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?

I have to admit the shine has worn off a bit and I do play catch up some months, especially on DH's CC as it has a weird quirk that you can only access the statement once a month, so if he spends money without telling me then I don't always realise.

But all in all it's still well worth it. I've just had a baby so our finances are taking a bit of a hit but we're nowhere near the low of where we started out.

Catching up with the thread a bit...

I have debts on mine - we had three loans, two of which are now paid off. I put them in as a "tracking" account so I can see them but they don't tank my actual budget. I also put the full limit of the overdrafts in as "tracking" and use the "available" number from my bank as the balance, but for example for a €5k overdraft, I then immediately "paid off" €2k of that that I didn't want to access. I find this is better than having a bank account with a negative number that YNAB doesn't understand (because bank accounts in America don't work that way, I think). I budget for the overdraft fees/interest separately so that isn't just increasing constantly. This gives me a clear "floor" that I know that account can't go beneath.

The first half of the first year is really tough because you'll have a load of true expenses that you'd normally have a whole year to budget for but you need to fund within a few months. Also because of their CC management system if you've been paying off the credit card with next month's salary then you are essentially double paying this on month one, as you have to pay the previous month's bill but also withhold anything you spend on the card this month.

Would highly recommend the Chrome extension "Toolkit for YNAB" if you use the desktop/web version. It gives you more reports and some other useful options.

You can put in your bills/direct debits as transactions with a future date, and tick the box underneath saying "Repeat weekly/monthly/etc" - I find this better than targets. I don't use the weekly target at all actually, I just put in a dummy transaction for the weekly shop with an estimated amount. It has the same effect for "underfunded" with some very slight differences that work better for me.

Better than targets for those kinds of categories, I mean. I do use targets for other types of category.

It is great to add in transactions and reconcile but it’s even more exciting to open the YNAB app when I get paid

That was in answer to @OrangeBlossomsinthesun

@katplva

That was in answer to *@OrangeBlossomsinthesun*

Oh yes I got a small invoice in the other day and was so excited to put it in ynab

Do I need to pay for the subscription or is there a free version?

I don't think there is a free version after the 34 day trial but the annual subscription works out at €6 a month, which I think is very good value.

Money is 10 days old!!!

I have debts on mine - we had three loans, two of which are now paid off. I put them in as a "tracking" account so I can see them but they don't tank my actual budget. My main debt is a credit card. I'm not using it any more, just paying it down from now on, is it worth doing this rather than having it in there as a cc?

@OrangeBlossomsinthesun

I have created a category for ynab subscription now free trial ends soon.

Just be aware the payment goes out in US dollars so use a card where you don't get charged foreign transaction fees!

I got this month's child benefit payment today and put it into my LISA cause who doesn't like getting free government money on their free government money

Just be aware the payment goes out in US dollars so use a card where you don't get charged foreign transaction fees! It will have to go on my VISA debit or credit card. I think they both just convert and don't charge me extra.

@OrangeBlossomsinthesun

Money is 10 days old!!!

I have debts on mine - we had three loans, two of which are now paid off. I put them in as a "tracking" account so I can see them but they don't tank my actual budget. My main debt is a credit card. I'm not using it any more, just paying it down from now on, is it worth doing this rather than having it in there as a cc?

I'm not sure, sorry. I've never understood how it works if you add a CC with a balance on it. Credit cards don't work like that here in Germany, we have to pay the full balance every month.

If your "to be allocated" wasn't in red minus figures when you started then I assume it's working as designed :)

Ah OK, I'm in Spain and cc work like in Britain (except there are no 0% interest cards, they don't exist at all) so you can pay in full every month or roll it over and incur interest. I am paying interest but not using it so it's a debt that isn't increasing (as long as I pay the minimum and don't use it) but I need to pay down over time.
I set it up as per YNAB instructions so I think it's fine. It's not a bad rate really so I am happy to just slowly pay it down.

I have been using YNAB since 2013. It is a way of life now, and it has seen us through drops in income due to job changes, furlough, and redundancy. On the flip side it has also meant that any extra cash was spent (or saved) wisely.

The first year is painful. It took me a long time to get off the credit card float, and to be a month ahead (age of money wasn't an available metric in the old ynab). It is also tough emotionally, because you have to confront things - ynab just shows you the facts, and sometimes they aren't pretty. However the best thing about it is that you have the information to make choices. This carries on, even after the debt is gone, and if you keep on making better choices year after year then the calm you feel about your finances is priceless. I don't get worried about taking the car for a service, or the washing machine packing up now.

I'm so pleased I stuck with it, and I'm sure you will be too. Keep going.

@Callmecordelia that is such a nice message to hear, thank you. You are absolutely right that it is tough emotionally and it really can be hard to face financial facts! I feel I should be old enough now to be more in control of my money, and not be spending money into my overdraft like a teenager.

It also throws up the unfortunate fact that the lifestyle I would like is not always compatible with my income. I would struggle to increase my income at the moment, so it looks like I may have to look at positive lifestyle changes to live within my means. I am keeping going with YNAB as I am looking forward to feeling calm and in control about money for once - maybe by this time next year?

It also throws up the unfortunate fact that the lifestyle I would like is not always compatible with my income. ME too! I also think I would have bought stuff I can't afford this month already as I would have felt like I had more money than I do iyswim.
I am keeping going with YNAB as I am looking forward to feeling calm and in control about money for once - maybe by this time next year? I think that's going to be my timetable too more or less. I think I might be able to shift the cc in about a year and that will help.

Yes, I think we only really trod water for the first year. My net worth graph only started going up in year 2.

I think the first year will be a question of just sorting shit out and getting a handle on things, especailly long term expenses.

How's everyone getting on? My money is 12 days old!!

The place we normally get a take away is shut this week so I used YNAB to work out what we could do instead. Very proud!

Good job @OrangeBlossomsinthesun! My money is now 8 days old and I am quite proud of that too.

This weekend I have a night away which was arranged ages ago, but I didn’t save for it with YNAB so I will have to move money from other categories to cover it.

However, pre-YNAB I would have just spent lots and then hoped to use money from future pay checks to pay it back again. So hopefully with YNAB any future weekend breaks will be saved for before they happen.

Struggling here. Feels like it's don't have enough money for the basics let alone everything else. It's a hard place to be

I'm a bit like that this first month. But I also feel that not doing this won't change that, if anything it'll make things worse.
Next month is going to be hard because I have some of the long term expenses coming up that I haven't managed to save for.

Bit shocked how much I have been underestimating the food shop as well. Going to do a freezer inventory tomorrow and a careful food shop.

@Justanotherquestioner it is so hard
Can you go through utility bills etc and see if there’s any room for manoeuvre? Even reducing one or two by a tenner or so can free up cash for something else.

I found this thread a few days ago, knowing that MN would have an opinion on YNAB :)

I'm a few days in and liking it so far, except it's telling me the truth about my finances which at the moment is hard to hear. A big (unplanned) purchase has left me red all over the place and just about in my overdraft which YNAB is not happy about. But we need food so it's going to get worse.

I started because I've just had a pay rise at work, and wanted to make sure small living expense habits didn't just suck it all and make no real difference.

Managed to keep the food shop down to a reasonable amount and money is now 13 days old.
But it's squeaky bum time until pay day still and haven't managed to cover any long term expenses yet.
But what I still keep coming back to is that, although this is depressing at times, not doing it won't change that. So I need to knuckle down and stick with it. No going back.