YNAB & DFW challenges

allthe7s

Hey

It might just be me not getting it but I don't understand how I can take part in any of the challenges (saving £2s or sealed pot challenge, PADing etc) when using YNAB because there isn't any money spare so I'd be constantly taking it from somewhere it's needed :undecided:undecided

Could someone explain how they do it please.

Thanks x

Larac

The main focus of YNAB is to eventually get yourself into a position that you are paying this months expenses on last month income which can be difficult to achieve if you are living from pay cheque to pay cheque. The advice they give is to 'up the income' or go cold turkey for a couple of months and cut out spend on frivolities for few months. IMHO that would assist in these daily challenges that you outline.

Drawingaline

Hi, I use ynab and find I wam unable to do the tilly tidies or pad payments. However I could (if I wanted) do a sealed pot challenge as I don't track cash once it is withdrawn, mainly because I don't deal with cash much at all.

So I don't do any challenges, but I am paying down debt. I hold anything extra in an overpayment category and will wam from here throughout the month if I absolutely have to, but try not to, and then make a large overpayment before the next payday.

I do however make additional payments to my loan from my entertainment category throughout the month if I can, I like to pay my £40 interest charge separately each month if possible, normally from entertainment or food.

Other people will make small payments to debt the day before payday when categories will be refilled, using any extra pennies due to roll over.

MrsSave

At the end of every week I 'skim' the different categories to the nearest £1 or £5/£10 depending on the account. For example say I had £32.56 left in the gifts account, I would move £2.56 (or 56p depending on what I needed in the account) to a separate category to then be saved.

allthe7s

Thanks all

Mrssave & drawingaline thank you for explaining how you each do it, that gives me some ideas. I also don't track cash once its withdrawn so might start clearing out my purse on a Fri after DS has had the weeks bus money.