This post may contain affiliate links. Read our disclosure here.
Because July was a pretty expensive month, I decided that I’d try to make August a lower spending month. Spoiler alert: that is not what happened. I should have known better. With school and activities starting back up, there were not only some unexpected expenses, but we also ended up spending more on some categories than I had sinking funds in already.
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 August comes to a close. Your mileage may vary, but I hope this helps you be more intentional with your money.
End of the Month Budget Questions | August Budget Recap
Did you actually track your spending?
If you did, great job! If not, what kept you from doing it? There are a lot of great programs out there like You Need a Budget and Every Dollar if you’re looking for a digital option.
You don’t have to do anything complicated, though. You could print out your credit card or checking account transactions from the month and use a highlighter to categorize different spending. It may not catch all of your spending, especially if you use cash, but it will at least give you an idea.
How much did you spend last month?
You may remember that our July was very expensive (see my July budget recap). Well, we ended up spending about as much in August, which is more than I like us to spend in any given month. But when I look at our spending, I can see that the biggest categories were very much “one-time” categories like school supplies and clothes.
Will you be planning to spend more or less on a certain category in the coming month?
During the school year I always have sinking funds going for various things, whether it’s extracurricular activities, ongoing school supplies, or special events. I will keep putting money in these sinking funds.
Are there any holidays or events coming up that will cause you to spend more?
The fall and winter holiday season is about to start, which is probably no surprise to you if you’ve been in Hobby Lobby recently! If you haven’t been planning for Christmas yet, there’s still time to start putting money aside so you don’t have to go into debt buying presents. I also consider any decor I buy as part of my holiday spending.
Are there new sinking funds that have come to your attention?
No new sinking funds this month—just realizing that we need to put more in some of the ones we already have.
Do an inventory check—how are you on groceries, personal care items, household items?
I’ve been trying to reduce the amount of processed food we have in our house, which means I’ve been making a lot more from scratch. As a result, our pantry staples are beginning to dwindle. I’m planning to do a full inventory of what’s in our freezer and pantry so I can be watching for sales.
Are there any new categories you need to add to your budget?
Thankfully, no new categories showed up this month!
How are you doing on your financial goals?
As I mentioned last month, one of our financial goals right now is to build up our emergency fund. Any windfalls we get this month will be going into this goal,
Is there any financial win you can celebrate?
We were able to move money around to cover the higher than expected back to school expenses. It may feel like backward movement, but I consider any time we don’t go into debt to pay expenses a win!
How was your August budget recap? Let us know in the comments!
