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It’s the end of a month again, so we’re here 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 end 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. See my post on how to start a budget!
If you do have a budget, then here are some things to think about as April comes to a close. Consider this post your sign to do a April budget recap and help you get some perspective so you can stay on track for the rest of the year.
End of the Month Budget Questions | April Budget Recap
Did you actually track your spending?
If you did, great job! If not, what kept you from doing it? Think about how you can change that in May.
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 school expenses, upcoming summer expenses, and check in on your sinking funds.
Are there any holidays or events coming up that will cause you to spend more?
Mother’s Day is coming up, as is Teacher Appreciation Week. Consider how much you might spend on these situations.
Are there any recurring expenses that won’t happen this month?
Recently one of the children we sponsor through Compassion aged out of the program. This was our last month with an automatic contribution. While we want to continue to give, we need to remove this category from our budget and figure out where that money will now go.
Are there new sinking funds that have come to your attention?
A friend recently had an unexpected expense when her son got invited to join the high school marching band in middle school. 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? If so, make a note in your phone so that when you see them on sale, you can get more than one.
Are there any new categories you need to add to your budget?
Budgets have to be flexible. 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, for example, 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. If you’re new to budgeting, check out how to set yearly goals.
Is there any financial win you can celebrate?
It’s always important to celebrate wins, even if it feels like progress is slow going! I love celebrating wins by not spending money. Can you make some cookies with pantry staples, or is there a local free event you could go to as a family?
How has your spending averaged over the first four months of the year?
This is a good time of year, when we’re about 1/3 of the way through, to look at some averages. This can help you figure out if you need to adjust your budget for the coming months.
