Tell me what I don't know, YNAB
THANX to the always excellent YNAB support. I learned something about myself. I have always looked at saving & paying down debt as pretty much the same thing.
You see, when living paycheck to paycheck I always thought I was saving for things. But with my eye on the next payday. Then unexpected expenses or debt or rent would come along and the 'savings' never got saved. Live like that long enough and you try to save, but - inside your mind - you know it is going to debt sooner rather than later.
I no longer do that since joining YNAB and budgeting with this program.
The missing ingredient? A plan - what a concept. This program and the community around it made that possible. I had great plans for the stimulus check - buy 10 shares of a stock I like? Beef up my emergency fund? Down payment on that motorcycle I wanted last summer? At the end of the day 80% went to paydown debt and 20% went to my Wish Farm (no the motorcycle isn't on there, yet).
BTW I started YNAB when I was injured at work and my income went down by 30%. In the 9 months since I am building up some savings, paying down debt and running a wish farm. Amazing. :))
Thanks for sharing your win, Forest Green Wildebeest ! I'm glad to hear that your plan is chugging along. All of your hard work is paying off! Building up those True Expenses helps smooth out the lumps, and the "unexpected" is covered by dollars waiting to do their jobs. It never gets old!
Since the motorcycle didn't make the cut this round, what wish are you focusing on?
Nicole - yes, my big wish farm item now is replacing my 2015 laptop, $516 in on estimate of $1200.
But paying down debt is the thing I am continually "overspending" on. Plus I go back to work soon and all the extra money (I consider my current budget doesn't need to change for now) they should both show improvement. Yippee