budgeting, Paycheck Budget Recaps

Budget Recap May 2020

May budget sheet 2020

I use my budget planner sheet and spending tracker to recap on my every dollar budget for the month. 

Download one of my cute budget planners below! 

   In a rush or hurry?


Main Points 


 Budget sheets have changed my life - absolutely!  

 Budgeting allows you to save more, get out of debt and live the life you really want. (in my humble opinion)

These budget planners will pay you back many times. 

✅Dip your toe in! Come with full instructions on how to use. 

May's Budget Explained

So now I've looked at all my figures this will inform me on where I can go next! 

Below this also I will share budget highs and lows, so you can see that budgeting is never going to be a perfect process. It is important to remember that you are doing this for you - to improve your financial situation. 

Budget Highs

  1. My fuel budget came in at only £23.04! Whoop! (It's perhaps as well but I will talk about that in budget lows!)
  2. We underspent on groceries by £46.27! 
  3. My blog made money for the second month! All of $3600! Yes, I'm still absolutely gob-smacked. I can't include this in my budget because I don't receive it until June. 

If you want to find out how to make money by blogging as a side hustle, read my blog income report from May.

Budget Lows

  1. We overspent on eating out by £123!
  2. I couldn't use cash again because of the Covid pandemic. Shops in the UK don't like accepting cash, which is fair enough. I am going to have to find a way of making myself more accountable when using cards. 

Budget Sheet Tips

May budget sheet 2020

Budget Sheet Top Tips 

Your budget is a living changing thing: 

  • Scribble all over it.
  • Things might happen in the month, that you haven't expected, and you need to recalculate your budgets to suit. 
  • I tick off as I transfer key items into my savings pots. It helps me track what I have already done. 
  • This sheet is for your budget so adapt it - I can't use cash envelopes this month, so I have retitled the heading to suit. I still need to write down the budgets that normally I would use cash for, so my budget is tight. 

 Want the cute planner?

💚 Cute hearts planner 💙

Actions for June 2020 Budget 

  • Adjust the eat out budget up.
  •  Keep the cushion in the account at £1000 - this is working superbly to keep us from incurring overdraft fees.
  • My blog earned $238 in April - add this to June's budget planner.
  • Earn as much extra income as possible, to keep my plans on track for expanding my blog and becoming a freelance copywriter. 
  • Treat the massive income influx as if that money is not for us to spend. - it will be used for overpaying our mortgage and paying for essentials in our home that we need. 

Adjust the eat out budget up

It's clear that £150 was a bit ambitious for us. Over the course of the month, more and more cafes were offering take-out option, so we took the chance to treat ourselves in between home working. 

I've decided, for June, the budget will be £250. This will have to come from other areas, but I'm confident that we won't be spending much on fuel again.

My husband has been furloughed, so he isn't driving around for work in the near future.

My main role is mostly working from home, so the cars are just sitting in the street. 

Keep the £1000 cushion

It is so satisfying to see that our bank is not helping itself to £50 a month just on overdraft fees. 

If you are still in your overdraft, I recommend paying this off as a priority - and then building an account cushion. It's frustrating - believe me, I've been there, but worth it, when you know that £50 can be used as part of your budget. 

Add blog earnings to June 2020 budget

These side hustle earnings are so satisfying and are passive income as a result of affiliate marketing via my blog. If I can earn it, anyone can!

Read my post on setting up a blog


Anyway, to get back to the point - I am going to treat these earnings as going towards paying for a new dishwasher. 

Long story short, our dishwasher broke 2 weeks into lockdown. When these earnings came in, I decided we could now go ahead and buy one. 

In previous weeks, we were going to use some of the emergency fund, but no-one was allowed to come into other people's houses during the UK lockdown. To be fair, we didn't want to risk anyone coming in either. 

Earn as much extra income as possible

These side hustle earnings are so satisfying and are passive income as a result of affiliate marketing via my blog. If I can earn it, anyone can!

Read my post on setting up a blog


Anyway, to get back to the point - I am going to treat these earnings as going towards paying for a new dishwasher. 

Long story short, our dishwasher broke 2 weeks into lockdown. When these earnings came in, I decided we could now go ahead and buy one. 

In previous weeks, we were going to use some of the emergency fund, but no-one was allowed to come into other people's houses during the UK lockdown. To be fair, we didn't want to risk anyone coming in either. 

Overpay the mortgage using extra income

It is so tempting isn't it, just to spend any extra income. This is what I am determined not to do. 

One of the purposes of setting up my blog was to make extra money, so that we can become financially independent quicker. 

Dave Ramsey describes it as being 'gazelle intense'. I feel rather more like a focused potato, but his image is the one that sticks in my mind. 

After all, you need to be consistent to hit your goals. By consistently overpaying, I am aiming to decimate our mortgage within 5 years. Tough goal, but I am so so determined now!! 

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