Anybody who believes a daily latte or avocado toast is what’s making you broke and not the abundance of low wage jobs that make a profit off undercutting you, aren’t worth having a conversation with. I mean honestly this should be common sense but American in 2024 be like..
What if you don’t get the work reimbursement until the next month? How can you reassign that reimbursement check to the previous month so that it zeros out the balance from the previous month, instead of that reimbursement category being a negative amount?
This is exactly what I needed to hear before I got too far in. The defaults are complicated. Thank you for giving me “permission” to make it easier starting out
@@shelleylewis4989 yup! I do about 20-30 one on one coaching calls each week. You can find that info here: mappedoutmoney.com/ynab-coaching/ I also have a group program we host three times a year. And you can find that here: www.aheadin100.com/closed
You guys are such a charismatic couple! And excellent advice and video structure. What a breath of fresh air between the cringe 'Hit that like button now before we continue' type of videos 🙄❤️
Love this video, thank you. I was overwhelmed because I am living paycheck to paycheck with family. So I needed to see where eery dollar is going. This was not at all hard to do. I have over $4,000 in credit card debt + loans. But I feel clarity now then I did before. I feel empowered and like I can turn things around for myself.
Thanks so much for this video! I just opened a YNAB account and this has been super helpful. One thing I got stuck on immediately though is the setting targets. I was sold on the concept of being able to choose "Needed for spending" or a Monthly Savings Builder.. I thought that was the bomb, but I don't seem to have that option in my account? Has this feature been removed?
am currently Saving for my first rental property, I already have a mortgage on the house am living in, love the tips your giving especially the side hustling thing I have been doing that and it helps a lot
YNAB seems like great software, but it also seems to be lacking clarity around the intended/ideal use. This video does a fantastic job of clearing that up!
I hope you can answer this cuz I made a boo boo. We took cash money (not in the YNAB program) to pay our CC one month. The Problem lies with I accidentally deposited the money into an account that NOT connected to ynab (business) and now I don't know how to record this CC payment into my YNAB. Can you help me please? TIA
Hi Nick, Thanks so much for your helpful tutorials. Quick question...I'm helping a friend set up her YNAB accounts and she needs to track all her finances since the start of the year. Your video here was based on not adding old transactions, but starting out current. Will it cause a problem if we actually start out at her balance on 1/1/2024 and download all transactions going forward? I know this is a headache to do, but she needs to be able to show all expenses for the year. Thanks
Not done with the video, but thinking out loud: One can be so focused on something that it is actually counter-productive. Point being a middle ground should be found. The example of multiple credit card payments a week is the sort of thing that is just creating a ton of busy work that is actually creating more work. Instead of making multiple credit card payments a week, set up a single payment once a week 7 days from the current time with the current balance or amount to be paid off. During the 7 days that amount can be edited increased until the final 7th day when the scheduled payment will be sent. Then set up another scheduled payment in 7 days, and repeat. This will create less overhead of having multiple transactions to clear. Then increase this to every 14 days, and finally, every 28 days, or just in time to clear the day before the credit card statement closes. There is zero reason to make payments on a credit card more often than this. "Keep It Simple, Silly" (KISS) allows for more room to do more KISS actions to be taking place in more areas. As you went on to elaborate, focus on improving those 3 areas: spiritual health, physical health, mental health, and a component of mental (and spiritual) health is financial health.
I definitely appreciate the breakdown of methods. It seems like what would work for me is a mix of Method #2 for cash stored in a HYSA, and Method #1 (Tracking) for CDs, I-Bonds, etc., that are "locked up" for a time. What I already store in my HYSA is my EF and True Expenses that are due on a period of 6 months or greater.
Make me chuckle with the comments about putting things on the conveyor belt in order by category. I've never considered that... I don't think I'd do it either, as usually it's just a couple items that will be non-grocery that I have to split out. But, I could see if someone had a bunch of sub-breakout for grocery (like personal care, pet food, etc., which we don't do, we just lump into groceries), that grouping them on the conveyor belt so they'll be in order on the receipt.
Great video. New YNABer starting a month ago (but long-time electronic enveloper user). I wanting to make sure I get all of the basics. Note to anyone watching in 2024 and beyond: Targets have changed a bit, so this video has old info. The concepts are still the same, but the names and options have changed.
So, I wish I had checked this video before starting because I started on April 28 and had money for May but budgeted it all for April. Is there a way to undo that easily, or do I just need to do a restart? I have all of my categories and budgets set up already and don’t want to do a complete reset. What would be the best method? Unfund the categories for April and move them to May?
Thanks for this video - very helpful. Only question about the targets - is my YNAB doesn't show the targets you have. I think its an upgrade? It now says "Set aside" "refill up to" and "Have a balance of". Do you know what these would correlate to what you discuss in the 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.
Thank you! I keep returning to this video and getting more gems. Question-- after you pay yourself your quarterly distribution and move 50% of your profit (from your profit category in biz savings) to your quarterly distribution category (within your owners comp category) wouldn't you want to move the other half out of profit and into a business savings account/category? Otherwise when Q2 rolls around, you are pulling additional money from Q1.
Just now moving over and giving YNAB a try. Your videos are great! I almost feel like I need to set-up a category to alot you $$ :p. I'll get through all the videos before asking any questions, I'm sure it's covered in there somewhere.
Excellent video. Without this I probably wouldn't try YNAB. Now I am setup. Question 1: On day-1 (which is currently the 7th of the month), half of my bills are already paid so I don't need to allocate unspent cash to them, but they have been funded and paid. how do I represent that? Question 2: YNAB won't connect to my checking account at Fidelity Investments (cash management). This means I'll have to manually import. What's more, the CSV format doesn't match so I need to use a translate tool. This is a lot of work to use a paid service. What is the way to ask YNAB to look into connecting to Fidelity Investments? If I can't resolve this I may have to move to Monarch which seems to connect to everything...
I saw someone suggest giving Cash Back of Statement Credit its own category. I thought that was a stroke of genius. It just clears up what's happening and you can move that to where ever you want later.
Once you’re done with the month, how do you clear out the credit card funds? Edit: my confusion lies with how you made the transaction of groceries to Sam’s MC. You set an outflow of 100, but this outflow sets a negative value on both end spending category and the credit card. This is hard for me to wrap my head around. In addition, for when you actually pay the credit card, do you see an inflow transaction from the checking account?
I just discovered your tutorial for beginners. I am actually restarting for the 3rd time. IS is possible to delete the first two budgets I made? I am so far behind in categorizing the line items - ect. I just want a new budget to act like the first time I have entered anything. Thank you
I use splitwise and on the official YNAB video on that topic, they split the payment coming in from roomate or the payment one makes into different categories, can I do the same in this scenario so my budget categories accurately represent true spending? Otherwise I'm filling out the roomate reimbursement category, but I would have to manually add up my groceries to truly know how much I spent on it for the month versus ynab automatically calculating it...I hope i'm making sense, I have a headache over all this lol
