New Habits Needed...

BalanceBy50

Debt_Me_Out_Of_Here said:

With YNAB would I have all my pots in one bank account then when I have spent it - it potentially shows as a minus figure against that pot?  Would this mean I don't need the 4 current accounts with multiple savings pots that I currently have attached to them? 

xx

With YNAB you can have as many accounts as you want. You track what's coming into each account and can move money around between accounts, but it all goes into the same "to be budgeted" pot. Then you allocate every single pound of that to be budgeted pot into the spending categories you've set up. So for example I have rent, childcare, phone bill, groceries, fun money, clothes, savings, credit card payments etc etc as my categories. 
You can set recurring payments so YNAB tells you how much to budget in each category to cover upcoming payments, or you can set a goal of having xyz in a category by a certain date, and it tells you how much to budget each month, or you can freestyle. I personally have 1 current account, 3 savings accounts, a LISA, 2 credit cards and a loan set up in there and it works great.
The way I do it is that when I get my salary and money from my husband, I cover all the bills that are going to come out, then groceries etc, then see what I've got left for debt slaying/saving after that. It's really helped me because I set my budgets on day 1 rather than doing the "I'll try and spend as little as possible and then pay off what's left at the end of the month" thing - it never worked as I'd never have anything leftover! Then when other payments come in throughout the month like UC and child benefit, I know exactly what it needs to cover and usually manage to use most of it for extra debt slaying. 
Hope that helps. 

It really does. Thank you x

jwil

Have a lovely weekend.  Hope the jab goes well.  I didn't have any side effects with my second, though felt a bit rough after the first.

BalanceBy50

jwil said:

Have a lovely weekend.  Hope the jab goes well.  I didn't have any side effects with my second, though felt a bit rough after the first.

Thanks jwil - that’s good to know 😁 I felt rough after the first jab too. 

Hope you have a good weekend too x

BalanceBy50

Managed another NSD today! Just had to tell someone 😂 x

WinterWarrior

BalanceBy50 said:

Managed another NSD today! Just had to tell someone 😂 x

Woohoo 🎉. Well done ⭐️

CRANKY40

Well done 👍

jwil

Well done!

Seasidegal58

Yes congrats on another NSD!👍

Re YNAB - @Debt_Me_Out_Of_Here's description was excellent. I also have extra 'Tracking' accounts on there detailing the values of my DCB pension, flat, ISA and the little bit of gold bullion I have. Each month when I update my YNAB pots I update the Tracking accounts as well as my bank and Savings accounts. Re my flat I have loaded the details onto a Zoopla account and get an estimate each month of what it's worth.

You can also get a month's free trial of YNAB to see if it will suit you and they have various free online live classes you can join as well.  

BalanceBy50

Quick Update from me - I have been writing this post in my head for days!  Life very busy at the moment but still trying to focus on debt busting!  I ended May by paying a total of £134.78 extra to my CC so very pleased with that - no over payments yet in June but still hoping to make some.  Payday at the weekend for me then its budge month reset.  Half term threw me - I definitely need a pot for this!  Also we re-homed a rescue cat a couple of months back, I have insured her but we needed to take her to the vets on Friday as she had a really sore patch by her ear - the vet thinks it may have been caused by fighting 🤦‍♀️ and cost £56.  I haven't checked my insurance but am assuming there will be an excess so won't be claiming.  Anyone have any advice on what I should be saving monthly for things like this?  She is 2 so relatively young & healthy.  Both cars also had to go in the garage last week - one has been paid for but the other hasn't - still waiting for the bill so no idea how expensive and the car pot is empty.

I also did an exercise on what my ideal budget would look like with lots of savings pots and extra money for debts - my shortfall was £731 a month!  I need a new job!!!  Very interesting exercise and food for thought!
I will be back to regular posting now I have caught up - think i just need to get this post down and start a fresh! x
PS I have spent 3 times on candy crush since I last posted and nothing for over a week - I do feel like I have broken that habit.  My next target is the amount I spend on buying food and drinks in my working day - I need to make attractive food I want to eat at the office xx

Seasidegal58

It's been years since I had my DD was at school and owned a cat  so can't really help - perhaps have a look on the Money Saving Mums and Pets and Pet Care boards?

Good going on the Candy Crush!👍