|
Irritated Goat posted:Actually, like Gothmog kind of said, it's money I never want to touch. My wife's a contractor so that savings account is how we're paying her taxes next year. In all honesty, there's only a few cases I can think of that your money should be off budget, and that's times you don't plan on ever using it, and it shouldn't be quickly available. You don't plan on using your 401k, IRAs, emergency/6/3/whatever month funds. They are there in case poo poo blows up. You plan on using your taxes which means they should be on budget and accounted for. You might plan on using short term/small emergency funds and need it quickly available. However, if you can't keep your grubby little paws off of it, then by all means, take it off budget if that keeps you from using it.
|
#
?
Jun 14, 2015 17:06
|
|
|
|
| # ? May 13, 2024 23:01 |
|
|
I'm sure this has been asked & answered, but I can't locate it.... When I have various bills budgeted for the following month, (in this case, July when they are due), but I pay them early in the current month, it throws things out of line. The only way I can get it to 'look' right is to post-date the transaction. However, that means my reconciliation is then out of line. What's the easiest way to deal with this? Example - Paid this CC today 06/23, but is is not due until 07/02 -  Here is how it shows when I post-date the transaction showing I paid it on 07/01 - 
|
|
#
?
Jun 23, 2015 13:55
|
|
|
When I receive a windfall and am already living on last month's income, I'm going to make the assumption that it's ok to mark this windfall as income for this month so I can use it right away?
|
|
#
?
Jun 23, 2015 13:58
|
|
|
Madbullogna posted:I'm sure this has been asked & answered, but I can't locate it.... Things like credit cards (unless you are trying to payoff and close them) should be their own separate accounts and the payments for them should be transfers to that account lowering the negative balance. Transfers don't have budget categories, everything you buy with the credit card is logged as their respective category, and the transfer is just moving money from one account to another. Otherwise, what I do for things like that is let the budget category go negative and mark it to carry the balance forward. Then when you allocate the budget the next month it will zero out. For example, lets say my rent is 750 a month, due on the first, but I like to pay my landlord on the 28th a few days early just to make sure it's not late. I log the payment on the 28th of the current month because that when my bank takes it out, it overspends and carries it forward, then I allocate 750 of budget for the next month and it balances out to zero: 750 allocated, 750 spent.
|
|
#
?
Jun 23, 2015 14:18
|
|
|
dreesemonkey posted:When I receive a windfall and am already living on last month's income, I'm going to make the assumption that it's ok to mark this windfall as income for this month so I can use it right away? It's your money, you do what you want, as long as you are Rule 4 compliant. My personal procedure with windfalls is to take half for whatever and then half to squirrel away in savings or investments. It usually all ends up in investments because I am a boring person.
|
|
#
?
Jun 23, 2015 14:21
|
|
|
Beach Bum posted:It's your money, you do what you want, as long as you are Rule 4 compliant. Yea I'm going to save most of it anyway but I did want to purchase a few small things in categories that I'm over in.
|
|
#
?
Jun 23, 2015 14:23
|
|
|
Okay, so I'm going to "start fresh" in July, a few questions: I have a running balance for my "side" business. Right now it's negative, but it should be turning close to 0 or positive hopefully soon, however, if it's still negative, should I carry it over? What do I do with credit cards and pending transactions? Just ignore anything before the 1st and put it in as a prior balance? It's not technically "pre-YNAB" as they're paid off monthly, but there will be a balance after I pay off the statement. Should I still count it as pre-ynab, and pending transactions enter as normal? All but one card will be fully paid off each month (That one will be completely pre-YNAB. The rest I should just put in the positive amount from my checking/savings and budget as normal, correct?
|
|
#
?
Jun 23, 2015 14:36
|
|
|
mrmcd posted:....... Thanks, I'll look at changing that around. I recall trying to set it up that way when I first got into YNAB last year, and it confused the hell out of me, so I ended up just entering everything as a budgeted line item. I actually am trying to get everything paid off. I even sold off my truck last weekend, and am using public transportation to/from work now, (at no cost, since my employer provides free train/bus passes). That extra 'income' will hopefully be a big boost to accomplishing that. For a few months though, I'm just transferring my old truck payment, fuel, and insurance into my savings to have a legit emergency fund, before hammering it into my CC debt. (Semi-related - getting ~3.5 miles/day of exercise walking to & from public transportation is tiring as gently caress when you're fat, but hey, it's like a no-cost gym membership, haha).
|
|
#
?
Jun 23, 2015 14:39
|
|
|
Gothmog1065 posted:Okay, so I'm going to "start fresh" in July, a few questions: For the side business I would either treat it like a work expense. Have a category for "work expense" and let the category stay negative and carry it over until it's been reimbursed. Maybe you can explain why your side business has a negative balance, that could help us give you a better way of fitting it into YNAB. For your credit card don't worry about previous transactions that's what pre-YNAB debt is. Even if you pay off your credit card every month the pending transactions are an obligation that is taking money from your current cash to be budgeted. Remember when you spend any money within YNAB you are taking it out of cash you have on-hand even if it goes on a credit card. That's why a credit card payment is a transfer from your checking to the credit card. That cash has already been budgeted and spent. If you have a pending transaction that isn't part of your current balance when you start using YNAB enter those transactions into YNAB. So all of your credit card balances when you start should be pre-YNAB debt. You might find out you are actually in the hole. You might have $5000 on your credit card but only $2500 is due today and $2500 next month except you only have $4500 in total funds today. You are actually -$500 today when you start if you budgeted everything to pre-YNAB debt which is how YNAB works. I think this is the greatest power of YNAB because it shows you all of your obligations outstanding and has you budget them before they need to be paid.
|
|
#
?
Jun 23, 2015 15:07
|
|
|
Do you guys record your mortgages in YNAB? I'm just about to get one and I can't decide whether I want it there or not. On the one hand I like the idea of properly tracking all of my net worth, but on the other hand, when the Y axis fits a massive pile of debt the slope will pretty much flatten.
|
|
#
?
Jun 23, 2015 15:21
|
|
|
Dakha posted:Do you guys record your mortgages in YNAB? I'm just about to get one and I can't decide whether I want it there or not. On the one hand I like the idea of properly tracking all of my net worth, but on the other hand, when the Y axis fits a massive pile of debt the slope will pretty much flatten. I have it off budget in YNAB. It doesn't bother me to have a flatter slope.
|
|
#
?
Jun 23, 2015 15:35
|
|
|
Rurutia posted:I have it off budget in YNAB. It doesn't bother me to have a flatter slope. Yeah do it off budget. If you want your net worth to be more accurate make another off budget account to track the value of your house and update it with an estimate once a quarter or so. So like if your house is worth 400k and your mortgage is 320k, make one off-budget account called "Mortgage, -320k" and another called "House Value, +400k". When you make a house payment log it as a transfer to the off budget account, categorizing it as "Mortgage" or whatever category you use, and add an outflow transaction to the mortgage account for interest that month. Then if done correctly the mortgage account's negative balance should drop as your remaining principal does, and it will net out with the asset value of the house on the other account. Obviously this is kind of complicated and nerding out a bit, so the easier solution is to just not track the mortgage in YNAB then add your home equity amount to YNAB's net worth number when you want to see what your real net worth is.
|
|
#
?
Jun 23, 2015 15:50
|
|
|
gariig posted:stuff I understand most of this, but the thing is, this is all going into a new start. In other words, I"m retiring this database and starting a new one. All of my "previous statements" from cc's will be paid before July 1st (I get my check on the last working day of the month), but the unpaid amount is what I'm looking at. Should I just go in and re budget them item by item since last statement or just do a bulk budget for past due? I know most of it was "last month" but that's kind of how I've been working it for a while, and I"m trying to back into this month, and maybe a month ahead like I'm supposed to be (Lots of personal circumstances that aren't a problem anymore).
|
|
#
?
Jun 23, 2015 16:34
|
|
|
Gothmog1065 posted:I understand most of this, but the thing is, this is all going into a new start. In other words, I"m retiring this database and starting a new one. All of my "previous statements" from cc's will be paid before July 1st (I get my check on the last working day of the month), but the unpaid amount is what I'm looking at. Should I just go in and re budget them item by item since last statement or just do a bulk budget for past due? I know most of it was "last month" but that's kind of how I've been working it for a while, and I"m trying to back into this month, and maybe a month ahead like I'm supposed to be (Lots of personal circumstances that aren't a problem anymore). OK, that's totally up to you. I'd just take the credit card balance as pre-YNAB and not worry about it. If you are a day or two into your current billing cycle and can pay the previous balance I'd probably do that. You'd pay off the balance, enter all of my current transactions for this current credit card period, and enter 0 pre-YNAB debt. If it's a bunch of day or lots of credit cards I wouldn't worry about it. Six months down the road is it going to make a difference if your first month has lots of transactions or having a few weeks be pre-YNAB debt? Probably not. However, I'm "lazy" when it comes to this and I want to biggest bang for my time. Also, doing a "bulk budget" item is the same as pre-YNAB debt. You don't need to carry your pre-YNAB debt month-to-month if you have enough cash to cover it plus this months expenses. I suggest watching the training video on how YNAB treats credit cards and what pre-YNAB debt is. You can read about the credit card float to see why YNAB doesn't like it.
|
|
#
?
Jun 23, 2015 17:21
|
|
|
gariig posted:Also, doing a "bulk budget" item is the same as pre-YNAB debt. You don't need to carry your pre-YNAB debt month-to-month if you have enough cash to cover it plus this months expenses. I suggest watching the training video on how YNAB treats credit cards and what pre-YNAB debt is. You can read about the credit card float to see why YNAB doesn't like it. Yeah, I know I"m behind, but I'm not going to carry a balance on these cards at all because I *JUST* cleaned them off. We have to use them right now because I went from getting paid weekly to monthly and we were never fully caught up on things. I'm hoping over the next few months to remedy that. That's the biggest problem with going from getting paid immediately the week after you work to getting paid a month after you work. I'll just keep paying the full amount off and create a pre-ynab category and get it paid off in the end of July. Thanks for the advice!
|
|
#
?
Jun 23, 2015 18:41
|
|
|
Gothmog1065 posted:Yeah, I know I"m behind, but I'm not going to carry a balance on these cards at all because I *JUST* cleaned them off. We have to use them right now because I went from getting paid weekly to monthly and we were never fully caught up on things. I'm hoping over the next few months to remedy that. That's the biggest problem with going from getting paid immediately the week after you work to getting paid a month after you work. I meant to mention that. On the credit card float page go with option #2. Just run deficits in categories until you can catch up. Don't do #1 and pay interest. Never pay interest if you can avoid it. I'm actually upset YNAB even suggested paying interest especially as the first option. It's more YNAB-y but it's going to cost you extra money that you could be budgeting just to satisfy a program. I'm glad you caught that, you'll be rule #4 in no time! gariig fucked around with this message at 18:56 on Jun 23, 2015 |
|
#
?
Jun 23, 2015 18:53
|
|
|
mrmcd posted:Yeah do it off budget. If you want your net worth to be more accurate make another off budget account to track the value of your house and update it with an estimate once a quarter or so. OK I think you guys have convinced me. Thanks 
|
|
#
?
Jun 23, 2015 18:58
|
|
|
gariig posted:I meant to mention that. On the credit card float page go with option #2. Just run deficits in categories until you can catch up. Don't do #1 and pay interest. Never pay interest if you can avoid it. I'm actually upset YNAB even suggested paying interest especially as the first option. It's more YNAB-y but it's going to cost you extra money that you could be budgeting just to satisfy a program. I'm glad you caught that, you'll be rule #4 in no time! The difference between them is just how to move the numbers around, not the end result. #1 results in less red categories, #2 results in less red pre-ynab debt.
|
|
#
?
Jun 23, 2015 20:27
|
|
|
Ugh. Two weddings, a job search, paying security deposit + two extra months rent, and at least a dozen 300 mile trips in my car have destroyed my loving budget this month. A pile of it went onto a credit card and I could put some rolling debt categories in but I think it's just going to be easier to scrap everything and start over. All my expenses are going to be way different starting next month anyway, between new job and splitting costs with a roommate.  e: Actually, I might have sorted this out .... reasonably?  So things I threw on my credit card went into a rolling debt category (even if they applied to other categories) And There's a $550 rolling balance on 'moving' because I should be receiving the full security deposit back from my current place, offsetting a good chunk of the $625 I'm putting down for security at the new place. Someone tell me if/why this is dumb Sockser fucked around with this message at 02:40 on Jun 25, 2015 |
|
#
?
Jun 25, 2015 02:29
|
|
|
Is there any benefit to doing my monthly spending on a credit card as opposed to a debit card? It doesn't carry a balance after paying it off a few months ago. As my current account balance increases with RDFs I'm worried about security carrying it around. Only thing is, I'm in the UK so don't enjoy all those cash back benefits you seem to get in the US!
|
|
#
?
Jun 30, 2015 18:41
|
|
|
Slimchandi posted:Is there any benefit to doing my monthly spending on a credit card as opposed to a debit card? It doesn't carry a balance after paying it off a few months ago. As my current account balance increases with RDFs I'm worried about security carrying it around. Only thing is, I'm in the UK so don't enjoy all those cash back benefits you seem to get in the US! If your debit card is pinched, it's your money being taken; if your credit card is stolen, it's your card issuer's money. The former's generally a hassle as it's your money you'll need to reclaim after the fact from your bank, whereas your card issuer has departments full of people whose sole 24/7 job is to look after 'their' money. Proving you're Good With Money enough to use a credit card responsibly (pay in full, on time, every time) also helps prove you're credit-worthy for things like favourable interest rates on loans, or a mortgage. [e] in YNAB terms, there's no difference, you're still 'spending' money - you just actually transfer the money a little later after the purchase. ...and if you're after a cashback card, start with the usual comparison sites. Best I've seen without an annual fee or other strings attached is like 0.5% on purchases. spincube fucked around with this message at 19:36 on Jun 30, 2015 |
|
#
?
Jun 30, 2015 19:33
|
|
so I could say that I finally figured out what this god damned cube is doing. Get well Lowtax.
|
Yeah, you can still get cashback deals in the UK. Santander do one that gives cashback on travel costs, for instance, and the Co-Operative Bank does one with cashback on all transactions (though at a very low rate). Check Money Saving Expert for lists of credit cards with benefits.
|
|
#
?
Jun 30, 2015 20:51
|
|
|
There's a good rewards card thread here in BFC.
|
|
#
?
Jun 30, 2015 21:58
|
|
|
Dakha posted:OK I think you guys have convinced me. Thanks If you want to go full nerd about it I recommend separate accounts for the land and the actual house with the house being depriciated over time. 
|
|
#
?
Jul 1, 2015 12:10
|
|
|
Anyone have any good rules of thumb for maximum values on a rainy day fund? Like we have some maintenance categories like "Home Maintenance", "Car Maintenance", etc where we add decent amounts every month, but I figure there must be a point where enough is enough and I can redirect to other items. These funds are different from our actual emergency fund. Should we just be aiming for "what is the biggest one time expense we could reasonably expect" level?
|
|
#
?
Jul 1, 2015 13:45
|
|
|
Chin Strap posted:Anyone have any good rules of thumb for maximum values on a rainy day fund? Like we have some maintenance categories like "Home Maintenance", "Car Maintenance", etc where we add decent amounts every month, but I figure there must be a point where enough is enough and I can redirect to other items. These funds are different from our actual emergency fund. Six months of living expenses is pretty common, but really it's whatever you feel comfortable with.
|
|
#
?
Jul 1, 2015 14:40
|
|
|
Chin Strap posted:Anyone have any good rules of thumb for maximum values on a rainy day fund? Like we have some maintenance categories like "Home Maintenance", "Car Maintenance", etc where we add decent amounts every month, but I figure there must be a point where enough is enough and I can redirect to other items. These funds are different from our actual emergency fund. I'd say until you can cover most reasonable expenses. For Car Maintenance I'd say around $1000. That won't cover a blown engine but it will cover most maintenance (tires, brakes, alternator, radiator, etc). You could keep funding it has maintenance or future down payment. The Home Maintenance I'd probably keep putting money into it forever, unless you are good at having a New Roof or Bathroom Makeover category. I'd at least keep enough money in there to cover your home owner's insurance deductible. For most other funds, like gas, I generally stop putting money in once it could cover a month without additional. EDIT: ^^^^ I think this is for additional savings on top of a 6 month emergency fund. Like I have that plus extra for my car, vet, and some basic medical expenses (enough for a simple ER visit). This way I don't have to touch my emergency fund for minor inconveniences like my car popped a tire and I need a new set. gariig fucked around with this message at 14:43 on Jul 1, 2015 |
|
#
?
Jul 1, 2015 14:41
|
|
|
How do I handle direct deposit into multiple on budget accounts? I get a paycheck bi-weekly and have it split like this:
I tried splitting into multiple categories but couldn't get it working properly. For example, it subtracted the amounts from the accounts I wanted to put it into.
|
|
#
?
Jul 10, 2015 23:03
|
|
|
I don't think you can do it in a single transaction. Either split it up into 3 single Inflow transactions, or an inflow transaction with 100% into one account and then a split outflow transaction into the two others from the first account.
|
|
#
?
Jul 10, 2015 23:35
|
|
|
Tamba posted:I don't think you can do it in a single transaction. Ok thanks I can do that
|
|
#
?
Jul 10, 2015 23:48
|
|
|
Also, if it's income and transfers, it shouldn't need a category (I don't think...) Since getting started with YNAB in the last three months, I've cut monthly bills by £100, groceries are down by 25% (whilst eating better) and I have a £600 refund on a bill which I have been overpaying for 2 years. Obviously I could have done this without YNAB but it's been a great catalyst.
|
|
#
?
Jul 11, 2015 11:39
|
|
|
Question about student loans: How do you guys track that? Do you have a category that just says "Student Loans" to which you allocate a certain amount of money each month, or do you instead have it set up as an account (like Pre-YNAB debt) so you can see exactly how far you are from paying it off whenever you budget for it and so you can also track your exact net worth?
|
|
#
?
Jul 21, 2015 22:26
|
|
|
Eight Is Legend posted:Question about student loans: How do you guys track that? Do you have a category that just says "Student Loans" to which you allocate a certain amount of money each month, or do you instead have it set up as an account (like Pre-YNAB debt) so you can see exactly how far you are from paying it off whenever you budget for it and so you can also track your exact net worth? I have my student loans set up as an off-budget account. This way, when I transfer money from my checking to student loans, the money comes out of the budget. I typically will reconcile the account once a month to add the interest in there as well.
|
|
#
?
Jul 21, 2015 22:44
|
|
|
I paid mine off a few months ago, but off budget loan account, reconciled monthly. I started applying the interest to my interest/fees category and it helped motivate me to pay it off faster (split payment, interest amount to interest category, then the "normal" payment amount to the principal).
|
|
#
?
Jul 21, 2015 22:46
|
|
|
Edit - Never mind, I just realized what I was doing.
Madbullogna fucked around with this message at 18:30 on Jul 23, 2015 |
|
#
?
Jul 23, 2015 18:28
|
|
|
Madbullogna posted:Question about how to set my auto loan payments. I've always had the traditional 'x per month due on this day', and then would just either increase my payment and/or make an additional payment when I wanted to. However, I went a different route with my current vehicle... You can schedule transactions for "every other week" in the section below your manually entered expenses. No need to complicate things.
|
|
#
?
Jul 23, 2015 18:30
|
|
|
Not a Children posted:You can schedule transactions for "every other week" in the section below your manually entered expenses. No need to complicate things. Yea, I was having a minor brain aneurysm on that one.
|
|
#
?
Jul 23, 2015 18:48
|
|
|
I sent in a suggestion a long time ago to add a every 30 days option, but they never got back to me and I haven't seen it added. 
|
|
#
?
Jul 23, 2015 19:53
|
|
|
Madbullogna posted:Yea, I was having a minor brain aneurysm on that one. Funny you say that, I'm actually having an angiogram done for a brain aneurysm next week. No point, just thought it was a weird coincidence. Hopefully it was not YNAB induced.
|
|
#
?
Jul 23, 2015 19:56
|
|
|
|
| # ? May 13, 2024 23:01 |
|
|
Pretty happy with myself. Used YNAB for two months now, and definitely still learning how to best to do things, but I should already have all my August expenses covered. So I guess I can start living on last month's income now!
|
|
#
?
Jul 26, 2015 09:56
|
|