You Need A Budget

abby1234519

I lovveeeee YNAB. Used it for about 3 years. Helps me budget for the year as my other half is paid 13 times a year!

Pixie5740

Well I've just gone ahead and purchased it. I spent the weekend setting everything up and watching the tutorials on YouTube. If you play around with your budget whilst watching the tutorials, pausing when necessary, it soon becomes clear.

I like that I can budget for expenses throughout the year and can keep track of my spending on my iPhone when I'm out and about. I'm also starting to build up that buffer.

I've already recommended YNAB to a few people and is helps me feel in control of my money.

Pixie5740

dreamdreamer wrote: »

I trialled it last year but whilst I was initially wowed I just couldn't get along with it. The main issue for me was that you HAD to run your "budget month" from the 1st to the 1st. I get paid on the 25th but most of my bills go out on the 1st. It was doing my nut in that for the first 25 days of each calendar month everything was 'red' because it couldn't recognise my income from the 25th of the previous month was funding the transactions.

Also because my pay varies depending on overtime most of my May spending would be dependent on my 25th April pay, not my 25th May pay, but because the month runs 1st to 1st it would use my 25th May pay to work out deficits and surplusses and would show these where there really weren't any. I read all the stuff about why when you're properly budgeting it doesn't matter when your month starts, and I tried for 3 months to adjust to it, but I just couldn't. It did my head in, it was such a messy way to try and run a budget.

I ended up reverting back to my trusty spreadsheets. But if they ever allow you to define your rolling month I'll be getting it for sure.

When entering your income you have the option of assigning it to the month it is deposited or the following month. So if you get paid on the 25th April just categorise it as "income for May".

Pixie5740

katejo wrote: »

What do you mean by the 'Credit card Line'? I wondered how it would work with credit card payments. I pay mine off each month but the amount varies and the type of thing paid for varies

There's a specific tutorial for credit cards. I wasn't sure how it would work for me as I have a credit card that I only use for business expenses which I then claim back but how to deal with this is in the tutorial.

Mrs_Boo_Boo

I too use YNAB after reading about it on here.
Takes time to get your head around it and still think I need more practice at it. Ended up starting a new one after a month.
I also get paid on the 25th and schedule it for the 1st as I also came a cropper with the monthly set up. Booked in for a couple of webinars which were good at the time,but things do become clearer over time. So proud that after reconciling everything matches.
Used to always work out our spending,credit card and outgoings,but was unaware of what we actually needed each month. Was always keeping back because I didn't know exactly what we needed. YNAB allows you to allocate money to each month and juggle it around if required. I love it because I can actually allocate a bit towards clothes and treats which I was always wary of before and feel confident that the money is there.
Have also set up a budget for my husband who is self employed which makes a huge difference as we can allow for tax and other bills.
Only difficulty I am having at the moment is with husband's credit accounts and allocating them. I may set each one as a credit card account and then recorded as paid off.
I also pay off my credit card in full every month and the credit card webinar helped to explain this.
All good stuff

lemanie

Thank you so much for the recommendations. I've always loved a spreadsheet and YNAB is fab. I got a free copy, thanks azlan and know it is going to be a big help.
I soon got it sussed watching a few of the video tutorials and have all my accounts and pre-YNAB debt on there and can see our entire financial situation at a glance.
More importantly I can see what we can AFFORD to spend on those pesky everyday expenses which is where the money just runs through my fingers normally, despite writing every penny down.
Thanks again

pennies_from_Heaven

I have been using YNAB for about a year - I was really upset at first because it showed that I didn't actually have much money left at the end of the month even though there was a surplus in my bank account which I would spend, thinking it was spare, so I guess that'd where that debt in my sig came from! lol


After I got over that bombshell I was very grateful, as it has stopped my going any deeper- I always check YNAB to see what's available and to put money aside for things like insurance etc.


My oh gets paid on the 20th, I get paid weekly and also random self employed amounts throughout the month - I just put his whole income on the 20th of the month, then work forwards with the bills. For example, when he got paid in April I would input the whole income for 20th of April, then if the bills are coming out 1st of May put them in for 1st May, and Aprils income will roll over. Then it usually shows a negative and I can work out what the true picture is as my weekly pay goes in, and top it up with self employed income as I earn it ( Its never the same one month to the next)
by the time the 20th comes around again it is usually showing a plus again (bank again never goes overdrawn as my pots for yearly bills act as a buffer) then that surplus goes off the debt.


This is complicated I suppose but works for us, and means I'm not making it even more complicated by splitting the regular monthly regular income!


My point is I suppose, it is easy to use in whatever way suits your circumstances, just play around with it as others have said.

nellis10

I've started using the trial version and after playing about with the budgets it appears I SHOULD have quite a bit of money left over each month to throw at my loans...What this has really meant is that I am obviously spending money on things I don't need or have, and that I should be fairly comfortably off IF I stick to the budget!

I have worked out I can be debt free (barring mortgage) by December 2015 IF I stick to what I have in YNAB.

It's going to take me a couple of months to get it right, but the beauty of the software is that it is so flexible...you can move you money about within your budget without looking at your account.

I can't wait until the end of the month to see how much I have saved and to start a new budget month! :j

RosaBernicia

Oh yes, the calendar month thing is the only thing that bugged me as I get paid around the 25th. What I do at present is just split the paycheque allocation so that I have enough in eg April to cover any major bills that fall between payday and the end of the month, and put the rest in eg May. It's usually only my rent as that falls on the 27th - and eventually my buffer fund will cover this so I can start doing the YNAB thing of spending last month's income

Rosa xx

happybunny86

I would love to use ynab but you have to have a PC/mac and I just have an ipad and works laptop that's I can't install things on.

I am using money dashboard which is free and I've found most useful! In case anyone else us un a similar situation.