You need a budget (YNAB) advice thread

katejo

Bublin1 wrote: »

No...unless you already have a months salary in your account the day before you get paid.

Well yes you do have an administrative buffer for the purposes of budgeting. A YNAB buffer has the role of budgeting/allocating expenses for the whole month ahead without having to wait until you are paid later in the month. It is advisable to also have a month's salary in an emergency fund as I do but the purpose of the buffer is as I have described here.

Frogletina

Frogletina wrote: »

...

Ynab is 60 dollars to buy (about £40)

After the trial if you decide to buy Ynab you can use my link to get a 10% discount

http://ynab.refr.cc/H9HM6RZ

or you can attend the online webinars (which are very good) and you may also win a free copy (one is given away at the end of each session).

frogletina

Thanks to whoever has used my code, I have been informed that I have earned 10%.

frogletina

AnnaP90

I've been using YNAB for about a month (just got free student membership ) and am loving it but I'm not sure how to put my new 0% credit card on YNAB.

Last week my fiance and I changed our plans and decided to have a small wedding in July 2015. We have enough money to cover this through savings and help from our families but nothing left to book our honeymoon with.

I have just been approved for Tesco's 19 month 0% credit card which we will book the honeymoon on and pay off over the 0% period (and the extra Clubcard points will go towards buying our rings) but as this will be new debt should this go in as a Pre-YNAB debt category?

I already have a savings category for our honeymoon so should the debt go here instead and then just red arrow the overspend until the balance is cleared?

I have put all of my debt into Pre-YNAB categories so far and left them on budget so the thought of another red arrow doesn't bother me, I just find it easier to have everything in one place.

Sorry for all the rambling!

Anna x

Minty123

Anna

If you are only going to use the CC for your honeymoon expenditure, I would add it as an off budget account and budget a payment (transfer) to it each month.

If you are going to regularly spend on it, I would make it on budget!

Re your honeymoon savings category, you could either make a payment by transfering your category total to your credit card once you have booked (this zeroing your honeymoon category), or keep the category as honeymoon spends!

Hope that helps.. And congratulations on the imminent wedding!!

Minty

pillion

It is now 2 days before pay day (24th) and the end of my first full month on ynab and for the first time in a VERY long time there is money in the bank, food in the cupboards. the credit cards haven't been used and I haven't had to redeem any nectar points. It's like magic! It's also very revealing, I know where every penny has gone. I have had to do a bit of juggling, some categories I had over budgeted for and others under budgeted, but I'm sure that's just all part of the learning curve and I'm actually excited about next month being even better. Can't wait for the money to land in the bank so that I can start allocating.

MoneyMission2015

pillion wrote: »

It is now 2 days before pay day (24th) and the end of my first full month on ynab and for the first time in a VERY long time there is money in the bank, food in the cupboards. the credit cards haven't been used and I haven't had to redeem any nectar points. It's like magic! It's also very revealing, I know where every penny has gone. I have had to do a bit of juggling, some categories I had over budgeted for and others under budgeted, but I'm sure that's just all part of the learning curve and I'm actually excited about next month being even better. Can't wait for the money to land in the bank so that I can start allocating.

I was exactly the same after my free trial. I couldn't believe the difference in just 30 days. I've always ended up overdrawn for as long as I can remember and would often spend on my cards, but within the first month of using YNAB I had managed to put money aside for Christmas, birthdays, emergency fund & stayed out of my overdraft and not used the credit cards at all. It's been 3 months now & I've not gone in to my overdraft and am saving money every month for various things. Before YNAB I would end up with no money at the end of the month & would be moaning that I didn't earn enough money to have any real savings, when in reality I have plenty, I was just wasting it all.


As for the over budgeting/under budgeting, I am exactly the same. I've just got to the end of my 3rd month using YNAB & am still having to adjust the budgets. I'm sure there will come a time when I know exactly how much I need in each category & will just be able to budget at the beginning of the month and not have to think about it again until the next payday, but for now I am keeping a close eye on things & trying to decide what would be suitable budgets for each category.

Frogletina

I'm a bit concerned over my housekeeping/grocery spending which is higher than usual.

I allocated a month's worth of money for this in ynab - usually I would withdraw a weekly sum for groceries but I've gone over the weekly amount and now have just £59.06 to last until the end of the month.

My spending has been higher due to finding household items at less than their usual cost so I have stocked up. Also I had some money off coupons so I bought quite a bit of food at the supermarket. My cupboards are full though!

Also I had an online shop this month and due to a computer error they sent less than they should have and some silly substitutions and I got a refund and had to go and buy the missing items. As compensation I have been sent a code for £10 off an online shop but the minimum spend is £60. I like the idea of £10 off but it has to be used by 30th April. I was thinking I could use this on the last day and I would be unlikely to be charged until May 1st.

I am wondering if I would be better off not using it as I cannot think of £60 worth of things to buy which would make this worthwhile at the moment but wondering if there was something I could stock up on to save me money in the future.

I've also a voucher for £4.50 off a £30 shop at a different supermarket. I wish prices could just be lowered as these vouchers just tempt me to spend more.

I am going to try to last on the 59.06 but tomorrow I go for lunch with a friend and my housekeeping covers restaurants and cafes too.

frogletina

Craftyc

Thanks to all the helpful people on here I did a ynab trial , watched the webinars and won a copy in the early hours of this morning. So pleased although tired today!
I am going to read the thread through again to pick up some tips from all who have posted.

Pixie5740

Frogletina wrote: »

Also I had an online shop this month and due to a computer error they sent less than they should have and some silly substitutions and I got a refund and had to go and buy the missing items. As compensation I have been sent a code for £10 off an online shop but the minimum spend is £60. I like the idea of £10 off but it has to be used by 30th April. I was thinking I could use this on the last day and I would be unlikely to be charged until May 1st.

Washing powder, washing-up liquid and toilet paper. Those are the things I always stock up on as they don't go off.

Frogletina

Pixie5740 wrote: »

Washing powder, washing-up liquid and toilet paper. Those are the things I always stock up on as they don't go off.

Have plenty of washing tabs and toilet paper. Not sure where else I'd stock more of that. Must have a good look at the online site and try to find something I haven't thought of.

frogletina