure for sure i i have kind of i'm looking at my savings accounts you know and i've just kind of debt is definitely my priority i have savings accounts and sinking funds for my car emergency and all of this stuff that i'm just focusing so much on debt and really savings is just sinking funds in that emergency fund so perfect yes okay so let us recap our may budget so that is more detail on our may budget recap and where our dollars went now when we talk about june there are going to be some things that i'm going to talk about so i'm getting a lot of um questions and comments about what are some of the more affordable free activities because i'm saying right now that i'm really focusing on enjoying the summer weather right more so on just discovering contentment and happiness with just me yeah myself and i okay and in really embracing being okay doing things alone right totally um and so here are some of the things that i'm discovering as a mom as a individual um some affordable and free activities that i'm i'm really loving right now one hiking is at the top of my list for sure here in spokane washington we are blessed with some of the most beautiful hiking trails beautiful trails near water in fields in mountains whatever you whatever your fancy like there's a hiking trail here where we live for sure um so that is completely 100 free unless you count the gas to get there some of the places i do hike like the bull and pitcher do require you to have a park pass that's right and they're fairly cheap they're like 30 bucks a year and you can go to any of the parks in the state i believe yeah right and you can have like two different license plates associated with it yep yep and so i i did that um i already had that and it's great because i think that if you buy that parks pass when you do your car tabs in registration you get a discount oh that's right i totally forgot you can save a few bucks on that as well so that's a great free activity my kid loves getting outdoors with me and hiking another thing we've been doing we've been doing a lot of swimming we went to liberty lake recently and my son got to go in with his life jacket and really do some i'm swimming that's always free so going the beach it's where it's where i am my happiest is where i'm your water for sure another thing that i have been doing a lot lately too is outside of just the hiking and being at the lake another thing that i've enjoyed is it's gonna sound so weird for me it's podcasts i have never listened yeah i'm just gonna come out say i've never listened to a podcast you know i'm not much of a podcast listener either to be honest but i am working on mindset and growth um in my happiness right now and there there are some podcasts so sometimes i'll just sit out in the sun on my deck and listen to podcasts another thing too is i have kayaks and paddle boards i've never i haven't utilized them the way i should right um i brought i've been bringing the kayaks and i'm going to be bringing the paddle boards out for the first time um this summer here soon it's a great activity my son's eight that he can do that with me it's a great activity to do alone by yourself for sure i have inflatable ones um that work really well so that's another activity i've been enjoying i will not lie i've also been enjoying trying new restaurants here in town that's always fun with my friends um whether that's and look we always look for the best happy hour oh yeah there's some great places where you can get great food yes sit out on the patio you can pick up an appetizer for 450 five dollars three dollar drink if you are into drinking i like to check out their virgin drinks um so those are some of the things that i am doing right now also as a mom let me tell you one of your best resources for some fun affordable summer activities that don't cost the dime check out your local library that's what you always say that is my go-to resource when i cannot think of something fun to do with my son right we have an amazing local library system here institution here especially the um the one in millwood out here they do online activities virtual events if you don't want to come in person they're doing a full science activity thing right now reading opportunities and and different times you can bring in your children for um reading it's just a great resource yeah if you're just as a mom and you're struggling you just want to get your kids outside and away from the electronics okay one of my struggles yeah just being 100 honest as a mom here okay we all know we're dealing with the electronics it's summertime all right um and so that's that's what i've been doing now as far as june is concerned i'm going to be continuing to do a lot of these activities yeah that's awesome i don't have any major events and my goal this is this month is the balance that joy and happiness from my money without the chaos and and um on the disorganization of what happened to me in may finding that balance finding that balance of being able to step away from my budget and my finances and that's a great thing is when you establish a routine your budget's still kind of working okay yeah i always say your budget has your back if you do it properly yeah that's so true you experience exactly right i experienced that in may um but this time i want to approach it with more balance as far as organization of how i handle for sure for sure so that's my that's my june yeah june you know the weather is getting nicer i'm hoping to do some camping trips with some a few of my friends that's usually what my boyfriend and i like to do in the summer um we like to do road trips he's from the other side of the state so we like to go over there and see his family and his friends and whatnot um other than that it's not there's nothing and here's the thing i will tell you and you'll see in my june budget recap i realize and notice my gas uh budget going up i noticed that even just filling up yes perfect so what i did is i lowered my checking account cushion in june and increased my gas budget so instead of having a 150 gas budget i'm now at about 200 250 dollar gas budget right so i was able to make that change when i noticed it was happening so i'm prepared i decrease in another area to fulfill a value somewhere else yeah which is um i'm spending more on gas because i'm doing more fun things and more all the fun things thank you budget thank you shout out to budget yeah yep um so that is our june budget or our may budget recap may people um and we'll be coming back for our june budget recap at the end of our beginning probably of july and june so if you found this video helpful please like it and don't forget to subscribe [Music] better make sure that this stays [Music] all right

Channel: The Budget Mom

Views: 15,637

Rating: 4.9744897 out of 5

Keywords: budget recap, budget by paycheck, budget with me 2021, how to budget, paying off debt, how to budget your money, The Budget Mom, Budget, Debt, Saving, Mom, paycheck budget, expenses, paycheck, pay off debt, the budget mom, budget with me, closing out budget, expense tracker budget mom, paycheck budget method, the budget mom closing out budget, zero based budgeting, budget by paycheck workbook, budget by paycheck method, zero based budget, budget by paycheck workbook 2020

Id: yDK1w-4G_dw

Length: 23min 19sec (1399 seconds)

Published: Sat Jun 12 2021