Have You Made Your June Budget Yet?
Hey, Budget Besties! Have you set up your June budget yet? If not, no worries—you’re right on time. We’re here to help you get ready and stay on track. Follow this easy, step-by-step guide to get your budget ready for June.
Step 1: Review May’s Budget
- Wrap up May before you start on June.
- Compare what actually happened versus what you planned to happen.
- Tip: In the beginning, keep a buffer in your budget for unexpected expenses until you feel confident enough without it!
Step 2: Get Our Signature Budget Template
- Auto-fills month to month.
- Makes updating your budget super easy.
- Free one-page template available at budgetbesties.com/budgettemplate.
Step 3: Categorize Your June Budget
Income
- List all sources of income:
- Salary: Include your regular paycheck.
- Side Hustles: Any additional income from side jobs.
- Bonuses: If you’re expecting a bonus this month, include it.
- Refunds: Tax refunds or any other reimbursements.
- Extra Cash: Money from garage sales, freelancing, etc.
- Why it’s important: Knowing your total income helps you budget with the full picture in mind.
Debt
- List all debts:
- Credit Cards: Include all your credit card minimum payments.
- Medical Bills: If you’re on a payment plan, add those monthly payments.
- Personal Loans: Any other loans that require monthly payments.
- Payment Plans: For example, summer camp installments or furniture payments.
- Why it’s important: Keeping track of debts ensures you’re meeting your minimum obligations and helps you prioritize extra payments if your budget allows for it.
Bills
- List all recurring expenses:
- Rent/Mortgage: Your housing costs.
- Utilities: Electricity, water, gas, internet, phone.
- Subscriptions: Netflix, Spotify, gym memberships, etc.
- Insurance: Health, auto, home insurance premiums.
- Why it’s important: This helps you see your fixed monthly expenses and find areas where you might reduce costs.
Spending
- Budget for what you spend money on:
- Groceries: Weekly or monthly food expenses.
- Gas: Fuel for your car.
- Dining Out: Budget for eating out.
- Personal Pocket Money: Non-negotiable.
- Personal Care: Haircuts, beauty treatments, etc.
- Why it’s important: Planning your spending gives you permission to spend! Using our system also helps you always know exactly what you have to spend.
Savings
- Allocate funds for savings:
- Emergency Fund: Money set aside for an urgent, necessary and unexpected expense.
- Specific Goals: Saving for a vacation, a new gadget, or any other goal.
- Why it’s important: Prioritizing savings helps you prepare for the future and avoid financial stress when emergencies arise.
Step 4: Special Considerations for June
- Father’s Day: Plan for gifts or activities.
- Weddings and Vacations: Budget for travel, accommodations, and gifts.
- Summer Camps: Include registration fees and supplies.
Step 5: Address Common Budgeting Challenges
- Unexpected Expenses
- In the beginning, put a buffer in your budget for surprises like car maintenance or medical bills. The next step is to start savings buckets for these types of things so you can know you’ve got the money ahead of time.
- Staying on Track
- It’s okay to go off track sometimes. Adjust and learn from it.
Real Client Stories
- Overspending: A client had to pull from their emergency fund due to extra dining out after losing a debit card. We worked on a plan to avoid this in the future.
- Vehicle Maintenance: Budgeting (preplanning) for an oil change and other car maintenance saved a client from surprise expenses.
- Summer Tuition: Another client had to pay for summer school in full. We paused other expenses to cover this.
Tips to Stay Ahead
- Print Your Budget Template: Use our one-page budget template to keep everything organized.
- Update Regularly: Review and adjust your budget as needed.
- Plan Ahead: Set aside money for known upcoming expenses.
You’ve got this! Print your budget template, list your income, debts, bills, spending, and savings. Add anything special for June and you’ll be all set. Let’s get ahead of the game and start June strong! 🎉
255 | Quick and Easy June Budget Setup: Start the Month Right – Financial Coaching for Women: How To Budget, Manage Money, Pay Off Debt, Save Money, Paycheck Plans
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