Monthly budget review – May

The moment to do my monthly budget review for May has arrived. A couple of my expenses has been put on hold because of the lockdown. As always I will follow the upcoming steps:

  1. I start by reviewing my personal expenses
  2. Then I review my sinking funds & jars
  3. I review my debt
  4. And then I review my emergency fund
I start by reviewing my personal expenses

In May I budgeted €1.004,10 for my personal expenses. My gym and movie membership is still on hold. I didn’t need to pay in May. My actual expenses were €962,10 in May.

My budgeted and actual expenses

There was a difference between my budgeted and actual budget of €42,-.

  • gym membership is normally €21,-. Because of the crisis I cannot go to the gym so I put my payments on hold and didn’t need to pay this month
  • movie membership is normally €21,-. Because of the crisis I cannot go to the so I put my payments on hold and didn’t need to pay this month
Then I review my sinking funds & jars

My sinking funds are filled and I didn’t need to use it.

My sinking funds in May

I used my going out jar to compensate for my groceries jar.
I bought some essentials from my personal care jar and didn’t use my play jar.

My jars in May
I review my debt

At the moment I only pay the minimal amount of €59,71 towards my student loan. My extra payments are going towards my emergency fund. My current balance is €5.467,30. I expect to be debt free by the end of 2020.

And then I review my emergency fund

I added €900,- to my emergency fund. My current balance is €2800,22. I expect to reach my goal end of August this year.

My current emergency fund
How did you do on your budget this month?

Read my previous post about why I started budgeting here.

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