May Beers & Budgeting - Decisions On An Extra Paycheck

TL;DR

Couple tracks monthly budget, reviews expenses & savings, plans for upcoming splurges.

Transcript

hello again this is and Clarice's friends hello it's just DeMuth debt-free Millennials I have my husband Kyle with me again and welcome back to another beers and budgeting meeting if you missed the first one we've got all of these recorded so every month you can see how we're tracking our budget together and we also have some new beers today what i... Read More

Key Insights

• ❓ Budget tracking helps identify areas of overspending and opportunities for improvement.
• 😨 Planning for different expense categories like groceries, fun activities, and self-care can help manage spending.
• 🌱 Allocating surplus income towards retirement, savings goals, and upcoming expenses ensures a balanced financial plan.
• 🥅 Regular budget meetings and discussions are crucial for financial accountability and goal achievement.
• 😨 Setting aside funds for treats and pampering activities can promote self-care and well-being.
• 😨 Expanding budget categories for specific expenses like alcohol and self-care can provide better tracking and control.
• 🎞️ Forecasting upcoming expenses for trips and special occasions helps in financial planning and budgeting.

Questions & Answers

Q: How did the couple receive a credit on their rent for the month of May?

The couple received a $200 credit on their rent because their washing machine and dryer were broken for eight weeks, prompting them to ask for compensation.

Q: What expenses did the couple overspend on in May?

The couple overspent on groceries, alcohol, shopping items like sandals and MLB TV, and fun activities like dining out, nursery purchases, and a hair cut.

Q: What new categories did the couple consider adding to their budget?

The couple discussed adding separate categories for liquor and alcohol expenses, as well as a treat yo'self fund for self-care and pampering activities.

Q: How did the couple plan to allocate their surplus income for the month of May?

The couple planned to allocate surplus income towards retirement savings, their vacation fund, additional expenses for upcoming trips to New York City and Palm Springs, jewelry insurance, and their housing fund.

Summary & Key Takeaways

• Couple reviews May budget, highlighting credit on rent, overspending on groceries, shopping, and fun activities.

• Discuss new categories for liquor and alcohol separate from groceries and self-care treat yo'self fund.

• Plan for surplus income allocation towards retirement, vacation, and upcoming trips like New York City and Palm Springs.