You need a budget (YNAB) advice thread

Bublin1

Mmmm I think Im going to take the online classes with a view to buying the package.
I'm down to £5000 in debt from around £15,000.
However I fell off the dfw wagon and just spent money I didn't have. I now also have a £600 OD.

I do have a couple of questions.....
Since I'm in OD, will I be putting -600 into my income box (sorry ive not even looked at the spreadsheet so apologies if I got the category name wrong).

Also, I have different 'incomes' throught the month....
Wages on 20th of every month.
Child Maintainence every week.
CM arrears owed once a month.
Child Benefit once a month.
WTC once a month.
At the moment I transfer money to my various online accounts and cash envelopes as well as drip feeding overpayments to my debt, as and when the money comes in. Does YNAB allow this?

One more question....how often are you all on the spreadsheet, every day, once a week, every time you spend?

Ok Im rambling on because I think I need this in my life, quite excited.

Bublin1

Another question about purchases......
If I needed to buy a new item for the house eg I do actually need a new telephone....what category do I take the money from?
Do I create a 'household' category or should I take it from my 'spending' money?

For those with a 'household purchases' category, how much are you allocating to that a month?

Pixie5740

You really need to get the free trial and do some of the webinars or watch the tutorials on YouTube to get the feel for it.

Your overdraft wouldn't be income, it would be a pre-YNAB debt.

You can have multiple incomes a month with YNAB.

You decide the categories you want to have so you could set up a household category for buying household items you can.

I have to confess to using YNAB almost every day. I have it on my computer and I also have it on my phone so I can keep track of those little cash expenses.

andyfromotley

You can take it from any category that you have unspent cash in. Obviously theres no point in taking it from the mortgage category if its due next week and theres no excess in there!!
I have only just started with it but i've put £30 pm in there which is precisely for things like you describe. Any big purchases (sofa etc) would need a category of their own for me.

Bublin1

Thanks for the responses - very helpful.
I'm going to start the webinars this evening.

Elmly

Bublin1 I get paid weekly... I input my wages when I get them and then budget the money. If you were to input a whole months wages then budget that you may go wrong as you may spend money in the wrong order. E.g. Spend on say entertainment but you need the money for a direct debit.

Hope that makes sense.

Definitely say read/watch tutorials and understand the rules.

It definitely works!!

Bublin1

Ok I have started the trial and watched YT videos.
I've got a hang of the basics and for the first time in my life I've budgeted the money I actually have rather than what I will have.

FireWyrm

Bublin1 wrote: »

Ok I have started the trial and watched YT videos.
I've got a hang of the basics and for the first time in my life I've budgeted the money I actually have rather than what I will have.

There ya go! See...easy. I'm astonished that we (meaning I) didnt do this years ago. In fact, I vote that this sort of accounting is a compulsory subject in school. All school children should be taught to manage money from the very first pay packet and there would be no need for PDLs, credit cards, loans etc. In fact, our debt based economy would turn itself right around in a matter of years.

andyfromotley

Bublin1 wrote: »

Ok I have started the trial and watched YT videos.
I've got a hang of the basics and for the first time in my life I've budgeted the money I actually have rather than what I will have.

:beer::T:beer::j:j:beer:

Elmly

Question to my fellow ynabers... How often do you check your bank balance?