You need a budget (YNAB) advice thread

ondine

Pixie5740 wrote: »

Since the ISA is your emergency fund I'd keep that on budget .

Thanks, I'm curious why would you prefer to keep it like that?

Pixie5740

I keep all my savings on budget except for my pensions and investments because those are really long term savings that will hopefully generate an income for me in my old age.

The emergency fund you might have to dip into so it is part of your budget.

ondine

Thanks, that makes sense.

How about childcare vouchers, do you have any idea how to best deal with those? Because they can only be used for childcare, I put them off budget as well, is there a reason to keep them on-budget as well?

Pixie5740

Not a clue as I've never used child care vouchers. I suppose you could put them as "Income for [insert month] and then use the value of them in the child care category. Maybe. Possibly.

ondine

Yes, the thing is I need to create a separate account for the vouchers, as the money doesn't go through my bank account. And not sure what's the best type of account, should I treat them as a separate bank account, or a savings account? Not sure if it makes a difference.

Seen_the_light

Hi, I'm contemplating buying this programme however have a couple of questions. I see that it can only be downloaded onto a PC which I don't have regular access to. I see that there is an 'APP' for my tablet / phone - does any one know whether, once the initial categories etc are set up, whether the APP will allow me to function on a day to day basis?
My other question is about categories. I have been operating a similar system with my bank account using various 'e' accounts which I have designated for various purposes (Birthdays, car, etc). Is it possible to start a category with an existing balance?

joedenise

Once you've downloaded the programme to the PC you can use the app for day to day transactions as you'll be able to see the category balances. I personally don't use the app very often as I keep my receipts and then use my laptop to enter the transactions once I'm back home.

You start with your bank balances when you set up YNAB.

Denise

ondine

@Seen_the_light:

I don't think it makes sense to buy YNAB if you plan to rely mostly on the app, as the app has limited functionality.

Consider getting the Spending Tracker app instead, which is free (or £2 for the ad-free version).

mhriley dot com

Thistlewhistle

I keep my mortgage on YNAB (off budget) and my finance loan for my new boiler (off budget).

I also have a loan from my mum (off budget).

All CCs and Savings are on budget.

Tx

ondine

Thanks all, for now I decided to keep both CCs, the cash ISA, the kids account, and the childcare vouchers account in YNAB but in the off-budget section. So I only have 2 bank accounts and one savings account on-budget, as seems easier for me to understand how YNAB works... will see how this works (or not ).