BUDGETING INCOME

Just getting started. Successfully added four bank accounts. Now, the entire combined balance of all the accounts shows up in the Green "To be budgeted" tab at the top center of my screen.  I only want the amount of the four paychecks my wife and I will receive this month to appear as funds to be budgeted. The first of these has already been deposited in the bank.

What do I need to do to remove all but that one check from the "To be budgeted" tab?

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  • You should really embrace the YNAB methodology. Put all your checking and savings accounts on budget. Then assign jobs to all of those dollars. Just because you have allocated funds to a category doesn't mean you have to spend them any time soon, or ever. For example I have a Catastrophic Loss of Income category that will cover me for 6-8 months. I hope to never touch that money. But it's there in the budget ready to go if needed (I'm a federal contractor who is burning my PTO right now and when that runs out I'll be on leave without pay and contractors never get backpay). Other categories are just delayed spending: I put $X/month in a category for Christmas presents, $X/month for all other presents, $X/month for vacation, etc and so on. I have 12 master categories with 60+ categories on my budget page and I have 3 checking accounts, 4 savings accounts, 5 CDs, 8 credit cards, 1 gift card account, 1 wallet account, 1 cash stash account, and 1 foreign currency account all on budget. None of them are linked by the way, I do 100% manual entry. I could not tell you which account holds the $XXX I've saved up for a kitchen remodel or the $YY for January groceries, because I budget by category, not by account. I only care about account balance on the day that I have to pay a credit card bill. But I also know that my average monthly outgoings are $X so I keep $X+Y% in my main checking account and everything else goes to an account with a better interest rate.

    In YNAB you save money by assigning it to a category and then not spending it rather than shunting it off to some account. Yes this requires the individual to take control of their budget and say "I will not reallocate $30 from my New Car Fund in order to go out to dinner tonight."

    Reply Like 1
      • Karl
      • KARL_NAB
      • 2 mths ago
      • Reported - view

      jenmas 

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      • Karl
      • KARL_NAB
      • 2 mths ago
      • Reported - view

      Karl Thank you very much! This is helpful information. I'm realizing  I have to re-program my thinking. Old dog. New trick!! Sorry you're being impacted by the shutdown circus. Good that you have a backup plan!

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  • You can’t. YNAB is like a virtual envelope system. What is that moneys job?  Is some of it waiting to pay car registration, some for gifts, some for taxes, some for vacation, etc. make categories and budget it there.  It will stay in the category you put it in until you spend it. You also won’t budget your remaining checks until you receive them. 

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      • Karl
      • KARL_NAB
      • 2 mths ago
      • Reported - view

      satcook Thank you. I am not familiar with  the envelope system, but the name suggests one in which all one's money gets sorted into various envelopes to be disbursed when needed for the purpose intended. 

      So... if I understand correctly, any funds I don't want to be  shown in the "to be budgeted " tab should be assigned to "emergency fund" or something like that?

      My paychecks (and my wife's) are issued bi-weekly. When I entered the first one, I found an option to set up recurrent transactions. Would you not recommend using this feature (ie waiting until the paychecks are actually issued/deposited)?

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      • satcook
      • satcook
      • 2 mths ago
      • Reported - view

      Karl I do use scheduled transactions for our paychevksso they auto populate. I budget them as soon as I receive them even if they haven’t cleared the bank yet. We aren’t living close to the edge though....

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  • Hi Karl !

    YNAB is a bit different from budgeting programs you may have used in the past. Your full account balance is included in your To Be Budgeted because we want you to give every dollar a job - even the ones that weren't earned in your last paycheck. The only way to edit that amount would be to alter your account balance, but that needs to stay aligned with your bank account. After you budget to zero, going forward, the paychecks you receive will appear in your To Be Budgeted individually - so you'll only see that new amount to allocate to your different categories.

    You’ll want to start YNAB with the money you have on hand today – and prioritize those dollars. Here's a short video that should help you get started. :)

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      • Karl
      • KARL_NAB
      • 2 mths ago
      • 1
      • Reported - view

      Faness Thank you! The video was very helpful! Think I'm getting the picture... :-)

      Reply Like 1
  • I also have some accounts that i want to let build without being budgeted...  (at this stage of my budgeting, out of sight is a good thing for my savings accounts)

    So I’ve set my savings & HSA accounts  up as “Tracking Accounts” because they don’t contribute to the “To be budgeted” dollar amounts.  These are accounts that i don’t draw money from on a regular basis.  My checking account (and it’s prior balance) continue to show their balances in the “To be budgeted” amounts...  

    Reply Like 1
  • The combined balance of all of the accounts — what is that money for? Is it savings for something specific? Is it an emergency fund? Is it your mortgage or rent? Whatever the answer is, create those categories and budget it. Then budget your paycheques as they come in. Welcome to YNAB!

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      • Karl
      • KARL_NAB
      • 2 mths ago
      • 1
      • Reported - view

      kittenpants I guess for now,  the best label would be "Emergency Fund".  This system is forcing me to figure that out! Which is a good thing! :-)

      Reply Like 1
    • Karl If I may make a suggestion, take a look through the last year's bank records and write down all the annual expenses you have. For me, these include property taxes, annual memberships, our Christmas budget, credit card fees, life insurance, and YNAB itself! Make categories for each and create goals for each of them with the "Target category balance by date" setting. I like to put them in order of when they're due and note how much they cost, e.g. "JAN: Safety Deposit Box ($150)".

      Before YNAB, these were annual "surprises" that I poached from my "I guess it's an emergency fund" savings account. After YNAB, they became things that I set aside the same amount of money for each month. I'd advise you to set aside 100% of the cost of things that come out in January, 90% of those in February, 80% of those in March, etc. Then throughout the year, listen to how much the YNAB goal tells you to set aside each month. You'll find it quite a pleasant shock to the system to realize that you forgot about property taxes AND they got paid in full because the money was ready! No more sad credit cards at Christmastime. It's quite lovely.

      Reply Like 1
  • This is VERY helpful. And timely. Thank you!! I was wondering how to deal with things like property taxes that I pay only twice a year.  Can you tell me where to find the "Target category balance by date" setting?  I looked but could not find that. It will definitely be helpful!

    To be sure I follow your example... Let's say my property taxes are $1200 per year, with payments due in December and April.  $600 will be due in April. So... would I enter $600 for April, and then YNAB will tell me (or automatically budget) $150 per month for Jan, Feb, March and April?

    Reply Like 2
  • Karl

    You will find the setting on the right side of the screen under goals

    and yes that is correct. YNAB will tel you how much to put in the category each month. 

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  • Thank you!

    Reply Like 1
  • Hi Karl,

    If you're new to YNAB and envelope budgeting, I'd recommend taking some/all of the online classes as they explain the concepts being discussed above. An investment of time now, will make things much easier.

    https://www.youneedabudget.com/classes/

    They're also available on youtube if the time of the classes isn't suitable for you.

    Reply Like 1
      • Karl
      • KARL_NAB
      • 2 mths ago
      • 1
      • Reported - view

      monkeyhanger Great information! Thank you!

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