May Expenses Can Be Challenging
The month of May has some major expenses and can be challenging on your bank balance. There are so many expenses this time of year that it may help to create a budget to plan for all of them. Sit down with your family and write down all of the planned expenses so you don’t get blindsided at the end of the month.
Some Significant May Expenses:
- Mother’s Day gifts. Write down the amount you intend to spend for your Mother’s Day gifts. Don’t forget to add the cost of that special meal for Mother’s Day–whether it’s a restaurant, picnic, or a home feast.
- Graduation gifts. Try to write down every person you know who is graduating and how much you intend to spend on each gift. This will give you time to go online or to outlet stores. You can find sales to get that special gift you want for your graduate. If you can’t find anything, remember that many graduates are perfectly happy to be gifted a card with some money. This way they can get what they want.
- Teacher’s gifts. At the end of the year, giving your child’s teacher a gift is customary. Lots of teachers love baked goods, because they are so busy teaching they don’t have time for the pleasure of baking. This is cost-efficient, and you can get the entire family involved. Make sure you still write down the cost of the ingredients you use.
- Class parties. Many schools have end-of-the-year parties or slumber parties. Please ensure you budget for how much money you will need to donate to your child’s school party.
- Guests. May is also the month for many visitors for graduations, Mother’s Day, or Memorial Day weekend. Create a budget for the cost of food and entertainment for your guests.
- Memorial Day. Family and friend gatherings are usually expected over Memorial Day weekend. For grill-outs or poolside parties, you may want to add extra funds to your budget. Food, paper products, entertainment, and travel expenses can cost more than you think.