Budget with me May 2024 | Zero-based Budget | Sinking Funds | Real Numbers

#budgetwithme #financialfreedom
This is my family's budget for May. We are each getting 3 paychecks this month and that will really help with saving for our new roof.
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**This video is not financial advice. I am not a financial advisor and am just sharing my own experience.

[@mrssummersbudgets]

GM, great BWM! hope you have a great month!

[@kronsonfamily]

Thanks, you too!

[@ashoppa]

I am glad I found your channel, I really like your spreadsheet! I too will have a 3 paycheck month and will have quite a bit of overtime on those checks. I have a very basic zero based budget where I pay my bills and leave a fixed amount in my checking account for an emergency fund. And with any surplus funds I have been putting into 4 week T-Bills for the past year or so. I like the liquidity of it and has been working for me so far.

[@kronsonfamily]

Thank you! I'm liking having a high yield saving account for almost all of my money but I think T-Bills sound like a good idea.

[@user-qd8iv6bj9k]

Great video! May is also a magic month for me . I am really trying not to spend any of that pay. I haven't added it to my budget yet. I'm going to try to pretend it's not there and then use it to create a month ahead fund.

[@kronsonfamily]

That's a great idea!

[@BelgianNoise]

Pretty interesting way of budgetting. And I kinda like the spreadsheet.
Only things I would be missing is:
- some kind of way to know what the money was actually spent on, for future ref
- a yearly overview, with some charts possibly
The system I am using right now doesn't do the sinking funds which is something that im missing as i try to justify my spending on non essentials.
I do have a couple questions about the template tho:
1: with the sinking funds, whats the "actual" column ? if you budget 100 for home, when will the actual be different? isn't it just a virtual envelope ?
2: does having a "goal" in sinking funds not mean that you also treat it like a tiny savings ?
3: How do u do rollovers from year to year ? just fill in the current value from last years dec tab into this years jan tab ?

[@kronsonfamily]

Thank you @BelgianNoise! I'm working on an annual summary page with a couple graphs, I just haven't added it to the shared version. To answer your questions:
1. There may be some months where your income is higher or lower than what you budget for or you need to switch around your priorities so you may budget 100 for home and then realize you have more income and can throw in 200 or you might need to put some of that budgeted home amount into car if a repair comes up and your car fund wasn't enough. It is just a virtual envelope but what you plan to fill vs what you actually fill can differ.
2. I count my goals as a way to not overspend in a year. They can also be mini savings so you can fill all or some of your sinking funds up front but I like to try to contribute to them evenly throughout the year.
3. Right now I think copy and paste is easiest. I have an excel document that links to previous excel budgets and it's a hassle if I move the files around or rename them. But some people like to start fresh with their sinking funds each year so maybe just move all the remaining funds to a general savings at the end of the year could work as well.
Hope that helps!