It’s the start of a new month, which means a blank slate for my income and expenses. This month, I’m going to closely monitor my budget so I can reign in my spending and add to my savings accounts. Here’s what else is coming up for the month.
Big Expenses Coming Up
Having two kid birthdays in one-month kind of sucks, especially when they are very different ages and want different things. This month, we’ll celebrate Ava and Claire’s birthdays. Here’s what they want.
- Ava’s 14th Birthday – She wants to go to a hotel with a swimming pool. The cheapest one I found totaled $323 for two rooms. I told her that other gifts would be minimal if she chose a hotel birthday. I’m thinking of a $50 Sephora gift card and $25 worth of stuff on her Amazon list. Total cost for gifts + party: $400
- Claire’s 6th Birthday – She wants an American Girl Doll and a birthday party at the campgrounds. We already have camping booked for Memorial Day weekend which falls in line with her birthday, so we’ll invite 3-4 of her friends for a manageable birthday party. Total cost for gifts + party: $300
The goal is to sell enough stuff around the house to pay for at least half of this. So, $350.
Monthly Income Goal
My monthly income goal is $4,000. This is enough to meet my budget and savings goals. I save 10% for taxes. (I know this seems incredibly low, but trust me, it’s more than enough. My husband gets extra taxes taken out of his checks. If I end up making more, I’ll need to put away more for taxes, but as for now, 10% keeps us evened out.)
- Gross – $4,000
- Taxes 10% – $400
- Personal Savings 7% – $280
- Travel Savings 7% – $280
- Left for Bills – $3,040
Note: Monthly May income goals will be for money earned in May but paid in June. I currently work with two clients and get paid for the previous months’ work.
I’m also going to track how many hours I work per week. I fear that between distractions, running kids around, and appointments, it’s only about 15 hours per week. I’d like to increase this to 20-25 hours per week of focused work so I can increase my income and my savings buffer a bit, especially since I have a few little trips planned this year.
I’m taking a weeklong vacation to Florida with my mom and kids, a weekend away with just me and my best friend, and a long weekend trip in December to the Gatlinburg Christmas parade with another family. It’s also possible I’ll go on an additional family trip with my Dad, and of course, we camp often. None of these are huge, but when you have three kids, weekend trips add up to thousands of dollars cumulatively.
I took on one extra client for the month of May which should help me hit this goal. (As long as I work at least 20 hours per week!)
Make Meals Every Night
One of the biggest money wasters in my house is food. (This is probably true for most households!) I don’t really love to cook and rely on fast food too often.
This month, I plan to cook dinner at least six out of seven nights per week. If I remember, I’ll share what I’m making weekly.