May 2022 Budget with Me

by | Apr 30, 2022 | Family, Family Finance | 0 comments

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Our May 2022 Budget

Hello! How are we already approaching May already?

The month of May is a big one for us, we celebrate couple of birthdays and our wedding anniversary! 🥰

I do zero based budgeting.

Basically, you take your income and allocate every dollar to a category (savings, debt, expense, etc.) until the end remaining balance is zero.

Let’s dive in!


Our income remains the same since my husband gets paid on a bi-monthly salary basis, not hourly. This makes it easy for me.


I take his gross pay and subtract taxes and FICA.

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

Extra Income

I don’t input any extra income during the budgeting process, only when I close out the month.

Extra income usually include any cash back rewards, birthday money, and interest from our savings account.

spreadsheet screenshot of monthly income budget


Next, I budget our monthly giving.


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


Then, we give a monthly offering to different ministries and charities we support and believe in. 


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.

Also, since we belong to a church and homeschool community there may be birthday parties (not for birthdays of our immediate family), weddings, funerals, baby showers that pop up every now and then. Sometimes, I can budget ahead for this, but sometimes I can’t.

For the month of May though, we do know of a couple who are getting married (congratulations Juliana & Mike!) so I am budgeting for that.

screenshot of our monthly giving budget


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.

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.


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.

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.

I plan on starting their UTMAs with some birthday and holiday money this year.

screenshot of monthly investment spreadsheet


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).

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

Both our emergency and buffer funds are fully funded.

screenshot of our monthly savings spreadsheet

Expense Budget

Now, we get to our expenses.

There’s a reason why I do our budget in this order. Typically, we tend to budget for expenses first and then the leftovers go to savings, right? At least that’s how I used to do it. Well, the thing is there’s usually not much leftover to save!

So, I budget in order of priority for our family. This may look different for you. You may want to prioritize any debt or even fixed expenses. It’s different for each family.

Anyway, I break our expense category into three: Fixed, variable, and discretionary.

Fixed Expense Budget

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

For us, this is our rent, insurances, internet, mobile plans, and utilities.

Our insurances (dental, vision, life, car, rental, etc.). For this month, it’s just our dental, vision, and life insurances since we pay for our car and rental insurance on an annual basis. We have Tricare Prime for our health insurance so there’s no premium or co-pays.

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

Our housing has paused any utility charges since the pandemic started, which helps keep costs down.

screenshot of our monthly fixed expenses spreadsheet.

Variable Expense Budget

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

Screenshot of our monthly variable expense spreadsheet.

Discretionary Expense Budget

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

May is a big month for us like I mentioned before, we have a couple of birthdays and our anniversary so our discretionary expense budget for this month is higher than usual.

Screenshot of our monthly discretionary expense spreadsheet.

Wrapping it Up!

Alright, that’s our May 2022 budget.

As you can see in the screenshot above, the “Total Remaining” balance at end of our discretionary expenses is $0.

I’ve allocated our income to a category until the end remaining balance is zero.

Do you do a zero-based budget for your family? Let me know in the comment section below. I’d love to hear from you!

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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