You need a budget (YNAB) advice thread

Money_Muppet

MrsDavo wrote: »

Question about reconciling:

I've just reconciled my main bank account and it worked great!

Just went to reconcile my "spending" account and got confused. When it asks me for my balance in YNAB, am I putting in the account balance, or the available balance? Because there is a difference between the two as I've spent money on my debit card, but I have put those transactions on YNAB, but they haven't cleared yet?

If I put the account balance, it reconciles, if I use the available balance - it's wrong?

Edit: Just gone back to my budget page and now I apparently have 1p left to budget? Wheres that come from? lol

When you reconcile you are effectively locking your cleared payments and confirming that they reflect reality. When you reconcile YNAB will tell you your cleared balance according to YNAB (in the pop up window), and ask if you want to use that amount. That figure should match your Bank account cleared balance. Not the available balance. If they match click 'use this amount' if they don't, find out why. Quite often this will be that you haven't marked a payment as cleared in YNAB.

uncreative

Thats right. when using a credit card for spending or a debit card, it can take a couple of days for the spend to show up. This is OK! you should only mark as cleared, by clicking the green C when it has cleared a statement, that is when it shows up as a transaction and not pending.

That way you can reconcile with confidence. You need to resist the temptation to reconcile into the future because you "know" what the pending transactions are.

You need to reconcile at LEAST monthly, i do weekly, as if there is a mistake then you have much less to work through.

Its all about process. The fact that you are stocking to a process impacts other parts of your life. The discipline rubs off on you in other ways!

lilahloo

I've been following this thread with interest as I've seen ynab mentioned frequently on the forums.

I use a very basic spreadsheet envelope system to manage my money. I've just watched my first webinar and really like what I've seen.

My question is.... I get paid midmonth. Should I wait until a bit nearer payday to download the free trial or just do it now?

If I download now would I start with all of Feb' s salary as income and allocate my £'s as if I was at the start of my month?

Sorry, that was two questions! Hope the second one makes sense.

Money_Muppet

lilahloo wrote: »

I've been following this thread with interest as I've seen ynab mentioned frequently on the forums.

I use a very basic spreadsheet envelope system to manage my money. I've just watched my first webinar and really like what I've seen.

My question is.... I get paid midmonth. Should I wait until a bit nearer payday to download the free trial or just do it now?

If I download now would I start with all of Feb' s salary as income and allocate my £'s as if I was at the start of my month?

Sorry, that was two questions! Hope the second one makes sense.

1. No time like the present.

2. You'd start with whatever money you have in your accounts now. Then budget that money to cover all your expenses until you next get paid. When you start and add your accounts, that money will become available to budget in the budget page.

tizerbelle

lilahloo wrote: »

If I download now would I start with all of Feb' s salary as income and allocate my £'s as if I was at the start of my month?

Not unless you know where every single penny you spent since payday went and exactly what money you had then, including the money in your purse.

YNAB isn't about the past, its all about the here and now. You would start from today with just the money you still have today and budget that to what it needs to do before you get paid again

lilahloo

Thanks - I understand what you're saying. That's how the lady started the lesson, with the amount left in her chequeing account.

I think I just need to get on and do it.

Red-Squirrel_2

Bublin1 wrote: »

Well done you.
Did you ask lots of questions? They say a name is picked randomly but im not so sure.

Nope, didn't ask any, only typed into the chat box to say where I was from. I think it really is random!

Bublin1

Red-Squirrel wrote: »

Nope, didn't ask any, only typed into the chat box to say where I was from. I think it really is random!

Oh cool......

Red-Squirrel_2

lilahloo wrote: »

Thanks - I understand what you're saying. That's how the lady started the lesson, with the amount left in her chequeing account.

I think I just need to get on and do it.

I started on the 20th of Feb, overdrawn, after getting an unexpectedly huge bill that pushed me to have a go at YNAB in hopes of avoiding nasty shocks in future. I didn't get paid till yesterday, but it doesn't really matter when you start. I just budgeted for everything that I knew needed to be paid by the end of Feb, knowing that my salary would come in to cover it.

redmel1621

Hi.

I have just downloaded this software and have been watching the videos on how to use it. I really like the look of it, although it looks quite complicated initially, I think I am going to get on with it really well.

I am living in my £500 overdraft and have been for many years so here's hoping this method of budgeting can get me out of that rut!

I have a question though> On the side panel where you put the name of the bill and hte amount and date (well that is what I am putting lol) I am fine with all of my monthly DD's, they are easy to write down and I know to allocate money to them as and when they are next in line..

How am I best to sort my weekly outgoings? For example I get tax credits weekly and this basically covers our petrol, food, electric meter, kids clubs and pet food. Should I put a monthly figure and just 'add' to the budget column each week so it effectively builds towards that monthly amount.. Or would I put a weekly figure and then allocate that exact amount weekly?

I hope my question makes sense.

I am only just setting it up with my categories etc...

In fact I think by asking the question I realise the answer... It is looking likely that writing my total expected monthly spend is the best way forward. I would then allocate more money to that category each time I get my tax credit payment. So (as a rough guide) Food, £400 monthly amount, then add £100 weekly... it would then accumulate to match the £400 by the end of the month...