Questions for YNAB users

[barbmouse]

Hi YNAB experts!! I have some questions for you so thanks in advance to anyone willing to lend a hand.

I have never used any type of spreadsheet, etc for budgeting. I just know what bills need to be paid with which check, etc. We have debt that needs to be paid off and I know a budget is the key to getting it done. We bank online and pay the majority of bills online. How does this work with keeping up with YNAB and expenditures? Do you just enter everything in monthly or as you get paid?

Another big question I have is that DH and I both have "savings" accounts that draft from our accts. We have to keep them at banks associated with our work so they can be auto drafts. So we have three accts but only one checking acct that we pay bills out of.Does any of this matter? Do we just put in the amounts under savings? This $ is not actually savings although that would be great. We use this money many times to transfer into our checking because uh-oh we didn't have enough money for xyz this month. So the money disappears and we are all, "huh, where'd that $ go?" I see this tool as giving each dollar a job and then we make the money go where assigned. Is that sorta right?

My dh is onboard and weekly budget meetings would be welcome and helpful for both of us. We both want to get out of debt! we really NEED A BUDGET!

So as you can tell, I'm clueless and could use some help. I will also visit YNAB for help.

 

[pryncess527]

Hi YNAB experts!! I have some questions for you so thanks in advance to anyone willing to lend a hand. I have never used any type of spreadsheet, etc for budgeting. I just know what bills need to be paid with which check, etc. We have debt that needs to be paid off and I know a budget is the key to getting it done. We bank online and pay the majority of bills online. How does this work with keeping up with YNAB and expenditures? Do you just enter everything in monthly or as you get paid? Another big question I have is that DH and I both have "savings" accounts that draft from our accts. We have to keep them at banks associated with our work so they can be auto drafts. So we have three accts but only one checking acct that we pay bills out of.Does any of this matter? Do we just put in the amounts under savings? This $ is not actually savings although that would be great. We use this money many times to transfer into our checking because uh-oh we didn't have enough money for xyz this month. So the money disappears and we are all, "huh, where'd that $ go?" I see this tool as giving each dollar a job and then we make the money go where assigned. Is that sorta right? My dh is onboard and weekly budget meetings would be welcome and helpful for both of us. We both want to get out of debt! we really NEED A BUDGET! So as you can tell, I'm clueless and could use some help. I will also visit YNAB for help.

First I'll say check out the ynab forms, they are extremely friendly and helpful and a lot of people over there know way more than I do.

The idea is to budget only money that you already have. Think of your categories as envelopes and you have an envelope for everything that you need your money to do -groceries, gas, house payment, car insurance bill coming up six months down the road, savings for inevitable car repairs, etc. -- Sit down with the balances of all your accounts right now. You get more money, you can get out more jobs.
It does not matter how many accounts you have. We have several savings accounts and two checking accounts and I run every penny of our spending through credit cards for the rewards. YNAB want to does a great job of keeping track of all of that. It does not care where your money is make spending decisions based on category balances not bank accounts

 

[disneymagicgirl]

I would go to ynab and watch the videos. That will clarify a lot for you.
You can set up as many accounts in you budget as you like. Some will be on budget and some off budget. You will transfer Btwn these in the program just like you do in your real accts.
you will eventually get to where you budget the whole month at a time and a month ahead. Depending on your current savings it varies how long that may take you.
I think you will learn a lot from the videos. There is a learning curve though, so be prepared to spend a lot if time getting it set up and learning it.

 

[Karenj2]

Hi! I love YNAB - I've got to get back to using it (we've had some major expenses not budget for, and we fell off the wagon, so to speak...)

I think ideally you'd actually go into ynab every time you make a purchase, pay the bills, get paid etc. It's supposed to be an active thing, so that you become aware of what you're spending.

What I did in the beginning was to start exactly where I was the day I started the budget (don't import all your activity since the beginning of the year). Then, over the course of the next month, input your activity (and make your budget whatever you spent). Then, the next month actually start thinking of budgets for each category, and try to stick to it.

I'd include your savings accounts too, especially since you use them. We have an emergency account which is not in ynab.

 

[dex08]

It looks like pryncess527 has already answered your question regarding how YNAB works but I want to add that attending the live webinar training sessions makes it all "click" and make sense. Plus they have a giveaway drawing for a free YNAB software license at the end of each webinar!

I love YNAB! It takes some time to get started and get the hang of it but once you do, you will wonder why you didn't start using it sooner!!

And, as others mentioned, the YNAB forums are great!!

 

[Shmily1]

I'll try to answer question by question even though I've been doing this only about 4 months.

Hi YNAB experts!! I have some questions for you so thanks in advance to anyone willing to lend a hand.

I have never used any type of spreadsheet, etc for budgeting. I just know what bills need to be paid with which check, etc. You don't need any prior experience and no spreadsheets are used.
We have debt that needs to be paid off and I know a budget is the key to getting it done. We bank online and pay the majority of bills online. How does this work with keeping up with YNAB and expenditures?As you pay out anything, literally, anything, you key it in to YNAB. Easy to do. It's even easier if you both download the app on your phone so you can key in on the go.
Do you just enter everything in monthly or as you get paid? As you get money in or take money out. Anything that touches your money gets keyed in. Even if you are like me and it shows how stupid you are for eating out so much! lol

Another big question I have is that DH and I both have "savings" accounts that draft from our accts. We have to keep them at banks associated with our work so they can be auto drafts. So we have three accts but only one checking acct that we pay bills out of.Does any of this matter? Not one bit. Just create them all in YNAB as online accounts and go from there. You can transfer between them in YNAB as you are doing it in your checking and savings accounts.
Do we just put in the amounts under savings? When you are budgeting, you put them in as what you want to use the money for. If it's college fund, put it there, etc. During the month, if you overspend on fuel or electricity, you would need to take money from another category to pay that out. They call that WAM (or Whack a Mole) when you take money from one category to cover overspending in another.
This $ is not actually savings although that would be great. We use this money many times to transfer into our checking because uh-oh we didn't have enough money for xyz this month. So the money disappears and we are all, "huh, where'd that $ go?" See! You are already WAM'ing!
I see this tool as giving each dollar a job and then we make the money go where assigned. Is that sorta right? Exactly. When you get paid, put the money in the accounts where it was deposited. Then go to your budget section and budget that amount. Your goal budget amount at the top is zero (that means every dollar has a job, even if it is savings).

My dh is onboard and weekly budget meetings would be welcome and helpful for both of us. We both want to get out of debt! we really NEED A BUDGET!

So as you can tell, I'm clueless and could use some help. I will also visit YNAB for help.

 

[barbmouse]

Thanks so much to all who answered!! You have helped me get started! I have downloaded YNAB on my computer and phone, have put in our latest paycheck and have budgeted that money. Hopefully, each week will get easier and YNAB will help us to acheive our goals! I even entered transactions while sitting at the gas pump!

And Shmily1, we are right there with you on the eating out. We spend(waste) so much money eating out! So. Much. Money. That will definitely be an area of concern for us!! We will also need to find a way to keep money we put in savings in savings. We are always transferrring.....maybe because we didn't have a budget!!??!!

I keep reading that folks who use YNAB "find" money. I'm really hoping we are able to do that!!!!! Suggestions?


Thanks again!