YNAB End Of Month - Reconciling, Overspending & Rollovers
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- เผยแพร่เมื่อ 26 มิ.ย. 2024
- Here are the 4 things you need to do at the end of each month in YNAB to save time and set up your budget for next month.
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What should you do to prepare for the next month in YNAB? Should you cover overspending? Reconcile your accounts? Rollover money in your categories or move it somewhere else? That's precisely what I cover in this video: The 4 things you need to do at the end of each month in YNAB.
Quick Jump Sections
0:40 Step 1: Reconcile your accounts
4:19 Step 2: Deal with overspending
8:32 Step 3: What to do with leftover money
12:16 Step 4: Budget as far as you can into next month
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You have hands down, the best YNAB tutorials. I don't actually use YNAB, but I still love watching your videos about it. I will eventually have to try it out thanks to you!
haha, thanks Rachael! I super appreciate that. Yes, you should definitely try it out one of these days! :)
Appreciate you taking the time to watch as always!
Fantastic videos, Nick. Thank you so much for sharing all your knowledge and experiences using YNAB. Switched last month from Quicken after using it for about a decade. Have used your videos (some of them multiple times) to help with the transition. Very well laid out, clear, and easy to understand! Greatly appreciated.
thank you for this!! I was about to give up on this but you finally explained how the credit cards work, and it makes so much sense now!!! Can't wait to get serious with this!!
Thank you for this video again. Simple and so easy to fallow. You really make the experience more easy and I now enjoy to budget. Thank you :)
Super helpful as always. You seem to have a video for all my YNAB needs and questions! Thanks Nick
I watched a different video of yours about how it can take a few tries to get used to YNAB, and how it’s not intuitive for some and it really made sense and made me not feel like a slacker. I realize now that I just didn’t understand it. After quite a few videos later, and a friend that walked me through it, I “get it,” set it all up and am really excited about it. Thanks!!
Thank you for this overview, Nick. I just made my own version of your checklist in my to-do app so it includes little notes for myself specific to my needs and how I'm budgeting.
Just finished my first month in YNAB and am planning for my second - woot!
Thanks for all your incredible templates and guidance.
boom! That's amazing Julia! So glad that it was helpful for you. Pumped you're doing your checklist.
Yet another great video! Thanks Nick!
Checking this out after my 30 day trial is over. Decided to fully implement YNAB into my life and was struggling with this exact topic. YNAB should put this video in their trial customers’ 30 day email. Was so helpful! Thanks Nick. 🎉
This was driving me crazy and you explained perfectly. I am nerdy so prefer method 3 you discussed. May need to rewatch though. Thanks!
I reconcile my accounts frequently throughout the month to be sure my accounts are spot on and then I can filter those out. I am just very OCD about that and hate when my accounts ever get off.
I also used the old YNAB for years and quit when they went to the new software as a service as everyone is doing about three years ago, but finally decided to go back. Like your videos and this other person's as well since I am a bit rusty and some things are new.
Last day of November, 2021, and It's the end of my first month back to YNAB after a 5-year break. Thanks for this video!
I had an instance the other day where YNAB did import and clear a transaction that had not actually cleared yet, and it confused the hell out of me. I finally got it straightened out with the help of one of your extremely helpful support staff.
I love YNAB! Great video thank you.
So much great info in all your YNAB tutorials. This is the reason that I am able to actually stick with YNAB and I feel that I've got the hang of it now, after using it for around two months.
Hey thanks Thomas! So glad that the videos have been helpful for you. Really appreciate the comment and glad you're able to stick with YNAB!
The YNAB GOAT Thank you!!!!!
Glad I found your channel, I am all about the chill no frill video to learn things, good thing that I can slow down playback speed! Talk as fast as you want, I have 4 slower speeds levels to choose from. So far, .75 and I can actually process your explanations. And I pretend this is a college class and I sit like I am in a lecture hall with pencil and note pad and I take notes! Your info is golden!
THANK YOU for taking the time to do these videos.
Love it. I actually do roll over giving for certain categories because I am planning a big graduation gift for my PT cohort (in about a year) so I want to build it up! So it's not always a bad thing haha. My biggest problem is deciding what to roll and what to zero into each month. I actually put a /z or /r next to the category name to help me quickly get through it, but still hard call sometimes
ahhhh, that makes sense! Also, I love that you put a /z or /r to remind you whether or not to roll over. That's super smart. Love that. I may have to do that myself :)
Your videos are super helpful for me just getting started with YNAB Thank You so much! I must be a slow learner or a slow listener because I have to slow you down to 75% speed to sound normal to me LOL! I just can’t keep up. I'm 63 and I'll admit I don’t learn as fast as I used to; so youngins probably hear you fine 👍😄
haha, well I'm glad you're finding them helpful even if they are fast! It's definitely nice that TH-cam lets you slow stuff down or speed stuff up. I admit, I can talk fast.
Appreciate you watching!
Frothy Monkey is awesome! Great video, I've been getting a lot out of your YNAB vids, and helped me get started in it and budgeting in general. Thanks mate!
Cool! You've been to frothy? That's awesome.
And glad to hear that the YNAB videos have been helpful for you!
As someone who works in accounts, I absolutely love this!!
Well cool! Glad you liked it Kendal!
Been using ynab for a year and liking it a lot thanks to your videos. Definitely prefer how ynab deals with credit cards.
Great video as always! Keep em coming!
Thanks Carli! I appreciate you watching and commenting! It means a ton.
Hey Nick! always glad to see a new video from you.
Hey Kari!
I know, we got off the rails the past few weeks. But we're back now and ready to rock n roll! Hope to see more of you soon! :)
This is exactly what I was looking for. Thank you
No problem Shane! Glad it helped.
Great topic as always! For my personal end-of-month checklist I also do these: downloaded any documents (pay stubs, EOB's, bank/investment statements, etc.), create a monthly income vs expense report (balance sheet) from the YNAB Toolkit, post my referral code in social media.
Love this Trevor! That's a great monthly routine. Glad you're utilizing the Toolkit for YNAB as well. It's awesome and adds a lot of great features. Thanks for watching!
thanks Nick! glad i found this video yesterday. I am all good to go for March now.
Boom! Great job Dan,
Thanks for your great videos. They're extremely helpful!
Thank you so much for watching Elizabeth! I'm really glad that you've found them helpful. That means a ton :)
Your video's are keeping me going. I am spending so much time trying to figure out how this all works. Just watched your credit card video.. I might finally get it. The next biggest hurdles is reconciling my checking account and figuring out how to get cash into my wallet and how to document the input and output. Thanks for your videos, keep them coming.
Thanks carol! So glad that the videos have been helpful for you. I really appreciate the comments. It means a ton to hear when folks get something out of it :)
THANK YOU!!! THANK YOU!!!! Your videos are so helpful!!!
So glad to hear it Rebecca! :)
Thank you for helping me set up my YNAB budget. I have tried EveryDollar and Mint. In the short 21 days I have used YNAB, I'm sold! Their emails were helpful, but not nearly as helpful as your videos. I'll be subscribing to your videos. I kinda agree with what you have to say about being FREE versus getting to FIRE, BTW. Thanks again!
Keep on making videos, these are awesome as always!
Thanks David! Really appreciate that man. Glad that you're still finding them helpful!
I grew up in Aiken. It was surprising to see the transactions from stores that I know. Thanks for the smile you gave me.
Oh that's so cool! We love Aiken and try to go back every now and again. It turned out to be such an amazing small town. So cool to see you here :)
I grew up in Aiken as well. Aiken High 1962 graduate.
Thank you SO MUCH for explaining things so well and making YNAB less scary and more approachable! Do you have a video on how to reconcile when things don’t add up?
Hey Isabelle! Yes, we do now :)
th-cam.com/video/scCFWu8-RmI/w-d-xo.html
Wow Nick! This video was incredibly helpful! I love that you use real world examples and also provide the mindset behind every step. Explaining the mindset was particularly beneficial. Having a 'non-Christmas Gifts' budget - Brilliant! Soon as I saw it I added it to my budget. Out of all of the YNAB videos I have watched this has been thee best! Can't wait to see your other videos! Appreciate you taking the time and effort to produce and post them. Absolutely flawless production of a tutorial! Excellent work! A+ Thank you!
Hey thanks! So so glad it was helpful for you. I really appreciate you taking the time to comment. That means a ton!
Reach out if there's ever anything I can do to help,
Nick
I am super new to YNAB & have created a GIFTS group with categories for each person I buy a gift for and a target amount for their gift with the date of the first day of their birth month (or Dec 1 for their Christmas gift). I love knowing that each person's gift money is set aside and it's literally a few dollars a week to build up a nice little sum!
Very informative and useful. Thanks, Nick!
Absolutely! So glad that it was helpful for you :)
Good luck YNABing!
Looove your videos! 🙌 Thank you!
Thanks Kate! I'm so glad that you're enjoying them! Thanks for commenting and letting me know :)
This was incredibly useful! Thanks , Nick!!
No problem, thanks Laura! :)
Thank you again! I didn't know the trick of clicking at the underfunded at 13:00!
:) Glad you learned something new!
I thought I knew most of what there was to know with YNAB. Over 75% of those tips were new and I will be implementing. Thank you for the great video!
Awesome Chris! SO glad I could teach you something new today. Thanks so much for watching and commenting!
You are a very good tutor Nick. Love these videos
Thanks so much Toni! Appreciate it :)
How fun to see Clemson as a top spend. Graduated in 2011. Thanks for the video!
Thank you so much!
I recently found YNAB, and was really interested in the concept - for the first time budgeting wasn't just a chore, it made sense! But SEEING it done is so helpful, and I've found all of your tutorials to be just what I needed. Thank you so much for sharing - you've made it possible for us to go from a concept to reality, and a budget that actually works to fund our life. I appreciate your time and the sharing of your ideas and advice!
Awesome Carolyn!! So glad to hear that these videos have been what you needed. Thanks so much for taking the time to comment and let me know! Good luck YNABing!
@@mappedoutmoney Thanks so much! I've still got many videos to see yet, so thank you for the library to pull from!
@@carolynmadvig4705 haha, well let me know if there's anything I can help with along the way!
Loving your videos! And, this might sound strange, but I saw your ESSO Club transaction... You're in my old stomping grounds - grew up in Seneca. :) Go Tigers!
haha, that's awesome!! We were there visiting some friends of ours. It was our first time, and the food was fantastic :) Cool that it's a small little world. Thanks for watching Kellie!
ballin on a budget!!
haha, you know it! Budgets are the best :)
This is great! Thanks!
Absolutely Joseph! Thank you for watching!
thank you! super helpful.
No problem! Super glad that it was helpful for you.
Super helpful. Really looking forward to your upcoming tutorial on reconciling accounts!
Thanks Rebecca! Glad to hear that was helpful. Hoping to get the reconciling video out soon!
Just to add to the echo chamber request for the reconciling video ;) Your tutorials got me on ynab and we can't go back. Thank you!
Just released it! th-cam.com/video/scCFWu8-RmI/w-d-xo.html
Hope this helps :)
Great video
Thanks Jeff!
I recently cancelled my YNAB sub renewal (still have like 9 months remaining) out of frustration. And you pretty much cleared up my frustration with the video. I find it crazy that they do not have some of these basics tasks detailed in one of the many guides they have... Trust me, I have watched so many of their official ones.
I think I will be moving on from this app after this year though, even with you being so helpful. I can't fathom paying for a software that kind of leaves out some of the basic info in their tutorials. It wasn't just reconciling either, there have been other issues. But it was reaching a point where I had to fudge numbers to have things reconcile and I hated that because I wouldn't have proper data... And to me that is the best part of these applications. Seeing all of your spending habits. Probably not the best app for me. But as always, thank you for helping us out!
I get it, man! I hate to hear that, but I definitely understand. YNAB, in general, isn't for everyone and there are lots of systems that work.
There are some gaps in their tutorials (which honestly, I'm selfishly grateful for :))
They have a TON of great info, but I've found that sometimes people better understand things when said from a true user perspective. So I'm glad my videos have helped, even if you don't stick with it.
Ultimately, you gotta do what works for you. No hard feelings about that!
Good luck, and let me know if there's ever anything I can help you with. YNAB or otherwise.
You were in Clemson! I live just down the road (and graduated from there in 2007)
No way! Small world. Yes we have some friends in Clemson :)
you deserve MORE SUBS
Loved the video. Would like to see a video on credit cards, with slower examples. I also would like to see a follow along tutorial....like play in the sand box with me. Great job.
Good ideas Gregory, appreciate the feedback and suggestions!
Very helpful!
Great! So glad that it was helpful for you :) Thanks for taking the time to watch and comment!
A little late to the party but I really appreciate these videos, they helped me get started quickly and easily with YNAB. It's a confusing program, for sure, but considering that my income is highly variable (I bartend) I'm more than happy with YNAB's approach to budgeting. Thanks again!
Awesome Titus! Super glad to hear that it was helpful for you. Thanks for taking the time to leave a comment and good luck YNABing!
@@mappedoutmoney Thank you for explaining the program so well! Happy New Year Nick and keep doing what you're doing man!
Titus Gray happy new year to you as well!
Great video as usual Nick.
It would be great to update this video with the new Fall 2019 goal types.
Hey Dave! Thanks man. I did a updated goals video a couple months ago, so be sure to check that one out if you haven't!
Saw that one. I find myself referencing the flow chart every time I look at my goals.
I have just started YNAB, and don't think I could have done it without your videos. Thank you! I have always budgeted using pen and paper so I really like having an app as well as computer access. I also have used Quicken for years. I am seeing that I may not need Quicken anymore. I am doing the same thing to both sites. Thoughts?
thanks!
No problem, glad it helped!
The ESSO Club! My man
i reconcile every saturday.... makes it easier
Love it. Big fan of reconciling weekly!
Agreed! Weekly reconciliation is a must for me.
Love your YNAB videos so far! Do you have one that goes over splitting a income transaction into different categories?
Jackie - I think you always want income transactions to go to "To Be Budgeted" only. Then you just budget to each spending category from there. I may be misunderstanding your question?
OMG, thank you for this video; it clarified a lot of my confusion in this area. I hadn't realized it but I actually use a combination of the Tracking and lazy method. I move money off Budget to the Tracking accounts for long term saving goals, where I don't want to touch the money. And I use the on Budget lazy method for shorter-term quality of life saving goals.
I just recently migrated from YNAB 4 to the online version of YNAB and your videos have been super helpful in making the transition. I don't know why YNAB can't offer training videos like the ones that you have. They should honestly just provide a link to your videos on their website. I have not found their blogposts or their 20 minute online education videos to be as helpful as your videos.
Thanks and keep up the great work!
Thanks so much Mimi! I’m super glad to hear that it was helpful for you. Thanks so much for taking the time to comment and let me know. That means a ton.
Good luck YNABing!
I agree, I don’t get a fraction of the education from YNAB’s sponsored videos as I do from this channel!! So glad I found this! I am a Financial Peace University “grad”, so even though I’m super accustomed to zero dollar budgets this app still has a steep learning curve
Thanks for the informative YNAB tutorial! Watching is helping me set up YNAB to work for me. Do you recommend putting funds for budgeting in a separate savings to avoid thinking there's money available when it has actually been earmarked for future spending? For instance, is your Christmas $ sitting in your checking for the year, but not spent til Dec? I'd love ideas on where to store aging money so it doesn't get dipped into, especially considering joint accounts. Thank you!
love your videos. they help me a lot. how many times do you go on YNAB? should I go on YNAB every week or a couple times a month? I was using mint before so I have that habit of checking my finances every week.
Thanks y'all for watching! :) Download all of my YNAB checklists here: mappedoutmoney.com/ynab-checklist/
Quick Jump Sections
0:40 Step 1: Reconcile your accounts
4:19 Step 2: Deal with overspending
8:32 Step 3: What to do with leftover money
12:16 Step 4: Budget as far as you can into next month
Nick, thank you for your YNAB videos! They helped me greatly! Question for you - My mortgage payment is due on the 1st of the month, but I usually try to pay it at least few days in advance, but that puts my payments in a previous month. What would you recommend I do?
I thought of shifting the payments to the 27th of a previous month and just "pretend" that is my new due date, but I don't really like doing this for reporting reasons. If you have any suggestions, I would really appreciate your help!
Way late comment. Just wanted to leave a tip about your propane costs. I’ve been full time RV’ing for the last 5 years. If you stay at a camp ground that includes your electric in your site cost, pick up a $40 electric space heater. That $40 has saved me HUNDREDS in my propane costs. Thanks for the videos.
I'm glad this is shorter because I don't have the attention span for the 50 minute videos. My problem is this goes so fast I still get lost. I'm about to start month 3 and have screwed my budget up so much.
You are not alone. Keep tryi g
Love this - I'm all set for the end of the month, but I do have a problem/question: Can you share a link to a video that explains the right way for beginners to handle taking money back from a future month to cover something that ended up being underfunded in a current month, or help me find a strategy to prevent me from getting more confused about how ToBeBudgeted is calculated in that situation? You are the only YNAB instructor that says stuff in a way that makes sense and presents concepts quickly and efficiently so I don't lose focus or get anxious about money while I'm trying to learn. Thank you.
More details in case you don't understand what I'm talking about: This is my first month (may). Thanks to your getting started videos I felt like a YNAB rookie champ, and had a budget all set up for my payday on May 17th. I paid all the rest of May's bills with 50% of that weekly paycheck (hooray) then feeling super-cool, I allocated all the extra funds toward June fixed expenses. I even decided to use some extra extra money to cover one really important bill coming up in July. Then a big bill I thought would clear my account June first cleared on May 27th. At first I thought that would be no big deal. Feeling confident, I edited my June line item and savings goal to reflect that the money will actually needed by the 27th of the month so this never happens again going forward. Then I thought all I had to do was move the June First money toToBeBudgeted and update a related May line item that I didn't fund at first because the bill had already been paid. To my horror, May's ToBeBudgeted did not update to reflect this money and the June "to be budgeted" total immediately turned red by the amount I had moved. The only thing that took away the red was something that made me sad, I had to move all the money out of many other funded categories that were all set to go back into To Be Budgeted until it displayed zero and turned green again. Today it's payday again and it's the end of the month so I checked out this video, and I still felt relatively confident - plenty of money to cover fixed expenses coming up in the first week of June, all the checking account transactions are manually recorded (I'm not ready to connect my checking account directly - I want to do this manually for a few paychecks first) my checking account balance is a perfect match, I don't use credit cards, so I have no additional reconciliation to do. A couple of budget line items for May still have a few bucks in them in case I need groceries or cleaning supplies or something this weekend, and if there's any money left I'm fine with a rollover. But when I go to the June budget to keep using my paycheck to funding next month's bills, YNAB doesn't show this to-be-rolled-over money as positive funds that will eventually get rolled over, it shows negative numbers in the budgeted column, and that messes up how much I need to budget for each category with tonight's paycheck. Plus, as I started to cover more June fixed expenses I impulsively decided it would be better to move the few hundred dollars I set aside for July back into June to put toward a truly massive bill coming up on the 8th. I moved the July funds back into To Be Budgeted, and again, these funds didn't show up in the June ToBeBudgeted. But, July *added* the leftover June To Be Budgeted amount (4.20) to itself! I honestly don't know what to do next or why this is happening. I mean, I have obviously learned the lesson after having to do this twice in a week Not To put money into future months unless I don't think I will need it back. But why is it happening, is that even realistic, or am I misunderstanding some important concept or technique I need to know?
Thank you for answering some of the little questions which always bothered me about YNAB...... Do you know why one the last day of the month it automatically moves unbudgeted funds to the next month? That always throws me off. Surely if should do that once the new month has started.
Could you did this process every time you get paid? I get paid twice a month (1st and 15th) so I was just trying to find the best way to manage my budget. Thanks!
Hey! LOVE your series. Quick question regarding reconciling. I followed your video on "reimbursements" where I have my roommate paying for a couple things where I cover most of the expenses. So I have a couple transactions posted to my checking account where they obviously weren't real so they aren't cleared. How do I reconcile these? Should I have posted the inflows to a different account?
Great...though I’m doing this all on my iPad. My computer bit the dust with Windows 10 and so far YNAB is the only thing I miss. Whoops...gotta stop my software subscriptions. Thanks.
haha then yes, your setup will definitely look a bit different. But the core concepts can still apply!
Thank you for watching!
I never realized how much money i was losing track of by not moving overfunding to a different month.
Hi Nick Love your presentation style. Do you enter your transactions daily, weekly of monthly, I'm still not decided if YNAB is for me as basically I'm a lazy person and the thought of spending hours in front of my PC at the end of each month just entering receipts is worrying!
These videos are REALLY improving my life. I appreciate it greatly.
No problem Melas! So glad they're helpful for you
Hello Nick .
This tutorial was great. My wife an I used it to run through initially setting up things.
One question: we spend money on our credit card that we later get refunded from our work. How to do manage this transaction.
Thanks
Hi Nick thanks again for another epic video!! Your videos have really helped me get to grips with YNAB and my finances. Can I ask though what I should if say I pay for groceries with my debit card say on the 25th of the month I then get paid my salary on the 28th so I would reconcile accounts but the groceries haven't actually been debited from my checking account (I they are still pending payment) how do I reconcile the account as YNAB will be more up to date than my actual account?? Cheers again
Thanks so much for this, your videos are so helpful. Question: I did all the steps as suggested, but when I go over to the next month, it has zero to be budgeted and some of the irregular income from the last month shows up in my income category. Any ideas what I'm doing wrong? Thanks so much!
Can you direct me to your video explaining how to enter interest earned at the end of the month as you are closing out and reconciling? Thx.
Your videos really help, thanks Nick. When do you this? The last for the month or the first day of the next month? I assume in this example you are already in April as you have registered income there.
Good question! You could do it either one, but I typically do it on the 1st day of each month since at that point I know for a fact that I'm done spending.
If you do it like on the 31st but then order something on amazon later that night, you'll just need to double-check things. As long as you're done spending money for the month, you're good.
Either way, it's not a big deal, but I just personally tend to wait until the 1st.
Hope that helps!
could you make a video explaining the quick budgeting option?
Hey thanks for the idea! I'll add that to my list. In the meantime, YNAB has some great articles on their website that talk about the quick budget options.
I've found "underfunded" to be the most helpful.
Awesome YNAB tutorials, Nick. Question: Our bank statements close on the 20th of the month. Does YNAB calculate reconciliations based on calendar month or can you set it to reconcile after the 20th (on the 21st)? In other words, we want to reconcile YNAB accounts to match our bank statements ending the 20th, not the 1st of month. Thx.
Looking forward to that reconciling video! What do you do with categories for subscriptions that you have cancelled? When I try to delete, it asks me to move the funds.
haha, me too!
I either right click and select "hide" or I create a category group called "Categories I No Longer Care About" and I drag it down there. I like to do that because then the category will still show up the way I want in the reports.
Hiding works to though and that's what most people do. Either way is great!
Great tips! also, dude your available credit line is enormous 😅
haha, glad you found it helpful! And lol, I actually have a video that shows when I got that credit limit increase! I just called discover and asked :)
th-cam.com/video/Y76J2YAZ7mc/w-d-xo.html
Do you have an updated version for the latest YNAB? I've noticed some stuff has changed in YNAB since this video
Hi Nick - love your videos! This is my first month using YNAB and so far I really like it - but what do I do if I can’t reconcile my account at the end of the month because some transactions have not yet cleared? Thanks!
Hey Michelle! Thanks so much, just wanted to let you know I just released a video about reconciling, so it may be helpful for you: th-cam.com/video/scCFWu8-RmI/w-d-xo.html
Happy YNABing!
Excellent tutorial! I was really worried about leaving that category in yellow to cover the overspending, good to know it’s ok to leave like that.
However, how do you do with the Apple transactions where the purchase is posted around 15 or 20 days after the real purchased date.
Sometimes I even forget I bought an app, and then the notification comes up. Should I leave in YNAB the date of purchased of the date that shows in the bank? (20 days later)
Yup, totally okay! And gosh, Apple is so annoying with that haha. Typically what I do is go ahead and manually enter the transaction right when I purchase it. Even if you sync your accounts and let YNAB pull things in, if you're buying something from Apple, I encourage you to go ahead and manually enter the transaction. Then when YNAB pulls it in, you can actually "clear" it during your reconciling.
I personally leave the date of purchase in YNAB unless I have a good reason for moving it (like it was an expensive app and you need the purchase to show THIS month vs. LAST month or something like that). But honestly, either way is fine.
Hope that helps!
YNAB is still new to me and this is what trips me up. My partner and I bring in roughly $3800 a month and we actually get paid the same two week cycle, so I am budgeting bi-weekly. We always have money leftover in the “to be budgeted” but I worry about giving all my money a job because what if I do need something? I always like to have a buffer in my checking accounts and wouldn’t want to continuously pull from savings if I need to because my savings have a withdrawal limit. So, you’re suggesting that say if I have $300 left on my first paycheck, budget that to the future transactions (like cable and electric which come out the end of the month) just to get to zero. Then if I realize I needed to spend $50 extra, I can take that from the electric and when I get paid again, replace the $50 from my next paycheck. Then, if I have $500 leftover from budgeting, I can put some towards savings and the rest to next month’s bills? That makes me feel a lot better about “getting to zero” because that was making me really nervous.
Also question 2: when it comes to leftovers wanting to accumulate, do you just leave it in there on the budget and it rolls over into the next month automatically?
Question 1: Yes, that's right. It's budgeting down to $0, but for things you know you're going to need in the future. It's not saying woohoo! $300 extra for eating out or whatever. Budget it to Cable, or other bills, and if you need it for something, you can pull it. Eventually, you'll be budgeting into the next month and trying to get a full month ahead :)
Alternatively, what I teach a lot of folks to do is to literally have a buffer if that makes them feel better. Create a single category group and single category called "Just Sit There Buffer." And then budget like $500 there. Then don't touch it unless you really really need it, and if you do touch it, then replace it soon. The idea is that if you say "I don't like to give every dollar a job because I want a $500 buffer" well that is a job. The job is "Just Sit There" so let's make that. Hopefully that makes sense :) I'm a big fan of this.
Question 2: Yes, if you just leave it there in the available category it will roll over next month automatically.
Hope that helps!
Nick True - MappedOutMoney you’re the best. Thank you so incredibly much. I feel so excited for your class! We went to pay off all our debt and start saving to build our dream home within 10 years, so I think your guidance will be a big part of that!
@@Shawna_Bonana Love it Shawna. I'm excited to help you make that happen!
Hey Nick, do you have a video on off budget accounts? I looked and didn’t see one. I have tried watching others but you explain things so well that’s it’s easier to understand.
I started tracking a car balance. So now when I make my monthly car pmt.. am I transferring that pmt from my budget to the off budget debt pmt?
Thanks
Hey there! Unfortunately, I don't have a video specifically on off-budget accounts yet... although it is on my list!
I did do a video on savings where I covered it a bit:th-cam.com/video/tATZ3PhooW0/w-d-xo.html
As for your question, I would actually NOT make a transfer from your checking --> the car balance liability as tracking.
Instead, I would setup your tracking account for the balance, but just create a category called "car loan" inside your debt repayment group. And then when you make a car payment, choose the category for the transaction.
The reason I wouldn't do a transfer is because then you get into needing to track principle vs. interest paid and it gets very confusing.
Instead, when starting out, I would just do what I said above, and then once per month right click on the car loan account and update the balance right there... Then YNAB will add a manual adjustment. In this way you still get to watch the balance go down but save a lot of time and frustration by avoiding the complex transfer situation.
Hope that helps!
Can you go over the desktop version of Ynab. Mine is different than the web version
In reference to your gas example, do you set your budget amount based on the entire years average?
Hi Nick! Thanks for these videos. They are really, really helpful. One quick question, how do you handle bills that you used to pay on a regular basis but now no longer do? Do you delete the bill in your next month's budget, or will that "erase" all that history from the previous month(s)? Or you just hide that bill? Do you ever get to a point where you have to clean up your budget by getting rid of those past bills? I hope this makes sense. Any input on this topic is appreciated!
Hey Shannon! Do you mean transactions or categories? If you mean future scheduled transactions (in the account screen) I delete them and stop recurring scheduled transactions. So If I used to pay for Netflix every month on the 10th, and I cancel my subscription, I will make sure I don't have any netflix transactions hitting the accounts each month going forward.
Now for a category in the budget that I no longer need I do one of two things:
1. Hide them. That means, right click on the category and literally select "hide".
2. Create a category group called "Categories I No Longer Care About" and drag that netflix category down there. I like doing this better than "hiding" them because it allows them to show up better in my reports.
Hope that answers your question!
@@mappedoutmoney It does. Thanks!
@@Unicornsnp Awesome, glad to hear it :)
This was soooo helpful. Than you for making this. I am doing my first end of the month in YNAB today. I have two questions.... 1) What if you missed doing this on the last day of the month? Can you go back on the first of the next month and do this? 2) How did you end up with such a large balance to be budged starting April? Thanks Nick :)
Hey Katelin! Glad it was helpful for you :)
1) Yes, you can absolutely go back and do this for previous months, although you don't HAVE to because YNAB self-corrects. But I think it's a good practice for learning.
2) This is a fake budget in this video, so all the numbers are fake. It's not my real accounts :) I had a fake transaction in my checking account for this example of a paycheck hitting on April 1st.
@@mappedoutmoney Thank you so much :)
How do I take money from this current month to cover last months expenses that are in the red?
This all seems confusing for someone in complete debt with credit cards and monthly expenses. We never have enough and we use Peter to pay Paul by the end of the month.
More excellent info! Thanks!
Hey! So glad that you're continuing to find the videos helpful :) Really appreciate your comments.
Hello! I love your videos on YNAB! I have 2 questions. I reconciled my accounts and all but my to be budgeted says 3144.73 but when I add everything together (excluding my credit card balance) I get a difference of 10 dollars. Shouldn't they be the same? What do I do? I can't figure out why they don't match. :(