New Country, New Bank : best practices for YNAB starting now
Hi Everyone
I just relocated to a new country (and have a new bank account) and wondering what would you advise in terms of budgeting?
I'm lucky enough to have no rent to pay, and very minimum Bills for the first few months.
I'm tempted to start from Fresh on a new budget. (and basically, save all my money on the other account)
Thoughts?
Thanks
A
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Need more info. Are you paid in the currency of the new country? Consensus is a sperate budget for each currency is cleanest. If you expect many of the same categories, a fresh start is an easy way to copy your budget layout.
The methodology still applies. What are monthly expenses? What are True Expenses? Will you have the income to cover monthly expenses once they do start?
Make categories and make a plan (aka budget).
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dakinemaui Thanks for your answer. New currency yes, and very likely the same lay out and yes, I do have the income to cover monthly expenses. What would you recommend for the money on the previous account? (all in saving??)
Cheers
A
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Lavender Hail The old account would not be part of your new budget. You might continue with the old budget for those things (savings-like categories). If you buy things covered by the old budget with the new currency, make a transfer, recording in both budgets.
Arguably, the simplest option is to transfer everything to the new currency so there's only a single currency & budget. I've no idea if you'll incur expenses in the old currency, however.
I'm a fan of maximizing interest by keeping only enough in checking accounts to support near-term outflows (2-4 weeks). The rest goes in a higher-rate account, commonly called a "savings" account.
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