How to plan ahead for some big financial changes?

I've been using YNAB about 5 years but I'm still not quite sure how best to handle this...
We're expecting a baby next month, which means some additional spending as well as a temporary loss of income while I'm on unpaid leave. To add to the changes, my husband got a new job offer and that should help to offset the loss of income, but as neither of these things has happened quite yet I'm not entirely sure if the increase of his income will be enough or if we need to be looking at ways to reduce our budget for a few months. Do I have to just wait and see or does anyone have ideas for how I can run a few scenarios to see what things could look like with the new income and expenses? I've already added in some baby specific categories (hospital fees, diapers, etc.) so it's more about the change in income than the what to do with the income when it comes.

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  • Do a Fresh Start. Then rename the new budget to "test budget" and the archived budget to its previous name. Continue using the normal budget for your everyday budgeting. Use the "test budget" to enter the expected new income and budget for the expected new expenses. You can restart September from scratch in the test budget. It doesn't matter, it's only to test if the new income will cover the new expenses and not a real budget to use.

    Once the changes are effective, modify your real budget.

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    • Blue Orca throwing in a second vote for a Fresh Start/test budget - my teammate Natalie talked about doing this exact thing here, too!

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      • DexterCat
      • DexterCat
      • 13 days ago
      • Reported - view

      Blue Orca I agree with this idea too. We’ve had a few big life changes (babies, moving country, new jobs, no jobs, new jobs again etc). Fresh start budget to play with is very useful. 

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  • You can calculate an estimate of his new net pay here: https://www.adp.com/resources/tools/calculators/salary-paycheck-calculator.aspx

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  • 13 days agoLast active
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