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tuyop posted:How does it work if you cook for two like, always?
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Sep 20, 2013 20:19
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tuyop posted:How does it work if you cook for two like, always? It's perfect for two with no leftovers. We've done a few that are *2, and those have worked out perfectly, too. Kenny Rogers fucked around with this message at 00:56 on Sep 21, 2013 |
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Sep 21, 2013 00:53
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So what does everyone do with the leftover dollars and cents in a given category? Say you budget $150 for cable, but it's actually $148.75. Do you just leave the $1.25 in that category, or move it into a buffer?
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Sep 21, 2013 03:42
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Omne posted:So what does everyone do with the leftover dollars and cents in a given category? Say you budget $150 for cable, but it's actually $148.75. Do you just leave the $1.25 in that category, or move it into a buffer? Is your cable going to always be 148.75? If yes, then only budget 148.75 (or punch yourself in the face because WTF, cable?). If it's like heat, and sometimes you spend 200 a month and sometimes 60, then determine an average and budget that much. The rollover balance will take you through the expensive months without stress.
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Sep 21, 2013 04:44
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Omne posted:So what does everyone do with the leftover dollars and cents in a given category? Say you budget $150 for cable, but it's actually $148.75. Do you just leave the $1.25 in that category, or move it into a buffer? For monthly bills, I zero them out and add the extra to my buffer category. For things like medical expenses or consumables, I usually carry them over to build a bit of a fund. But sometimes I zero those out too, because long term savings is awesome.
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Sep 21, 2013 08:53
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tuyop posted:Is your cable going to always be 148.75? If yes, then only budget 148.75 (or punch yourself in the face because WTF, cable?). It's cable, internet and phone, split between me and my gf (I budget the full amount, just in case something happens; my portion is only half). It never seems to be the same; same with my cell phone bill, it's always a few cents different each month, so I round up. Old Fart posted:For monthly bills, I zero them out and add the extra to my buffer category. Thanks; I've started doing the same with those monthly bills that fluctuate a bit. For medical and stuff like that, I carry it over.
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Sep 22, 2013 18:42
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There isn't a way in Mint to actually account for one time expenses is there? Like buying a new car. Even if you set a goal, there doesn't seem to be a way to use that "goal money" so your budget doesn't turn red.
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Sep 22, 2013 18:51
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TLG James posted:There isn't a way in Mint to actually account for one time expenses is there? Like buying a new car. Even if you set a goal, there doesn't seem to be a way to use that "goal money" so your budget doesn't turn red. I'm unsure how goals link to the budget, but you can either create a one time category in the budget for that month or you could create the category and the budget the amount you save each month and have that category rollover.
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Sep 23, 2013 02:00
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One thing in YNAB that I'm struggling is why transfers can't have a category. I hate that I can't move $25 into my savings account and say it's for my emergency fund without getting errors.
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Sep 24, 2013 00:54
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Dantu posted:One thing in YNAB that I'm struggling is why transfers can't have a category. I hate that I can't move $25 into my savings account and say it's for my emergency fund without getting errors.  Saving is a budget line item, not an expense.Unless your e-fund is off-budget somehow, then it has a category even if you treat it as a transfer.
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Sep 24, 2013 01:11
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Dantu posted:One thing in YNAB that I'm struggling is why transfers can't have a category. I hate that I can't move $25 into my savings account and say it's for my emergency fund without getting errors.
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Sep 24, 2013 01:15
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Dantu posted:One thing in YNAB that I'm struggling is why transfers can't have a category. I hate that I can't move $25 into my savings account and say it's for my emergency fund without getting errors. Every dollar has a job. If you're putting $25 into emergency, where was it before? The account where you keep it doesn't really matter. Transfer the money without a category. Then, in your budget, subtract $25 from one line item, and add $25 to your emergency line item.
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Sep 24, 2013 01:54
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Old Fart posted:Every dollar has a job. Before, it was in my checking account. I kind of get that it doesn't matter where "where" it is to YNAB, but it does to me, I want it to be in my savings account (which is on budget).
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Sep 24, 2013 02:42
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Dantu posted:Before, it was in my checking account. I kind of get that it doesn't matter where "where" it is to YNAB, but it does to me, I want it to be in my savings account (which is on budget). Have you considered maybe moving that account off budget?
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Sep 24, 2013 03:04
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Yeah, I may do just that.
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Sep 24, 2013 03:17
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I use to have 4 savings accounts. One for long term bills, one for retirement (save up xx before transferring to Roth), one for savings and one for short term bills. So if you physically want your emergency fund in a savings account, maybe make a new one and make it off budget?
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Sep 24, 2013 04:58
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SiGmA_X posted:I use to have 4 savings accounts. One for long term bills, one for retirement (save up xx before transferring to Roth), one for savings and one for short term bills. So if you physically want your emergency fund in a savings account, maybe make a new one and make it off budget? I actually did this a few weeks ago, and now that it's off budget everything is looking exactly how I want it to. Thanks everyone.
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Sep 24, 2013 12:11
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I really like the point in this blog post about the number of accounts you maintain:quote:What’s the big deal with having two or three checking accounts, or two or three credit cards? It’s all in the administrative overhead. That’s one more account you have to import transactions from, reconcile, search for discrepancies… when you’re entering a transaction on your phone, that’s one more decision you have to make: “Which card did I just use?” Or when you’re at the store purchasing: “Which card should I use?” It's like the self-improvement gurus tell us. Every day you're only given so many attention points, and every one you spend on the administrative overhead of yet another account in your life is another one fewer that you have to spend on actually living. And for what? fourteen cents per month more interest? We're in the process now of thinning things out from a high of 22 on-budget accounts. We've still got seven, but the chequing and savings account consolidation will be complete by November.
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Sep 24, 2013 13:15
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I agree with the overall wisdom of that approach, but once an emergency fund account is funded, it doesn't really take up any bandwidth unless you have a break the glass type emergency.
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Sep 24, 2013 15:03
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tuyop posted:22 on-budget accounts.  I would love to see that list
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Sep 24, 2013 16:17
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Dantu posted:Before, it was in my checking account. I kind of get that it doesn't matter where "where" it is to YNAB, but it does to me, I want it to be in my savings account (which is on budget). What I mean, is where was the $25 allocated in your budget? Every dollar has a job. You don't assign transfers to categories, because they have no effect on your net worth, or on your budget. If you're moving $25 to your emergency fund, it should be noted as such in your budget, not in your register. That's where you categorize it, not when you move the money from one account to another. For example, part of my income is in tips. That money gets budgeted at the beginning of the month. If after a few weeks I deposit a lump of cash into my savings account, that doesn't affect the budget at all. My emergency fund budget line item doesn't care where I physically keep the money. Make sense? Old Fart fucked around with this message at 17:58 on Sep 24, 2013 |
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Sep 24, 2013 17:55
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Old Fart posted:If you're moving $25 to your emergency fund, it should be noted as such in your budget, not in your register. That's where you categorize it, not when you move the money from one account to another.
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Sep 24, 2013 19:17
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tuyop posted:Have you considered maybe moving that account off budget? The way you have it set up now (efund is On Budget) is what I'd recommend. To put $25 into emergency savings, you simply budget $25 to that category. There's technically no reason to move the funds anywhere. But I see why you'd want to and why that separation might seem important to you. So that's fine, you just do the transfer. It's still budgeted, but you won't spend against it. Next month, if you do the same, you'll budget $25, the balance on that category will be $50. So then, when you need to "break the glass" you would spend the money against that category. The category's balance would be whatever you put away for it (no matter which on-budget account it's in). Edit: Instead of spending against the category (for example if you want your car repair to appear as a car repair and not as "Emergency Fund") then you can negative budget against emergency fund (lowering its balance), and then your Available to Budget number will increase and you can budget out to the appropriate categories. This is what I would do. To do it the other way, where it's off-budget, you would transfer the money and give it the emergency fund category. What this looks like to YNAB then is that you spent $25 on "Emergency Fund". To use the money, you would transfer it back in to an on-budget account, which would also require a category. You'd probably mark it as Income and then budget normally; it would look like you received a windfall and then are budgeting it out into categories. It's a matter of opinion; I like the first option better. Consider that the second option will treat your saving as spending (which can be fine) so just consider how that will affects the charts if that's important to you. Briantist fucked around with this message at 19:37 on Sep 24, 2013 |
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Sep 24, 2013 19:33
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Really like YNAB, my trial is nearing the end so I'm looking at buying a copy. Anyone have a coupon or discount code?
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Sep 25, 2013 12:01
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There aren't any as far as I know but you can win copies after sitting through the web classes. The ones taught by real people. It also occasionally goes on sale on Steam.
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Sep 25, 2013 12:07
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Me in Reverse posted:
Ok, here we go: Chequing and Cash Cash His chequing Her chequing Her old chequing (transitioning bills and stuff took a few weeks) Savings accounts His savings (PC Financial) Her savings 1 (ING) Her savings 2 (Scotiabank 1) Her savings 3 (Scotiabank 2. I was about this, too) Our savings (ING) His TFSA His RRSP His LIRA (Questrade) His LIRA 2 (TD, just tried this out, it'll get closed) Credit Our Line of Credit His Student Loan His Car Loan His old card Our balance transfer card Our card 1 (groceries) Our card 2 (everything else, up to 5% cashback woo) Her card 1 Her card 2 Now, we have: Cash Our chequing Her chequing (another transition to just ONE account) Our savings (kind of want to close this) Grocery card (I need to figure out if it's worth the rewards to have two cards for this, or if the cashback one will suffice) Everything else card. We still have the Line of Credit but keep it off-budget because it's pretty much just ultra mega emergency credit, and it keeps efund money working toward paying off the car loan. This is a contentious issue, I know. 
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Sep 25, 2013 12:30
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A little nitpicky, but can you put a purpose to each checking/savings accoutnt? (because that's what you seem to have there)
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Sep 25, 2013 17:19
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Shadowhand00 posted:A little nitpicky, but can you put a purpose to each checking/savings accoutnt? (because that's what you seem to have there) Are you talking about my post? Those accounts had no purpose. I honestly have no idea why they all existed, that's why I closed all but six of them with one or two more on the way!
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Sep 25, 2013 17:46
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So at the end of August, I posted this w/a message of despair in the Newbie Finance thread. quote:Expenses So I made up a real budget and here are the results. quote:Rent and Home stuff: $889/$865 On one hand, I'm really proud that shopping and food went way down, but we still went over in most categories. This month will be focused on spending only the amount budgeted for, not just less. Also, my grandparents decided to give their "good" grandkids an early inheritance, which paid off the CC.  Now for questions, how do you account for large-but-rare expenses in your budget, things like car insurance or new tires or whatever.
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Oct 1, 2013 21:26
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First real month using YNAB:: I'm not sure I'm really using it right but I think it's doing it's job. And yes, I spend a decent amount of money on not much of anything. HooKars fucked around with this message at 23:48 on Oct 1, 2013 |
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Oct 1, 2013 23:36
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Brennanite posted:Now for questions, how do you account for large-but-rare expenses in your budget, things like car insurance or new tires or whatever.
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Oct 1, 2013 23:40
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Hello, I really am in some desperate need to figure things out. I know I posted a while ago but never really followed up, which is my fault. Background Age: 30s Profession: New Nurse Student debt: 80k Rent: Freeloader living in his parents basement. After reading DJCobol's budget, i read about the needs/wants/saving system and thought that would be good. When I set it up in a spread sheet, I have made myself sick. No wonder why I feel like I am running all the time but getting no where. I spend 70% of my paycheck solely on needs WITHOUT RENT. wow. Salary after taxes: $1140 biweekly ~ $2280 Needs: Rent Monthly $0.00 $0.00 Car Insurance Monthly $80.00 $80.00 Medical/Dental Biweekly$42.18 $84.36 Private Student Loan Monthly $185.55 $185.55 Federal Student Loan Monthly $682.89 $682.89 Nursing Student Loan Monthly $60.00 $60.00 Phone Monthly $75.38 $75.38 Gas Monthly $130.00 $130.00 Groceries Monthly $300.00 $300.00 Total: $1598.18 or 70.10% of my salary. You see that the rent is zero? Well I am lucky enough to live with my parents. Wants: Netflix Monthly $21.25 $21.25 Total: To end up even to the 100% I should be at 559 dollars fun money... Well, I seem to blow more than the rest here... I dip into my savings fund every month significantly. Calculated last month I spent 760 dollars on eating out, entertainment and beer. Deficit of 200 dollars. Savings: 401k Biweekly$50.00 $100.00 Total: $100.00 or 4.39% So if I were to do the 50/30/20 system I would need to do the following: Needs: 1140 Wants: 684 Savings: 456 Obviously the first thing I need to do is reign in my fun money spending. It is out of control. If I limit it to $100 per week, that should help significantly. (Save 300 dollars) My federal loans are NOT consolidated, reason being my father believes changing it to a 30 year payment plan is ridiculous. If I do that from the calculators they provide I would be at 394 dollars a month a savings of 288 dollars a month. What is your opinion a/t? Private loan is at 9,800 at 8.5% interest. I have 8500 as a nest egg at the moment (which I have dipped into every month dropping it slowly but surely) My father believes that I should take my nest egg and payoff the private loan with help from him. That only frees up 185 dollars a month which is only 8% of my salary taking needs to 62% but that is still lacking rent. Then I lose my oh crap fund. Personal Goals: Move out on my own again. Vacations Television (upon moving) Personal Needs: Work/Workout shoes Gym (bought 2 year membership, runs out in June 2014) I appreciate any and all input. I guess I have been the person that thought if I just pay and keep what I am doing it will be better. That is not the case.
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Oct 3, 2013 23:20
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I would start by documenting every expense you make, as you make it. get the YNAB trial and the mobile app, carry around a notebook, whatever works for you. Do something to force yourself to document every cent that leaves your wallet, to a) narrow down where all that money is going and b) force yourself to stop and think "ok, hold on, before I write this down and spend this money, do I really need to spend this money right now?" I'd recommend against Mint, Mint is pretty retroactive in tracking spending and I think you need to be a lot more proactive doing it. Sometime just making yourself stop for a minute and think before you make a purchase is enough to remind you of your priorities. It works for me anyway, I'm a lot more cognizant of my spending since I stopped relying on Mint and started using YNAB and decided I'm going to document everything myself. I'd look into the federal loan consolidation, it might give you a more reasonable interest rate and just because the loan term is 30 years doesn't mean you have to take 30 years to pay it off, there's no penalty to overpaying and with a lower payment for now you can take the money that would have gone to the federal loan and throw it on the private one and pay those loans off more efficiently. That'll take discipline though so first thing is to take care of your budget. And don't let your parents or anyone else pressure you into making financial decisions you're not comfortable with. My dad tries to do that to me all the time, usually his advice is terrible. Everything else looks ok, except your grocery budget, 300 bucks is pretty high for one person, especially with how much you appear to eat out. You could also maybe bring that phone bill down if that's an option. You've got all that savings so you're doing ok on that front at least. 100 HOGS AGREE fucked around with this message at 23:44 on Oct 3, 2013 |
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Oct 3, 2013 23:32
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Grocery budget is a bit on the high side The food budget is a bit higher since I am trying to cook healthier by buying fresher produce (at a mark down place like sunflower market and buying only what is on sale). Phone I am stuck in a contract so that is going to stay like it is for a while probably. I think consolidation is going to be a must. I understand I am at the bottom of my earning potential because I am brand new but I need to get out of under this debt wall. I almost want to budget down to bear bones and then just throw money at my loans but I know I will not be very happy. Anyone think I should get rid of the private loan then instead of refinancing slowly pay off the highest interest student loans? I really can't live here forever... I am old enough and mooch enough.
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Oct 4, 2013 00:21
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UnhealthyJoe posted:Hello, I really am in some desperate need to figure things out. I know I posted a while ago but never really followed up, which is my fault. Is a loan forgiveness program an option? Something like this: http://www.hrsa.gov/loanscholarships/repayment/nursing/ Having your loans cut by 60-70% would help out considerably.
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Oct 4, 2013 08:10
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Produce is by far the cheapest food to buy, are you in Alaska or something? As for how happy you'll be if you stop spending money on poo poo you don't need, you should try cultivating a love for free things and internalizing your expectations and happiness.
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Oct 4, 2013 15:42
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tuyop posted:Produce is by far the cheapest food to buy, are you in Alaska or something? I am so looking forward to your first winter in Edmonton.
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Oct 4, 2013 16:28
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Anyone with handy strategies to try to alleviate my problems and create a good budget. The hope I have at the moment in the next few months I will get a 12% raise which will give me about 300 more dollars a month and when that happens, I will have the option of doing overtime.
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Oct 6, 2013 16:17
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UnhealthyJoe posted:Anyone with handy strategies to try to alleviate my problems and create a good budget. I don't know what your problems are, but fill this in with your monthly values: Income: Expenses: Total: (this is income - expenses) Assets: Debts (APR): Here are some common expenses to get you started: Rent: Home/Renter's insurance: Electricity: Oil/gas/heat: Groceries: Household goods: Emergency fund: Phone: Internet: Subscriptions (ie. Cable/Netflix/Hulu): Auto payment: Auto insurance: Auto fuel: Auto maintenance: Toy savings: Restaurants/Bars: Misc fun money: Pharmacy: Health care: Dental: Vacation savings:
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Oct 6, 2013 17:14
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A mid/long-term strategy is tracking everything in a tool or application and then tear things apart in the relevant reporting functionality. Soon I'll finally have a year worth of data in YNAB, but drilling down into the reports, it's eye-opening how much money goes to stupid poo poo.
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Oct 6, 2013 17:36
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