Money management

[Scarlett]

I am a YNAB failure too.

Scarlett, can you tell me how everydollar is different from ynab? Why does it work better for you?

 

The administration of entering things killed me with ynab. I probably need a more automated system. I probably didn't use ynab right, though.

 

 

I really can't remember.   With Everydollar it is a big pain to enter manually....I guess that part is the same as YNAB?  I prefer entering manually because it keeps me involved and on my toes.  But Everydollar has a pay version that connects to your bank account.

[Guest]

Once a week I sit down in front of absolute garbage on the television (hey, we all have a vice ;) Mine is watching shows that took The Learning Channel from that name to the shortened, less applicable TLC!) and I reconcile my receipts into the journal. It's good because I see how those $1.00 MickeyD's Cokes add up, and whether or not "my" gas station is higher than the ones my boys use, etc. It makes me more aware of where the money goes and where the better bargains are. A more organized person would just do it all digitally, or reconcile everything daily using digital helps (online access to accounts, etc.) but I'm old-school and undisciplined and I like bad tv, so ... I don't.

 

See, you say you're old school, but I think I'm old-school, too. I am trying to use YNAB. It's a good program, but it is difficult to me on occasion. Something that I used to be able to just note down now sits on the computer, looking annoying, because I don't know how to "make" the computer accept what I want to show.

[vonfirmath]

See, you say you're old school, but I think I'm old-school, too. I am trying to use YNAB. It's a good program, but it is difficult to me on occasion. Something that I used to be able to just note down now sits on the computer, looking annoying, because Zi don't know how to "make" the computer accept what I want to show.

 

If its not working for you, go back to what works!

[abacus2]

Here is one thing I can't seem to figure out when budgeting. There are too many variables. I can allow x money per month for clothing, but I don't buy clothing every month. I have prescriptions that cost me $300 every three months. I spend a ton of money in August for school things. Then there is car maintenance, doctor visits, etc, etc.

 

Do you put that money in a savings account and draw it out when you need it? How do you allocate it? Ideally I feel like I want 20 different accounts for all different things but I know that's not reasonable. I don't like having to switch money around all the time, like when I buy a $5 shirt at goodwill.

 

This is where YNAB excels. YNAB helps you plan ahead and get a better handle on your irregular expenses.

 

For your August curriculum needs, you plan ahead by estimating the amount you need and dividing by the number of months you have left until you need it, so if you need $500 in August put $125 each month from May to August so you will have it. Then in September, estimate what you will need next year in August and divide by 12 to be prepared. 

 

For you clothing needs, take you best guess on your annual needs and divide by 12. If you estimated well and your money in the category builds up over time, you will have money in the category when you need it. Maybe you decide to put in $20 a month, and in 2 months when someone needs a $30 pair of shoes, the money is there.

 

For medicine, put $100 a month and you will have $300 available every 3 months.

 

For other irregular expenses, just give you best guess on annual expenses and divide by 12. Some categories your estimates will be off, but the longer you use YNAB, the better feel you get for your real needs. 

 

When you have an expense you aren't prepared for you can take money back out of some of your flexible categories or accidentally over-funded categories to cover it.

 

All of your money stays in your accounts and is there when you need in because you have set it aside for a purpose in YNAB.

[Joyofsixreboot]

Dh and I both were frugal people so we've never had a budget on paper because we just don't spend much. We check with each other before spending over $100 dollars. We do bills together. We have retirement money, savings and college contributions taken out automatically. All that said I've been trying to get over fear of spending. I feel ill if I spend $20.

[MamaSprout]

Dh and I both were frugal people so we've never had a budget on paper because we just don't spend much. We check with each other before spending over $100 dollars. We do bills together. We have retirement money, savings and college contributions taken out automatically. All that said I've been trying to get over fear of spending. I feel ill if I spend $20.

That's why I started to budget. We do a YNAB type budget on paper. Once a category is "funded" for the year I can relax and just spend the money without felling ill (think holidays) we do this with things like cars, computers, homeschool materials and taxes for the self-employed stuff we do. I keep a separate checking ledger with an "available money" balance separate from the actual contents of the account.

 

I don't track my cash spending. That was too tedious since I'm cheap anyhow.

[abacus2]

I track cash in ynab. I just ignore the change and only track whole dollar amounts.