Our Income is Going DOWN... | May 2023 Beers & Budgeting

TL;DR

The couple discusses their May budget, revealing their income, expenses, and savings goals, while also mentioning upcoming trips and financial changes in their business.

Transcript

well hey special welcome back long time no see um we are going over May's budget in this episode of beers and budgeting stick around welcome back uh for those that don't know of course you know but if you don't I'm Justine and this is my husband Kyle that's it and we are going over May's budget our real income and real expenses we hide nothing and ... Read More

Key Insights

• 🧑‍🤝‍🧑 The couple prioritizes transparency in their finances and encourages others to do the same.
• 👋 They are in a good position with their down payment fund for a house.
• 👨‍💼 They have been increasing their investments in their business, which has temporarily reduced their take-home pay.
• 🤗 They have extra funds available for other goals, such as opening a separate account for Quinn's future expenses and considering purchases like a used Wrangler.

Questions & Answers

Q: How much did the couple earn and spend in May?

The couple earned $11,116.16 and had $326 left over after expenses.

Q: What were the major expenses in May?

The couple had significant expenses for rent and daycare, and went slightly over their groceries budget due to additional purchases for a concert and entertaining guests.

Q: Did they stay on budget for restaurants?

Yes, they were slightly under budget for restaurants, but spent a little more due to taking their mom out and buying drinks and merchandise at a concert.

Q: What were their savings goals?

They had a down payment/home upgrades fund with $169,000 saved, a vacation fund that they had to dip into, and Quinn's college fund had $6,700.

Summary & Key Takeaways

• The couple's income for May was $11,116.16, with $326 left over after expenses, staying under budget.

• They spent a significant amount on fixed expenses, such as rent and daycare, and went slightly over their groceries budget due to additional food and alcohol purchases.

• They stayed under budget for restaurants and had additional expenses for gifts, subscriptions, and savings goals.