Sorry it's another YNAB thread but info needed please

Anoneemoose · 22 February 2017 at 6:28PM

Evening all,

We are in the position where we fritter money away and it's getting on my nerves. At present, we use an app on our phones to update everything we spend and forecast bills.

Our problem is willy nilly spends. We have budgets for things but they are always exceeded. Half the problem is putting things on a card, thinking I will pay that, then forgetting about it until the bill comes in. The card gets paid every month in full, however we also have a small balance on and 0% percent card, that we previously used for home improvements, and we pay a few hundred pounds off this month.

Another issue is that I had to give up work due to illness and boredon and frustration/depression at being 'useless' plays a big part in spends as well. We are actually very lucky that we have a decent income and a decent disposable income and are able to enjoy things like meals out etc. But, as I say I want to be in a position where we can save and get on top of things and to stick within budgets.

So, how can YNAB help me? I tried it before but found it head busting and didn't seem to work with all of the online servings accounts that we have, which we use currently as an envelope system. Would it mean just using the one account? And if I was to spend something, would that have to be added manually as a transaction? What about credit card payments? Can they be added too?

Meant to say, reason for using card is because I get rewards, which means vouchers for Debenhams..I use these for clothes/presents etc, so handy.

Thanks in advance for any help you can give.

La_escocesa · 22 February 2017 at 8:53PM

Hi,

I used to have 5 accounts in YNAB - my account, OH's account, joint a/c, my cash, his cash. You don't need to have just one account. Now we don't bother with the cash accounts and class cash as spent as soon as we withdraw it from the ATM.

We tracked every penny individually last year - every drink out, coffee, sandwich for lunch... We had as much as poss split into its own category, but you don't have to - we've recently changed it so we have a pocket money category for this sort of thing. I think it makes it more obvious when I've been frittering away tbh - e.g.if I put £100 in there at the start of the month but I find I go over it a week later...! I then use the memo field to say what I spent my cash on.

I manually add every transaction - keeps me accountable. But I think you can link YNAB to your a/c - I don't though so don't know. You can have recurring bills automatically show up and then just approve them on the day - I used to do that but I find it easier just to add things.

I don't use credit cards for day-to-day spending but I watched one of their tutorials and it seemed to work well with the new YNAB - I think the premise is thatwhen you spend on your cc you log it/budget for it and then that category is topped up nicely when your bill comes in.

HTH!

Anoneemoose · 22 February 2017 at 10:06PM

La_escocesa wrote: »

Hi,

I used to have 5 accounts in YNAB - my account, OH's account, joint a/c, my cash, his cash. You don't need to have just one account. Now we don't bother with the cash accounts and class cash as spent as soon as we withdraw it from the ATM.

We tracked every penny individually last year - every drink out, coffee, sandwich for lunch... We had as much as poss split into its own category, but you don't have to - we've recently changed it so we have a pocket money category for this sort of thing. I think it makes it more obvious when I've been frittering away tbh - e.g.if I put £100 in there at the start of the month but I find I go over it a week later...! I then use the memo field to say what I spent my cash on.

I manually add every transaction - keeps me accountable. But I think you can link YNAB to your a/c - I don't though so don't know. You can have recurring bills automatically show up and then just approve them on the day - I used to do that but I find it easier just to add things.

I don't use credit cards for day-to-day spending but I watched one of their tutorials and it seemed to work well with the new YNAB - I think the premise is thatwhen you spend on your cc you log it/budget for it and then that category is topped up nicely when your bill comes in.

HTH!

Thank you. I have just watched a tutorial and it seems pretty straightforward regarding the cards. I also think it will definitely be helpful regarding the spending and 'forgetting'..just doing the free trial now.

copperman05 · 22 February 2017 at 10:18PM

When it comes to frivolous spending YNAB in my experience is king. As every pound is allocated its very difficult to willingly deviate from the allocated budget. Of course its possible and still relies on personal willpower but that fact that its all there is black and white makes extra spending unacceptable.

nkkingston · 23 February 2017 at 1:25PM

You'll also find that logging everything in YNAB can help with the frustration and boredom of being off work - you're essentially becoming your household's Chief Financial Officer. It's easy to forget all the invisible tasks that keep a household running, from meal planning to doctors appointments to budgeting, but if you were doing those tasks for an employer they'd be manager level or higher. Once you start giving yourself credit for work you didn't even realise you were doing, you'll find some of those feelings of being useless take a back seat.

louby40 · 25 February 2017 at 10:10PM

You can't link your current accounts directly into YNAB in the UK. I've been using it since July last year and it's helped me no end.

I've got rid of my £500 overdraft, paid off 2 CC and am £1100 away from paying my parents back.

I budget for the month ahead and if there is no money for 'clothes' or 'eating out' then it doesn't happen and they don't get bought.

It's a change in mindset. It totally works.

Sorry it's another YNAB thread but info needed please

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