The Four D's

Naomim

How long have you been using ynab for? This is my first full month, 2nd payday.  I'm struggling because we're starting with a negative figure so I'm running two budgets to try and compare to make sure I'm not over budgeted if that makes sense? 

Well done on the achievement so far of fully funding.  I cant wait to get to that point.

FootyFanDan

Naomim said:

How long have you been using ynab for? This is my first full month, 2nd payday.  I'm struggling because we're starting with a negative figure so I'm running two budgets to try and compare to make sure I'm not over budgeted if that makes sense? 

Well done on the achievement so far of fully funding.  I cant wait to get to that point.

Thank you Naomim, its defo a place I didn't think I would reach. I guess the trick now is try keep doing it and then building up a decent buffer. 

In terms of using YNAB I have had it about a year, but wasn't really using it to full potential until about 6 months ago. I did similar to you in that I ran a kinda practice budget to get a understanding of how it should look and a proper one that had all the transactions in, looking back this helped but I am now running just the one budget for all joint finances and a separate one for my own personal spends but that isn't tracked as much. 

It took me a while to get to grips with it tbh but I am glad I persevered with it and I am now seeing the benefits. It has helped me see patterns and then allowed me to adjust accordingly if needed. I think starting with a negative balance might have made it a little tougher for you. How are you finding it?

FootyFanDan

Current Savings

EF - £100 (currently adding £50 monthly)
Xmas 2021 - £31.82 ( this month contribution will be added shortly)
Car Maintenance - £83.34 (currently adding £41.67 monthly)
Car Breakdown - £13.58 (this month contribution not added yet)
Also got £50 savings for the little one.

Total Savings - £278.74

I know these pots eventually will empty but its so weird for me to have savings, even though its only a small start, hopefully in the next 6 months I will be in a really good place with these.

Legs21

You are doing so well Dan. It is quite exhilarating when you get to the stage where everything is covered and you still have money left. The savings bug will kick in soon. Just 1 question on your breakdown cover, why so high? Is that amount for this years and saving towards next years cover? I’ve used AutoAid for the last 3 years and have found them to be really good, called them out a few times too. They’re only £60 per year, so £5 per month. And they had (not sure if it’s still going) an offer of £10 refund after 60 days. Have a look on the main site for them. 

FootyFanDan

Legs21 said:

You are doing so well Dan. It is quite exhilarating when you get to the stage where everything is covered and you still have money left. The savings bug will kick in soon. Just 1 question on your breakdown cover, why so high? Is that amount for this years and saving towards next years cover? I’ve used AutoAid for the last 3 years and have found them to be really good, called them out a few times too. They’re only £60 per year, so £5 per month. And they had (not sure if it’s still going) an offer of £10 refund after 60 days. Have a look on the main site for them. 

Thank you. I must admit I do find it very weird this feeling of not having panic about the finances. At the moment I am in a good position but I don't wanna relax if that makes sense, I want to try get the savings built up by keeping doing what I am doing and then reassess this in June/July and see where I am at. I would imagine that is when some stuff will adjust slightly to fall in line with stuff opening back up when I know my budget will need tweaking. 

Re breakdown cover - I am with GEM for mine as it was recommended through a friend at work and I got £30 cashback with them which brought it down to £65 for the year. This was paid in full in July last year, it is due again in July so I am saving towards having that £95 saved - realistically I should have been saving for it a while ago and therefore the money I am putting aside it slightly higher than it works out over the year but still not massive compared to what I was paying with AA. I will check out Autoaid though as that was another that came up decent with reviews. 

Legs21

I think everyone’s budgets will need tweaking when lockdown ends although I do hope people have learnt through lockdown to be more mindful of their spending when it eases. 

Keep up the good work Dan, you’re doing amazing 😉

Naomim

FootyFanDan said:

Naomim said:

How long have you been using ynab for? This is my first full month, 2nd payday.  I'm struggling because we're starting with a negative figure so I'm running two budgets to try and compare to make sure I'm not over budgeted if that makes sense? 

Well done on the achievement so far of fully funding.  I cant wait to get to that point.

Thank you Naomim, its defo a place I didn't think I would reach. I guess the trick now is try keep doing it and then building up a decent buffer. 

In terms of using YNAB I have had it about a year, but wasn't really using it to full potential until about 6 months ago. I did similar to you in that I ran a kinda practice budget to get a understanding of how it should look and a proper one that had all the transactions in, looking back this helped but I am now running just the one budget for all joint finances and a separate one for my own personal spends but that isn't tracked as much. 

It took me a while to get to grips with it tbh but I am glad I persevered with it and I am now seeing the benefits. It has helped me see patterns and then allowed me to adjust accordingly if needed. I think starting with a negative balance might have made it a little tougher for you. How are you finding it?

I'm finding it ok and logging all spends. Just not sure I'm doing it right! So MrM and I both been paid so I've entered everything in the budget. I think I need to see how it rolls over again. I'm sure after a few months I'll have the hang of it. I've just started the 2nd budget with the minus figure so fingers crossed it will work. I guess I need to watch a few more videos. 

Poppy1984

Hi Dan just been catching up on your diary, you're doing so well! I'm really impressed. All your pots adding up sound great and your saving goals sound realistic and organised. How good does it feel to be in control of money rather than it controlling you? You'll get there with the house buying when the times right the right house will come along. 

So sorry to hear about your partners Mum, that's very sad, I lost my Mum when she was 58 to cancer and I'm still heartbroken about it now honestly. Sounds like you have a lovely supportive relationship I'm sure she really appreciates that. 

On your savings for your daughter as she's still quite young I wouldn't stress about that too much and I'd concentrate on clearing all your debt first as even children's savings don't earn enough interest to cancel out interest incurred in debt. Or are you already debt free? Sorry if I've missed that on your diary? My son turned 18 not so long ago and got his savings of £3,000 not a huge amount but more than I got and I was so proud to be able to give him that despite my debts. He's fairly sensible so I'm really hoping he keeps it for something specific like a car, uni, or a home but once they're 18 you've not control over their money so who knows what he'll do!!! 

You're doing great! Keep it up 😊 

Poppy

alt80

@FootyFanDan You're smashing it mate, well done. Know how hard it is to keep on track when life throws a curveball, not meant in a patronising way but it's a big thing to carry on carrying on through the !!!!!! times in our lives. 

Hope things are starting to calm soon on the work front and hope your family is holding up.

FootyFanDan

@Legs21 yeah agreed re the tweaking of budgets once lockdown ends, hopefully not much to adjust though lol

@Naomim Stick with it, I know at the beginning its a little overwhelming but once you get into the swing of it and see the benefits you will hopefully just fall into place with it. 

@alt80 Cheers mate, its been a tough few weeks but as they say life is a test at times. I am just trying to be as supportive as I can. You are doing fantastic by the way mate, the change in your weekends is a massive plus and its great to see you enjoying the down time as well.

@Poppy1984 Thank you Poppy for your kind comments I am just trying to be there for her as tough as it is me making the stuff more tough doesn't help I guess. We are pretty strong unit to be honest so that helps I think. So sorry to read about your own loss of your mum, its hard at the moment for me as I am not as close to my parents as I once was but I can't imagine the feeling of losing one of them. I can only imagine for a daughter that is close to her mum that must have been a really tough time.

 I am loving being in control of the finances and not worrying about any little thing that comes up, whilst I am not fully where I want to be and there maybe some minor tweaks. At the start of this all I wanted was to be DF and to not have to be skint on payday... I am getting there with both these goals, I may re think the whole using this months money to pay next months bills I mean we are a relatively young family so I still want us to be enjoying life to its about the finding the right balance. Similar to you I never had the savings and I am determined to not put my daughter in that place - although I maybe need to not put as much focus on it right now, I just want to give her the best start I can and I am determined she won't follow my path of debt.

 I will hopefully be debt free in 3 months - even writing that seems crazy right now haha.  I hope you are taking care of yourself, stay safe x