Hi all - ordered the book today and watched the videos but still having trouble getting my head wrapped around getting started. I’ve used mint and personal capital so maybe that’s part of my learning curve :) I’m starting mid paycheck cycle and linked all my account, including credit cards and am overwhelmed by all the transaction imported. Am I better of to start by going the manual route (and unlinking) until I can get the feel for the YNAB process? Any advice or guidance is appreciated. It’s starting to get a little less fuzzy. I think.
The official YNAB methodology is manual entry of everything and importing of transactions is merely for double checking. Regardless of whether you link or not (I have been doing 100% manual entry since 2014 including working in multiple currencies and don't find it to be hard at all), start from today. Therefore you shouldn't have transactions importing while you set up.
For the current balance on your credit card, if you intend to pay off that amount (let's say $555.55) the next time you have a payment due, then you must budget $555.55 to the credit card payment line item when you do your set up.
Don't just watch videos, take the live classes.Reply
Hi Purple Memory !
I wanted to leave a quick link to the free, online workshops that Jenmas mentioned - they're a great resource and an amazing place to start! :)
You want to start from today and look forward. Use the money you have to budget for the expenses you need to cover before you're paid again.
Also, here's a short video that explains these three main steps:
1. Add your primary accounts with the balances as of today.
2. Budget those dollars where they’re needed before you get paid again.
3. Record your spending. It’s best to enter transactions right away so you can always trust your budget!
Take a look at those links and let us know if you still have questions! :)Reply
I agree completely. One only has so much time for podcasts and such. At some point, some one-on-one coaching with YOUR budget is needed to move one from where they are stuck. None of what I have read or watched has explained to me why my budget is -$3500 (in the red), but I have "Available" balances in the green in many budget categories. I have spent January trying to get my head around how this works so everything will be clean and in order by February 1st. Now it looks like I'll spend February trying to get clean and in order by March. My February budget is already populating with available $$. Where is that coming from if I'm negative already in January? Maddening to try to figure out with a passive video on theoretical budgeting.Reply
Salmon Sound said:
Superbone These funds are meant to be a protected set-aside for a specific purpose. I am not trying to grow this account and don't plan to spend from it. But I am willing to move some money from it temporarily just to get this budget problem reconciled so I can re-try using YNAB for a February budget.
And? Sounds like my Emergency Funds category. On-budget and accounted for. Just because funds are in your budget doesn’t mean they have to be spent. One of the beauties of YNAB is divvying up your amorphous savings account(s) into specific jobs. I have an EF, a new computer fund, auto maintenance and repair, house maintenance and repair, Christmas fund, vacation fund, etc.Reply
If there is a discrepancy between YNAB and your accounts, the first step is to reconcile all of your accounts. Do NOT just have YNAB make a balance adjustment. The next step is to adjust your budget so that there are no negative values in any category and TBB is $0. From that point your budget should be in accordance with reality.Reply
Salmon Sound said:
Superbone No, this is for a one off obligation/outflow that will occur shortly, then gone. No reason to include it in budgeting to complicate matters.
That's your prerogative. I'm just telling you YNAB best practices. Best of luck.Reply
Salmon Sound said:
I s a support option offered that allows for that? From what I see, there is not.
There is! :)
If you’re up for it, go ahead and enable Support Access for your account. Once you’ve done that, let me know—and mention whether you’d like to continue the discussion here or via email instead. We can take a closer look at your budget and see what's going on.
Based on the screenshot you posted above, it looks like you had funds carryover from a previous month. If you budgeted $200 towards your Window World category in December, if you didn't spend it then that $200 would be Available in January. You then Budgeted $1,240 towards that category, for a total Available of $1,440. You then spent $1,000 which leaves you with $440 left. :)Reply
A big thank you to all 12 of you who offered assistance as I was learning to use YNAB. I sure made a mess of January by trying to apply some more traditional principles to YNAB budgeting. I did a February restart and everything is going much better. I'm sure there is still lots to learn, but so far so good since the February 2nd restart.
Thank you again!Reply