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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.
For us, June was the true kickoff for the summer. I have a sinking fund for summer activities, which meant that some of our events were, in a sense, already paid for!
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 June comes to a close. Consider this post your sign to do a June budget recap and help you get some perspective so you can stay on track for the rest of the year. I’ll be answering my own questions so you can consider how your month went!
End of the Month Budget Questions | June Budget Recap
Did you actually track your spending?
If you did, great job! If not, what kept you from doing it? If you’ve been tracking digitally, maybe you need to switch to a good old notebook and pen. Or maybe you need to sign up for a budgeting program.
How much did you spend last month?
We spent about as much as we usually do in June, which was nice, because May had been a really expensive month.
Will you be planning to spend more or less on a certain category in the coming month?
July will be the month we go on a family vacation. Again, we have a summer sinking fund for that, but any extra windfalls this month will go in to that category to serve as a buffer.
Are there any holidays or events coming up that will cause you to spend more?
Fourth of July is coming up, but for us, any food we buy will just come out of our grocery budget.
Are there any recurring expenses that won’t happen this month?
We are pausing piano lessons for July since we won’t be home.
Are there new sinking funds that have come to your attention?
Some of our kids go to camp each summer. We have sinking fund for the overall cost of camp, and the kids help contribute. However, both weeks there was camp in June I found myself buying various miscellaneous items that I hadn’t planned for. For next year, I plan to increase the categories to account for this.
Do an inventory check—how are you on groceries, personal care items, household items?
I am noticing we’re low on cleaning supplies, so I’ll be watching for sales!
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. One big new category for us is braces for one of our kids. There is no benefit to paying it all at once—we can earn more money with our high yields savings account than we will save by paying in full, so we’ll just be paying it each month.
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. This month we stayed under my budget for groceries, which always feels like a big win.
How has your spending averaged over the first six months of the year?
If you track your spending digitally, this is usually a pretty easy number to find. It can help you compare your income to your spending and give you data on what you might want to change. Ours felt very wonky because we spent several thousand dollars in May due to some unexpected expenses. June was a low month, but right now I don’t know how helpful it is to look at our average spending.
