Jump to content

You Need A Budget


  • Please log in to reply
22 replies to this topic

#1 Lees75

Posted 20 January 2013 - 11:41 AM

Hi:)

I noticed a lot of people mentioned in the other thread that they use this budgeting program- I just had a few questions....

Currently I track all my expenses through iXpenseit, which I love. But although it is awesome for tracking, it doesn't reall help me budget forward. I am hoping to combine my tracking with my actual forward planning- currently I transfer all my savings onto my mortgage and just have multiple tallies going in a Word document of how much is for Xmas, holidays, dishwasher saving, etc.

I Use my credit card for everything and then pay it off in full each month. How will this work on YNAB?
For example, currently I have cash, but I know it has already been spent on the credit card, if that makes sense.  

And when you start a new budget, how do you time it? It stresses me out even thinking about changing my system, even though I know it will benefit me long term.

#2 two_ones

Posted 20 January 2013 - 07:50 PM

Hi Lees75,

I have just spent this weekend setting up YNAB thanks to the recommendations in the other thread.

I don't have much advice at this stage, but I am similar to you in that I pay for most things on CC and make a payment once per fortnight, usually paying it all off in full (although recently, not all has been paid off hence my need to start a new budget!)

Similar to you I also had an excel spreadsheet going to keep track of the money I have set aside in ING for various things to save for e.g. holiday, baby #2 etc), which from what I can see I can now keep track on in YNAB.

So, to try and answer your CC question, here's how I think I will manage it. Others may be able to clarify, as I am very new to this!

The CC debt is a line item in my budget and when I set it up with the current balance it shows up in negative. I have allocated the remaining income for January to the various other categories and whatever left over goes towards bringing down that debt. For example, I have allocated $700 for January. Obviously the debt will increase as I make more purchases between now and the end of the month, but the actual payment I make to the CC should (hopefully) be $700 + the amounts of those other purchases.

From reading the YNAB forums, most people say you should ignore the day-to-day balance of your cash account (because it can be misleading when you buy majority of things on CC) and just go by looking at your budget, then it should all balance at the end of the month.

Hope that helps somewhat - will be able to update end of Jan and let you know how I went!

#3 two_ones

Posted 20 January 2013 - 08:05 PM

Oh and I recommend starting at the start of a calendar month.

Being the middle of the month when I did it, I couldn't figure out why it was showing me as overspending initially, then I realised I was budgeting for things like phone and foxtel which I'd already paid earlier in the month.

#4 laridae

Posted 20 January 2013 - 08:36 PM

I use it, but not in the way the makers of it say you should do it original.gif

They say start from a clean slate.  I imported all my transactions as far back as my bank allowed, so I could get a good idea of my history spending.

But how I set mine up:
First - set up all the budget accounts. So Savings account(s), credit card, cash.
Second, set up any non budget accounts - so mortages & loans.
Put starting balances as the current balance in these - you can always go back and change it if you import your history later.

Set up scheduled transactions.
So if you get paid regularly, set it as scheduled on the account they come out of.  Same with any regualr bills, eg power, rates, mortgage repayment (these as transfers to the non budget account), credit card repayments (guess it, you can up date it later).  These are your fixed costs that will happen on a regular basis and are therefore 'fixed'.   You can confirm these when you import your bank accounts later.

Enter (for at least the first month), all the scheduled transactions (use the tick box to select them and select 'enter in register now').

Now got to your budget screen.
Have a think about your major categories, eg I have Housing, Car, Dogs, Personal, Shared Costs.

Under Housing I have things like Electricity, Water, Rates, Maintenance & Repairs, Insurance, Repayments.
Car - Insurance, Petrol, Repayments, Extra Repayments, Licence, Registration, Maintenance & Repairs.
Dogs - Vet, Registration, Kennel Licence, Boarding
Personal (per person) - Miscellaneous, and other expenses that apply to only the one person.
Shared Costs - Micellaneous, Daycare, Groceries

Don't include a savings category at this point, wait until the budget is sorted first.

Most of these things you'll be able to enter a value in the budget directly - just by looking at past bills (and divide them to get a monthly value, eg a yearly bill, divide by 12, a quarterly bill, divide by 3).

Once you've got in all the fixed costs in your budget, 'take a look at the top where is says 'Income for Month', and budgeted for month, and you'll see how much you have left over for things like groceries.  Guess approximate values for the things you won't know exactly, but you'll want to make sure the budgeted for month is less than income for month.

If your Available to Budget is less than the Budgeted in Month value, then don't do a savings category yet, but if it is higher, then add one, for all the unallocated money each month.  If its lower, you are essentially living form paycheck to paycheck, so dont have savings yet.

Fróm there - I import my transactions from my acounts each week (or so), it auto matches with the scheduled transactions (check them though as it gets it wrong sometimes).  And give everything a category (or mark it as a transfer)
I enter the scheduled transactions into the register at least a month ahead (show the current balance column - its hidden by default), and check that the balences are above zero at all times (except credit card & loans, which is always negative), and change the entry for the credit card repayment value to the value I expect it to be on the date they send the statements (I pay mine in full every month).

I don't worry about cash too much - normally just mark withdrawals as 'miscellaneous'.  But if you work more in cash, you'll probably want to enter those transactions manually.

Oh, I keep my savings in my mortgage too, though I use it for yearly bills - I have a 'on budget' account of extra repayments - and I move all the extra repayments into this from my off budget mortgage account.  You could do the same with each thing you are saving for, just call it a seperate account (even though its not), and do 'transfers' into it.

Edited by laridae, 20 January 2013 - 08:43 PM.


#5 Lees75

Posted 20 January 2013 - 11:38 PM

Thanks everyone:)

I have spent most of the afternoon and evening setting it all up- totally love it!

#6 IShallWearMidnight

Posted 21 January 2013 - 12:40 AM

I think I'll have to look up this program. I just use excell spreadsheets for now

#7 *cough*

Posted 21 January 2013 - 12:44 AM

I'm trying but I don't get it. It keeps telling me I am over budget!

#8 catmeow82

Posted 22 January 2013 - 01:47 PM

How do people deal with gift cards? We buy Coles and Woolworths gift cards through the Entertainment Book at 5% off. I was thinking of adding an account called Gift Cards, but was wondering if anybody else is in a similar situation?

#9 two_ones

Posted 22 January 2013 - 05:24 PM

QUOTE (catmeow82 @ 22/01/2013, 02:47 PM) <{POST_SNAPBACK}>
How do people deal with gift cards? We buy Coles and Woolworths gift cards through the Entertainment Book at 5% off. I was thinking of adding an account called Gift Cards, but was wondering if anybody else is in a similar situation?


Perhaps you could enter the purchase of the gift card as a transaction (e.g outflow of $95 to buy a $100 gift card) and then add in the $100 as income? That would add in the extra $5 to your budget pool.

#10 Lees75

Posted 03 February 2013 - 07:48 AM

Just reporting back.. I have been doing it for 2 weeks and I love it!  It has given me the confidence to know that I wil be able to save for a trip to the USA next year:)

#11 fionah

Posted 11 February 2013 - 08:41 AM

I have been using YNAB free trial for a week now. So simple to use, much easier then excel spreadsheets which I have tried before, but they never really helped me. Having the app available on both mine and hubby's iPhones are great. We both know exactly what is where at anytime and we can see which bill is coming next.
You don't need to start at the beginning of the month, as you can enter things in for March, but leave them out for February. I highly recommend their tutorials and daily email lesson. The tutorial was great for explaining how Credit cards work in YNAB and just basic setting up.
Give the free trial a go if you aren't sure. The app is free too.
Good luck everyone. I feel so much more positive about out financial future original.gif

Fi

#12 AnotherFeral

Posted 21 February 2013 - 08:33 AM

I'm using the free trial at the moment and it's good so far.
Previously I tried a phone app that was good but didn't have a desktop counterpart and it just got too awkward. I like being able to do the organising on the desktop but still have everything available on my phone.

#13 Green Gummy Bear

Posted 21 February 2013 - 08:46 AM

Either I'm not using the program properly, or I'm the only one who hates it.


#14 AnotherFeral

Posted 21 February 2013 - 12:03 PM

What do you hate about it?

#15 PurpleNess

Posted 21 February 2013 - 12:20 PM

Been using it for 2 months now & love it - although it's made us realise just how tight things are...but that was the whole point.
I love the rules - only spend what you have etc, however this month isn't going so well lol

#16 Green Gummy Bear

Posted 21 February 2013 - 01:09 PM

QUOTE (aratiaw @ 21/02/2013, 01:03 PM) <{POST_SNAPBACK}>
What do you hate about it?


I just found it hard to forward plan

#17 laridae

Posted 21 February 2013 - 01:24 PM

QUOTE (justthegirls @ 21/02/2013, 02:09 PM) <{POST_SNAPBACK}>
I just found it hard to forward plan


What I do for forward planning is just enter all the known transactions as scheduled transactions.  Then add them a few months in advance so you know what the future will look like.

If you haven't already, make sure you show the 'running balance' column.  I think its hidden by default.

#18 Green Gummy Bear

Posted 21 February 2013 - 01:38 PM

QUOTE (laridae @ 21/02/2013, 02:24 PM) <{POST_SNAPBACK}>
What I do for forward planning is just enter all the known transactions as scheduled transactions.  Then add them a few months in advance so you know what the future will look like.

If you haven't already, make sure you show the 'running balance' column.  I think its hidden by default.


My free trial has expired, and I just don't think I got enough out of it to justify purchasing it.

Glad to hear everyone else has a positive experience though.

#19 Runner5

Posted 27 February 2013 - 07:31 AM

OMG...I read this thread yesterday and scuttled home to download the free trial...despite only having been using it for less than 24 hours I LOVE it and spent all evening listening to tutorials biggrin.gif  Assuming I can keep my ADHD brain focused on remembering to USE the program I think it's going to do brilliant things for us original.gif

#20 AnotherFeral

Posted 27 February 2013 - 08:40 PM

Yeah, it's the best thing out of the various software and spreadsheets I've tried.
I was browsing the forums and read a bit about previous versions, or rather, newly added features in version 4. It seems like they made some big improvements. Having the phone app just makes it so much more useable.

#21 nicethel

Posted 03 March 2013 - 01:06 PM

My trial has now expired, pity as I really liked it.  I just cant justify spending the money.  It showed me that we really dont have $60 to spend on it!!LOL

#22 AnotherFeral

Posted 03 March 2013 - 02:39 PM

QUOTE (nicethel @ 03/03/2013, 02:06 PM) <{POST_SNAPBACK}>
My trial has now expired, pity as I really liked it.  I just cant justify spending the money.  It showed me that we really dont have $60 to spend on it!!LOL

As the maker himself says, you can still use the YNAB principles to budget, even if you're not using the actual YNAB software. If you have the time, you could build a spreadsheet that works in a similar fashion.
I'm finding there are some features missing, but I think I'll probably purchase a licence anyway, as the benefits are outweighing the negatives for me. I'm not inclined to spend heaps of time building a DIY version, but if I were, I'd still be missing the mobile app.

#23 laridae

Posted 07 May 2013 - 10:05 PM

If anyone wants a licence code for v3 of YNAB (v4 is the current version) - PM me your email address.

YNAB are letting everyone who bought v3 and has since bought v4 gift their v3 licence to someone else.




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users

 

11 things that will happen when you're breastfeeding

After having three children and various degrees of success feeding them all, there's one thing I can tell you: virtually nothing will go as planned.

Surgery for baby born with a tail

A baby born with a tail has had it removed after doctors feared the birth defect might cause long term damage to his lower body.

When 'skin to skin' becomes a family affair

An adorable photo of a little boy and his dad enjoying skin to skin contact with newborn twins is melting hearts everywhere.

35 hilariously weird 'top tips'

Who would have thunk it? We never knew there were so many uses for feminine hygiene products. 

Pregnancy skin woes: acne, dry skin, itchy skin

Here are some of the most common skin complaints in pregnancy and how to tackle them, face on.

Watch this fun dance class for babywearing dads

Is there anything sexier than a babywearing dad?

Parents, this is how to cut grapes to avoid choking

One mum has learnt a harrowing lesson about the best way to cut grapes to make it safe for toddlers and little kids to eat.

When your kids have totally different temperaments

Sometimes it has felt like whiplash parenting. She perches watchfully while I vacuum; he tries to climb on and go for a ride.

How do our stress levels influence our baby?

Since having my second baby a number of people have commented on how placid, content and settled he is and, similarly, many have commented on how this is a reflection of how I am with him.

Separation anxiety isn't just for kids

Despite its prevalence, most doctors tend to be reluctant to diagnose adult patients with separation anxiety.

A charm bracelet, a boy, and my beliefs questioned

I was staring at the face of my son, realising that my once steadfast decision to be open minded was quickly unravelling at the seams.

Why I'm so grateful for Hayden Panettiere's PND honesty

There are baby steps and giant leaps forward. But there are steps backwards, too. And, oh, how they can hurt your heart.

The heartbreaking story of little Moko

The mother of 3-year-old Moko Rangitoheriri said she should have picked up on the signs. {Warning: distressing content}

Kate Beckinsale and teen daughter recreate birth photo

Kate Beckinsale has recreated her daughter Lily's birth photo, 17 years after she was born.

The adult-size stroller you'll want to test drive

It's one of the biggest baby related purchases they will make, so it makes sense that parents-to-be get a chance to road test a stroller.

Pregnancy announcement shows the reality of IVF

It's a long way from baby booties or bump shots people have become accustomed to in social media pregnancy announcements.  

Soleil Moon Frye welcomes fourth baby

"Punky Brewster" is a mom again, for the fourth time. Soleil Moon Frye announced the birth of her baby boy, Story, on Instagram Wednesday.

Mum breastfeeds baby found abandoned on the street

A woman has been praised as a "beautiful mother" after breastfeeding a baby which had been abandoned at the side of a street. 

A birth with a difference: the 'natural caesarean'

We've shared stories of gentle caesareans before, but a new video shows a new option called a 'natural caesarean'.

Baby name inspiration by music genre

If you're all about the music, then you'll need a musical name for that baby. We've got all the lists for you by music genre.

Giving effective instructions to toddlers

One of the most common errors made by parents is in how they give instructions to their children.

 
Advertisement
 

Top 5 Articles

Advertisement
 
 
 

What's hot on EB

The babies who are one in 70 million

Bethani Webb was excited to find out she was pregnant, but the first time mum did not realise she was carrying four babies not one.

Cafe offers breastfeeding mums a free cup of tea

A Sydney cafe is offering breastfeeding mums free cups of tea in a bid to show support for the right of women to nurse their babies wherever they choose.

To snip or not to snip? When the decision is not clear cut

Jamie Oliver, who considered a vasectomy, is to be a father again. A fellow dad reflects on his own decision 11 years ago

Doctors stunned by rare twins born almost six weeks apart

To everyone's surprise, Kristen Miller "kept doing better each day", keeping her second baby safe.

Baby book ideas for modern parents

Before my son was born I was given a lovely baby book full of blank pages waiting to be filled with weights and heights and first words.

The adorable smile of a baby seeing his mum clearly for the first time

There is no doubt seeing their child smile for the first time is an unforgettable moment for parents everywhere.

Mum tells how toddler 'nearly hung himself' in cot mishap

When Alison Johnson put her 18-month-old Caleb down for a nap, she had no reason to believe her son was in any danger.

Babies are still switched at birth? Yes, it can happen

All my panic and tears aside, my biggest question looking back is about the kind of security measures used in the maternity ward.

Doctors slammed for taking selfie with newborn

Everyone who visits a mum in hospital in the days following childbirth wants to get a photo with the new baby.

ergoPouch Twosie Sleepsuit for winter breastfeeding

Finally, there's a way to keep warm while breastfeeding through winter.

Health check: How long does sex 'normally' last?

What to do with this information? My advice would be to try not to think about it during the throes of passion.

When breastfeeding sucks: fixing common problems

From niplash to tight boobs, biting to milk supply issues, Pinky McKay looks at common breastfeeding issues and how to solve them.

10 things I've learnt in my first six months with twins

Six months on we're all still alive, and the more we get to know each other the easier the days become.

Mum's loving kiss leaves baby fighting for life

Kirsty Carrington thought nothing of giving her newborn son a kiss, little did she know it would leave the baby fighting for life.

When doing chores is your new 'me time'

After children, 'me time' looks a little different.

Get going: 14 travel strollers for families on the move

A stroller can make or break travelling with a baby or toddler. Here are 15 great single travel stroller options.

10 ways toddlers are terrific

It always pays to remind yourself of how terrific toddlers can be - they're little like this for such a short time

 

Vintage Toys

The toys of your childhood

Take a trip down memory lane with these vinage and retro toys that you may have had in your childhood or your parent's childhood.

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.