Kind of YNAB win for me ? After watching Hannah's video on the 100 envelopes challenge I started the 50 envelopes challenge on YNAB, not really knowing what to do with the money, just for the fun of shaving some cents here and there. On a whim it was decided earlier this month that my family and I would take a 3 days trip to London next month and while my brother and mother are trying to cut down their expenses to save for the trip, I already have 333€ saved up that I could use to pay for my train ticket and my part of the hotel !
Awesome! I just started the 100 envelope challenge last month after watching Hannah's video. And then yesterday my husband brought out the change jar when he was cleaning out a room and I was like oh yeah I was going to use change to start the 5 cent challenge. So now this month I started that. I'm not sure how that one will go at the end because it gets into saving $400-500 each in the last 4 months and that seems intimidating; it might be my mistake because I totaled how much I need to save each month and added those numbers as monthly goals. I like the 100 envelope challenge more because it's weekly numbers and I'm hiding the categories when I'm done so I'm not aware of what I've saved. I've been using a random number generator online and have been doing 3-5 virtual envelopes each week when the numbers that are picked are lower in the range. My hope is later on when all that's left are the higher numbers that I'll only need to do one envelope each week because I've tackled so many envelopes early on, or I can finish the challenge early. Whether I make it to the end or need to use it before the end of the challenges... we'll see =)
This vid is perfect timing for me. Paid off all my debt ($96k in 4 years, but was anti-climatic when it happened!) and I’ll be aging my money to get three months ahead. But then what? I mean, there’s other boring priorities, but I’m looking for something to get excited about. Glad I’m not alone, fellow budget nerds. :)
I remember watching this when it came out when I first started YNAB, and I couldn't imagine budgeting being boring. But, now coming back to it after paying off my debt and not really knowing/feeling what goal to have beyond giving more to retirement. It was super helpful to come back to!
Just had our 2-yr anniversary w/ YNAB! Within 6 months our cash/debt net worth became positive paying off over $15k of cc debt and back taxes to the IRS. Switching to YNAB also encouraged me to make those annoying calls and get our car and home insurance reduced. Last year we had a major house repair and although it wasn't budgeted, we were able to reprioritize the budget. It was a little painful to feel like we were starting over again, except there was no debt and this year we've surpassed the savings accumulated last year at this time. We've also been able to make small shifts like paying our HOA dues annually and saving on the fee to split up the payment. We have over 60 days in age of money or buffering (whichever statistic fits your fancy). All these things add up to calm feelings around money so while you're right it might feel anticlimactic to reach goals, at the same time I think that's how it is supposed to feel; I would NEVER want to go back to the days of money anxiety. YNAB gives you options on what to do with your money. Rolling with the punches has given us so much freedom to figure out the right path for us and keep going. Also Ben and Ernie, love your videos! Was watching your 2-yr anniversary one and thought no way have I watched all your videos. But when I looked at the watch history I found I had in fact watched them all. I was a little sad I hadn't missed a few in there =) Thanks guys!
You are sooooo right, CJ-I'd take boring over anxious ANY day! Thanks for sharing those awesome wins, and thanks for all your support over the past couple years! ~Ernie
I just had a major change - bought a house. So, my budgeting goals have changed from savings mode and building wealth, to paying off this mortgage and managing cash flow to handle the mortgage and other household expenses.
My first ynab win is starting ynab! I am only 3 weeks in and already seeing benefits. There was a lot of waste before I started and I already have more breathing room. Yes!
My YNAB win: I have recently been promoted and will be moving to Europe from Canada. In order to do so, I'll have to sell my place of residence. I've been so disciplined with my YNABing (yes, I've made it a verb now) that I won't need ANY of the equity I will make to get me to Europe. I'll be able to put the entire profit into my investments, move to Europe, and live the first few months without fear. Thank you YNAB and team, I can't wait to "Start Fresh" and change my currency to euros
I'm still in debt pay off so I have that motivation. Tracking net worth and budgeting other goals is still motivating. I can't wait to actually decorate my home. We've lived here 8 years and my decor taste changed since we got married 14 years ago. I'm new to YNAB this year and it's still pretty awesome to cash flow various expenses like pretty big car maintenance that we put off for years due to debt. I'm still amazed at my progress. But I understand intensity varies
I'll add this-while my intensity has had its ups and downs, the excitement of cash flowing various expenses like you mentioned has never gone away (and I anticipate it never will!). Happy budgeting, Melanie! ~Ernie
@@YNABofficial Net-worth tracking isn't fun this year. Lol. Also we've been through business closing during the pandemic leading to bankruptcy and very close to divorce. We didn't have a budget and weren't on the same page bringing us back into debt. YNAB worked almost instantaneously for me. I do most of the "budget" but we both decide on our goals and make a plan. We have a debt pay off plan, can celebrate holidays/birthdays without fear or guilt and actually live life. I'm so thankful for YNAB!
Over the past two months, I bought a house, moved (obviously), consolidated households (and budgets) with my partner, and weathered some unexpected happenings (like an ER vet visit that turned out okay, but was scary and very expensive…). I made it through with minimal financial stress, thanks to YNAB. It was such a relief to be able to focus my attention and energy on making a successful transition, and not spend it worrying about money. Have been, am, and always will be a YNAB super fan (and super nerd)!
There's always been that unwritten rule about not having a category for just "savings" because you should know what that money is being saved up to achieve - but this is where that shines, your big monolith is just to grow that category, then you can use it to improve your bathroom or kitchen or basement or whatever later. You don't need to know you want a new bathroom 5 years in advance
Oh, that's a good point, Ian! New hobbies really do help us zero in on the budget so we have more money for them. Completely overlooked that-thanks for sharing. ~Ernie
You need to do a deep dive into Mark Butler's article, "Can I afford this?" It would be interesting to hear your personal insights about decisioning a purchase and your personal evolution surrounding this matter. It seems to be at the heart of successful budgeting.
When I started back in YNAB 4 days I definitely ran it verbatim to the old system. Today though I have it extremely fine tuned. Instead of just having a 3-6 month emergency fund category I keep 3-6 months of expenses in each category that aren’t savings goals and then I can move money if need be. I think it makes it easier to get used to the idea of not being so rigid with their budget.
Had a YNAB subscription for years and never used it! Recently had a baby and finances were adding so much stress, not knowing exactly where money was going. I had been a chronic user of the 'credit card float', even though I didn't know that was what I was doing. So...I used some of the parental leave time off to finally get a YNAB budget built out. It's been two months, I'm no longer doing the credit card float, my credit score has jumped 90 points. I've changed the way I think about the credit card. Even though I technically have cash to pay it off in full, I'm instead reserving some of that cash for those non-monthly expenses (including that YNAB subscription, which is finally getting its moneys worth ), and plan to pay it off over a few months and prevent myself from building any further CC debt. The cherry on top, I got around a $500 refund on hospital expenses from that baby back to my credit card. I may not have even noticed that refund in the 'before times'. My reaction.... "This will put me ahead on my planned pay down by 2 or 3 months!"
Hi guys, great episode as always, although it doesn't currently apply to us 😊 we bought a house recently and I'm thankful for having YNAB every day! I don't know, how people do it without it! At first we were saving this big chunk of money for the down payment. At every moment I knew precisely, that if I had to transfer the money right now, I would still have enough for everything else in my life. Currently the house is being built and we get to make all the decisions with additional electric or water works etc and we have to buy a kitchen as well. Obviously one has to pay extra for every single socket that isn't in the original plans. So I have a category group Our House and category for every item (kitchen, electric, floors, terrace, blinds, moving costs...) We have about until spring 23 to fill them up and so far we're on track even though we have to set aside a couple thousand every month (#DINK) 😊 So thank you, YNAB, without you and the method, this wouldn't have been possible! Happy budgeting everybody 😊
YNAB WIN - this episode inspired me to update some of my category targets! I will be unemployed for 2 months in December, and wanted to prioritize saving up more for that. Being a full time student, working full time (plus some side hustles) and owning a home and some pets can be a lot for one person to handle! YNAB helps me feel more in control of my spending and where my money goes. Love it!
I let the auto maint grow every month. If at some point I decide it is new car time then that accumulated money goes toward the new car. Sooner or later that is going to happen.
My YNAB win is all about communication. My partner and I have very different money management styles and money habits, and YNAB was the first budget that allowed us to get on the same page. Setting up and running a YNAB budget together allowed us to finally see growth for our goals and get serious about naming and honoring our priorities.
Whoa-YNAB was the first budget that worked for you and your partner? I'd LOVE to hear more about that! And continued happy budgeting to you both! ~Ernie
I've been using YNAB for a long time now. My budget is pretty stable but I often have to move money from savings categories to cover overspending. Mainly, I've been having trouble with checking my budget BEFORE I spent. My budget is almost completely reactionary, which is not great. How do I transition from just tracking my spending to true budgeting?
What about some sort of note to yourself reminding you to check the budget? Maybe put it on your monitor, credit card, or the steering wheel of your vehicle. The reason I think it's so crucial to check the budget before you spend is because it gives you that split second to think through how important this purchase actually is. And you can see the tradeoffs, too-"If I buy this, then I can't buy that." Hope that helps! ~Ernie
It's removing all the money from your categories to see if there's anything different you would do with it. Jesse talks about it more here soundcloud.com/iynab/budget-burndown-revisited-how ~Ernie
Under Auto-Assign, when you've psyched yourself up enough, click Reset Available Amounts and Reset Assigned amounts, and ALL of your money will magically move up to Ready to Assign. It is a wild feeling, but I did it in January after realizing it was my 10-year YNABiversary. I really wanted to "burn down" the budget without losing past data and shake things up. Going to do it every January from now on!!! So fun, and really makes you ask "what do I really need/want to do with this big bag of money I am holding right now?" PS. DO IT, ERNIE!
Kind of YNAB win for me ? After watching Hannah's video on the 100 envelopes challenge I started the 50 envelopes challenge on YNAB, not really knowing what to do with the money, just for the fun of shaving some cents here and there. On a whim it was decided earlier this month that my family and I would take a 3 days trip to London next month and while my brother and mother are trying to cut down their expenses to save for the trip, I already have 333€ saved up that I could use to pay for my train ticket and my part of the hotel !
Awesome! I just started the 100 envelope challenge last month after watching Hannah's video. And then yesterday my husband brought out the change jar when he was cleaning out a room and I was like oh yeah I was going to use change to start the 5 cent challenge. So now this month I started that. I'm not sure how that one will go at the end because it gets into saving $400-500 each in the last 4 months and that seems intimidating; it might be my mistake because I totaled how much I need to save each month and added those numbers as monthly goals. I like the 100 envelope challenge more because it's weekly numbers and I'm hiding the categories when I'm done so I'm not aware of what I've saved. I've been using a random number generator online and have been doing 3-5 virtual envelopes each week when the numbers that are picked are lower in the range. My hope is later on when all that's left are the higher numbers that I'll only need to do one envelope each week because I've tackled so many envelopes early on, or I can finish the challenge early. Whether I make it to the end or need to use it before the end of the challenges... we'll see =)
That's definitely a win-way to go! ~Ernie
Staying true to the YNAB program (4Rs), has allowed me to allocate $200 each month for a friend in need. Merci beacoup tout les monde.
This vid is perfect timing for me. Paid off all my debt ($96k in 4 years, but was anti-climatic when it happened!) and I’ll be aging my money to get three months ahead. But then what? I mean, there’s other boring priorities, but I’m looking for something to get excited about. Glad I’m not alone, fellow budget nerds. :)
I remember watching this when it came out when I first started YNAB, and I couldn't imagine budgeting being boring. But, now coming back to it after paying off my debt and not really knowing/feeling what goal to have beyond giving more to retirement. It was super helpful to come back to!
Just had our 2-yr anniversary w/ YNAB! Within 6 months our cash/debt net worth became positive paying off over $15k of cc debt and back taxes to the IRS. Switching to YNAB also encouraged me to make those annoying calls and get our car and home insurance reduced. Last year we had a major house repair and although it wasn't budgeted, we were able to reprioritize the budget. It was a little painful to feel like we were starting over again, except there was no debt and this year we've surpassed the savings accumulated last year at this time. We've also been able to make small shifts like paying our HOA dues annually and saving on the fee to split up the payment. We have over 60 days in age of money or buffering (whichever statistic fits your fancy). All these things add up to calm feelings around money so while you're right it might feel anticlimactic to reach goals, at the same time I think that's how it is supposed to feel; I would NEVER want to go back to the days of money anxiety. YNAB gives you options on what to do with your money. Rolling with the punches has given us so much freedom to figure out the right path for us and keep going. Also Ben and Ernie, love your videos! Was watching your 2-yr anniversary one and thought no way have I watched all your videos. But when I looked at the watch history I found I had in fact watched them all. I was a little sad I hadn't missed a few in there =) Thanks guys!
You are sooooo right, CJ-I'd take boring over anxious ANY day! Thanks for sharing those awesome wins, and thanks for all your support over the past couple years! ~Ernie
I just had a major change - bought a house. So, my budgeting goals have changed from savings mode and building wealth, to paying off this mortgage and managing cash flow to handle the mortgage and other household expenses.
Congrats on the new house, Ron! ~Ernie
My first ynab win is starting ynab!
I am only 3 weeks in and already seeing benefits. There was a lot of waste before I started and I already have more breathing room. Yes!
My YNAB win: I have recently been promoted and will be moving to Europe from Canada. In order to do so, I'll have to sell my place of residence. I've been so disciplined with my YNABing (yes, I've made it a verb now) that I won't need ANY of the equity I will make to get me to Europe. I'll be able to put the entire profit into my investments, move to Europe, and live the first few months without fear. Thank you YNAB and team, I can't wait to "Start Fresh" and change my currency to euros
I'm still in debt pay off so I have that motivation. Tracking net worth and budgeting other goals is still motivating. I can't wait to actually decorate my home. We've lived here 8 years and my decor taste changed since we got married 14 years ago. I'm new to YNAB this year and it's still pretty awesome to cash flow various expenses like pretty big car maintenance that we put off for years due to debt. I'm still amazed at my progress. But I understand intensity varies
I'll add this-while my intensity has had its ups and downs, the excitement of cash flowing various expenses like you mentioned has never gone away (and I anticipate it never will!). Happy budgeting, Melanie! ~Ernie
@@YNABofficial Net-worth tracking isn't fun this year. Lol. Also we've been through business closing during the pandemic leading to bankruptcy and very close to divorce. We didn't have a budget and weren't on the same page bringing us back into debt. YNAB worked almost instantaneously for me. I do most of the "budget" but we both decide on our goals and make a plan. We have a debt pay off plan, can celebrate holidays/birthdays without fear or guilt and actually live life. I'm so thankful for YNAB!
Over the past two months, I bought a house, moved (obviously), consolidated households (and budgets) with my partner, and weathered some unexpected happenings (like an ER vet visit that turned out okay, but was scary and very expensive…). I made it through with minimal financial stress, thanks to YNAB. It was such a relief to be able to focus my attention and energy on making a successful transition, and not spend it worrying about money. Have been, am, and always will be a YNAB super fan (and super nerd)!
Wow, that's a lot-way to go! And glad the ER vet visit turned out to be ok! ~Ernie
I’m def going to try a Clarity break for my work!! Thanks for the suggestion & explanation, guys!
Let us know how it goes! ~Ernie
This was the nerdiest episode yet! I love it!
There's always been that unwritten rule about not having a category for just "savings" because you should know what that money is being saved up to achieve - but this is where that shines, your big monolith is just to grow that category, then you can use it to improve your bathroom or kitchen or basement or whatever later. You don't need to know you want a new bathroom 5 years in advance
to Ernie's point: i've found another hobby- film photography. and it isn't cheap, so budgeting has become fun again! 😃😂
Oh, that's a good point, Ian! New hobbies really do help us zero in on the budget so we have more money for them. Completely overlooked that-thanks for sharing. ~Ernie
You need to do a deep dive into Mark Butler's article, "Can I afford this?" It would be interesting to hear your personal insights about decisioning a purchase and your personal evolution surrounding this matter. It seems to be at the heart of successful budgeting.
When I started back in YNAB 4 days I definitely ran it verbatim to the old system. Today though I have it extremely fine tuned. Instead of just having a 3-6 month emergency fund category I keep 3-6 months of expenses in each category that aren’t savings goals and then I can move money if need be. I think it makes it easier to get used to the idea of not being so rigid with their budget.
Had a YNAB subscription for years and never used it! Recently had a baby and finances were adding so much stress, not knowing exactly where money was going. I had been a chronic user of the 'credit card float', even though I didn't know that was what I was doing.
So...I used some of the parental leave time off to finally get a YNAB budget built out.
It's been two months, I'm no longer doing the credit card float, my credit score has jumped 90 points. I've changed the way I think about the credit card. Even though I technically have cash to pay it off in full, I'm instead reserving some of that cash for those non-monthly expenses (including that YNAB subscription, which is finally getting its moneys worth ), and plan to pay it off over a few months and prevent myself from building any further CC debt.
The cherry on top, I got around a $500 refund on hospital expenses from that baby back to my credit card. I may not have even noticed that refund in the 'before times'. My reaction.... "This will put me ahead on my planned pay down by 2 or 3 months!"
Hi guys, great episode as always, although it doesn't currently apply to us 😊 we bought a house recently and I'm thankful for having YNAB every day! I don't know, how people do it without it! At first we were saving this big chunk of money for the down payment. At every moment I knew precisely, that if I had to transfer the money right now, I would still have enough for everything else in my life. Currently the house is being built and we get to make all the decisions with additional electric or water works etc and we have to buy a kitchen as well. Obviously one has to pay extra for every single socket that isn't in the original plans. So I have a category group Our House and category for every item (kitchen, electric, floors, terrace, blinds, moving costs...) We have about until spring 23 to fill them up and so far we're on track even though we have to set aside a couple thousand every month (#DINK) 😊 So thank you, YNAB, without you and the method, this wouldn't have been possible! Happy budgeting everybody 😊
YNAB WIN - this episode inspired me to update some of my category targets! I will be unemployed for 2 months in December, and wanted to prioritize saving up more for that. Being a full time student, working full time (plus some side hustles) and owning a home and some pets can be a lot for one person to handle! YNAB helps me feel more in control of my spending and where my money goes. Love it!
Oh my gosh, you have a lot on your plate, but you’re handling it! Way to go!
I echo Dawn! Sounds like you're doing a great job handling everything-that's awesome! ~Ernie
I let the auto maint grow every month. If at some point I decide it is new car time then that accumulated money goes toward the new car. Sooner or later that is going to happen.
My YNAB win is all about communication. My partner and I have very different money management styles and money habits, and YNAB was the first budget that allowed us to get on the same page. Setting up and running a YNAB budget together allowed us to finally see growth for our goals and get serious about naming and honoring our priorities.
Whoa-YNAB was the first budget that worked for you and your partner? I'd LOVE to hear more about that! And continued happy budgeting to you both! ~Ernie
I've been using YNAB for a long time now. My budget is pretty stable but I often have to move money from savings categories to cover overspending. Mainly, I've been having trouble with checking my budget BEFORE I spent. My budget is almost completely reactionary, which is not great. How do I transition from just tracking my spending to true budgeting?
What about some sort of note to yourself reminding you to check the budget? Maybe put it on your monitor, credit card, or the steering wheel of your vehicle. The reason I think it's so crucial to check the budget before you spend is because it gives you that split second to think through how important this purchase actually is. And you can see the tradeoffs, too-"If I buy this, then I can't buy that." Hope that helps! ~Ernie
I can't even fathom paying off a house in 3 years where I live in Maryland.
What is a budget burn down? I'm very intrigued, what video was this discussed in?
It's removing all the money from your categories to see if there's anything different you would do with it. Jesse talks about it more here soundcloud.com/iynab/budget-burndown-revisited-how ~Ernie
Under Auto-Assign, when you've psyched yourself up enough, click Reset Available Amounts and Reset Assigned amounts, and ALL of your money will magically move up to Ready to Assign. It is a wild feeling, but I did it in January after realizing it was my 10-year YNABiversary. I really wanted to "burn down" the budget without losing past data and shake things up. Going to do it every January from now on!!! So fun, and really makes you ask "what do I really need/want to do with this big bag of money I am holding right now?" PS. DO IT, ERNIE!
Thank you guys 💟
Wish I lived near you. I wouldn't have minded babysitting.