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Every month I take an honest look at our budget and spending for the last month. It keeps me accountable to the financial goals my husband and I have made, and it also often provides encouragement to keep moving forward in terms of frugality and intentionality. Some months things happen and it feels like we’re off track. But taking time each month to look at what went on that month usually gives me a good perspective and in the end causes me to be grateful for all the things we do have!
If you don’t have a budget, then you probably will want to start there. See my post on how to start a budget!
End of the Month Budget Questions | October 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 can also just use pen and paper, or make a simple spreadsheet.
How much did you spend last month?
At the beginning of the month we felt there was something wrong with one of our vehicles and assumed it was a small fix. It turned out to be a $4000 fix! We were able to move money around from some other categories but we need to rebuild some of those categories going forward.
Will you be planning to spend more or less on a certain category in the coming month?
Several categories are going to be used up these next few months as the holidays are here. While Thanksgiving is not a huge expense for us, I do put money in that sinking fund throughout the year since some years we may end up buying most of the food, or we may do a day trip.
Are there any holidays or events coming up that will cause you to spend more?
As I just said, the holidays are now here. We don’t have any other big family celebrations in these months, but being prepared for Thanksgiving, Christmas, and other end of the year events means having been diligent to put money in those sinking funds all year.
If you are scrambling for some extra funds, check out my recent post on how to save $300 before Christmas.
Are there new sinking funds that have come to your attention?
I didn’t need to make any new sinking funds, but I did realize this month that some of our kids’ extracurricular activities required more money this month than I had set aside. Some of those activities are almost over for the year, but going into 2025 I plan to set more aside each month.
Do an inventory check—how are you on groceries, personal care items, household items?
I was able to shop some really good sales this month and build up my backstock of inventory! This is great, because that means I can avoid paying full price for these items.
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?
Because of this big vehicle expense, we’ve had to pause some of our other financial goals for a few months. While I don’t enjoy doing this, I am grateful that we have the income to be able to cover our expenses and buy what our family needs. I certainly don’t take that for granted.
Is there any financial win you can celebrate?
Being able to buy a new bed frame and mattress without breaking the budget was a huge win!
How was your October budget recap? Let us know in the comments!
