May is a memory-making month. Many calendars are filling up with happy occasions, including graduations and communions, but life's big moments do run big price tags.

"May is the time when we start to get out and about again and boy, are things going to look a little bit different when we compare prices to where we were a year ago," said Marshal Cohen, chief retail analyst at Circana.

Knowing what to budget can help to alleviate some of the stress and allow you to focus fully on these priceless moments.

"Graduation is a big one," said Cohen. "Usually if it is a very busy program, they'll give you two tickets and then if you want extra tickets, you have to buy extra tickets. Some of those tickets range from $10 up to $20."

Not only is May an important time for seniors, it is also a special time for some second graders preparing for the sacrament of communion.

"Buying a suit or a dress, you're going to see an increase of about 10 to $15."

If you are planning on celebrating the party, the cost is steep whether you are hosting or attending. According to Cohen, food prices remain high, and place settings alone are running, on average, $5 more per person.

As for gift giving, the location or your relationship to the guest of honor may influence the amount you're willing to spend.

"As prices go up, so goes the gift pricing that you should be giving. Right now, we're running at an average of about $50 to $100 gift," said Cohen.

With a little advanced financial planning, hopefully you can keep your focus on the day and not the dollars.