May 2019 Beers & Budgeting | We Tested a Really Weird Beer + Extra Paycheck! | Summary and Q&A

TL;DR

In this episode of Beers and Budgeting, Justine and Kyle review their May budget, discuss their spending habits, and allocate extra funds towards various goals.

Key Insights

• 👣 Justine and Kyle review their monthly budget to track their spending habits and identify areas of improvement.
• 😃 They discuss the importance of finding a balance between frugality and spending money on things that bring joy.
• ✅ Justine suggests reallocating some of their idle checking account funds towards better investments.
• 👶 The couple plans to allocate their extra funds towards specific goals such as a new mattress, a second car, new phones, retirement savings, and replenishing their vacation fund.
• 🥶 Justine and Kyle recognize that being debt-free allows them to have more flexibility and make choices aligned with their goals.
• 🥅 They emphasize the importance of setting and achieving financial goals, and encourage viewers to share their own goals for the month of June.

Transcript

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Questions & Answers

Q: How did Justine and Kyle go over their budget in May?

Justine and Kyle went over their budget due to increased expenses in categories such as fun money and shopping, mostly due to purchases made on Amazon and Target.

Q: What do Justine and Kyle plan to do with their extra funds?

Justine and Kyle plan to allocate their extra funds towards a new mattress, a second car, new phones, retirement savings, and replenishing their vacation fund.

Q: Why does Justine think they have too much money in their checking account?

Justine believes they have too much money in their checking account because it is sitting idle and not working for them. She wants to explore better ways to utilize their funds.

Q: What are Justine and Kyle's money goals for June?

Justine and Kyle's money goals for June include purchasing brake pads for their car, celebrating Kyle's birthday, and planning trips to Colorado and Milwaukee.

Summary & Key Takeaways

• Justine and Kyle review their May budget and find that they went slightly over their budget due to some unexpected expenses.

• They discuss their spending habits, noting that they were under budget for groceries and gas but went over budget for fun money and shopping.

• They decide to allocate their extra funds towards a new mattress, a second car, new phones, retirement savings, and replenishing their vacation fund.