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We’re more than halfway through the year, and this month felt mostly just expensive. I am thankful that not every month is like this month was in terms of unexpected spending. That said, I am grateful for sinking funds that helped us work through some of these expenses, even if it meant having to move money around.
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 July 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 | July 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.
How much did you spend last month?
As I said, our July was crazy. We use YNAB (You Need a Budget) and it helpfully gives me a breakdown of our biggest spending categories. Our biggest expense almost every month is our mortgage. Then came groceries. Those weren’t surprises. But we had several unexpected car expenses, an unexpected spike in our electric bill, a surprise eye exam, and some kid-related expenses that were more than we had set money aside for. We do have sinking funds for some of these, but sometimes things just cost more than you expect. That said, I’m grateful we track our spending so we can see where our money went.
Will you be planning to spend more or less on a certain category in the coming month?
Fall is in the air, even if it’s still sweltering in the Southeast. We have some kid activities starting back up in August that will need to be accounted for in the budget.
Are there any holidays or events coming up that will cause you to spend more?
August is a birthday-free month for us. But we’ll continue to put money in our holiday sinking funds. If you’re not already doing that, now’s the time. Christmas will be here before you know it!
Are there new sinking funds that have come to your attention?
I recently realized I needed to have an eye exam. Turns out I need reading glasses! I now need to set aside money for future eye exams and glasses since we don’t have vision insurance.
Do an inventory check—how are you on groceries, personal care items, household items?
Somehow this summer in all the craziness I’ve let our stockpile decline and now I find myself needing to buy dog food, toilet paper, and laundry detergent. Do as I say, not as I do! This is not how you save money on these items. Watch for sales and get these things when they’re at rock bottom prices.
Are there any new categories you need to add to your budget?
This is the month when a new braces bill is coming to roost in our budget. I’ve made the new category and now we won’t forget.
How are you doing on your financial goals?
One of our financial goals right now is to build up our emergency fund. This fall, I plan to start putting any windfalls into this fund.
Is there any financial win you can celebrate?
It’s always important to celebrate wins, even if it feels like progress is slow going! Our big financial win this month was having the money we needed for unexpected expenses. Even though it can sometimes feel discouraging to have to move money out of other categories to cover unexpected expenses, I have to remind myself that the blessing is that the money is still there!
How was your July budget recap? Let us know in the comments!
