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I'm going through the online tutorials on how to set up the credit card debt on YNAB, and the tutorial shows that you do interest by having it do an outflow and you see the negative on you outflows. Is it better to make a separate interest expense line item to budget to make it easier to track, or should I just stick to what they are teaching?
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# ¿ Jan 30, 2014 07:02 |
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# ¿ Apr 29, 2024 10:27 |
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Just wanted to make sure I was doing things right and not messing up my neat reports. Thanks everyone!
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# ¿ Jan 30, 2014 09:06 |
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Why not just start over, at this exact moment if you didn't use YNAB in Jan at all? The program is pretty forgiving about that. I redid my budget like 3 times after figuring out the software. Took me a week or two to adjust my brain enough to where I was spending the budget money and not my future planned money or bank account money.
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# ¿ Jan 31, 2014 20:31 |
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Anyone have any ideas how I would YNAB a flex account? Money gets put in paycheck to pay check, but it's used for medical expenses and you have an obligation to pay it back over the course of the year. I'd like to track my medical stuffs that way.
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# ¿ Feb 3, 2014 07:04 |
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LogisticEarth posted:I would think just setting it up as a savings/checking account would work. Then have a separate budget line for the flex account inputs. As your medical costs come in, just log them as medical costs, having them come out of the flex account. Unless I'm missing something there. LogisticEarth posted:I would think just setting it up as a savings/checking account would work. Then have a separate budget line for the flex account inputs. As your medical costs come in, just log them as medical costs, having them come out of the flex account. Unless I'm missing something there. Thanks! Both these things work, but it's not 100% showing of how a flex account works because there's no way to show that your paychecks go into it, and then figure out how much money left you owe into paying it. Great for tracking how much is left in the account itself, but it doesn't show how much "obligation" you have to paying into it.
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# ¿ Feb 3, 2014 16:33 |
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Wait the green C is for reconciliations?
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# ¿ Feb 13, 2014 23:50 |
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Suspicious Lump posted:Right! That makes sense. How does YNAB actually handle the discrepancy? I remember doing reconciliation once and it threw my budget out of wack and it made things confusing. Well that does happen to me and what I have been using YNAB for. Edit: OK I tried out the reconciliation and actually figured out how the cleared button works with it. Helped me realize I was off by a buck on one expense too so it's actually a pretty nice and intuitive feature when you know it exists! Veskit fucked around with this message at 02:58 on Feb 14, 2014 |
# ¿ Feb 14, 2014 02:46 |
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Gothmog1065 posted:I'm having a brainfart. I'm still using my credit cards. I make a single payment to them (Minimum + Purchases). Is there a way to make them show up in my budget as coming out properly, or just leave it at a transfer and let the Budgeted column reduce the balance and just not have it show up in outflows? Why is there nothing in your outflows? When you buy things with the CC or get charged interest it shows up as an outflow correct?
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# ¿ Mar 4, 2014 02:41 |
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Henrik Zetterberg posted:Ok, I think I got this now. Is that your emergency savings on top of having all your bills covered for the foreseeable future? This is just nitpicky because that's a good amount of savings, but I would try and go 6 months out with that emergency savings and assign that money to future dollars. It can give you a more accurate view of what your money is going to be doing. This is "step 4" of the YNAB method. IF you actually have gone 6 months out with the money, AND have that much in emergency money I'm guessing goons will have other ways for you to use that money besides have it sit there.
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# ¿ Mar 4, 2014 18:13 |
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Henrik Zetterberg posted:That's basically my "oh poo poo I got laid off but still have a mortgage to pay" fund. Should I be splitting it into two categories: 6-month emergency fund and savings? Well the 6 month OH poo poo fund is step 4 of the ynab, which is going out and paying for your future values. So you basically take all the money in your emergency fund, and say ok, April mortage is XXXX and you put hte dollars in that, then go down the list till you hit the end, then rince and repeat until September. That gives you a forecast of hwo much you'd spend each month if you had a poo poo hit the fan event. You're budgeting for all your expenses for 6 months so you can forecast better than just having a vague "emergency" fund. THEN you create your emergency buffer, which is just for like small things that you really couldn't plan out, or family loans, ect. That shouldn't be too much money, probably like 500-1000 tops. Then all that left over money can be used for retirement, or budgeting it for vacations and fun things, because you already have 6 months of expenses budgeted. You need to give your dollars better values than "savings" or "emergency". Better to have categories for your off budget retirement accounts and rainy day accounts than "Emergency Savings". OVERALL it looks like you have 18K left over after you max out your Roth IRA. That's 3k in expenses per month that you're expecting. So you take that money and budget up to 3k into each month to september. Veskit fucked around with this message at 18:40 on Mar 4, 2014 |
# ¿ Mar 4, 2014 18:36 |
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spincube posted:I'd avoid doing this, personally. Another YNAB rule is to 'roll with the punches', so if the poo poo does hit the fan you can say 'no problem!' and shuffle your budget for that month around to suit. If you're allocating your cash beyond the next month, each alteration you need to make will have a butterfly effect on everything you've planned for down the line. Isn't avoiding doing this breaking rule 4, which is the whole point of ynab to actually get you to save for the future? Am I missing something?
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# ¿ Mar 5, 2014 00:48 |
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Old Fart posted:Is that Step 4? I thought they just wanted a month ahead. I went many months out when I was sporadically employed, and it helped me stay ahead of the langoliers, but if you have steady income and savings, I'm not sure if there's value in that. Seems like a lot of work. *scratches head* Ok so rule 4 isn't go budget as far out as you want, but only a month out. BUT, I still believe the software wants you to do this considering that it won't let you budget a paycheck to be received 2 months out, and it does let you budget out the money you have as far as you want. Isn't budgeting the next 6 months in YNAB effectively coming up with a poo poo goes horribly wrong buffer plan?
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# ¿ Mar 5, 2014 02:58 |
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Henrik Zetterberg posted:I budget $50/month toward medical expenses, but just had an unexpected medical expense. It wasn't too terrible, but it was $600 (being switched to a high deductible plan sucks balls) so I had to dip into my emergency fund. Do I categorize this as a medical expense, or count it against my emergency fund category? I don't think there's really a right answer. Just take out 600 from your current emergency fund and dump the extra 600 into your medical expenses, and write up the charge to your medical. That way it'll adjust your savings and increase your expenses. God YNAB stop making me think of everything as debits and credits I'm over that part of my life
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# ¿ Mar 14, 2014 19:09 |
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Henrik Zetterberg posted:Nope, I actually thought that HSA was a use-it-or-lose-it at the end of the year, so I never bothered. Now that I know this is not the case, I will definitely set one up. There's been a lot of chat in the retirement thread, but they seem pretty loving great and I'll generalize what I've heard. Take it with a grain of salt. HSA roll over every year, you can put in pre tax dollars and pull it out for all medical expenses included dumb stuff like electric tooth brushes, and it also sounds like there are investment opportunities in it. Plus you'll always have medical expenses sooo no reason not to contribute. I think...
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# ¿ Mar 14, 2014 20:43 |
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Are you a student? Cause if so it's free. Otherwise I'd just use the demo for 30 days and buy it when you see it on sale. You can play catch up later.
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# ¿ Apr 6, 2014 20:18 |
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GAYS FOR DAYS posted:Maybe this is something I should just keep on a note off of YNAB, but I'm managing our work softball team this year, and fronted the money for the whole team for registration (they would only accept one check per team). It was $450, $30 a person. Is there some kind of easy way to put this into YNAB, or should I just keep it written on a piece of paper somewhere and make a mental note that my actual checking account balance is going to be $420 (subtracting the $30 for my registration) than what YNAB is saying it is until I collect all the money? You could make an off budget account for that if you want.
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# ¿ Apr 17, 2014 14:44 |
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Is there a report that shows you how much money you've transferred between accounts? I'm trying to figure out how much money I've moved into savings/pre YNAB debt accounts. I figured out a way using the transactions but it's still annoying that way.
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# ¿ May 31, 2014 23:15 |
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I can't wait to hit rule 4 bleh.
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# ¿ Jun 2, 2014 03:15 |
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Old Fart posted:That's what I did, too, also last August. It was a great decision. Eh, not really. Rule 4 is accounting for a lot of things that I would definitely dump if I was in a super panic need to survive mode. IE, all my rainy day funds (amazon prime, drive a lot less, computer parts, home projects, presents ect) and I'd probably end up hacking a solid 80% of my personal expendatures budgets. I'd say it could end up being 2-4 months of emergency mode budget.
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# ¿ Jun 5, 2014 06:42 |
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Steampunk Hitler posted:I'm trying out the Trial version of YNAB, and I'm wondering how people are handling things like an HSA? I have $250 being deducted from my paycheck every pay period, so I'd like to have that money reflected in my budget... However it can only ever be used for Medical expenses and the inflow is before tax/tax free so I'm not sure what the "normal" way of handling this would be. I have a flex account, and I didn't track it the first time around when I spent everything because I didn't know YNAB well enough, but now I do so this is what I do now; You set up your HSA as an on budget account. Every Time you contribute into it you can add that $250 deducted from your total paycheck, and have it transfer into the HSA oon budget account. Then, when you incur a medical expense, instead of taking it from your checking, you instead do the drop down and take it from your HSA. If you have an HSA investment you can also track gains and losses from it. 100 HOGS AGREE posted:If you pay the medical expenses straight from the account, make an on-budget account, add a $250 inflow to it every paycheck and categorize that inflow as Medical Expenses. poo poo I should read all the posts before I go and write out how I do it.
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# ¿ Jun 9, 2014 17:17 |
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What are the differences between a budget account being on or off anyway?
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# ¿ Jun 9, 2014 18:07 |
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So wouldn't it be better to have your HSA as an off budget account if your medical things are mostly rainy day? Then if you have persistent medical expenses you make it an on budget account and budget accordingly?
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# ¿ Jun 9, 2014 18:47 |
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It was a flash sale for 8 hours, HOWEVER there's no way it wont be a daily sale so this wasn't the last chance to get it for 15 bucks.
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# ¿ Jun 27, 2014 03:20 |
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No the purpose is to manually record every transaction you make. It's part of the mantra basically. Also you shouldn't budget the money you dont have, so take the lump sum and budget it out as far as you can go. Spend the hour and watch this and it'll help you out immensely. http://vimeo.com/youneedabudget/review/46219167/5eca795444
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# ¿ Jun 27, 2014 04:03 |
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Those car expenses are loving brutal given your income. I think you have way less issues with YNAB than you do with budgeting. If you follow the YNAB method you'll budget only the money you have, but you may want to go over to the budget thread and ask for advice on what to budget, for how much and how to budget in general.
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# ¿ Jul 15, 2014 19:38 |
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I asked the same question about on vs off so here is the rundown of what I got (you can autoloan either way)100 HOGS AGREE posted:Off budget accounts generally don't impact your day to day spending and thus the money (or lack thereof) in them doesn't need to be accounted for in your budget categories. You just categorize the transactions you send to them from your on-budget accounts as spending in your budget. spincube posted:On-budget accounts directly affect your spending (your everyday bank account and credit card), off-budget accounts affect your net worth (pension pot, investment account). I think that's what it boils down to.
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# ¿ Jul 15, 2014 21:23 |
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Well I mean it's all right there.
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# ¿ Jul 15, 2014 22:09 |
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Well I mean you're 24 and you make pretty decent money. Cool thing about budgeting is that beating yourself up about past decisions is counter productive because at this point it's a sunk cost. However that doesn't excuse to to head in sand this situation. I'd post your budget in the newbie thread/budgeting thread and figure out a reasonable budget to stick to. You have a very expensive car that given the numbers I see isn't really in your price range, and a big hill ahead of you to reach financial security. Though you could reasonably hit your 401k match and pay off 10k a year in debt comfortably from the numbers you've shown.
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# ¿ Jul 15, 2014 22:54 |
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# ¿ Apr 29, 2024 10:27 |
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HonorableTB posted:Is it normal to be overbudgeted when you don't have your second check yet? I feel like I'm falling into a trap of only budgeting what I have, right that second, to the point where I don't want to allocate budgets to things I know I'll be able to fulfill in two weeks. It's not normal to be over budgeted ever. IT"S ALSO NORMAL to feel trapped into budgeting what you have. That's the point. That's the feeling you're supposed to feel when using YNAB. It's not a trap! It's just the way the program is designed to have you focus on not counting your chickens before they hatch. Veskit fucked around with this message at 00:22 on Jul 16, 2014 |
# ¿ Jul 16, 2014 00:19 |