You need a budget (YNAB) advice thread

Forward_thinking

Thank you. I am going to watch a video and check out the forum tonight. I would be happy to leave the old transactions but it's the -4k figure that bothers me. It's not representative and so it means I don't know if I have anything left.

If I go back and start again at the beginning of Feb where do I add the 2k lump sum that came in a few weeks ago?

Will move over to the YNAB forum....

Forward_thinking

Aha. That really really helps. So what you mean is bring the categories already paid this month to 0! I can do that although it means having to key in all our data again next month. Is there any way around that?

Also, where do I input the extra 2k which we get into the account mid-month?

THANK YOU!!!!!

Forward_thinking

Hiddenshadow - I have just popped back to say 'thank you'. Taking the time to actually create a screen shot has really touched me. Thank you.

hiddenshadow

Forward_thinking wrote: »

Aha. That really really helps. So what you mean is bring the categories already paid this month to 0! I can do that although it means having to key in all our data again next month. Is there any way around that?

You can use scheduled transactions to help. I have a bunch - some monthly (council tax, direct debits, etc), some weekly (bus tickets). Then when the date comes around the transaction is already there, waiting to be confirmed as spent.

Also, where do I input the extra 2k which we get into the account mid-month?

You'll add that as a transaction for the current account with the category "To Be Budgeted". That will give you £2k extra in your budget to fund the rest of the month/next month (whatever you need to do before you get paid again).

Hiddenshadow - I have just popped back to say 'thank you'. Taking the time to actually create a screen shot has really touched me. Thank you.

No problem, glad it helped.

Forward_thinking

Those answers really help!!! Thank you!!!!!

LPMS

Hi, I am new to all of this. What is YNAB? Sorry if this has been explained before but after a horrific 8 hour shift at work, I'm not feeling going through 49 pages of replies to find out. Thanks

Forward_thinking

Hi LPMS - it's a budget tracker, helps you budget for the month. I've only just started but am really enjoying using it although it really does test you a bit. I've had to wade through and my head is hurting. Recommend you to have a look though - you can get a free trial for the month and the guys at YNAB have been excellent.

So I have sorted all my accounts and know exactly what is going on so far. I realise it is going to take a few months to be totally up and running with it all eg. still not sure how to add a transaction etc. But I've only been using it for 24 hours so I'm really impressed with myself. It's a steep learning curve for me though.

I've looked at all figures and they all work out. I'm -3k taking into account all what we need to spend this month although £2500 will be coming in next week. Also, I have actually budgeted for once in my life!!!! (even if it's not going to work out just yet - but the intention is there!). I have actually forecast spending for holidays, xmas, future dentist visits and it feels BRILLIANT!!!! I might be in minus figures but the feeling of control is absolutely amazing!!! Two weeks ago, I had no idea of what accounts we had, let alone what we spent or what direct debits we had. I was absolutely in the dark which was ridiculous.

The only thing I can't work out in YNAB is why my categories are still in green and saying the full amount is available to spend when I am -£3k. How do I get this to be reflected here?

Anyway, I'm off to bed feeling great. I am grabbing control of this demon and can't wait to get it hook, line and sinker. Once I get out to work and stop procrastinating (next on the agenda) and if oh gets the pay rise he is hoping for, things will get even better. I am in such a different place to two weeks ago and I need to give a lot of thanks to this forum. I wouldn't have got to know half of what I do now without you! Thank you!!

hiddenshadow

Forward_thinking wrote: »

Also, I have actually budgeted for once in my life!!!! (even if it's not going to work out just yet - but the intention is there!). I have actually forecast spending for holidays, xmas, future dentist visits and it feels BRILLIANT!!!! I might be in minus figures but the feeling of control is absolutely amazing!!! Two weeks ago, I had no idea of what accounts we had, let alone what we spent or what direct debits we had. I was absolutely in the dark which was ridiculous.

This is an amazing feeling.

The only thing I can't work out in YNAB is why my categories are still in green and saying the full amount is available to spend when I am -£3k. How do I get this to be reflected here?

(This assumes you have no goals setup, which have their own colour meanings.) The categories' colour goes off what you've budgeted (left column), what you've spent (middle column), and what you have left (right column). If budgeted - spent > 0, it's green. If budgeted - spent = 0, it's grey. If budgeted - spent < 0, it's red. And if you end up doing scheduled transactions and budgeted - spent - scheduled < 0, it's yellow (to tell you that you will go red once those scheduled transactions go out).

Also, to enter a transaction, click on the account the transaction is for (current, credit card, etc) in the left sidebar. Then right under the big black bar stating your balances click the "+ Add a transaction" button. You'll assign date/payee/category (if it's not a transfer between your accounts, like paying off your credit card)/amount. Any spending is an outflow, any income is an inflow.

I bet once you've entered the transactions your categories will start turning grey to show that you've budgeted what you needed to for that category.

hiddenshadow

LPMS wrote: »

Hi, I am new to all of this. What is YNAB? Sorry if this has been explained before but after a horrific 8 hour shift at work, I'm not feeling going through 49 pages of replies to find out. Thanks

Just to add to Forward Thinking's post, YNAB can be found here: https://www.youneedabudget.com

There's a free 34 day trial, after that it's $5 per month or $50 per year (only payable in USD, unfortunately).

YNAB have live webinar classes to help learn to use the software. http://www.youneedabudget.com/learn/classes (the times are sometimes awkward as the staff is based in the US, but if you wait a few days there's generally things on a weekend afternoon or weekday evening here in GMT). Actually looking at the schedule now there's loads of stuff, and only a few things that are silly times like 1am/3am, I think because this version of the software is so new so they're doing a lot of training around it.

LPMS

Thanks, I tend to withdraw all my money and use the envelope method of budgeting (well I use pencil cases so I don't have to keep buying envelopes). Will it work with a cash budget rather than it coming out the bank account?