It’s finally starting to get warmer out, and summer break for the kiddos is just around the corner. It’s also that time of the month that we need to start looking at our next every dollar monthly budget. May is a fun month, but it is also a transition month so unlike most, we have to really look into the future a little with this one. End of year school activities, summer vacation planning, and summer camps are lots of fun to look forward to, but even more fun when we know the budget is helping us enjoy those activities. It’s time to start budgeting for a fun filled summer!!
Things to think about for May:
- If you have kids, it’s time to start planning summer camp season which means budgeting for those camps as well. May is a good month to look ahead and start to see what those camps are going to cost. For some you may even have to go ahead and book several of those camps which means it will come out of your May budget.
- For my working parents, remember summer day care costs will go up as your kiddos transition into full days at day care versus the partial day care days. Take this into consideration since those summer months are about to get more expensive for you!!
- Warmer weather means summer clothes shopping. Make sure you have enough in your clothing fund for new summer clothes and bathing suits (while we are on the topic of swimming, swim lessons can be expensive so make sure to account for those if you child needs this).
- Have a kiddo graduating high school, get ready because this can be a budget killer. Cap and gowns, photos, graduation parties, ect. all add up quickly!!!
- Your summer vacations may already be planned, but it’s still a good time to start looking at the costs of that vacation, outside of just the travel and hotel costs. Research your destinations and make sure to start setting some money aside for those shore excursions, restaurants, ect.
- For my single folks, congratulations, your summer budgeting may be a lot easier, but failing to plan for the summer can potentially set you back financially if you don’t focus on summer planning as well!!
It’s also time to go back and look at how April’s every dollar budget played out. Where you right on with your budget or did you over/underestimate any expenses? Use this to help estimate what your May budget is going to look like for all your normal budgeted items.
If your still struggling with your budget and need a little help, check out my friend Jason Hoschouer’s (aka “motorcop”) book Badges & Budgets or even better check out his Law Enforcement Learning online class Budgeting 101 (he’s dropped the price to just $49!!!). When it comes to teaching first responders how to build an every dollar budget there is no one better than Jason!!
Above all else, stick to your budget and the freedom that it will bring you as you start to build your financial strength!!
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