May is almost here! Is your budget done? Take a quick look at these potential expenses. See if you need to add any of them to your May budget before the new month starts.
POTENTIAL EXPENSES TO INCLUDE IN THIS MONTH’S BUDGET
SUMMER CLOTHING – If you have kids you know their wardrobe needs to be replaced almost every season (if not more often). The side effect of growth spurts and general wear and tear needn’t wreck your budget. Take advantage of the beginning of season sales and yard sales now.
YARD SALES – If you are an avid yard sale shopper (I admit I am not vigilant enough to scope things out in advance) or just want to take advantage of a good deal when you drive by one start a cash sinking fund for yard sales. You can pick up all sorts of treasure from clothes, baby supplies, furniture, and even outdoor sets for next to nothing. Who knows, you might even find the beginnings of your next DIY project!
SUMMER ACTIVITIES – Enrolling the kids in swim lessons this summer? Maybe a summer camp or two? Most fees have to be paid upfront. Be sure to include those expenses in the budget before you spend the money. Also be sure to allow for the purchase of necessary clothing or gear. You can’t get very far at tennis camp without a racket or swim lessons without a swimsuit, so make sure those items are taken care of.
MOTHER’S DAY – Planning to honor any moms in your life this weekend? If you didn’t take my advice and budget for those gifts last month you have two days to make something happen. Make sure it gets in the budget first.
AIR CONDITIONER SERVICE – It is always a good idea to maintain your central heat and air system in order to prevent a larger expense when a perfectly avoidable problem pops up. Is it time to get your system checked out? Check to see if it fits in the budget now and you won’t be sweating over it later in the summer.
APPLIANCES & OTHER HOME GOODS – May is a great month to snag a deal on mattresses, home appliances, furniture, even air conditioners. If you’ve been putting off a larger purchase or contributing to a sinking fund this is a great month to buy a fridge or mattress on sale. Memorial Day sales are everywhere. If you plan to take advantage of any of these sales make sure there is room in the May budget beforehand.
GRADUATION & WEDDING GIFTS – The class of 2024 is graduating, my niece included! Need to purchase any gifts? Wedding season is also kick-starting, so if the save the date cards have started trickling in now is the time to start setting money aside for gifts. Maybe take advantage of those Memorial Day sales while you’re at it.
SUMMER VACATION – Travel is slowly opening back up; whether you plan a staycation or a getaway this summer be sure to go over your vacation fund and make any adjustments to your May budget so you don’t come up short when the time comes. Vacations are anything but relaxing when you struggle to pay for them last minute.
DOUBLE CHECK YOUR BUDGET NOW TO AVOID PROBLEMS LATER IN THE MONTH
This is by no means an exhaustive list of expenses that crop up in May, but it should serve as a reminder to double-check your budget against upcoming expenses.