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  • FIRST POST
    • edinburghlad
    • By edinburghlad 29th Jul 14, 1:33 PM
    • 127Posts
    • 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 55
    • Anoneemoose
    • By Anoneemoose 13th Mar 17, 9:52 PM
    • 1,851 Posts
    • 2,205 Thanks
    Anoneemoose
    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.
    Originally posted by debt free hope
    I found youtube really good for videos on how to use the new one. Are you trying to set it up via the app? Just I think you need a laptop or pc (but I could be wrong), to set it all up properly. I use the app to add transactions and quickly view stuff, but there're a lot of things you can't do through the app.
    • debt free hope
    • By debt free hope 13th Mar 17, 10:58 PM
    • 27 Posts
    • 86 Thanks
    debt free hope
    Thank you I think my problem is it is the app yet I downloaded it on my tablet.Can I go straight to the web .
    • hiddenshadow
    • By hiddenshadow 14th Mar 17, 9:55 AM
    • 2,316 Posts
    • 10,365 Thanks
    hiddenshadow
    It depends on which app you mean.

    If you mean YNAB Classic, you need the desktop app to go with it. http://classic.youneedabudget.com/

    If you mean new YNAB, you need the web app to set things up. https://app.youneedabudget.com/
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Dec '17 £104,645
    2017 MFW #56: £15,022/£15,000 100% / MFiT-T4 #15: £54,854/£90,000 60%
    • armchairexpert
    • By armchairexpert 14th Mar 17, 11:37 AM
    • 727 Posts
    • 4,723 Thanks
    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.
    Originally posted by January2015
    January, what made you fall in love? I'm really tempted by it, but I worry that it's just that impulse to upgrade to the newest shiny thing!
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    November 2017 - $216,000.00 Current MFD 31 July 2035
    • January2015
    • By January2015 14th Mar 17, 12:54 PM
    • 1,757 Posts
    • 4,746 Thanks
    January2015
    January, what made you fall in love? I'm really tempted by it, but I worry that it's just that impulse to upgrade to the newest shiny thing!
    Originally posted by armchairexpert
    I understand what you mean about it being an impulse to upgrade to the newest shiny thing

    I love the create a goal option. I've always had 'goals' for car insurance, maintenance and repairs, etc. etc. By that I mean I budgeted an amount each month in preparation for those bills when they came in. I like that in the new version, instead of just allocating an amount each month I can choose the following options for goals:

    • target category balance
    • target category balance by date
    • monthly funding goal
    YNAB reminds me each month if I've met my category goal for each category.


    It's very sad, but I love seeing the age of my money - shown in lovely big characters at the top right of the screen. I love knowing that I am still living on money from over a month ago.

    I love that if I overspend in any category I can just click on another category and tell it to move money to where I've overspent. This wasn't an option in the old YNAB. I had to manually adjust budget allocations or use the option to subtract from next month's available budget or red arrow to subtract from next month's category balance. I did manage this in old YNAB, but the way it's handled in new YNAB just makes more sense to my brain.


    I like that I can enter notes about a category - this is not the memo option for each transaction, but a note about a category. Many probably don't even use this, but I do. I put information about contact numbers, policy numbers, dates of insurance policies etc. in there. So when I click on vehicle insurance I can see at a glance relevant information without having to either search the hard drive or the paper filing system. I find this so useful. I don't put anything on there that would compromise my security like account numbers or passwords because although it's secure it is on the web and I worry about things like that. Edit: I know I could put notes against a category on old YNAB, but I had to click on the note icon - it wasn't there in front of me - which it is in nYNAB - and it just works better for me in the new YNAB. I definitely make much more use of this facility than I ever did before.

    It took me a while to get used to seeing only one month at a time on the screen - I was used to the spreadsheet look of classic YNAB.


    There are other things but I've probably covered what has most convinced me to buy a subscription when I had already paid a one-off fee for classic YNAB. All I can say is sign up for the 34 days trial and you will know quite quickly if it's worth you moving to nYNAB or not.


    Hope this is of some help
    Last edited by January2015; 14-03-2017 at 12:57 PM.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £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
    • fakeplastictwee
    • By fakeplastictwee 14th Mar 17, 5:17 PM
    • 459 Posts
    • 4,510 Thanks
    fakeplastictwee
    I signed up to new YNAB a couple of weeks ago and I've already 'found' a lot of money that I hadn't realised I was frittering away. I'm self employed and money comes in in dribs and drabs, so I'm hoping to get to the point where I'm not living month to month and can 'age' my money.

    I already have April's rent and bills put aside and a surplus in my 'spending' account, (towards future big things like car insurance). Before YNAB I'd see that as spare cash and spend it on rubbish. Eventually I'd like to have a few months expenses put aside in case I have the odd quiet month with work, which has happened to me in the last year and caused a huge tax related panic.
    • hiddenshadow
    • By hiddenshadow 14th Mar 17, 10:08 PM
    • 2,316 Posts
    • 10,365 Thanks
    hiddenshadow
    Sounds like a great plan, FPT.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Dec '17 £104,645
    2017 MFW #56: £15,022/£15,000 100% / MFiT-T4 #15: £54,854/£90,000 60%
    • armchairexpert
    • By armchairexpert 14th Mar 17, 11:14 PM
    • 727 Posts
    • 4,723 Thanks
    armchairexpert
    Thanks so much, January, that's really helpful! I actually signed up for a trial a few months back and then didn't do anything about it, so unless I use a different email address I think I can't trial again. Shall investigate.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    November 2017 - $216,000.00 Current MFD 31 July 2035
    • hiddenshadow
    • By hiddenshadow 15th Mar 17, 8:29 AM
    • 2,316 Posts
    • 10,365 Thanks
    hiddenshadow
    You should be able to use a different e-mail to sign up for a new trial. (I have done in the past, anyway.)
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Dec '17 £104,645
    2017 MFW #56: £15,022/£15,000 100% / MFiT-T4 #15: £54,854/£90,000 60%
    • January2015
    • By January2015 15th Mar 17, 1:48 PM
    • 1,757 Posts
    • 4,746 Thanks
    January2015
    Thanks so much, January, that's really helpful! I actually signed up for a trial a few months back and then didn't do anything about it, so unless I use a different email address I think I can't trial again. Shall investigate.
    Originally posted by armchairexpert
    I would email the YNAB team and ask if you can trial again - explain that for personal reasons you were unable to use it within the original trial period. The thing is, if you trial it with the same email address you purchased classic YNAB with then you get a 10% discount on the subscription....not a massive amount in the scheme of things but we all know every penny counts).
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £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
    • missmental123
    • By missmental123 31st Jul 17, 11:03 PM
    • 51 Posts
    • 145 Thanks
    missmental123
    I've had YNAB for about a week. I've added my credit cards & loan but they're in my budget ! Is there anyway I can not include them in the budget ?
    Thanks . I have emailed them but I don't understand their reply .
    Total: Debt July '17 -£23,806.33 - now
    -£20,250 (14.9 % paid)
    • tempus_fugit
    • By tempus_fugit 1st Aug 17, 12:17 AM
    • 330 Posts
    • 313 Thanks
    tempus_fugit
    You have to step them up as non-tracking (can't remember the exact term they use). If you have set them up as tracking accounts, ie the transactions are included in the budget, from what I remember you can't just switch them over to non-tracking, you have to start again with them and set them as non-tracking. It's a pain and I fell foul of it too when I first started using the new YNAB.
    Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.
    • hiddenshadow
    • By hiddenshadow 1st Aug 17, 7:44 AM
    • 2,316 Posts
    • 10,365 Thanks
    hiddenshadow
    I'd also only put your CCs in as non-tracking if you're only counting them as debt to repay, e.g. you don't add any new spending to them. If you spend against them, they should go into the budget to reflect that spending.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Dec '17 £104,645
    2017 MFW #56: £15,022/£15,000 100% / MFiT-T4 #15: £54,854/£90,000 60%
    • megwump
    • By megwump 1st Aug 17, 5:26 PM
    • 48 Posts
    • 26 Thanks
    megwump
    I am completely and totally in love with YNAB! After being on here in May asking for advice, I went with YNAB and I'm using it almost daily.

    In just 12 weeks I have already got to the point where 60% of my savings for Christmas shopping is already allocated, I was able to pay my car tax for the year up front (not my old thing of sticking it on CC and paying it off in 12 months and repeat!), and get ahead on a bunch of other categories.

    I tend to add transactions manually either on my phone or on the webpage, but I also download my statements from online banking and import them if the numbers ever get out of sync.

    I love love LOVE the goals section. I know when my CCs will be paid off and how much money I've got available for other things. I know that we spent more than we intended on food in July, but we covered it from a non-priority category.

    I have an £800 'allowance' per month which covers my personal bills, credit card payment, shopping and socialising. Historically I've had less than £100 left at the end of any given month, but after just 12 weeks I know that by the time I get to the end of August I'll still have £400 in the bank (and that's allocated for the bigger annual expenses, so it's got a 'job' to do). My cc is tracking to be paid off in July 2020, but I reckon that will end up coming forwards quite a lot.

    This is exactly what I needed & it's what I've always wanted but didn't know how to describe
    In and out of debt since 2001. Old dogs CAN learn new tricks.

    August 2017:
    Personal CC: £6150 Modest goal: July 2020
    Shared CC: £8600 Goal: December 18
    • louby40
    • By louby40 1st Aug 17, 5:53 PM
    • 1,197 Posts
    • 3,282 Thanks
    louby40
    I love YNAB too! I've been using it for about a year and have paid off my overdraft, £900 on my credit card (although I have since had to use my cc) I've saved £3k towards my kitchen, saved and paid for Christmas and weekends away. And paid my parents back £3k that I owed them.

    My plan now is to stay within my budget and get my emergency fund back up!
    Parent loan PAID IN FULL
    Emergency fund £670/£1000. Christmas savings £100/£600 Car maintenance £150/600
    Kitchen July £12,493 DEC £9,993. 25% paid off
    Barclaycard £90
    Car loan £2684.22 Mortgage £94,992
    TOTAL DEBT (with mortgage) = £108,044 (without mortgage) = £13,052
    • missmental123
    • By missmental123 1st Aug 17, 7:10 PM
    • 51 Posts
    • 145 Thanks
    missmental123
    Thank you for the replies, I'm still very confused with it all.
    Sounds fabulous though, so I have deleted my 3 credit cards & loan as I found it so complicated with them in the budget. I will definitely be overdrawn soon, usually up to about £1000 a month. My aim is to obliterate this by 3 months. How will YNAB cope with me being minus balance with nothing left to budget?


    Will it work for me?
    Total: Debt July '17 -£23,806.33 - now
    -£20,250 (14.9 % paid)
    • tempus_fugit
    • By tempus_fugit 2nd Aug 17, 1:13 AM
    • 330 Posts
    • 313 Thanks
    tempus_fugit
    It will work but you will have big red warnings all over the place.
    Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.
    • hiddenshadow
    • By hiddenshadow 2nd Aug 17, 7:23 AM
    • 2,316 Posts
    • 10,365 Thanks
    hiddenshadow
    Thank you for the replies, I'm still very confused with it all.
    Sounds fabulous though, so I have deleted my 3 credit cards & loan as I found it so complicated with them in the budget. I will definitely be overdrawn soon, usually up to about £1000 a month. My aim is to obliterate this by 3 months. How will YNAB cope with me being minus balance with nothing left to budget?


    Will it work for me?
    Originally posted by missmental123
    I think the easiest setup is to create a category called Overdraft. When you go overdrawn, negative budget money in this category. (e.g. put -100 in the budget field) This should free up £100 to your budget for other spending, and Overdraft will show as a red 100.

    Then as you pay it off, you can budget money regularly into the category which will bring that negative number down. (So if OD category is -100 from last month, and you budget 50 into it, it should show as -50.)

    The only catch is you'll need to carry over the negative number from month to month if you're not clearing the OD that month, as YNAB assumes that you'll start fresh with no red numbers each month (and removes it from your income for that month, so if OD category was -100 in August and you claim £1k income in Sept, it would reset the OD category to 0 and leave you with £900 to spend in Sept).

    Hope that makes sense.
    Last edited by hiddenshadow; 02-08-2017 at 7:24 AM. Reason: typo
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Dec '17 £104,645
    2017 MFW #56: £15,022/£15,000 100% / MFiT-T4 #15: £54,854/£90,000 60%
    • megwump
    • By megwump 2nd Aug 17, 12:42 PM
    • 48 Posts
    • 26 Thanks
    megwump
    Same, so it would start off looking like this:

    Current account: 0.00 (this is where I'd enter my income)
    Credit card 1: -2500.00
    Credit card 2: -3000.00
    Overdraft: -1000 (set this at whatever your balance is on the day you start, then you effectively pay it off in the same way as other debts - so you'd put a certain amount from your current account line into this, so you'd be reducing your o/d, even if it's only £1 a month)
    In and out of debt since 2001. Old dogs CAN learn new tricks.

    August 2017:
    Personal CC: £6150 Modest goal: July 2020
    Shared CC: £8600 Goal: December 18
    • mizmir
    • By mizmir 5th Aug 17, 8:08 PM
    • 3,693 Posts
    • 7,712 Thanks
    mizmir
    I have started using YNAB and am still on the trial but I love it. I have set goals for all the things I need to cover in the future so it is great allocating money to those and seeing the goals building up. I already feel so much more in control of spending.

    But i have a question. Age of money? Does this assume you are paid monthly? I am self employed and money comes in all over the place, pretty much every week day. I add this to YNAB and allocate it - but does this mean my money will never age?!
    Aug 2017: £6200 £6000 0% BC
    Aim to clear and get back my Debt Free status by May 2018
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