May has been AMAZING weather wise – sunny and warm, beautiful blue skies and suddenly every single plant in Copenhagen has sprung into stunning lush greenness. We’ve been swimming in the sea a few times (ok, it’s still freezing but it’s refreshing and the sand is warm and it’s totally worth it). Getting into the last months at this rented house and doing a lot of decluttering, and winding down to the end of the school year. So a busy month, and one which feels a bit more positive – change is a’coming.
Budget wise, it’s been better than last month but still not amazing. My daughter’s birthday is in May, and whilst I bought most of her gifts in April I paid for her party this month. Last year we did a COVID-friendly budget party at home but this year I am so crazy with work and getting ready to move that I figured I would just throw money at the problem. She had a wonderful party, and I didn’t have to clean up afterward, so it was worth it!
|Item||Monthly Budget||Spend May||% of monthly budget|
|Childcare costs||£ 1,100.00||£ 872.71||75|
|Car (insurance, tax, petrol)||£ 125.00||£ –||0|
|Charity||£ 66.67||£ 14.88||22|
|Eating out||£ 120.00||£ 241.96||202|
|Entertainment – subscription||£ 50.00||£ 79.37||159|
|Entertainment||£ 100.00||£ 156.19||156|
|Kids – extra curricular||£ 250.00||£ –||0|
|Family||£ 50.00||£ 22.37||45|
|Groceries||£ 400.00||£ 855.33||214|
|Holidays||£ 300.00||£ 489.59||116|
|Insurance||£ 200.00||£ –||0|
|Personal care||£ 30.00||£ 185.30||618|
|Shopping – general||£ 25.00||£ 45.58||182|
|Shopping – gifts incl birthdays||£ 58.33||£ 951.72||1632|
|Shopping – clothes||£ 29.17||£ 72.15||247|
|Rent and Bills||£ 1,500.00||£ 1000||0|
|Transport||£ 41.67||£ 138.92||333|
|Utilities||£ 200.00||£ 1,559.59||780|
|TOTALS||£ 4,645.83||£ 5,886.65||130|
So, once again I overspent my budget BUT by much less than last month. I spent £5,886 against a budget of £4,645:
- I realise that I have radically under-estimated gifts, parties and what not for my children’s birthdays. In my mind, I am a super frugal righteous parent, but that’s not who I am in real life. There are definitely elements of making up for the lack of family in there – they don’t get gifts from their dad or his family, and only from my mum and brother. So there’s a lot to make up for. I only get them things they will really love / use, so even though there is an element of guilt, it doesn’t feel wasteful.
- Grocery spend continues to be way over. I need to properly focus on this, but will do so when we move to the new house and I get a bit of head-space. Currently we’re just getting by – I’ll get to it.
- Utility bills were insane this month and will probably be terrible next month as I tie up everything we owe for this place. I had huge bills on water – where the company asked me to pay for the whole year up front even though I said I would be moving out in July, um no thanks – and also on heating. I hope the new house has cheaper bills than here, but if not, it will be worth putting some time into fixing whatever the issues are.
- I spent again on personal care including visits to osteopath. This is something I should be able to claim back, but for now I will leave it here and balance it at the end of the quarter.
- Finally I spent a bit more on transport due to bike issues, but I love my bike and get a huge amount of value out of it, so I will live with this.
|Monthly saving plan||May||% of plan|
|Mortgage (UK house)||£ 500||£ 500||100|
|Mortgage Overpayment||£ 500||£ 500||100|
|Emergency Fund||£ 100||£ 100||100|
|ISA||£ 1,250||£ 500||40|
|Kids savings||£ 248||£ 248||100|
|SIPP||£ 300||£ 300||100|
|£ 2,898.00||£ 2,348.00||87|
So what did I save? Again I focused on getting the last of the money together for our house move in July, so I have just been putting extra into my current account to make sure the money is there for whatever comes up. No great savings news then, but at least I carried on with the usual basics which is still savings (or paying toward capital) of £ 2,348.
So this month, a very unimpressive savings rate of 20% compared to spending 80%. July will also likely be odd due to the move but in August I am going to revise the budget and properly commit to it.
How was your May? Would love to hear from you!