May 2020 Budget Update

It’s a bit late, but in keeping with my posting schedule, I wanted to show you guys my budget for May! In my latest YouTube video above, I used my pen & paper template, but I’ll show you guys here with screenshots from my spreadsheet. You can watch or read 🙂

A couple of things have shifted since I filmed this video, so you’ll see some differences in the set numbers as well as my spending tracker (what I’ve spent so far this month).

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My income has remained the same, but my savings have shifted quite a bit. If you read my last blog post, you know that I’ll be receiving my full coaching stipend, which was a good chunk of my designated summer money but was suddenly uncertain amidst all the coronavirus madness. In my YouTube video, I originally set aside $125 for summer savings, which I now designated elsewhere (one of these places was beefing up my car savings). Excitingly, my car savings are actually now complete since reallocating my stimulus check there! This is very exciting for me, as it frees up around $300 in my budget monthly.

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My fixed costs are the same, but I added $20 to my “other” category, freeing up some space for any unplanned expenses, some of which are shown below in my running totals/spending tracker.

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We spent a lot of money on groceries very early in the month, so we’re trying to pull back a bit now. As for restaurants, we are about on track for staying on or below target. Last month, we went almost $40 under our restaurant spending, to my surprise. The jury’s still out to see what happens this month. The “other” expenses include: utilities (TBD), a second chair for our living room, an Audible subscription (to be added to my fixed costs category next month), and a reusable coffee filter, as we recently ran out of the disposable ones that came with our pour over set. It’s nice to have a bit of wiggle room in this category, as I often find myself tempted with online shopping during this time of anxiety and boredom. It’s nice to know what I can and can’t afford.

Remember, if you’re ready to get started with budgeting, use one of my free templates below!

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And if you need more guidance with goal setting, mindset shifting, and budget brainstorming, you can purchase my Money Map Workbook!

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Happy budgeting!

🙂 Rachel