May 2022 Budget Recap

by | Jun 18, 2022 | Family Finance | 0 comments

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Our May 2022 Budget Recap

I reconciled our May budget during the first week of June but I just haven’t gotten around to posting it on here.

Better late than never, right? 😅

How did your budget go in May? We definitely had a few unexpected expenses so let’s get going and I’ll show you our May budget recap!


We are a single-income family and my husband’s income remained pretty much the same, just slightly higher than budgeted.

screenshot of our monthly income for may 2022


I take his gross pay and subtract only taxes (state and federal) and FICA. I DO NOT take out his deductions (such as insurance) here. Those will be accounted for later under fixed expenses.

Sometimes, you hear people call this after-tax salary. It’s not his take-home paycheck or net pay.

Extra Income

I usually don’t budget for extra income as it can vary greatly from month to month. This month our actual extra income came out to $791.

That’s actually pretty high and it’s mainly because my husband was paid for per diem from couple of travels for his work. We also received some birthday money.


Buffer is money I had to take out of our buffer to cover some unexpected expenses. It’s very similar to sinking funds and NOT our emergency fund.

I like to keep around $2,000 in our buffer fund and that seems to work pretty well for us so far.


Next up is our giving category.

Screenshot of our May 2022 giving spreadsheet.


We tithe 10 % of our income following a Biblical tithing principle we believe in. This basically goes to our church.

So, I take the total from “Paycheck” and “Extra Income” from our income box and multiply that by 10%.

Notice that I don’t include the “Buffer.” That’s because this is money that was already tithed before and set aside.


Then, we give a monthly offering to different ministries and charities we support and believe in. This month’s offering was a little higher because we gave a little more to our local church to help with operating expenses.


The “Other” in our Giving category is usually for things like Go Fund Me that we may want to support, meal trains, and various loose offering collections.

This month, we gave to a couple getting married and some birthday money to friends.


Our investment goals were already set in the beginning of the year to make monthly contributions as easy and pain free as possible.

THIS YEAR, our investment goals are simple: Max out my husband’s TSP (Thrift Savings Plan) and both of our ROTH IRAs.

Screenshot of our May 2022 investment spreadsheet.

Employer Sponsored Plan

Main employer sponsored plans are 401k, 403b, TSP (for federal workers). Since my husband is in the military, he contributes to TSP.

Maximum contribution for 2022 is $20,500. So, we just divide the max into 12 months.

I forgot to adjust our contribution rate in time for the first couple of months so our numbers are a little off and we won’t quite reach the max, but it’ll be pretty darn close so I am not worried about it.

This monthly contribution is already set to be taken out automatically from his paycheck, making it super easy.


The maximum contribution allowed for IRA this year is $6,000.

We will come pretty close to the income phase out range for IRA this year (I think), so we are contributing to the ROTH instead.

Since there’s two of us, the max will be $12,000 this year.

I budgeted $900 for this month, but decided to contribute later in the summer as we decided to splurge a little this month! 😎

Other Investments

Our other investments include our brokerage (or taxable investment account) and the kids’ 529 college saving funds.

We are not focusing on contributing to these accounts this year but if we do have extras by the end of the year, that will go into these accounts.

My daughter received some birthday money, she spent some on fun stuff and I plan to contribute the rest to her 529 college savings or UTMA next month. I am not sure which one yet (it probably doesn’t matter!).


This month, we sent a big fat $0 to our savings.

Our emergency fund is fully funded and we needed to take some out of our buffer fund as you saw earlier under “Income.”

Our savings category differs from investments simply because this is money we are not going to invest. They sit in our HYSA (high yield savings account) and/or regular checking account.

This is money set aside for short-term (1-3 years) or emergency use. Think emergency funds, sinking funds, or buffer money.

Screenshot of our monthly savings spreadsheet.

Expense Budget

Now, we get to our expenses. I break them down into 3 expense categories: Fixed, variable, and discretionary.

Fixed Expense Budget

This is for regular monthly recurring bills or subscriptions. Typically the amount is fixed.

Screenshot of our monthly fixed expense spreadsheet.

No surprises here, everything I budgeted for were what we actually paid out for our fixed expenses.

Our fixed expenses are rent, insurances (including insurance premiums deducted from my husband’s paycheck), internet, mobile plans, and utilities.

We purchase prepaid annual plans from Mint Mobile (referral link), so we don’t have a monthly payment.

Housing paused any utility charges since the pandemic started, so we have no utility payments this month.

Variable Expense Budget

Variable expenses are monthly expenses that occur but the amount can vary depending on the month. Things like groceries, general shopping, gasoline, etc.

Screenshot of our May 2022 variable expense spreadsheet.

We stayed under budget for groceries and went a little over for shopping. Shopping is general, it could be for household items, clothing, random stuff from Target.

Our unexpected expense is from our “Car” or “Transportation” category. We had not one but TWO flat tires, we had to change those out.

We also had some other car repairs and maintenance done by my dad so we paid him for that.

Otherwise the rest went to gasoline, which as you know is not cheap right now. It’s about $5.89/gallon here in our area, what about yours?

I went over our homeschool budget as well, I decided to put them in a couple of sports camps, which I did not plan for.

Discretionary Expense Budget

Discretionary expenses are basically the extra or fun expenses. When budget is tight, this is the category that gets slashed.

This is where we really went over budget 😅, allow me to explain.

Screenshot of our monthly discretionary expense spreadsheet.

We’ve been pretty diligent the past 5 years in saving and investing. We have reached Coast FI, and my husband said to me, “I am tired of saving! Let’s just have fun!”

And I agree!

So, that’s why we went a little crazy here in our discretionary expenses. 😆

Now, to be honest I just moved our “Travel” budget from July to May (and some to June). So, we didn’t really go over budget for travel. It’s just that I didn’t think we would be going on our summer vacation this early.

We did go quite a bit over for our “Restaurant” category. But, that’s ok.

Entertainment was mainly for my daughter’s birthday party.

Our Money Went Where?

Here’s a snapshot of our May 2022 expense pie chart.

Pie chart of our May 2022 expenses.

The “Giving” percentage is off because of the “Buffer” fund, which was previously tithed as explained earlier.

Otherwise, this little pie chart gives me a good idea where our money went this month.

Wrapping it Up!

Alright, that’s our May 2022 budget recap.

If I didn’t have money in our “Buffer” to pull from we would’ve been in the negative!

How did the month of May go for you? Let me know in the comment section below. I’d love to hear from you!


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Shirley Nozawa

Shirley Nozawa

Homeschooling mom of 2

Hi! Welcome to my blog! I am so glad you are here. I share our homeschooling journey, family routines and finances, and random motherhood ramblings.

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