Our most expensive month– but also not bad!
I never utilized sinking funds until this year, and it took me a while to really see them in action. Between $3,400 in taxes (including $400 for preparation services) and nearly $4,800 on a new HVAC system, it was an expensive month but made no difference in what was “left over” to invest.
Because we’d stashed money into the sinking fund every month (I just use one and track categories myself in Excel), it was there and ready to use for those big, planned expenses. It wasn’t coming directly from paycheck funds, so we were still able to invest several thousand dollars this month.
Now it’s just a matter of continuing to add to that fund each month.
As usual, the budget wasn’t perfect. We often overspend in a few key areas, so I may need to start making adjustments (especially for summertime and with everything opening back up!)
I contributed a few hundred dollars from my own personal account to investments this month too (I do a separate budget for that account).
How did your May budget fare? Were you able to funnel money into investments or debt payment?
-K