I've been hard on myself lately because I'm not saving as much as I want and don't have as much fun money as I want. I'm not living like a hermit, but I am making budget-wise choices rather than interest-based choices. I have been able to put away some money for true expenses, but of course I'm always telling myself that it "should" be more. This video reminded me that my goal right now is to pay down my debt. Once I do that, I can redirect my goals. I'm choosing to be debt-free, and if I want to, I can choose other priorities. Thanks!
Thinking about what I want to spend MORE on has been the most powerful money exercise I've ever done! Thanks so much - I'm trying to get my head using YNAB and just improving my financial habits/mindset overall, and this was so helpful.
I would really love to see a YNAB video about the correlation between loneliness and spending - and maybe alternatives to lonely spending that would help build our targets ❤
I actually have been doing this to get out of debt, I realized I would rather have less"spending" money now and be really aggressive with paying it down so I don't have it looming over me. I want the freedom of no debt so I can fun spend more in the future.
So good!! Rlly love this. Very similar to Ramit Sethi’s ideas of ‘living a rich life now’ - spend more on what you love and save on what means less. Thanks for this video!!!
The laser eye example is poor. 95% chance of permanent cure does NOT imply 5% chance of total blindness, because if the surgeon just says "95% chance of success" it's not stated what failure means. It might result in anything less favourable than permanent cure, such as partial or temporary cure, or no change at all. "95% success BUT failure blinds you permanently" needs to be explicitly stated.
Finally, someone said it!! I don't want to take away my fun and joy, the opposite actually, I want to embrace them!! On a different note, here's a feature target the YNAB team needs to add... The weekly savings builder!!! That will be a game changer because using the "weekly - needed for spending" target is ok but it makes me want to create more unwanted categories just to dump money from one category to another!!!
Great video! Love the ideas. Could you do another that really nails home what you mean by reframing it the right way? So that it feels like a loss? What does that look like in our day to day? Is it that, I want two things, but wanting the second one creates a loss from the other? Thanks again for the great videos!
Budgeting is more like having two pizzas. We have two friends that are receiving these pizzas and limited topings. One friend is used to getting the pizza, the other is new in the "budget". Now we have to choose. Where do we say yes, where do we say no.
SAME. The house could REALLY use new siding, but I haven't been back to the Pacific Northwest since 2017. THIS KANSAS BOY MISSES THE MOUNTAINS.😭 - Ben M 🤓
True! But risk aversion apparently has a strong relationship with loss aversion. People tend to be more risk averse when they stand to lose something they already have, but less risk averse when given the option to prevent a loss, like in the coin toss example. In other words, we're bullish when given an opportunity to prevent loss but bearish when we think we stand to lose something, even if those scenarios are basically the same. - Ben M 🤓
Oh please, they just know their worth. I save literally thousands with an app that sees constant improvement. Sometimes you have to pay in order to save.
@@1esk192I’ve just had an *incredibly* expensive week. Like, incredibly Did it without getting into debt Now, YNAB is going to help my get my saving back up again. It will take time but that’s life Worth every single penny
I've been hard on myself lately because I'm not saving as much as I want and don't have as much fun money as I want. I'm not living like a hermit, but I am making budget-wise choices rather than interest-based choices. I have been able to put away some money for true expenses, but of course I'm always telling myself that it "should" be more. This video reminded me that my goal right now is to pay down my debt. Once I do that, I can redirect my goals. I'm choosing to be debt-free, and if I want to, I can choose other priorities. Thanks!
Thinking about what I want to spend MORE on has been the most powerful money exercise I've ever done! Thanks so much - I'm trying to get my head using YNAB and just improving my financial habits/mindset overall, and this was so helpful.
🙌 YAY! 🙌
- Ben M 🤓
I would really love to see a YNAB video about the correlation between loneliness and spending - and maybe alternatives to lonely spending that would help build our targets ❤
Ohhhhhh, I really like that idea. Time to do some digging! 🔍
- Ben M 🎨
@@YNABofficial can’t wait to see what you come up with! ❤️❤️
Before you revealed what “most” people do, I was thinking I’d take the coin flip for getting $0 vs getting $100 👽
I actually have been doing this to get out of debt, I realized I would rather have less"spending" money now and be really aggressive with paying it down so I don't have it looming over me. I want the freedom of no debt so I can fun spend more in the future.
If my doctor gave me 95% odds of success for a procedure I'd be very particular about what happens in that 5% 😆
So good!! Rlly love this. Very similar to Ramit Sethi’s ideas of ‘living a rich life now’ - spend more on what you love and save on what means less. Thanks for this video!!!
Really appreciate your take on the psychological side of budgeting Ben, thanks!
Absolutely! This makes so much sense!
This was great! ^_^
Agree 💯! Great video, Ben!
The laser eye example is poor. 95% chance of permanent cure does NOT imply 5% chance of total blindness, because if the surgeon just says "95% chance of success" it's not stated what failure means. It might result in anything less favourable than permanent cure, such as partial or temporary cure, or no change at all. "95% success BUT failure blinds you permanently" needs to be explicitly stated.
Finally, someone said it!! I don't want to take away my fun and joy, the opposite actually, I want to embrace them!!
On a different note, here's a feature target the YNAB team needs to add... The weekly savings builder!!! That will be a game changer because using the "weekly - needed for spending" target is ok but it makes me want to create more unwanted categories just to dump money from one category to another!!!
Another great video! Thank you😊❤🎉
Great video! Love the ideas. Could you do another that really nails home what you mean by reframing it the right way? So that it feels like a loss? What does that look like in our day to day? Is it that, I want two things, but wanting the second one creates a loss from the other? Thanks again for the great videos!
Loved this video!
Brilliant video!!
Budgeting is more like having two pizzas. We have two friends that are receiving these pizzas and limited topings. One friend is used to getting the pizza, the other is new in the "budget". Now we have to choose. Where do we say yes, where do we say no.
This concept 100% applies to investing (or not) in personal relationships!!!! 🤯🤯🤯
Hmmmm!
- Ben M 🎨
Good points! I really want to pay down more debt (the house) and go on more vacations! Ha! Ha! I am split over this!
SAME. The house could REALLY use new siding, but I haven't been back to the Pacific Northwest since 2017. THIS KANSAS BOY MISSES THE MOUNTAINS.😭
- Ben M 🤓
Simply , spend on things you need , don't spend on things you want.
Why not spend on things you want?
- Ben M 🤓
@@YNABofficial because you need to eat wasn't the same as you want to eat. Specially mid night snack.
Interesting psychological paradigms
I really enjoy these basic budgeting YNAB videos but this one was completely nonsensical until 3/4's of the way through
bruh risk aversion is not loss aversion…
True! But risk aversion apparently has a strong relationship with loss aversion.
People tend to be more risk averse when they stand to lose something they already have, but less risk averse when given the option to prevent a loss, like in the coin toss example.
In other words, we're bullish when given an opportunity to prevent loss but bearish when we think we stand to lose something, even if those scenarios are basically the same.
- Ben M 🤓
"Stop trying to spend less" 🤓 lower your prices dorks ynab is a joke now
Oh please, they just know their worth. I save literally thousands with an app that sees constant improvement. Sometimes you have to pay in order to save.
@@1esk192I’ve just had an *incredibly* expensive week. Like, incredibly
Did it without getting into debt
Now, YNAB is going to help my get my saving back up again. It will take time but that’s life
Worth every single penny