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  • FIRST POST
    • edinburghlad
    • By edinburghlad 29th Jul 14, 1:33 PM
    • 128Posts
    • 229Thanks
    edinburghlad
    You need a budget (YNAB) advice thread
    • #1
    • 29th Jul 14, 1:33 PM
    You need a budget (YNAB) advice thread 29th Jul 14 at 1:33 PM
    I download a free trail of YNAB yesterday and have started to use it. I notice on the setup video that you don't have to all your debt accounts with the exception of credit cards.

    I am looking to be able to track my progress of paying extra to my debt and was wondering if anyone has advice on the best way to do it? Do you add your accounts to YNAB?

    Thanks
Page 54
    • hiddenshadow
    • By hiddenshadow 28th Dec 16, 8:40 AM
    • 2,053 Posts
    • 9,141 Thanks
    hiddenshadow
    I've traditionally found it hard to track my incidental spending. But for the last 3 months have kept a spending diary up to date (well occasionally when I reconcile my credit card spending there is 1 or 2 spends I haven't input in the diary). The problem I've been having is keeping both joint account and various pots in one account has been a headache! Our laptop got a virus and died so I couldn't access the spreadsheet and then having to try to figure it all out was a nightmare. I managed to find an old version that was 3 months old and painstakingly figured out roughly what was in each "pot", but it was such a pain.

    I really like the idea of bringing your accounts to the point where you are spending last months money. I think I will work towards this, but on such a low income I can imagine this will take forever!
    Originally posted by determined new ms
    Spending last month's money is definitely amazing. I got paid this month early but DH hasn't been paid yet (likely to happen today). As we're spending November's income for January we're not bothered since we've got a full month before we'll need to actually use DH's pay for this month.

    You could always open another bank account for the savings - pre-YNAB I did this so that my everyday spends account was always lean (encouraging me to keep spending low), but my savings could be off earning interest elsewhere out of sight (and mostly out of mind ).
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Apr '17 £108,751 (£6,104 offset)
    Payment 39/84 / 2017 MFW #56: £10,917/£20,000 54% / MFiT-T4 #15: £50,748/£90,000 56%
    • Determined2Save
    • By Determined2Save 29th Dec 16, 8:34 PM
    • 52 Posts
    • 184 Thanks
    Determined2Save
    Hi all, hope you don't mind if I ask a (potentially silly) question? I bought YNAB last week, won't start using it until the 1st as I haven't had to spend anything between then and now. I've been budgeting in a sense for about 5 months now, dealing only in cash as my personal spending money. I'm tempted to use my debit card for as many transactions as possible in January so that I can reconcile and track actual amounts (I have a good/ bad habit of putting any coppers and silvers under 20p into the nearest charity box), but on the other hand this seems like relinquishing a bit of control, and potentially a pitfall.

    Do any of you have any advice / guidance?
    Overdraft: £715 £220
    Barclaycard: £889 £1,089.33
    Loan: £1450 £50 £50
    • Frogletina
    • By Frogletina 29th Dec 16, 9:20 PM
    • 2,822 Posts
    • 10,111 Thanks
    Frogletina
    Hi all, hope you don't mind if I ask a (potentially silly) question? I bought YNAB last week, won't start using it until the 1st as I haven't had to spend anything between then and now. I've been budgeting in a sense for about 5 months now, dealing only in cash as my personal spending money. I'm tempted to use my debit card for as many transactions as possible in January so that I can reconcile and track actual amounts (I have a good/ bad habit of putting any coppers and silvers under 20p into the nearest charity box), but on the other hand this seems like relinquishing a bit of control, and potentially a pitfall.

    Do any of you have any advice / guidance?
    Originally posted by Determined2Save
    It depends on how you decide to handle cash in Ynab.

    Personally I have a cash account so that when I get cash out of the cash point I transfer it in Ynab from my bank account to a cash account and then I account for every penny as I spend it in one of the categories that I have. If you did this you could categorise any money put into boxes as charity donations, as part of your personal spending money.

    Other people just take money out of the cash point and class it as spent at that point. If you were to do that, you will know how much money you have taken out as cash (and considered spent) but not have the information on what it went on - including how much is going into charity boxes etc. On Ynab you would show this not as a transfer to cash but as an outflow from your bank account, categorised to a budgeted category.

    It really depends on how much detail you want to see in Ynab. If the only cash you are taking out is for small personal expenses then the second option would be ok. However, I paid the plumber out of my cash last week, and groceries, eating out and all small daily expenses, so I want to keep accurate accounts and therefore have a cash account.

    frogletina
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first

    SPC 8 #441 £1567.31 SPC 9 #441 £1014.64
    • joedenise
    • By joedenise 29th Dec 16, 9:54 PM
    • 4,737 Posts
    • 31,531 Thanks
    joedenise
    I use the 2nd option -just have a Spending Money category but don't track what the money is spent on; but as Froglatina says it's up to you whether you want to keep track of the cash you withdraw.

    Denise
    • Determined2Save
    • By Determined2Save 30th Dec 16, 7:45 AM
    • 52 Posts
    • 184 Thanks
    Determined2Save
    It depends on how you decide to handle cash in Ynab.

    Personally I have a cash account so that when I get cash out of the cash point I transfer it in Ynab from my bank account to a cash account and then I account for every penny as I spend it in one of the categories that I have. If you did this you could categorise any money put into boxes as charity donations, as part of your personal spending money.

    Other people just take money out of the cash point and class it as spent at that point. If you were to do that, you will know how much money you have taken out as cash (and considered spent) but not have the information on what it went on - including how much is going into charity boxes etc. On Ynab you would show this not as a transfer to cash but as an outflow from your bank account, categorised to a budgeted category.

    It really depends on how much detail you want to see in Ynab. If the only cash you are taking out is for small personal expenses then the second option would be ok. However, I paid the plumber out of my cash last week, and groceries, eating out and all small daily expenses, so I want to keep accurate accounts and therefore have a cash account.

    frogletina
    Originally posted by Frogletina

    Thank you both, that makes sense! I think I'll probably go with the first option, just so that I can still see where the cash has gone after I've withdrawn it
    Overdraft: £715 £220
    Barclaycard: £889 £1,089.33
    Loan: £1450 £50 £50
    • January2015
    • By January2015 16th Feb 17, 11:23 PM
    • 1,584 Posts
    • 4,440 Thanks
    January2015
    Hi everyone

    I have finally decided to revisit new the online YNAB and give it a proper try.

    2 questions - is there any way at all to change the units from $ to £, and is there any way to change the date format to UK style, e.g. DD/MM/YYYY?

    It's not the end of the world if you can't but both of these things are bugging me (especially the date format).

    Thanks for any help.

    Edit: Don't worry - I found how to change both (eventually).
    Last edited by January2015; 17-02-2017 at 3:03 AM.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k DMP now 26.58% paid. That means our debt is in the £60k's
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • Treadingonplaymobil
    • By Treadingonplaymobil 17th Feb 17, 6:29 AM
    • 477 Posts
    • 3,313 Thanks
    Treadingonplaymobil
    I was going to offer advice, but I see you've resolved it!

    I love YNAB, it is more or less entirely responsible for my LBM.
    £67,031.92 is a frightening number indeed... The debt free diary of one family and their enormous debt
    LBM debt on 12th February 2017/DFD: £67,031.92/1st December 2026
    debt on 6/3/17/DFD: £65,133.07/1st August 2026
    • January2015
    • By January2015 17th Feb 17, 8:32 AM
    • 1,584 Posts
    • 4,440 Thanks
    January2015
    I was going to offer advice, but I see you've resolved it!

    I love YNAB, it is more or less entirely responsible for my LBM.
    Originally posted by Treadingonplaymobil
    Another dedicated believer in the power of YNAB here. I started using it shortly after our LBM and at the point we set up our DMP. I honestly believe we wouldn't be where we are in the DMP road without.

    I've just decided I really need to give the new YNAB version a chance. I have to say I am loving it so far.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k DMP now 26.58% paid. That means our debt is in the £60k's
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • safara
    • By safara 1st Mar 17, 6:26 PM
    • 54 Posts
    • 32 Thanks
    safara
    Hi everyone

    I have finally decided to revisit new the online YNAB and give it a proper try.

    2 questions - is there any way at all to change the units from $ to £, and is there any way to change the date format to UK style, e.g. DD/MM/YYYY?

    It's not the end of the world if you can't but both of these things are bugging me (especially the date format).

    Thanks for any help.

    Edit: Don't worry - I found how to change both (eventually).
    Originally posted by January2015
    How did you manage it? Wondering the same thing here....

    Edit - found it - It is in My Budget - Budget settings.
    • curlyhairsuzy
    • By curlyhairsuzy 5th Mar 17, 11:14 PM
    • 21 Posts
    • 5 Thanks
    curlyhairsuzy
    Hi
    Might sound like a silly question.
    Get paid on the 26th, so some bills have gone out already.
    I have added the balance of my account which stands at £700
    I then added ALL of my expenses pm to my budget.
    Is this wrong?
    It's confusing as between me and my wife we have income coming in 3x pm.
    Can someone clarify. Thanks.
    Also if it's relevant I've got the classic version not ynab4.
    • Frogletina
    • By Frogletina 6th Mar 17, 12:17 AM
    • 2,822 Posts
    • 10,111 Thanks
    Frogletina
    Hi
    Might sound like a silly question.
    Get paid on the 26th, so some bills have gone out already.
    I have added the balance of my account which stands at £700
    I then added ALL of my expenses pm to my budget.
    Is this wrong?
    It's confusing as between me and my wife we have income coming in 3x pm.
    Can someone clarify. Thanks.
    Also if it's relevant I've got the classic version not ynab4.
    Originally posted by curlyhairsuzy
    You have said that you have £700 in your account. How much are your monthly expenses? If they are more than £700 then you should not be including them until you have more income.

    You can only budget with money that you have, not money that is to come. You need to ask what needs to be paid before your next income arrives. For example, in my bills category, I set the subcategories in the order that they need to be paid.

    By the way, the classic version is ynab4 which is a desktop version. The other version is nynab which is an online version.

    frogletina
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first

    SPC 8 #441 £1567.31 SPC 9 #441 £1014.64
    • Carolinemjs
    • By Carolinemjs 6th Mar 17, 6:44 AM
    • 79 Posts
    • 39 Thanks
    Carolinemjs
    A question previously asked and answered
    ""2 questions - is there any way at all to change the units from $ to £, and is there any way to change the date format to UK style, e.g. DD/MM/YYYY? """

    I don't have any option to change any settings, using the app on my iPad .....
    • hiddenshadow
    • By hiddenshadow 6th Mar 17, 1:13 PM
    • 2,053 Posts
    • 9,141 Thanks
    hiddenshadow
    Get paid on the 26th, so some bills have gone out already.
    I have added the balance of my account which stands at £700
    I then added ALL of my expenses pm to my budget.
    Is this wrong?
    It's confusing as between me and my wife we have income coming in 3x pm.
    Can someone clarify. Thanks.
    Also if it's relevant I've got the classic version not ynab4.
    Originally posted by curlyhairsuzy
    If you're starting fresh, don't add in anything already paid for April. Just add them to May's budget if you want to remember the amounts. You've already paid them, with money that you no longer have. (YNAB cares about what's on hand and what's in the future.)

    I generally run our budgets this way - next month is a big giant red number for most of the month (we get paid 3 working days before end of month and on the last working day of the month). Once we get paid that number goes green (barely) and I can pad any categories at that time. In the meantime, I have the budget all set so I can tweak amounts as the month goes on.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Apr '17 £108,751 (£6,104 offset)
    Payment 39/84 / 2017 MFW #56: £10,917/£20,000 54% / MFiT-T4 #15: £50,748/£90,000 56%
    • hiddenshadow
    • By hiddenshadow 6th Mar 17, 1:14 PM
    • 2,053 Posts
    • 9,141 Thanks
    hiddenshadow
    A question previously asked and answered
    ""2 questions - is there any way at all to change the units from $ to £, and is there any way to change the date format to UK style, e.g. DD/MM/YYYY? """

    I don't have any option to change any settings, using the app on my iPad .....
    Originally posted by Carolinemjs
    I don't think you can change that setting on the apps. They're definitely not as fully functional as the web version (though I think the plan is to reproduce functionality to the app eventually).
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Apr '17 £108,751 (£6,104 offset)
    Payment 39/84 / 2017 MFW #56: £10,917/£20,000 54% / MFiT-T4 #15: £50,748/£90,000 56%
    • armchairexpert
    • By armchairexpert 12th Mar 17, 12:08 PM
    • 286 Posts
    • 1,928 Thanks
    armchairexpert
    Has anyone gone from Classic YNAB to New YNAB and would recommend it?

    I'm still on old, and I like it a lot, but we run our account through our credit card and an offset mortgage, which YNAB isn't really set up for (there's an old YNAB blog post by an Australian who explained how to kind of trick YNAB into understanding this way of doing things, so it's not just me!), and I think new YNAB handles CCs a lot better. But I don't want to pay a subscription just for one improvement.

    Love to hear any opinions.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    1 April 2017 $223,500
    • hiddenshadow
    • By hiddenshadow 12th Mar 17, 12:58 PM
    • 2,053 Posts
    • 9,141 Thanks
    hiddenshadow
    I haven't swapped, but from what I've read on the forums, nYNAB is really not setup to handle offset anything (as it's so US-centric where any line of credit is Bad Evil Debt that's completely separate from any assets/current accounts/etc). I think it's more of an issue with overdraft, but the same concept applies to offset as well.

    (Essentially once you tell nYNAB that you have -£xxx,xxx as your offset mortgage that's also your current account, it says "oh hey you have no money and any future income is automatically going to get sucked in to making this big 'debt' go away, so pay it all off and then you can budget".)

    I'm sure there are workarounds, but just something to bear in mind.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Apr '17 £108,751 (£6,104 offset)
    Payment 39/84 / 2017 MFW #56: £10,917/£20,000 54% / MFiT-T4 #15: £50,748/£90,000 56%
    • January2015
    • By January2015 12th Mar 17, 2:43 PM
    • 1,584 Posts
    • 4,440 Thanks
    January2015
    Has anyone gone from Classic YNAB to New YNAB and would recommend it?

    I'm still on old, and I like it a lot, but we run our account through our credit card and an offset mortgage, which YNAB isn't really set up for (there's an old YNAB blog post by an Australian who explained how to kind of trick YNAB into understanding this way of doing things, so it's not just me!), and I think new YNAB handles CCs a lot better. But I don't want to pay a subscription just for one improvement.

    Love to hear any opinions.
    Originally posted by armchairexpert
    I recently signed up for the 34 day trial of the new online YNAB. I was anticipating running the online version alongside the classic version (which I love and have been using for the last two years). Within a week I was sold on the new online version and have stopped updating the classic version.

    I don't have credit cards, overdraft or offset mortgage so it's a fairly straightforward set up for me. I do record payments to my debts in it (as they come out of my bank account) but I don't have the outstanding debt balances recorded in YNAB. This is just how I chose to set it up. I reconcile my debts on a separate spreadsheet.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k DMP now 26.58% paid. That means our debt is in the £60k's
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • armchairexpert
    • By armchairexpert 12th Mar 17, 11:21 PM
    • 286 Posts
    • 1,928 Thanks
    armchairexpert
    I haven't swapped, but from what I've read on the forums, nYNAB is really not setup to handle offset anything (as it's so US-centric where any line of credit is Bad Evil Debt that's completely separate from any assets/current accounts/etc). I think it's more of an issue with overdraft, but the same concept applies to offset as well.

    (Essentially once you tell nYNAB that you have -£xxx,xxx as your offset mortgage that's also your current account, it says "oh hey you have no money and any future income is automatically going to get sucked in to making this big 'debt' go away, so pay it all off and then you can budget".)

    I'm sure there are workarounds, but just something to bear in mind.
    Originally posted by hiddenshadow
    Yeah, that's the same problem with the old one. The workaround, in case anyone else has this issue, is this:

    Create a mortgage account for the total available credit and then create a separate account for the amount you have available. So in my case, my mortgage is for $250,000, and I have about $23,000 available in credit because that's what I've paid into it. Instead of putting that in as a LOC of -$227,000 - which you're right, will create a Huge Sucking Hole Of Debt - what I've done is put in an offset account for -$250,000 and a separate 'checking' account for +$23,000. So my total net worth over those two accounts shows as -$227,000, which is what I actually owe, but it doesn't try and claw everything into debt.

    My issue is this: like many with off set accounts, I 'ride a credit card float'. My card is a 60-day interest free. It's set so that every month, it pays off the balance BUT it doesn't pay the balance in full. It pays off any transactions that are between 30 and 60 days old. So I never get charged interest, but effectively, my 'checking' account is paying back money I spent almost 2 months ago - the idea being that the longer the money sits on the card, the more interest I save in the mortgage. And as far as I can tell, even new YNAB doesn't really have a way to conquer that!

    Anyway, I've fidgeted with Classic and hopefully I've managed to create a set up that accurately reflects what's actually going on now. I love YNAB so much more than other budgeting software, I just wish it had a good solution for a financial product that's pretty common in Australia.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    1 April 2017 $223,500
    • debt free hope
    • By debt free hope 13th Mar 17, 9:06 PM
    • 27 Posts
    • 86 Thanks
    debt free hope
    I have down loaded YNAB but I am confused on how to begin. I Tried to join a webinar to understand how to use it but unfortunately did not have the right app. It`s as if you put your income in it can only go to one category .Am I missing something.
    • hiddenshadow
    • By hiddenshadow 13th Mar 17, 9:39 PM
    • 2,053 Posts
    • 9,141 Thanks
    hiddenshadow
    There are archived recordings of the workshops for the Classic version here: https://www.youtube.com/watch?v=BVzO-zN4Z_E&list=PLq0_N-XTl2yDgsEXADS8kgttnJ3VeexbZ

    When you add income (either as a starting balance to an account or as income received from pay/benefits/etc), its category is "Income for This Month" or "Income for Next Month". Then that money becomes available in the big number at the top (Available to Budget) and you can use it to give balances to categories however you like. Then you enter spending transactions against those categories throughout the month.

    Hope that makes a bit of sense - I do recommend watching the recordings, though, they're very helpful. It doesn't look like they have a support e-mail on their site anymore, but there is a help form in the bottom right (shown as ?) of their page: https://www.youneedabudget.com/ (if you do get stuck).
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Apr '17 £108,751 (£6,104 offset)
    Payment 39/84 / 2017 MFW #56: £10,917/£20,000 54% / MFiT-T4 #15: £50,748/£90,000 56%
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