May is a month that can be challenging on your bank balance and has some major expenses. There are so many expenses this time of year, you really need to create a budget to plan for all the expenses this month. Sit down with your family and write all of the planned expenses so you don’t get blindsided at the end of the month.
Listed below are some of the major expenses the typical family should expect in May.
- Mother’s Day gifts. Don’t forget to 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. 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 outlet stores and find sales to get that special gift you want for your graduate. If you can’t find anything, remember that many graduates just like a card with some money in it so they can get what they want.
- Teacher’s gifts. At the end of the year, it is customary to give your child’s teacher a gift. 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.
- Class parties. Many schools have end of the year parties/slumber parites. Make sure you budget for the amount of money it will cost to donate to your child’s school party.
- Guests. May is also the month for lots of visitors for those graduations, Mother’s Day, or for 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, make sure to add extra funds to your budget. It can cost more than you think for food, paper products, entertainment, and travel expenses.