Just started and the dryer broke.
I am working off paying debt, started in January. This month, I have allocated $329 to a car payment and $550 extra payment on the car. $250 into savings. Our dryer just broke. We need to buy a new one. I have $100 in savings from last month and the $250 I was going to put into savings (starting an EF.) Now, I need a $350 dryer. Where do I make this money come from?
Thanks in advance!
Welcome to YNAB! And especially "rolling with the punches." I'm going through something similar but with different types of expenses. I'm having to dream up money past my available income to cover some pretty big outflows. But that's what's so great (in my mind) about doing this with YNAB vs my previous method of guessing and hoping. So I'll just give you my solution:
- Big Expense 1,
- Big Expense 2,
- Medium Expense 3, and then
- My goal to be debt-free within a certain time.
At the beginning of January, I knew about Big Expense 1 and Medium Expense 3, so that's how I constructed my debt payment calendar. It was pretty aggressive (for us), but everything added up to cover what I was planning and then put a teeny bit toward e-fund each month.
Well, Big Expense 2 comes in unexpectedly, and we had to reprioritize. So I seriously considered skipping Big Expense 1 altogether to make it work, but in the end, after talking with my wife, we decided to extend out our debt payment calendar by a couple months to make everything add up. At the same time, I had to adjust Medium Expense 3's date back a month to allow more income to come in the door. On top of that, we decided to get more intentional about selling some stuff from the garage to help get closer to back on track (with mixed Craigslist success!).
Each person is different, of course, and if it were just me making the decision Big Expense 1 would have gotten the axe in favor of Big Expense 2. But we set our priorities and were able to make the decision on purpose.
So for you, it sounds like there could be money to cover the dryer today, but it would cut into the rest of your goals quite a bit. I'd say that's ok. It's uncomfortable and can be disappointing, but it does wonders to allow the budget to bend and not break .Reply
Thank you so much! I have figured out a way to eliminate our payment to our EF payment of $250 and make up the other $100 by cutting our extra payment. I can't wait until I have an EF for things like this! :( Thank you for your imput. You are right. The goal is to stay on budget even when the budget is compromised.Reply
One thing I found really helpful when I was paying off debt was to hold off a portion of the extra debt payments until the end of the month. If a true emergency happened, I could have just reapportioned the extra debt payment to the emergency.
Right now, it sounds like you already have the $350 saved up. It sucks, but it will get easier the longer you do this! The key is to not create additional debt.Reply