How to Make Your June Budget (Step-by-Step With Real Examples!)

 Have you made June’s budget yet? Today is the day we’re gonna walk through and show you exactly how to make it step by step. Yes. So if you need to get paper and pencil or get your computer ready, pause this episode and sit down with us so we can walk through it together

 okay, so the first thing that you want to do when you’re making June’s budget is actually close out Mae’s budget.

We wanna close out and make sure everything happened the way that we planned so that we can walk into June knowing exactly what, where we stand with all of our numbers and everything. Yep. So if you look on the screen, we have Mae’s budget and everything is pretty much closed out. We’ve been following through throughout the month.

And we just have to kind of close out these last couple of things. So if you see. Again, total remaining is zero. We are according to this budget, we’re ready to move on to June. However, we know some things have changed throughout the month, so we need to come in here and update it. Yeah, and we don’t have an actual versus planned or whatever two different columns.

We just want you to update your actual budget. Yeah, you’re gonna, so if you, if a bill was higher or less, or paycheck was higher or less, just update the actual number. And what this does is it. Act. It’s less, it’s less work for you. Yeah, but all and less visual clutter. But also it helps you for next year, right?

If you make sure that you are a good steward of your budget and you close out every month, the next year when you go, you can go back and look and be like, what all happened? Oh yeah, I forgot. For example, this one, I always pay a tuition fee. In May that will help you remember, so you can keep on getting better at planning and have less unexpected expenses pop up.

Right. So Elizabeth, she thought her paycheck was gonna be 24 81, when in fact she got paid. She had to leave work a little early. Her daughter had a dentist appointment, so her paycheck actually was 2304. Mm-hmm. So we are coming in here, we are updating that and we are checking it off. That it came through.

Yeah. So we’re, yeah, that, that part was something that she needed to finish off. And so they also got their tax return. So, great. Okay, so we’re gonna do that. Now you might notice that the budget now is negative because the plan that they had wasn’t, didn’t actually turn out. And that’s okay. That happens.

It’s not, you’re not, it’s not your fault. You’re not doing it wrong. It just happens. So. We will fix that though. So the, the first thing that we’re gonna go over here, we have two bills left that we need to make sure that those closed out the right way. And in this case, they had planned $500 for tuition, but they actually had a registration fee that they also had to pay that they forgot about.

So now their budget was actually five 50 for for the tuition. So we’re gonna, so we’re gonna cross that one out and show that that came in. And then we also had hot yoga come through at the end of the month, so we’re gonna check off that that bill did come through as well. And the last little bit was graduation party.

At the end of the month we went to that, it was our son’s friend’s party. So we’re gonna check off that. We did go and we spent that $65 on that gift. Okay, so now between the difference in the paycheck and the difference in the bill, we now are negative $227 on this budget Now. We always have some sort of buffer going on if you, if you follow the way that we teach.

But in this case, they had planned to put every extra dollar that they had onto their Chase card this month. So all we’re gonna do is reduce the amount that they’re actually able to pay on that to 5 41, and that’s gonna be allow them to zero out, close out their budget, all of that. And the other thing that we’re gonna do is because this budget is closed, all of the incomes in.

All of the bills have been paid. Everything’s good. We are actually gonna pay that right now today, get it done so that it can be out of the bills account and we can move on and start fresh in June. What you wanna do is make sure that your budget is matching your bank account right? So you can make a budget all day long, but if you don’t come in here and actually update it at the end of the month or throughout the month, then your numbers aren’t gonna match, and you’re not gonna know what your.

Going into the next month with, right. So we absolutely know, and some people actually leave like a hundred dollars, 200 buffer in their, in their bills account. In their bills account, which is okay. But this is saying, look, we brought in $13,000 in May, we have spent $13,000 in May, and this is exactly where it went.

So when you go into June, there’s no question as to if there’s extra money floating around. Yep. So go ahead and make sure you make that extra payment on your Chase card. And then now we’re gonna pop over to the June. And the first thing that we do. Always is start with the best number, which is the income in your, in your budget.

Right. And this is actually on our national research study we did. You guys, this is one of the biggest benefits of budgeting is it’s kind of the first time that you’ve really thought about or seen how much money you actually bring in in a month. Mm-hmm. And that is one of the big focuses here. We want to know what your money can do in a month, and we have to start with how much.

Do you make it a month? So this is Frank and Melissa, and if you notice, their first paycheck is coming in on the 30th and 31st now. Huh? What? That’s weird. What does that mean? Because we’re, that’s, that’s in May. I know we’re starting in June, so if you’ve heard us, we talk about, we want you to get a paycheck ahead and by using the last paycheck of the previous previous month, you’re able to start June or whatever month you’re working on.

With full paychecks in the bank ready to go to pay bills. Yes. And you’re always ahead. So this is how you get ahead. Your, your your money is sitting there in the bank, in the account pooling up ready before any bills even come knocking at the door. Right. And you’re ahead instead of behind. A lot of times we feel like I’m waiting for that paycheck to drop so that I can pay the bill instead.

You’re just always gonna have money there and the bills can just come out and nobody’s gonna be stressed. Yep. So we can see we’re starting with income. There’s no extra bonuses or. Other things coming in this month. I just have a regular month going on. So they got $19,521, as you can see as total income.

Okay, so the next thing that we are gonna put into your budget is your debt. Minimum payments. We are gonna put in anything that you pay regular, what you pay regularly on your. Your car payments, your student loans, your credit cards, whatever you have, we’re gonna put those in the due dates. We are not gonna put in, if you, if you have set it to pay $50 extra, then your minimum every month, we’re not gonna put that in.

We’re gonna put only the 360 1 and you’re gonna go change that minimum payment to the actual minimum payment. Why Vanessa? But why? Tell me why. Yeah. So we actually want you to make your budget to see what. You are minimally paying on everything because if there’s a chance that you can have extra on debt, we wanna pool all of that money that you have extra and do something with it.

So it’s, think of it like a piece of string. If you take a piece of string and you cut it in five little pieces, those aren’t going very far. But if you leave it as one whole piece, you can get a lot further faster. Mm-hmm. Right. So that’s the same concept with your debt. We wanna see what do we have to pay, and then at the end of the budget, if your focus is paying off debt, we’re gonna see how we can take that.

That bulk of money and move it over to pay on one debt. And the other thing here with our budget system, what we want you to see is you’re paying $2,300. On debt every month. That’s how much minimum debt you pay each month. And we’re not doing that to shame you. We just want you to know that once this, this column is actually the only column that can completely go away from your budget.

Mm-hmm. You’ll, you don’t have to pay debt. Right. So you can get to that place and we want you to. And so having it front and center, having it first knowing it’s something I’m gonna chip away at, I’m gonna get rid of, hopefully. And knowing that. Wow. If I do, I could get $2,300 back in my budget. It’s really important.

Well, one of the things we actually love to ask our clients is, Hey, if you had an extra $2,300 a month, what would you do with it? And it gives you a chance to dream. I have so many ideas I know. Gives you a chance to dream and really think about what you could do with that money. And like Shayna said, I think it’s motivating.

Instead of going, I’m gonna pay an extra 50 bucks here, or 20 bucks here, or 30 bucks here, no. What do I have to pay? And then let’s take a big chunk of money at the end of the budget, throw it on one thing, and watch that disappear as fast as it can, because that is really what’s gonna help you get rid of that $2,300 fastest.

Yep. Okay, so next is your bills. And guys from go listen to our podcast. If you haven’t, we want you to have a separate Bills account. This is why it’s laid out this way. All of your bills. Are right here. And this is all that’s gonna come out of these this account. And this column is gonna match that account.

And so obviously your bills are anything with a due date, your mortgage, your power, your gas, your insurance, your pay. And we’re gonna put the payments on there. We’re gonna put the due dates just so. And, you know, a best practice we like, if they can be in order, that way you, as you check them off, it’s really easy for you to go check ’em off.

 Hey guys. In case we haven’t met yet, I’m Shana.

And I’m Vanessa. We’re the budget besties. We’re best friends and master financial coaches and we love talking about the B word. We help women who make good money but have nothing to show for it. Finally, set up a budget system that fits their bougie lifestyle. If you’re liking this so far, hit the subscribe button and stick around.

Your budget is about to get a major glow up. 

But we’ve also got the tithe in there first and foremost. So as you can see, they’ve got a lot of fun bills and their, their budget probably looks just like yours, right? They’ve got some Pilates, they get their massages, they have budget coaching, you know, all the things, all the cool things. Yep, they do.

Let’s see how many bills they got. We have a lot of lines in our budget because we want you to be able to live. We’re not in this beans and rice mentality where we don’t want you to have a good time. Okay. Look, they have serious satellite. They have landscaping, they have their house cleaners in there.

There’s a lot of stuff going on. There’s a lot of good stuff going on. Mm-hmm. Your life is busy. We are not. In this column, like a lot of people will, will make this column and they’re like, oh my gosh, I spend so much on bills. You should be proud to be able to afford all your amazing bills that you have and all the things that you wanna do with your life.

Right? We love that. However, there are some times where we go to, we work with clients and they’re like, oh, we have, we’re paying for two Netflix accounts. Like, that’s not okay. Yeah. Okay. And we had one client who was paying for an extra car insurance bill that they no longer had, they didn’t have that car anymore.

So this actually really does give you a chance to bring all of your bills together. Figure out what you’re paying on. Ask yourself, do I wanna be paying on this? If the answer is yes, great, keep it in. If it’s not, then let’s get rid of it. Yeah.

 Okay. And so, as you can see in this budget, and you wanna do this with yours too. And the reason that we group everything together is when we have now know how much money we’re bringing in and now we know how much money is actually remaining after we pay all of our bills.

Every bill that we have to pay, everything that is, has a due date that’s invoiced to us that we have to pay. We now know we have $808,800. Left to assign to spending and, and savings. And that’s, that’s what you wanna know. You wanna know that data? The next thing, now that you have your income in, you have your minimum payments listed for debt. You have all of your bills listed. Now we’re gonna move over to the spending section.

We like to say that the spending section of your budget is where you live. This is where you’re buying gas and groceries. This is where you’re going out for coffee. This is where you are. Getting your nails done, your hair done, going to the movies, right. Spending money on your kids. This is where all that happens.

Yeah. And we want you to, instead of tracking every transaction or whatever, we actually want you to categorize your spending, right? So we spend money at the grocery store. Right? Mm-hmm. All right, so then you would put that in there, like the, how much do we spend on groceries a month? That is something that you should be able to kind of have regular, a regular amount that you got, that you stick to as a family.

Same with gas. Those are, those are very systematic, you know, they’re, they’re sort of the same every month, give or take. But we want you to have that separate. A lot of times we just. Sometimes we might have spending money. We might think I spend money, but we want you to know, oh no, I have $2,600 set aside for groceries every month.

And bonus in a separate account. Yeah. Yes, absolutely. So if you look at this, we have, like Shayna said, the consistent things that we have going on throughout the month.. Alright, so the next category that you see there, that’s family fun. So family fun. We love this category. It allows you guys to spend money on the things throughout the month that kind of happen. Like you guys go to Chick-fil-A, you and your husband go on a dinner date, you take the kids out for ice cream.

Maybe you go goofy golfing or you go bowling. Like this allows you to really just. Spend that money throughout the month that’s not spent on individually like yourself or your husband. Right? Yeah. And it’s really nice to have it set aside and you know, this is a generous amount. It may not be that much.

You might have to start smaller, but you what you wanna know, the whole point of what we’re trying to have, you have you do set up here is always knowing you have money. And where it’s coming from for each thing, right? Because all of these like, oh, I had a great budget, but then they wanted to go bowling, and my whole budget’s blown, right?

We wanna have it set aside so that you know, you know you can, and you know how much you have, and it’s all separate, so it’s not confusing. What we also hear is, oh, I had money set aside to get my nails done, or to go to on a coffee date with a girlfriend, but my kids needed field trip money. Or my kids needed this and that, and so it took all of my money.

Mm-hmm. And so we get really frustrated when we, when we work hard for our money and we don’t get to spend it on ourselves at all. So we make a line items specifically for family fund to, so you can enjoy those things. Mm-hmm. And it doesn’t have to pull from your personal money. Yeah. And we actually a lot of times in, in people’s budgets, we’ll put a kids’ even different than family fun.

’cause like Vanessa said, family fun. It’s kind of specifically us all going, doing something together, give or take. But you might have like a budget line item for each kid or just one that says kids. It just is really how you want it to be. But the point always is so that you know where money is coming from, when it comes time to spend it.

All right, so the next one, we got husband’s money. It’s sitting there. This is like he goes golfing. He has. Beer date with a buddy or whatever, right? So that’s all his money. You’ve got your money sitting there already to use on your hair, your nails, coffee date with a girlfriend. Maybe it’s a Barnes and Noble book date, whatever it is.

A lot of times what might derail you are things that are less consistent or that you don’t think about in as, as, as part of your monthly budget, right?

So the gas, the groceries, the family fund personal spending money, that should all basically be the same every month. Mm-hmm. And it should always be there. Like personal pocket money is not negotiable, it’s non-negotiable. But then there are things each month that kind of pop up and we wanna put those in the budget.

In this case we’ve got a July 4th party. ’cause we’re making June’s budget and we’re getting ready to Yeah, just the beginning of the month. Yeah. We’re getting ready for the July 4th because we’re very fancy like that and we’ve got a birthday par birthday gift that we’re gonna grab for a birthday party.

So those are the things that we know specifically are happening in June that we want to make happen. Yep. So we got those listed here. And we have our fun little emojis that kind of tell you. Like the debit card is things that you’re gonna use your checking account for, the cash or things that you’re gonna pull out in cash.

And these are one-time expenses that are happening this month. So if you know our budget, you know what those are for. It’s really fancy. It’s a little extra. You’re welcome. And we can talk to you about how much these amounts should be a different podcast. Right. But for now, just understanding you need to have all these categories.

And you can see these people have $3,700 now. Left now, okay? Mm-hmm. So we now have have seen how much we made. We paid all of our minimum debt payments, we’ve paid all our bills, and we’ve planned all the spending that we know is gonna happen so that we don’t have to guess where it’s coming from later in the month.

Now it’s time to look at savings buckets. So your savings buckets are things that you are planning ahead of time for. So this, you know, July 4th party, maybe it was something they didn’t really think about, so they don’t have it in a savings bucket. Brett’s party, that’s a new friend that your son, you know he made a new friend over baseball season.

So, hey ma, I need a birthday present for Brett. That is not something that you plan for your savings. Buckets are things that you know, that are coming up. You know, you have annual bills, you know that you have. Your kids are going to summer camp every year that you’re saving for, you know, that you go on vacation to your families, you know mountain house or whatever, every fall.

So these are the things that you wanna make sure that you are planning for ahead of time, and that’s what all these categories are for. And you may not get to do all of these right at the beginning. Really the first, the, the bills and the spending is where you should start. If you have not done this before, just get that down, do really good, and then you start planning the savings buckets on purpose.

And so then once you have those, and again, that’s a separate podcast, we can totally teach you each exactly how to plan for savings buckets. But once that’s done, once you have all of the things that you want to save for. Guess what? They still have $880 and what are they gonna do with it, Vanessa? Girl. So their goal, so if you can see they are living, they are having a really good time.

They have all their income, their debt, their bills are spending, they’re saving about $2,800 a month into their savings buckets. And these aren’t things that. May happen if they happen. No, they are gonna happen. They know that they’re gonna happen. And this is really where a lot of people go into debt.

Mm-hmm. Because it’s, you know, this section, the savings section and the things that pop up in the month, right. Those are all the quote unquote unexpected expenses that you just pull out your credit card ’cause you didn’t plan for it. Because we can plan for gas, groceries and Chick-fil-A runs. We don’t plan for all these other things that pop up.

So it’s really important to know that they are doing all of it. And their goal right now is also not just to save money for the. Things that they’re, that are coming up, but also to pay on debt. Mm-hmm. So that’s what they’re gonna pay their, that’s what they’re gonna use that x extra $880 for. Yep. And so that’s when we go back, instead of, we told you in the beginning just to put the minimums, now we’re going back once we know what the full, real budget is, because if you pay extra on debt, but you don’t have money for groceries, you did it wrong.

Right. So we don’t want to do that. We wanna make sure everything is, is planned and accounted for, and then whatever’s extra we’re gonna put it on that debt. And then and then, so that’s full circle. That’s a full budget. That’s how you’re gonna get through June when you’re planning for June. Don’t forget about Father’s Day.

Don’t forget about graduations, weddings, travel, summer camps anything like that that you might need to throw in your June budget. Yeah, even school shopping. And if you start early, those sales come guys. So we wanna make sure we’re prepared. All right. So listen, we just made June’s budget with you. We hope that you enjoyed it.

If you have any questions, feel free to reach out to us. Comment below. If you guys are on YouTube, we’d love to hear from you.