The Power of the Monthly Funding Goal

.   New YNABber and new budgeter here.  I was having a hard time meshing YNAB's budget-what-you-have approach with my old-school training of entering the full forecasted amount for each month, and making the money fit into the amounts after the fact.  For non-negotiables like my bi-weekly car loan, or rent (which I am fortunate enough to be able to make in two payments per month) I was concerned with the greyed-out zero balances on my budget, I'd forget to pay the remainder for that month.

.   HowEVER, once I learned I could set a Monthly Funding Goal for each category, that put my mind at ease!  The zero balance of my rent and car payment categories are now orange, and there's a goals summary telling me exactly how much I have left to pay for the month when I select those categories.  I'm confident with that reminder, I will not miss any important payments.

.   I'm just starting to break the paycheque-to-paycheque cycle, and my money is only 4 days old at this point.  Before starting with YNAB, I was constantly overpaying in categories I had some leeway in, and then having to frantically juggle funds and incur overdraft fees for things I had forgotten about entirely.  The Monthly Funding Goals have helped tremendously already in my first month using the app, and I haven't had the dreaded scramble.

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  • Setting up goals for each of my categories made a MASSIVE difference for me. I even started putting money into November this week! Keep it up.

    Reply Like 3
    • Ivory Rhythm (1777b625c430) Thanks for posting this! I've been using YNAB finance May and this article completely changes how I'll budget our money next month! 👍🏼

      Reply Like 1
  • Between scheduled transactions and goals, you can really do some good planning ahead. I wish though,  that scheduled transactions would show up even if they're scheduled for the following month.

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      • Jen
      • Budget Expert
      • Jen_c
      • 1 yr ago
      • 3
      • Reported - view

      Pink Trombone I'll pass that along to the team!

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      • pstorm12
      • pstorm12
      • 1 yr ago
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      Jen - YNAB Team I agree with the scheduled transactions showing up - I liked that in previous version (along with the ability to see three months on your screen at a time).

      Reply Like 3
      • Violet Drill
      • Violet_Drill_0bf6fcf19d
      • 1 yr ago
      • 1
      • Reported - view

      pstorm12  I agree, I'd love it if the scheduled transactions for next month would be viewable in the current month as well!

      Reply Like 1
  • I should play with scheduled transactions more - I use monthly funding goals for all my fixed (or reasonably consistent) costs, and I use the "targeted category balance by date" for longer term expenses.   For example, the deposit for summer camp for my kids will be due in March, so I put that in as a goal and make sure that I'm adding money towards that each month so I'm not scrambling in March.

    Also- being able to see multiple months on the same screen would be amazing - I've only ever used the web version and didn't know that ever existed.

    Reply Like 1
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