You need a budget (YNAB) advice thread

January2015

Elmly wrote: »

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

Everyday....but that may be more to do with being a DFW more than because I have YNAB;)

Bublin1

Elmly wrote: »

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

Multiple times a day...I'm addicted to my Natwest App

Money_Muppet

YNAB has absolutely changed my life. I've plodded on for years trying to get my spending under control, in August I found YNAB via a link on here. I also found Mr.MoneyMustache and Monevator. All have helped with motivation, but YNAB has made it possible. I did all the live classes twice. This had the benefit of me learning how to use the software and method correctly, and also winning me a free copy. 100% recommend to anyone trying to get a handle on their finances. (But do the classes and get a free copy - the money saving way!)

Elmly

I try not too check it too often but I'm too worried something unexpected may come out or I have fraud done on my account (again). DFW nightmare!!!

FireWyrm

I keep YNAB up to date religiously, but only check the accounts and reconcile against YNAB every week or so - but then, I dont buy much that is not anticipated. I trust YNAB better than I trust the bank, in fact, there are several transactions that have not yet been called in that I noted in YNAB months ago. Somehow, the vendors have not yet collected the money!

After you have used YNAB for a bit, what the bank says ceases to be relevant. Your only concern should be whether YNAB reconciles or not. If it does and you spend within the categories and you have a big fat GREEN zero in each month column - you are on track. You cannot be anything else, so stop worrying about it.

Bublin1

FireWyrm wrote: »

I keep YNAB up to date religiously, but only check the accounts and reconcile against YNAB every week or so - but then, I dont buy much that is not anticipated. I trust YNAB better than I trust the bank, in fact, there are several transactions that have not yet been called in that I noted in YNAB months ago. Somehow, the vendors have not yet collected the money!

After you have used YNAB for a bit, what the bank says ceases to be relevant. Your only concern should be whether YNAB reconciles or not. If it does and you spend within the categories and you have a big fat GREEN zero in each month column - you are on track. You cannot be anything else, so stop worrying about it.

You know, for months my eyes glazed over whenever I read some of your posts about YNAB.....now I'm nodding and know exactly what you mean by 'reconcile' and 'big fat green zero'.

FireWyrm

Bublin1 wrote: »

You know, for months my eyes glazed over whenever I read some of your posts about YNAB.....now I'm nodding and know exactly what you mean by 'reconcile' and 'big fat green zero'.

Oh dear! Did I really bang on that much. I try not to, but it's hard when you care about something and want to show others that you are not really a sandle-chewing hipster just because you manage your finances with some care and that really, everyone ought to be doing something atleast similar if not exactly the same.

andyfromotley

hmmmmmm reconciling, i had a go tonight and it didn't match. About £10 out not exactly just a random £9.57 or similar. I selected the - make ynab match my account option but hope i haven't cocked it up?

Elmly

I have never reconciled is it important to do?

TooClumsy

@andyfromotley you may have a pending transaction that hasn't come out of your available balance, but not shown up on your statement yet. If you haven't spent any money recently, I would double check all the transactions, you may have entered an earlier transaction in twice (within an on-budget account or across two)

@Elmly reconciling is very important to do! It means that your bank account(s) (which is the actual live amount of money) matches what YNAB thinks you have.

If you don't reconcile, it will lead to inaccuracy in your budgeting as ynab may think you have more money to budget, than you actually do and you may carry on spending it (taking it away from other categories) or over budget and forcing you to borrow from savings.