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YNAB support thread (2)

570 replies

HouseofHolbein · 21/05/2024 07:27

Just a continuation of the previous one before it fills up!

OP posts:
Thread gallery
8
BertieBotts · 07/08/2024 14:52

Manually entered transactions should automatically match with the bank-imported transaction, which can take a couple of working days. If it doesn't automatically match for some reason, just select both and then choose "match" from the menu.

Happierwithouthim · 07/08/2024 15:31

Anyone in Ireland have syncing with their bank? I've always manually entered transactions

BertieBotts · 07/08/2024 15:35

I don't have any misc/other/etc categories for actual purchases - I do have a general "firefighting" or mini emergency fund which I try to keep topped up and use to cover unexpected, urgent expenses which aren't covered by another category.

What can be good practice for this, although it's probably a bit more of an advanced technique (better for after you've got the hang of the basics, maybe) is that when you make a big "one off" purchase, ask yourself is it really a one off, when might I need or want to buy this thing (or something like it) again? Even if the next instance is likely to be years in the future, you can roughly calculate e.g. appliances should last about 8-12 years, phones last about 3-4 years, computers 6-8 years, a fridge lasts 20-25, and then you just take whatever the purchase price of a new model would be now, plus about 10%, and put it in as a goal on the category with a date of roughly when you might need to spend out that amount.

I don't do one category for each appliance, but I know for example we've just replaced the 9yo washing machine, and I bought the tumble dryer 2 years ago and our dishwasher is over 10 years old and limping on, so when we replaced the washing machine, I took the dishwasher replacement fund, which was mostly full, and was able to almost completely cover it. I've started a new dishwasher replacement fund and sort of fingers crossed dated it for a year's time hoping it hangs on that long. When we do replace the dishwasher, I'll probably rename it from "Appliance replacement (Dishwasher 2025)" to "Appliance replacement (Robot vacuum 2028)" and stick whatever budget we want to have available to upgrade when the date comes round, because none of the big appliances are likely to need replacing this decade (touch wood!). We do the same for phones and computers - rotating which of us is due a replacement, one electronics category.

As it gets closer to the expected replacement date you can also adjust the date and/or target amount based on inflation, any specific model you have your eye on, how well the current one seems to be running, how your finances are doing etc.

Then for smaller things like if I just needed to buy a new saucepan or tape measure or printer paper or something - I have a "Household items" category. I put any boring-but-necessary spending in here and that allows me to see what my average spend is, so once we got far enough ahead with other expenses I just fund it upfront which means that there is usually some money in this category to buy things that we need, so I don't have to take it out of anything more fun!

OrangeBlossomsinthesun · 07/08/2024 16:19

BertieBotts · 07/08/2024 15:35

I don't have any misc/other/etc categories for actual purchases - I do have a general "firefighting" or mini emergency fund which I try to keep topped up and use to cover unexpected, urgent expenses which aren't covered by another category.

What can be good practice for this, although it's probably a bit more of an advanced technique (better for after you've got the hang of the basics, maybe) is that when you make a big "one off" purchase, ask yourself is it really a one off, when might I need or want to buy this thing (or something like it) again? Even if the next instance is likely to be years in the future, you can roughly calculate e.g. appliances should last about 8-12 years, phones last about 3-4 years, computers 6-8 years, a fridge lasts 20-25, and then you just take whatever the purchase price of a new model would be now, plus about 10%, and put it in as a goal on the category with a date of roughly when you might need to spend out that amount.

I don't do one category for each appliance, but I know for example we've just replaced the 9yo washing machine, and I bought the tumble dryer 2 years ago and our dishwasher is over 10 years old and limping on, so when we replaced the washing machine, I took the dishwasher replacement fund, which was mostly full, and was able to almost completely cover it. I've started a new dishwasher replacement fund and sort of fingers crossed dated it for a year's time hoping it hangs on that long. When we do replace the dishwasher, I'll probably rename it from "Appliance replacement (Dishwasher 2025)" to "Appliance replacement (Robot vacuum 2028)" and stick whatever budget we want to have available to upgrade when the date comes round, because none of the big appliances are likely to need replacing this decade (touch wood!). We do the same for phones and computers - rotating which of us is due a replacement, one electronics category.

As it gets closer to the expected replacement date you can also adjust the date and/or target amount based on inflation, any specific model you have your eye on, how well the current one seems to be running, how your finances are doing etc.

Then for smaller things like if I just needed to buy a new saucepan or tape measure or printer paper or something - I have a "Household items" category. I put any boring-but-necessary spending in here and that allows me to see what my average spend is, so once we got far enough ahead with other expenses I just fund it upfront which means that there is usually some money in this category to buy things that we need, so I don't have to take it out of anything more fun!

Great suggestions.

PositiveDays · 07/08/2024 20:15

BertieBotts · 07/08/2024 15:35

I don't have any misc/other/etc categories for actual purchases - I do have a general "firefighting" or mini emergency fund which I try to keep topped up and use to cover unexpected, urgent expenses which aren't covered by another category.

What can be good practice for this, although it's probably a bit more of an advanced technique (better for after you've got the hang of the basics, maybe) is that when you make a big "one off" purchase, ask yourself is it really a one off, when might I need or want to buy this thing (or something like it) again? Even if the next instance is likely to be years in the future, you can roughly calculate e.g. appliances should last about 8-12 years, phones last about 3-4 years, computers 6-8 years, a fridge lasts 20-25, and then you just take whatever the purchase price of a new model would be now, plus about 10%, and put it in as a goal on the category with a date of roughly when you might need to spend out that amount.

I don't do one category for each appliance, but I know for example we've just replaced the 9yo washing machine, and I bought the tumble dryer 2 years ago and our dishwasher is over 10 years old and limping on, so when we replaced the washing machine, I took the dishwasher replacement fund, which was mostly full, and was able to almost completely cover it. I've started a new dishwasher replacement fund and sort of fingers crossed dated it for a year's time hoping it hangs on that long. When we do replace the dishwasher, I'll probably rename it from "Appliance replacement (Dishwasher 2025)" to "Appliance replacement (Robot vacuum 2028)" and stick whatever budget we want to have available to upgrade when the date comes round, because none of the big appliances are likely to need replacing this decade (touch wood!). We do the same for phones and computers - rotating which of us is due a replacement, one electronics category.

As it gets closer to the expected replacement date you can also adjust the date and/or target amount based on inflation, any specific model you have your eye on, how well the current one seems to be running, how your finances are doing etc.

Then for smaller things like if I just needed to buy a new saucepan or tape measure or printer paper or something - I have a "Household items" category. I put any boring-but-necessary spending in here and that allows me to see what my average spend is, so once we got far enough ahead with other expenses I just fund it upfront which means that there is usually some money in this category to buy things that we need, so I don't have to take it out of anything more fun!

I love this! I know I need to replace a few appliances soon, so this really helps. Thank you all for the replies. Really want to do away with the Misc/Other/Forgotten to budget for category. I just want to account for everything in a proper category. Seems silly but that's just how I am.

BertieBotts · 07/08/2024 21:01

I think it helps honestly - I do still have the category where I keep money for forgotten or unexpected things but I think of it as a sort of "mini-emergency" fund. It's not enough to cover proper emergencies like a lost job or something like that, but things like - we locked ourself out and had to call a locksmith, that's a mini-emergency. Washing machine died and I only had the cost of half of one saved up - mini-emergency. Everyone is ill and we didn't manage to do shopping and we needed to get a takeaway - mini-emergency. Kid had a growth spurt and I forgot to account for shoes in the clothing fund, etc.

Happierwithouthim · 08/08/2024 09:18

I don't have an appliances replacement fund, I did prior to my divorce.
There's a new one to add. Maybe it's in my hidden categories must check there.

Happierwithouthim · 09/08/2024 00:00

Turns out I do have an appliance category Grin

QueenMabby · 09/08/2024 07:56

That made me laugh @Happierwithouthim! Is finding a YNAB category you didn't know you had like finding free money? Is there anything allocated there?

I have a few house categories. "Household" in general spends for things like printer ink, lightbulbs etc. Then in "annuals" I have appliance repair/replacement, home decor, and house projects which cover larger things. Also some house related things in my wish farm - no money in those yet though!

Happierwithouthim · 09/08/2024 12:46

Nothing in it, I suppose I had it for when I bought appliances moving into my house 3 years ago so it can just start being filled again.

PositiveDays · 12/08/2024 08:58

Does anyone bank with Virgin? Can't seem to be able to link my account

Chatonette · 13/08/2024 05:44

PositiveDays · 12/08/2024 08:58

Does anyone bank with Virgin? Can't seem to be able to link my account

My Virgin CC links fine (I don’t have a current account).

HouseofHolbein · 13/08/2024 07:32

I have made the choice not to link accounts. I like doing the manual transactions tbh helps me actually see where my money is going. Mostly bills and beer tbh 😭😭 but never mind

OP posts:
OrangeBlossomsinthesun · 14/08/2024 11:25

Some good ideas here for categories. Our dishwasher is about 8 years old and has been repaired twice so I think I need a category for that.
I am slowly getting myself out of debt thanks to YNAB. Probably the best thing YNAB did was to show me that I just wasn´t making enough as a freelancer. It meant that when the opportunity came up for the job I have now, I knew it´s what I needed to do.
I still have a way to go, but I am slowly getting there now with a steady income.

HouseofHolbein · 15/08/2024 11:10

Just reconciled because my accounts were out.. all sorted now ready for the next week 😊

OP posts:
PositiveDays · 19/08/2024 08:55

Credit Card!! Help please. I've gathered ynab hates debt and will reallocate funds to the credit card from whatever category you spent. Problem is I spent money from my credit card because I didn't have the cash in the first place so how do I rectify this?

WouldBeMrMicawber · 19/08/2024 10:07

PositiveDays · 19/08/2024 08:55

Credit Card!! Help please. I've gathered ynab hates debt and will reallocate funds to the credit card from whatever category you spent. Problem is I spent money from my credit card because I didn't have the cash in the first place so how do I rectify this?

Ok this is definitely not what you're supposed to do but I just add the charges to my credit card account as "interest".

QueenMabby · 19/08/2024 13:24

If you've spent on the credit card but can't pay it off then you need to set the card up to repay over time. It's a bit like a target. I've not done it but Nick True has some good YouTube videos about credit cards.

PositiveDays · 19/08/2024 20:25

My credit card is set on ynab to pay a monthly set amount every month, so my minimum payment basically. Is that the same thing?
@WouldBeMrMicawber do you mean I should create a category called 'Interest' & use that whenever I spend on the CC instead of say 'Groceries'?

PositiveDays · 19/08/2024 20:26

Thank you @QueenMabby will check out the videos

BertieBotts · 19/08/2024 22:23

If you spend on the CC without having money in the category, it won't reallocate money to the CC as there isn't any money there to reallocate. At the end of the month this will just roll over as debt on the card.

If you did have money available in the category, are you sure you can't afford to pay it off the card?

PositiveDays · 20/08/2024 07:54

I will be able to pay the min payment as normal by the due date. It's just that I was getting confused when it goes red and asks me to cover the overspending from somewhere

BertieBotts · 20/08/2024 11:32

If you're creating debt on the card knowingly then you can ignore that. It wants to help you not do this, but you can do what you like. Try to see the colours as more of a traffic light warning system rather than a sign something is actually wrong - if you know what it's done and why, that's OK. It should usually be orange for credit card overspending.

In general if you want to clear the debt on the card over time, it's a good idea (as per MSE) to set up a set direct debit for whatever the amount that the minimum payment is set to right now rather than paying the minimum, which will be X% and over time will get smaller and smaller resulting in you continually carrying a balance on the card. Explanation here: https://www.moneysavingexpert.com/credit-cards/minimum-repayments-credit-card/

YNAB's approach is different, it doesn't really suggest anything for the existing debt on the card, but it does try to encourage you to cover any spending that you do throughout the month with category balances (if you can) so rather than pay the minimum only, you would aim to pay the minimum + the value of some or all of the transactions you made on the card this month. So you can budget directly to the CC payment category with the amount of your minimum payment (set a target, if you like) and then if you DO manage to make any transactions this month which are funded by the category balance, the amount will appear in there also. That means, when you come to make the monthly payment, rather than just paying the minimum you can use that figure in that category to know how much you can afford to pay off the card that month.

PositiveDays · 21/08/2024 04:28

Ah I understand now, thank you very much for the explanation.

OrangeBlossomsinthesun · 25/08/2024 11:22

Why has my age of money gone up from about a week to 24 days suddenly, even though I am absolutely skint? I mostly just ignore it to be honest as I don´t really understand it. Is it because I am spending as little as possible because I don´t have much til payday on Wednesday?

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