Tell me about your budget process.

[CherylA]

Is there a cost involved in this program? (youneedabudget)

There is a cost to buy the software but then you own it and you don't pay monthly or anything like that. The cost is $50. You buy it as a download from YNAB dot com. They have forums on their site for support which I used a lot in the beginning because I had a hard time figuring out how the spreadsheet was working, which categories should add up to which other categories and how to reconcile it to my checkbook. Now I've finally got the hang of it but the people there were really nice about helping me through!

 

[Irin997]

Here's what I do for my budget and it has been working pretty well over the past year or so. I currently have three checking accounts: daily expenses, fixed bills, and daycare. The daycare account is kind of a wash account (eventually) because I participate in my work's dependent care spending account. Everything I pay out for daycare is eventually reimbursed back to me and this is my "holding" account for all of that money. Therefore I won't be tempted to spend it and I have no problems coming up with the daycare payments like I used to a few years ago. I love it now!

My daily expenses account is my main account and where my check/debit card is linked to and my direct deposit goes into.

My fixed bills account is for all of my monthly bills. I have determined/budgeted what I need everything month for bills including rent, BGE, orthodontist payments for DD8, Netflix, student loans, and car/rental insurance. I cut that number in half and every pay period (bi-weekly) I immediately transfer that amount from my daily checking to my fixed bills account. Right now I am about a month in advance of my bills. Maybe 2/3rd's of the month. I can't pay January's rent yet, but I'm working on it. The great thing too is that I can budget for BGE which varies, and whatever I don't spend that month stays in there to build up my cushion.

Everything left in my daily expenses category goes towards groceries, gas, entertainment, and credit card payments. I use my CC's a lot for cash back and reward points so the payment will come from this account.

I'm toying with the idea of getting a few (free) pre-paid debit cards from my bank (USAA) and every pay period put money on a few cards for things like haircuts and clothes, auto expenses, etc. Might help. I hate pulling money out of my savings account. OH, that's another thing. Before I even get my paycheck I automatically have $50 taken out. Out of sight, out of mind. It goes to my Emigrant Account.

 

[smiller]

Here's a couple odds & ends from my budget:

I deposit paycheck and other income into checking account.

Tithe, mortgage, assessment, electric, gas, student loan, CC debt, are paid out once a month either automatically from checking or by me scheduling a payment online.

Comcast, Netflix, World Vision are charged to the Disney Visa and paid in full each month.

$xx each month goes automatically from checking to ING for sporadic expenses: medical, CSA, year-end donations, Christmas, household (insurance, repairs).

$xx each week goes automatically from checking to ING for travel (very important!) and emergency savings.

When I pay one of these expenses or pay for traveling, I put it on the Disney Visa and then transfer the money from ING back to checking to pay off the card.

I take out $xxx in cash for all my other monthly expenses: groceries, going out, eating out, clothes, work stuff, seamstress/cobbler, toiletries, cleaning supplies, gifts, you name it.

So while it's a lot of money going back and forth, most of it is automatic or I can schedule all the payments on one day, so it's not too much of a hassle.

I try to keep my gas/electric down, but really the only expenses I have much control over are paid in cash each month. I, too, participate in No Buy and it really helps me be accountable for what I'm spending my money on.

I used to keep the cash in separate envelopes, but once I got the hang of how I spend my money, it was easier to simply lump it all together. I do keep some of it in my room at home instead of carrying too much cash around at the beginning of the month.

I love budgeting!