You need a budget (YNAB) advice thread

ShirePiskie

MookieSnuffles wrote: »

So I've been on MSE since 2008, I am a complete lurker but over the last few months I've been brave and written a few posts, and I've been really enjoying lurking on the DFW boards over the last month, something I've never done before. (That sounds really pervy! Lol!)

Anyhoo, I just wanted to say a thank you to Firewyrm as I've been noticing the Ynab signature for a while now, which then led me to read the ENTIRE 32 pages of thread in one sitting, so I wanted to say thank you to everyone else that posted (Andy, frogletina, Denise, sedulous, the list goes on and on) as I finally bit the bullet and downloaded Ynab! Yay!

Amazing bit of software, although I am kicking myself for not doing it at the beginning of the month when I got paid, but the beauty is you just start with what you have and don't forecast money that you don't currently have - it took me a couple of hours to get my head round that and get rid of all my minus figures! Lol! I'm now thinking about saving for bills to be able to pay in one go next year, and saving small amounts for incidentals that creep up that you end up putting on the C/C that you should of been saving for, although it's making my debt figure way more realistic than I like! Lol!

But I signed up for the webinars (which I secretly love all the hellos from around the globe!) and I've done a couple and last night I won a free copy of Ynab, and I'm so happy, I never win anything!

So this rather convoluted post is just to say thank you to everyone who posted, because I am very happy and I'm very pleased with how the software is helping to change my thinking and keep me on track!

THANK YOU EVERYONE!

Mookie x

It's like another LBM, isn't it? I know exactly what you mean, having been using it for almost a year now and I still marvel at it and wonder how did I not know before (plus I bore the pants off anyone within earshot about it).

Welcome to the YNAB world, I spend far less time tinkering, like I did with my spreadsheet, but am far more in control of my money!

greensalad

Hi guys,

Just purchased YNAB. Going through all the videos now but I have a query.

How do you guys handle irregular income? I have a main job for which I am paid on the same day every month. I typically use it to pay my rent, utilities and monthly living expenses. I then have a second job which pays me roughly the same amount each month, but the payment date is anything between 1st of the month and 10th of the month. I use that for debt repayment, savings etc where the date it is paid doesn't matter so much (i.e if I'm sticking it in my savings account it doesn't matter if it comes in on the 9th or the 1st).

How do I budget this? Should I schedule it for the last expected date and then bring it forward if it lands early?

joedenise

Just follow the plan! Input your wages when you get them and budget them down to zero. It doesn't matter when you get the money or where the money is.

You'll understand it better once you watched the videos/webinars.

Denise

greensalad

But if I need to budget ahead what I'm going to use that £500 second income for, and I don't because I haven't input it yet, then won't that make YNAB irrelevant? I currently keep a sticky on my desktop with my income and a list of where each bit of it should go, I was hoping YNAB would solve that.

Red-Squirrel_2

You only budget with the money you actually have! So when you get your salary, spread that between your categories as needed to cover the time until the next income, then do the same with the second amount.

joedenise

I think you really need to watch the webinars/videos particularly the "getting started" one. You don't budget ahead - you budget with the money you have in the bank.

It's a completely different mindset - planning ahead isn't budgeting properly.

It takes a bit of time to get your head around the plan but definitely worth it. I've certainly saved more money in the months I've been using it then I did before.

Denise

greensalad

Ah I just don't think I can do that For my own sake I need to know where my money is going as I need to know when I need to put more into savings in order to reach certain goals. I think I'll stick with my spreadsheet to plan ahead and just use YNAB for the daily spend tracking.

Red-Squirrel_2

greensalad wrote: »

Ah I just don't think I can do that For my own sake I need to know where my money is going as I need to know when I need to put more into savings in order to reach certain goals. I think I'll stick with my spreadsheet to plan ahead and just use YNAB for the daily spend tracking.

YNAB is great for that though, you can have categories for your savings goals, and they will add up each month as you put towards them.

Honestly, watch the webinars, or just give it a proper go for the trial period. It takes some getting used to but once you get the hang of it its so useful, its life changing!

Orange_Ena

I read this entire thread the other day so I thought I'd give some webinars a go today. I watched 3 and after the 2nd webinar, I won a free copy. Yay. I definitely would have purchased it anyway at some point as it looks so handy. Now I can spend the money I would have spent on it on a new battery for my old laptop so I can get it downloaded. Made my day

katejo

ShirePiskie wrote: »

It's like another LBM, isn't it? I know exactly what you mean, having been using it for almost a year now and I still marvel at it and wonder how did I not know before (plus I bore the pants off anyone within earshot about it).

Welcome to the YNAB world, I spend far less time tinkering, like I did with my spreadsheet, but am far more in control of my money!

I have also been on YNAB for almost a year now and certainly notice the difference. I like the way in which CC spending is budgeted straight away. I never had a problem with CC's but paying it off each month took a bite out of my available cash.