#1 Mistake New YNAB Users Make (And How To Fix)
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- เผยแพร่เมื่อ 1 มิ.ย. 2024
- After looking at hundreds of budgets I've identified the number one thing that keeps new YNAB users from sticking with their budget. If you're ready to give up on YNAB, don't quit without watching this video and finding a simple fix that could make all the difference for you.
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Quick Jump Sections
0:00 - #1 Mistake
0:33 - 3 Things To Fix
0:45 - Fix Your Accounts
3:09 - Fix Your Categories
7:50 - Simple One Group Budget
8:40 - Most Simple Budget Ever
9:20 - Fix Your Processes
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Download The Routines Checklists: mappedoutmoney.com/ynab-checklist
Quick Jump Sections
0:00 - #1 Mistake
0:33 - 3 Things To Fix
0:45 - Fix Your Accounts
3:09 - Fix Your Categories
7:50 - Simple One Group Budget
8:40 - Most Simple Budget Ever
9:20 - Fix Your Processes
The fact that you immediately answered the question that the title of the video asks in the first 3 seconds is why I like you.
YNAB was super difficult but you made it easy to understand, thank you so much!!
Hey thanks! So glad that was helpful for you.
Really appreciate you watching.
Seriously!! Some people take the whole video to sorta kinda vaguely address their title lol
I love how you jumped right in to answer the question! No advertisements, no intros, just BOOM, "that mistake is overcomplicating the budget". Well done, good sir!
I think we're really going to need to know when the kayaks are finally a reality 😂
Haha one day :) one day I will finally get them!
I have tried and quit YNAB 3 times, and this is the first time I've been given permission (no shame) to keep it simple. Thank you!
Having my bank send me Email when a transaction takes place (anything above $0) has really helped keeping my manual transactions accurate.
Yes! I do this too. It’s a huggggge help
Really smart!
It’s a great way to keep track of any fraudulent transactions as well!
I can’t even begin to tell you how helpful this video is! I way over complicated our budget and gave up a while back. 🤷♀️ A friend recommended your channel today and just in the first video I watched, I couldn’t stop nodding my head and saying “Yes, that!” 🤗
I’m giving it another shot because of your advice. Thank you! 😊
Awesome Christi! So glad the videos have been helpful for you.
This is a great channel. Your presentation is perfect. You really know what your audience needs. Great edits. Great audio. Excellent!!!!
Your idea for ordering your mixed purchases by category on the conveyor belt when you check out is excellent
I’m going to take this advice and try YNAB one more time. We’ll see how it goes. Thanks for your great content!
Best of luck Mysty! Thanks for watching.
I love the idea of changing your category name to the STORE! :-)
Glad you liked that!
Totally agree, I kept my YNAB pretty simple for six months and then took me a year to have all my tracking accounts, credit cards and 'petty cash'... Which was because I became hooked on budgeting and now spend a couple hours at month end tracking net worth. But yes YNAB is excellent and as you get use to it, you can tweak it to as complex as you need it!
Your videos are brilliant. So thankful for all that you do! Been on YNAB for two years now - these have been such an amazing help. My age of money just hit 30 days!!
Nick, here just to thank you for your videos and all budgeting input. You are so good at passing on information! Just wanted to give you one more testimonial validating your amazing contributions. 2 days and I was able to fully understand the basics of the YNAB and setting it all up. It´s amazing software but it was definitely thanks to your videos I was able to set it up so easily and so fast!! Thank you again!
Ha! Love to group the goods on the conveyor belt, too! I actually don’t find the split transaction that cumbersome.
My categories did expand organically over time.
Yeah it’s not bad once you get the hang of things. Just not as neeeded at the start.
Definitely will expand over time naturally.
Your videos are so helpful! Maybe you can do a video about whats next after breaking the paycheck to paycheck cycle (how your budgeting changes and the next goal/step) this might be obvious to some people but I learned absolutely no money management skills until recently starting YNAB. Thanks for your informative videos 😁
Thanks greatest most helpful information I seen on YNAB to really help me get started again.
Your videos are amazing! I can't wait to see more :) Thanks for sharing.
Thanks for the great video!
Brilliant! First tutorial that made sense to me. I kept thinking that too much complexity would keep me from staying with this. Thanks for shining a light on the right path.
Man, thank you for this video!!
Yes, Nick! I group things by category on the conveyor belt too!! Glad I’m not the only one! 😀
Haha definitely not alone there!
Although I'm in the trial period, I was about to give up. Thanks for simplifying, I made it more complicated than needed. I really want, and need to do this.
Your first sentences were literally story of my life w/ YNAB. Watching your video already helped calm a lot of my anxiety figuring out how to use this tool. I didn't even finish watching the entire video but just wanted to say THANK YOU SO MUCH for posting!
Sooo helpful! Ty!
Thank you for simplifying the YNAB app for me. Your detailed explanation is very much appreciated.
So glad they help!
Awesome vid, Nick! Helps a ton!
Thanks! So glad it helped
I used YNAB for many years, but I never upgraded to the app. Now I'm ready to do a fresh start! I've been watching a lot of YNAB videos to get back into it, but this has probably been THE most helpful! Maybe I can get a system that I'll look forward to using this time, rather than one that I kind of dreaded. THANKS, Nick!!!
Omg I started last month and I totally have done the organizing stuff in the conveyor belt by YNAB category 😂 so good
hahaha, glad someone can relate!
If only I watched your videos a year ago....
I started on the free trial but was ++++ and ------ but things never seemed to pair with my accounts. Wanting to start again (with help from my son) I finally watched your videos and the sun came out - which is great as I'm in the Netherlands :) I'm into almost three weeks of my free trial and have already budgeted for my subscription. I now reconcile and am on top of it! No surprises or frustrations anymore.
I only have one bank account left and I've got everything covered. Happy as a lark.
Big thanks to you, Nick!!!
Lol, the kayaks!! Love the video even though I am a psycho who has been YNABing for almost 2 years.
Haha so glad you liked that Kendra! Appreciate you watching :)
Completely agree Nick. I started with waaaaaay too many categories at first and did a fresh start within the first month to simplify 😀
Thanks Holly! Glad you agree, I've been there myself :)
This was very helpful! I subbed. Dude I quit YNAB like 10x and finnaly got back to it after I just said there is no way I can manage so much in my life with work, school, career, pet, living expenses, stocks etc. etc.
Great video!!!! I have been struggling with this topic!
Thanks Ruth-Anne! So glad you liked it.
Thank you. I appreciate your help.
Absolutely, glad it helps!
Hey Nick, thank you for the REALLY helpful videos!
Thanks for watching Paul!
This is super helpful!
Awesome, so glad it helepd!
I definitely had way too many accounts before I started YNAB. But getting very granular with my budget helped me cut my spending so much, and it works for me, especially on a variable income. Great points, though.
Your videos have really help me understand YNAB and help me to not give up again. I have tried to use the app before but became frustrated because it wasn’t just a plug and play type budget. All I’ve been doing now is watching videos and setting up everything as you speak. I’m soon to be 48 years old (6/5) and I finally am figuring out this budget thing. Thank you for making it make sense!
Hey thanks man, so glad that this was helpful for you. Good luck budgeting my friend!
Epic beard. Epic YNAB advice.
👊thanks
@@mappedoutmoney definitely interested in a 1 on 1 skype with you!
Glad you're enjoying the videos!
I use the "conveyor belt" organization method!!
YESSSSSSS. My people.
After six months of YNAB, I still love it. I'm getting two friends to start with YNAB this month, and this will be perfect to help them escape some of the pitfalls I made when I first started. You explain things succintly.
Hey thanks, I really appreciate that and glad this will be a help to your friends.
Good advice in general, but I really like using categories to track specific individual subscriptions, using targets to keep track of both the amounts and dates. This is one of the most useful ways I’ve found to use targets so far, as it deals well with not only monthly subscriptions, but also yearly ones. Otherwise, I’m just going to have keep track of these details in a spreadsheet; otherwise I’ll just be pulling a number out my @$$ and crossing my fingers hoping it’s accurate, and it most likely won’t be.
Your YNAB videos have been so helpful! We just started using it June 2021 but we've been budgeting for a while. One thing I am not sure how to handle is work expenses. My husband occasionally has expenses from work that will be reimbursed. For the most part we pay 'cash' but when he travels he puts it on our Credit card and then we pay it off when the reimbursement comes. Since this isn't a regular thing I am not sure how best to handle it.
I also have no idea if this is the best place to ask lol Anyway, thanks for all the help even if you don't see this!
Add a work expenses category.
Hi Nick,
Huge fan of your videos.
In the future, would you possibly do a video on how to move from two single people budgeting, to budgeting as a family? Especially if incomes differ.
I was inspired by your last video (with the goal planning) to start thinking about this more, but would love advice from “the pro”!
Keep up the good content :)
Hey Christopher! That's a great idea. I've helped a lot of couples make this transition together but I haven't sat down to make a video on the topic.
I'll add that to my list.
Appreciate you watching and commenting,
Nick
I am new to your channel and this content would be super useful. Thank you 😊
100% agree, simplifying YNAB is the key! I closed down 3 bank accounts once I started using it.
Nice! I did the same eventually and paired down to much fewer accounts. Thanks fire watching.
😆 the conveyor belt statement
Glad you enjoyed that :)
I'm not going to lie. I got really excited for a second by the idea of grouping my items at checkout by ynab categories. I would add though, there is benefits for having categories for something other than being able to look at the reports. For my wife and I the best way to control our spending in certain areas is to have a category for it in ynab. We never look at the reports for groceries or clothing anymore but we do need to keep it separate to stay on track. If we want to add more money to a category we do, but then it a conscious preplanned thing. But there definitely a number of categories that we could consolidate for sure. Lol.
Best intro ever
We would always say, don't run a report if you are not making a decision based on that report. Applies to categories :-).
Love it. 100% agree with that Harrison.
Thanks - this simplifies things a lot & helps with adoption.....
I think prioritising your categories is key. I use a priority system, Priority 1 category has all my essentials to continue normal life, rent, electricity, fuel, groceries and car insurance. These are the first things that get filled out when new income comes in as these are the things I need to continue making income.
Priority 2 is important things that would be a major hassle to lose and future planning, phone bills, internet bills, debts, emergency fund, car repairs, ect
and continuing to Priority 3 which is more future planning but not as immediate like planning for a new car, new phone, furniture, PC upgrades ect.
P4,P5, ect is all really stuff you can live without like setting aside funding for gifts, nicknacks, fun activities, and some free spending money.
I find this increases the workflow as when money comes in I can easily find the most important things that need to be funded first and anything left over can go towards things I don't need and just want.
Also using the phone widget on your main screen for your regular spending categories is good, it means every time you open your phone you are going to see how much left you have to spend on those categories. Setting up your banking app to push notify any transactions you make is also good as it allows you to add them into YNAB easily without having to go into the banking app.
I really like your videos. I have learned soo much about ynab. I have a question.... how would you handle a klarna or afterpay transaction?
I'm ashamed to admit this but...I've been using this program for 3 years and this is the first time, it has been broken down and explain to me. I've done over at least 20 fresh starts. So, I'm officially a newbie. This will be my first 3 to 9 months of knowing what I'm doing.
No need to be ashamed, you're not alone at all! I'm so happy to hear that this video was helpful for. Ready for you to have the best year ever with your money :)
Love your videos! Just started YNAB about 3 months ago and love it so far! Is that a #75Hard Icon on your computer? Day 48 here!
Hey thanks! So glad you enjoy the videos.
And it's not a #75Hard icon, it's a self-control app that blocks websites like TH-cam/Twitter etc... when trying to be productive.
But I've read all about 75Hard and think I'll probably do it sometime this year! Big fan of the mindset and idea behind it. Congrats on 48 days
You got a like in the first 5 seconds by getting to the point!
Thanks! Glad it helped,
And for Amazon, since I have Amazon prime and no shipping charges, I basically just never order multiple things in one order. I usually just use the “buy now” button instead of adding to cart. Each order is one thing; even if I get like 4 things within 30 min, that’s 4 purchases. And I put in the memo what it actually was. Don’t have to worry about splitting or wondering what those Amazon charges actually are.
I may be too much of a nerd and tend to miss the forest for the trees, but categorizing by the seller regardless of what it is…I’m like…why not just categorize by the financial institution that processes the transaction? It seems no less arbitrary or irrelevant to my budgeting than which website or building I place the order in. I’d rather just have one single “spending” category; that would be the ultimate simplicity. But since I have a “wants” and “needs” category groups, I can easily see the totals for each to see if I’m starting within budget. And I can shift money around within each category as needed to give things accurate categories.
Great advice, and I think it applies even after you've been using YNAB for 6+ months. I'm creeping into budget geek territory but have realized our budget is a little granular. (I'm being kind to myself.) I thought tracking our HSA account, home value, etc. would provide a great picture of our situation. To your point, YNAB is best for day-to-day decisions to align with our lives' priorities.
I'm planning to Fresh Start in June after deciding on what our Q3/Q4 2021 goals will be. And, this video will be a great reminder of how to go about it. Thanks, Nick!
Totally agreed Mark! It's important to regularly think about how complicated your setup is and whether or not it's actually helping you do what you're trying to do. As always, appreciate you watching.
Hi Nick, I don't see the daily/weekly checklist you reference in your video in the "Routines Checklist" provided
Hey Tim! Sorry about that. I'll check out the page and make sure it's included. In the meantime - send me an email and I'll just send it to you directly: nick@mappedoutmoney.com
Thanks!
We need to start a GoFundMe for those Kayaks!
Hi Nick, you mention grouping like items into one category. For example, I have SiriusXm, Spotify, HBOmax, etc. All of which can be considered “Entertainment Subscriptions”. However, what’s your advice on them all being different due dates? Wouldn’t grouping them together make it harder to allocate to make sure you have enough in that category at any given time to cover what’s due. Hopefully this question makes sense. Thank you!!
I also think it would be easier to have them separate (under one group) just to make sure nothing is missing.
Would you suggest we stick to manual, linking or a combination?
Do you suggest linking accounts or just do it manually, since you have to look at the account to reconcile anyway.
Nick, Do you do any private coaching to help someone get started on YNAB?
Yup! Tons. Been doing anywhere from 15-20 calls a week for a few years now. Would love to help you out.
mappedoutmoney.com/coaching/
How do you track living expenses that a paid by payroll deduction??
I guess I'm a nerd psycho because I thought the exact same thing about handling split transactions. Because I use credit cards for specific categories, I'll separate transactions so I don't have to do splits later.
Why is my target for my category? Not the same as my available to spend?
Is there a way that we can import your budget template?
If I make an ATM withdrawal fr my checking account, how do I account for it in YNAB? I have an account for emergencies that’s cash but I don’t spend from it? It’s not new money that’s “Ready to be Assigned” so I’m stumped.
hi, i love your videos on ynab, but i can't quite well understand how to manage overdrafts. i know us and european bank accounts can be very different, but i did not see anything really going in depth of overdraft accounts. my example is that i have a bank account, i can go in overdraft for 1200 euro. i often go under, and it is not a major issue. my bank statement tells me i am below -500€ but have 700€ available to spend. how should i reflect this in Ynab. i would not want to consider the overdraft, but if i don't i have no money to budget with and am in contant red. do you have any suggestion on how to overcome this. ideally i would like to have two accounts, the bank "available" (the -500€) and an unbdugeted 1200 that links to the main bank (so in this case it should reflect i have only 700€ available). that does not add to my budget availibility but kicks in if im in red so i can allocate its budget only for that fractio of budget for wich my main account can't cover. it is a little complicated but maybe you have some kind of idea.
thanks
I just exported (CSV file) my expense income summary to Excel. It doesn’t export the Credit Card category. Can you help me make sense of this?
Hi
I have a stupid question
I just started to learn about this app
I don’t know how to see the blue column of content on the left hand side of the screen
Mine does not show that
Pls help
I am loosing my mind over this 😢
Hi nick, been watching your ynab videos for awhile now. Just got a Chase credit card and was wondering how you budget if someone else uses your credit card to help you earn bonus points and they pay you back. Thanks!
The way ive been doing it is making the transaction for money to my checking account to be budgeted (from the venmo cashout), and then on the credit card budget for lets say “eating out” for $20 from the to be budgeted category. Not sure if this is right.
or if theres a better or easier way haha
Check out my video on YNAB Reimbursements if you haven't yet. Typically with something like this, I would use a dedicated "Reimbursement" category and put both the inflows and outflows into that category so that they offset each other.
@@mappedoutmoney Okay thank you! ill refer to that one
Will you have a video that talks about the July 2021 update?? What do you think has changed?
Absolutely. It’s taking a bit to finish but going to do an update soon.
@@mappedoutmoney thank you!! I am completely brand new to YNAB. Thought I was getting a handle on it, then the update came out 🙄
when I try to delete my credit card account it only gives me the option to "close" the account. I can not Delete it.... what is up with that?
- *Credit card Payments*
- *Main Group*
1. Monthly Fixed
2. Debt Paydown
3. Fun
4. Monthly Living
5. Long term Irregular
6. Giving
7. Unexpected
8. Home Downpayment
9. New Baby Savings
10. Investment Contributions
11. Reinbursements
Hey Nick, how much do you charge for a private session? I need one
Hey Ivan,
I charge $225/hour and we can use 15 min or two hours, and prorate to whatever you need. Here's a link to my coaching page and calendar: mappedoutmoney.com/ynab-coaching
Do you use QuickBooks or YNAB only for business stuff?
I personally use YNAB only at this point. But some people do both!
@@mappedoutmoney Awesome! Thanks Nick!
if you haven't gotten those kayaks, I think you're doing something wrong!
YNAB sucks if you use credit cards and have a balance. DO NOT USE if you have multiple transactions per day on a credit card, sometimes carry a balance. YNAB can't distinguish between a card balance (basically a debt) and transactions that happen ON the card. It buckets them into one, so your numbers NEVER tie off. It also requires you to MANUALLY input your transactions BEFORE you spend it. Ridiculous
I'm sorry to hear it hasn't worked for you. I'm sure you've watched my video on YNAB and credit cards, but if not, I would encourage you to check it out.
To anyone reading this comment, please know that I have personally helped thousands of people who have multiple transactions per day, carry a balance, and use credit cards regularly. YNAB handles all of this beautifully, but it does require some major mindset shifts and to break the way that most people THINK about credit cards. Don't be discouraged by this comment.
The vast majority of people who use Credit Cards live on the "Credit Card Float" and YNAB encourages you to break this habit, and while it feels frustrating at first, it's ultimately the push you need to build the habits needed that build wealth.
And for Boom-oqyj - I truly hope you can find a system that works for you. Hang in there,
Nick
Another Brave user!
haha for sure! It's great.
Why can't anyone explain YNAB under 5 mins? I still don't get it. I've been trying this for 2 years and always ditch it.
Dude your eyes are sick !
#nohomo
TLDW: Keep It Simple Stupid.