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Updated 7/22/24
Common Categories For Your August Budget
There is still time to soak up the last bit of summer in August while also taking advantage of end of summer sales. Here are some common expenses you may want to include in your August budget.
How to Start Your August Budget
Before we get into specific categories you should consider for your August Budget, let’s briefly go over the type of budget you should use.
I suggest the zero-based budget. A zero-based budget simply means monthly income minus expenses equals zero. You’re accounting for every dollar you plan to spend that month based on the income you have coming in. Most of your budget will be the same from month to month but each month also bring some unique expenses that you may want to consider.
1. Back to School Supplies
School is back for most people and will be right around the corner for us in New York (first week of September). Aside from the typical supplies on your school list, your kids might need new clothes, shoes, a backpack, lunch box or insulated Klean Kanteen water bottle.
A new item to our school list this year is a musical instrument book! Our daughter is going into 4th grade (say what?) and is going to play the clarinet.
2. Fall Sports Registrations
Along with back to school comes fall sports! Dance is a big one for our budget. Right now our kids are young enough that they aren’t involved in too many things. But with multiple kids in multiple activities it can really add up.
3. End of Summer Sales
Summer items will be on sale to make room for fall items. To save yourself some money next summer you might want to look for deals on:
- Summer clothing/shoes
- Patio furniture
- Lawn and garden items
- Early Labor Day Sales (mid to end of August)
- Air Conditioners
4. Summer Festivals & Fairs
There is still time to enjoy the last days of summer with state or county fairs. We mark the end of summer with the Wyoming County Fair. During fair week we say “summer is over” because mid August the nights start to feel cooler. Boo!
Fair food, games, and ride are things you will want to consider and they can get pretty expensive. Last year we got the kids day passes for the rides. Even though there weren’t a ton of rides and the passes weren’t cheap (forgot how much they were), it was still beneficial in the end. Getting each of them a pass allowed them to get on the rides as many times as they wanted and we didn’t have to pay per ride. They had a blast so it was well worth it!
5. Pool Care
If you have a pool then I hope you still get plenty of swimming days left before the temperatures start to cool down. Chemicals, maintenance and electricity for the filter are still items that will be in your August budget.
6. Student Loan Payments
Why should you plan for student loan payments in August? Maybe it is a part of your monthly budget already but if you haven’t been paying on Federal loans since the payment freeze in 2020 then it’s time to start thinking about them again.
Payments won’t resume until October 2023. If you haven’t been making payments the last 3 years then I suggest trying to work it into the budget for August so you’re not surprised in 2 months. This will give you time to adjust things if needed.
Related: 3 Ways to Prepare for Student Loan Repayments
7. Christmas Sinking Fund
Christmas Fund is another thing you should start to think about even if you’re not buying presents in August. (If you are, good for you! Way to get ahead of the game!)
Having a Christmas Sinking Fund as a part of your August budget will give you some time to start saving money for the Christmas season so you don’t have to rack up those credit card charges in December
Establishing a Budget for Financial Wellness
Having an August budget will give you the financial confidence in knowing that you can still enjoy those end of summer activities without worrying about money! Making a money plan each month is a foundational step for Financial Wellness.
Download my free Financial Wellness Checklist.
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Make a Budget: 5 Simple Steps to Get Started
These are the 7 items for your August budget. Do you have anything else special in August that you are planning for? Comment below.
