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.
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