The Edcawber Principle 30 October 2017 at 5:22PM edited 30 November -1 at 12:00AM in Mortgage-Free Wannabe 1.9K replies 223.5K views

wishingthemortgaheaway

Watch the videos
Follow the rules
Make it work for you.

I love ynab, it has changed my financial outlook, but it works for me. It's like jeans or shoes, just because it fits me doesn't mean it fits you.

Good luck. Persevere and follow the rules.

zcrat41

I have used YNAB for about 3 years and it's revolutionised my spending. I think it would really help with a system where you're paid 4 weekly. There's good
Videos and the podcasts are good too. Good luck

rtandon27

Ed - I absolutely love YNAB! If you make it habitual - entering regularly & checking your budget, it really helps to pinch the pennies & keep spending in track. We now have a healthy savings pot & emergency fund, and always seem to find extra in the coffers at the end of each month. Once you've got the hang of using it on the computer, download the app as well - it can be glitchy at times but helps form the habit.:) - RT

edinburgher

Good to hear so much positivity around it. I am already really liking aspects of the functionality (for example timed goals). Conversely, they are scaring the crap out of me as a lot of things that I think of as "Immediate Obligations" are probably "True Expenses" (several of which are driving towards my rear bumper at 70mph) :eek:

I am being honest and am also trying to be realistic.

We have also made a few changes to our budgets, small steps. One example would be the fact that we have a "Baby" budget (i.e. DD, no longer a baby) and it is occasionally used to purchase ad hoc toys. In addition to this, DD gets pocket money from ourselves and Grandpa of £3-4/week. We are also trying to set aside the CB we receive and currently owe her a nominal £1,700. Why on earth are we letting her have her cake three times?!! It can't be good for her sense of deferred gratification, never mind our budgets We are no longer going to fund these ad hoc purchases, she has been introduced to the concept of saving and gets it (ish). This will allow me to trim 15% off the Baby budget. Granted, it's only £15/month, but it's the sort of critical thinking that I'm trying to do to improve our financial health and flexibility.

I have also (almost) made a rather monumental decision that would see me become a cycle commuter :eek: It's only 5 miles door to door, but it is 20 years since I have been on a bike. The plan is to self fund a bike (possibly refurbished from a local charity), which will hopefully save £25/month or so and help me lose weight.

It's all to play for

beanielou

I dont think you need to give her pocket money if a grandparent also gives it to her.
Also I dont think you owe her anything.
It is money you get to help with costs of bringing your DD ie clothes, food, any activities, heat ect. You get my drift.
If you choose to sace some of it for her once you are DF that's good too but you don't have too.
Just my thoughts

beanielou

Oh & even cycling 2 or three days would be ok

edinburgher

beanielou wrote: »

Oh & even cycling 2 or three days would be ok

I only work 4 days, so yes, that would be grand. There are cycle lanes for c. 2 miles of the trip, but the thought still fills me with trepidation!

beanielou

edinburgher wrote: »

I only work 4 days, so yes, that would be grand. There are cycle lanes for c. 2 miles of the trip, but the thought still fills me with trepidation!

I am not surprised!

Remind me when you are thinking you might be debt free?
I apologise but my memory is shocking~~it's my age:o

edinburgher

It changes every day! Worst case? 3.5 years. Best case? 2?

wishingthemortgaheaway

Pleased you are getting on with YNAB. Had to laugh that you/we are back to the 'what is owed to daughter from her child benefit.' she will fleece you for more than £1700 over her childhood - and that's before she takes up a sport or musical instrument seriously....

I think, once you are into it, you will find that magical '13th paycheck' appear and not get swallowed up into the drudge.

Wish.