You need a budget (YNAB) advice thread

lilahloo

ninalouise1975 wrote: »

Been setting up my YNAB today and I'm already hooked! One question - I've got a money box (sort of an unofficial sealed pot) and I don't know if I should count that as a 'piggy bank savings' account of its own or solely as budget item which I spend on from my 'cash' account? If it's a spend item, do I then add it in as income at the end of the year (or whenever I chose to open it) and spend as I wish? I understand how my regular bank savings account works; just wasn't so sure for cash in a pot savings.
How do you do yours!?

I've been mulling this over and come to no firm conclusion - unhelpful hey :-)

I think you could do either. You could set it up as an account a bit like people set up their purse or cash or have it as a budget item. I'd do whatever makes the most sense to you until you get to grips with it. Hopefully someone else will have a definitive answer!

Thanks for the cc feedback.

Frogletina

ninalouise1975 wrote: »

Been setting up my YNAB today and I'm already hooked! One question - I've got a money box (sort of an unofficial sealed pot) and I don't know if I should count that as a 'piggy bank savings' account of its own or solely as budget item which I spend on from my 'cash' account? If it's a spend item, do I then add it in as income at the end of the year (or whenever I chose to open it) and spend as I wish? I understand how my regular bank savings account works; just wasn't so sure for cash in a pot savings.
How do you do yours!?

I give myself a cash budget each week, which is mainly used for food/housekeeping items. Anything left at the end of each week I put in my sealed pot and I categorise this as an outflow with the payee being 'sealed pot'.

The reports section on Ynab shows this as an expense but come the end of the year (when I open the pot) I will then add it to Ynab and show it as income from savings. My plan is to use this to fully budget my birthday and Christmas categories, so I no longer have to fund this from each month's income which is how I've always done it in the past.

frogletina

Frogletina

Is anyone waiting like me for the clock to turn to midnight to begin my April budgeting?

My monthly income is not yet in my bank account as the account it currently goes into does not do faster payments (I'm waiting to get that changed so that it goes into my bills account which is my current account on Ynab).

I don't want to budget money that is not in the account yet - but I have itchy fingers!

frogletina

lilahloo

I get paid midmonth frogletina and I'm looking forward to next pay day and not just because I get paid.

I logged on to ynab today and got very confused because I couldnt see my scheduled payments for today on my budget for March but my account balance was right and they were showing on transactions.

Embarrassed to say it took a while for the penny to drop. They had of course gone into April's budget.

andyfromotley

Ha,

just creating a category for printer cartridges!! Too much??

nyermen

Possibly - are printer cartidges a major outlay? (eg. home business?). I know they do those "subscription" models for cartidges now. I have a category for each subscription (prefer this to lumping everything into one category, that way I can see if I'm under in any category before it's due).

For myself - one cartridge every few months - I put it under my "household" category. Other computer parts also under household, unless they're "luxuries" (computer game etc), which I have another category for.

Peter

andyfromotley

Thanks peter, they're £25 a set and with two kids i seem to be buying 1 per month/6weeks!!

nyermen

If you're going what seems a lot for the number of pages, bear in mind some printers are known to "accidentally" use colour ink even when printing black and white. They make their money on the cartridges, the printers are given away. Bear in mind when it's time for a new printer, if you print a lot, google around a bit to find one that's truly cheap to run.

I think Kodak has pulled out of the printer market, says quite a bit...

Frogletina

I've set up a restaurant/cafe category but at the moment it looks as if I am spending more than I actually am. This is because I have not just been spending money on my own food/drink but also for young relatives that have been staying with me.

I am wondering if I should set up a category for family expenses, however this would make things more complicated as I'd have to split bills.

What do other people do?

frogletina

andyfromotley

What advantage would knowing that you spent some of it on relatives give you?? You still spent it, in the same place and on the same things, to me thats detailed enough, but each to their own.