Anyone interested in a YNAB chat/support thread?

[OrangeBlossomsinthesun]

Hi,

I wondered if anyone was interested in a YNAb thread to chat about progress and help each other. I've just started the trial period a couple of weeks ago and, although it's quite a steep learning curve I'm really impressed with it.
I'm freelance so it's important for me to track money and be prepared for fallow periods. I had a thread here with some great advice. I'll add it as there are some good links www.mumsnet.com/Talk/legal_money_matters/4327812-YNAB-help-for-a-freelancer?watched=1&msgid=110514876#110514876

Anyone up for some YNAB chat/support?

Me and my friend are working together on our ynab journey. We had our first zoom budget meeting yesterday. We are going to do it monthly.

Brilliant idea to have a thread.

We've done ynab for years! Love it. Once you can understand the ideas it becomes second nature. Changed our lives once we started doing it.

I'm in the early stages where it's hard and demoralising. Any tips @DownUdderer

I’ve done YNAB for years and it’s definitely a learning curve but so worth it, and definitely interested in a thread!

I'm finding it really useful as my income is variable and I also have quarterly tax returns to budget for. Sometimes the money I need to pay for those hasn't come into my account (60 day payment terms clashing with quarterly returns) so it's even more important to keep on top of it and know exactly what is coming in and when and what expenses are coming up.

I think I've always fallen into the trap of not being aware of long term expenses and then getting blindsided by them and having to use the credit card.

I've also found the ynab approach to debt really useful. I'm always trying to manage to pay off a credit card (got it down quite a bit recently but still have further to go) and I've always thought I should pay off as much as possible as quickly as possible, but the ynab approach of paying the minimum and getting long term expenses under control first makes a lot of sense.

In the thread I linked to there are 2 really good videos about how to set it up. I watched them and then watched them slowly again stopping and starting as I set up my first budget.

I found recording transactions a bit confusing but I think I am getting better at understanding that now.

I like the fact you can use it as an app too but find the desktop version easier to navigate.

I'm another long term ynaber. If you can stick with it and the learning curve IL will change your life.

The age of my money is now 2 days. I am ridiculously excited about this

Great thread - I am the friend of @Justanotherquestioner in the early days of YNAB. So far I’ve found it a slightly depressing and anxiety inducing wake up call! But it is sorely needed as I am in my overdraft each month. I have started off by tracking spending and trying to figure out what my true expenses each month are. Next step will be to start allocating money, however little, to those true expenses each time I get paid. I’d love to know how people get on with it and how long it will take me to feel that finances are under control for once.

@OrangeBlossomsinthesun congrats on your 2 day old money!

Yeah it is a bit like "omg", especially if you have debt as I do. But I kind of feel that I have uncovered knowledge of my finances that I can't un know iyswim. And that if I stick to this I will get a handle on things in time.
I've always sort of tried to do a kind of ynab without realizing it because, as a freelancer with an unstable income, I was always trying to get a handle on things and work out what I had available, but it's too complex to do on your own really, or at least it is for me

I remember how OMG it was. We thought we were in a fairly decent position before we started and it was still a massive shock. 7/8 years later though it's a way of life and is getting us through wage cuts over Covid and DH's redundancy and long period (still) out of work. The level of control it gives me massively helps me deal with the shit life sometimes throws at us

It is kind of addictive too.

years ago when DH was out of work and things were really tight we tried to budget and DH investigated budgeting spreadsheets on excel. He set one up and we religiously recorded every last penny that we spent. It was really good to see where money was going and how much we needed to live but finances were easier too in that I had a part time job as well as being freelance so there was some income stability and we had savings (although the aim was to not use them). Later we used the savings as a deposit on a house and although DH is in work he's not highly paid and I'm fully freelance.

I think the planning ahead for long term expenses and budgeting what you have is a game changer

What is this? Sorry to be thick!

Not thick! it's a budgeting system /software called you need a budget www.youneedabudget.com/

I'm going to have a go at reconciling tomorrow I think. Both mine and DH's accounts are about €10 out on what ynab says so I must have messed up something somewhere

Hi @katplva!!!

@OrangeBlossomsinthesun fellow freelancer here also with a student husband working part time. We are in stacks and stacks of debt and September is my tightest month. I'm having to count every single penny right now.

I need to remember not to try to pay the debt down aggressively. It won't help matters. Right now I'm just terrified that I can't dig myself out of this hole - I know I can but it's hard not to worry

I check my bank account every single morning before I get out of bed to make sure I'm reconciled

I think I might have entered something wrong or it might be things that haven't cleared.
I actually feel a bit better about the debt now as I can accept that I just need to cover the minimum, that always felt like a failure before.

For EUR 10 you will probably have just missed something or done a typo. Key thing with YNAB is to reconcile regularly.

The good thing is it lets you know how much you realistically have. Before YNAB, when I used to try to work out my budget on paper, I used to come up with 1000s (not in GBP!) that I thought I had spare but I know now in reality that's because I wasn't budgeting for true expenses.

Yes, I would think I had money and then get blindsided by things I'd forgotten about or just not prepared for, like a car repair.

At the moment it's still very much just totally expenses I have to cover, I'm not doing very well this month on anything past essentials but I can see that it will gradually get better.

Oh god it's painful, isn't it. I've been more disciplined this week already by seeing I can barely afford the basics!

It gradually gets better. What happens is you get hit by something that's an irregular payment and then you deal with that but it also gives you time to start gradually saving towards that for next time it happens. Baby steps.

To put it in perspective, January is now no worse a month than any other month for me because the Christmas spending is already budgeted for. It's incredible when you get there, and you will.

I'm a long term YNAB-er. It's taken me from 10k in debt to having investments and 6m emergency fund and properly funded sinking funds , so even when I had a car bill for £2k, it wasn't really a big deal. I never worry about Xmas or car insurance, because the money is just there.

I roll with the punches way too much now, and tend to use it more as a money tracker rather than a budget. But I love it sooo much. Grandfathered in so costs me about £30 a year.
My age of money was about 200 days but we've just moved and joined loads or finances which were separate before, so I've started a fresh budget which is exciting 😁 #ynabgeek

That's really encouraging!

I can see my finances are in a bit of a mess but I can also see that if I weren't doing YNAB I'd just be sliding further into a bigger mess.
It's a bit depressing in some ways but also really motivates me to getting a handle on it.

I've definitely been guilty of earmarking money for more than one thing in the past I think. That and not budgeting for true expenses