I love that you moved your yearly expenses to a HYSA. I have a credit card just for bills only (Citi Double Cash). I label all my yearly expenses with the month that its due:📺Netflix | July. My YNAB target is always set for the 1st so that its ready regardless of the actual date. I place the date and what card it pulls from in the notes section. The credit card allows time for my transfer of funds. I then look at all my yearly expenses due at that particular month and plan for that transfer and all will be ready when my CC payment is due. I personally use a holding category instead of flipping to the next month but I am currently living a month ahead of my income. Some people get a month ahead just on essential expenses. I rather budget everything a day or two before the month start and walk into a new month knowing that everything in my life is fully funded regardless of due dates. Good luck finding your place with YNAB!
@pavelm44843 күн бұрын
By maxing your 401k currently you mean taking the full match correct? I know a lot of people refer to getting the full match as maxing it out so it gets confusing.
@Ikeam883 күн бұрын
@@pavelm4484 I'm currently only contributing enough to get the full employer match. My goal is to increase my contribution to meet the annual contribution limit
@DomnickK6 күн бұрын
Interesting video! I am doing the same thing. Next month will be a video breakdown of my August budget and net worth. I do the net worth at the beginning of the month for the changes that occurred during the last month. I will see how YNAB differs from EveryDollar, but I prefer EveryDollar right now. YNAB just looks a bit crowded to me, but I still want to compare. Hope to see you around friend! I will pray for you to continue to succeed in your journey! Debt is a terrible thing and I've been crawling and scraping to fight against it for almost two years now, but I can feel the breathing room start to expand with every single payment I make towards it.
@christinemitchell62103 күн бұрын
Hey! I'm a huge YNAB fan. It has helped me pay off over $19,000 in consumer debt that went to the court system. Someone told me to use it for a good year and reflect how your life has changed by using it. That was in 2020 and I was able to pay all my debt by July 2021. Good luck on your journey!!
@DomnickK3 күн бұрын
@@christinemitchell6210 thank you so much for the blessings! I am about to actually my video! I’ve made some mistakes but with some improvements!
@angeljuarez937 күн бұрын
I like to budget ahead to the next months because to me once it’s assigned to a category “bill” then I’m less tempted to use it. For me, a holding category doesn’t tell my brain it has a job. But whatever works better for you and your brain is what you should go with 😊
@Jsouta7 күн бұрын
Thanks for sharing your budget! A gotcha for assigning to a category in the future, e.g. next month: In YNAB there are generally two targets for categories: Set aside X every month/year, and fill up to X amount every month/year etc. If the category is a "set aside" category, there is virtually no difference between money sitting in a holding category vs. in a category next month. If the category is a "fill up to" category, YNAB does not calculate how much you're missing in a category until the month rolls over. For example, if you have a "grocery" category that has a "fill up to $500 every month" target, and you assign to next month's category, when the month rolls over, you may end up with more amount that you intended if you have leftover amount from the previous month. Let's say you only spent $300 this month from that category, and the month rolls over. On day 1 of the next month, YNAB will calculate the difference ($500 - $300) and will ask you to put an additional $200 to reach the month's target. If you were to allocate to next month's groceries today, YNAB would ask you to allocate the entire $500 (because it doesn't know how much leftover you might have from the previous month on day 1 of the next month). I think that's the main thing to consider when deciding between a "holding" category or straight up allocating funds to future months. Other than that it comes to personal preference mostly. Some people don't like assigning prematurely because life changes (e.g. your subscription bill goes up) and you have to adjust the amount you allocated in a future month category.
@Ikeam887 күн бұрын
@@Jsouta thank you for the info. I need some time to sit, read, and make sure I understand all the feedback!
@exclamatoryquestion7 күн бұрын
The main three main reasons why ppl like to use an income holding fund instead of budgeting ahead: 1) If you use any "refill up to" monthly targets, YNAB doesn't know how much you'll spend in the present month until the end of said month. You may know that you won't spend the $25 dollars left in a category with a refill target up to $100, but the software won't know that until the first of the next month. If you budget the ahead to the next month, YNAB will prompt you to fill the category to the $100 target which can confuse/frustrate some ppl. To deal with this new issue, there is a "Reduce Overfunding" that you can select for those categories which will move the extra money ($25 in the example above) back to Ready to Assign. 2) When you budget ahead multiple months -- like for an emergency fund -- and you make a budget change, you have to adjust each future month to reflect that change. Along that same vein, if you budget ahead as an emergency fund, how likely is your current budget going to change if you were to have a significant income disruption? It can get messy and/or tedious really easily. 3) Stealing From the Future: When you budget ahead into future months and overspend with cash in the current month, YNAB will deduct that cash overspending in the future-most budgeted month and will not alert you to this in the present month. If you are not aware of this behavior, it can be mighty surprising to suddenly find your budget negative or have much less money in Ready to Assign in an upcoming month than you had already thought. Having an income holding category sidesteps all these issues, though there is nothing wrong with budgeting ahead as long as you are aware of these issues and fix them accordingly.
@raynebair11 күн бұрын
The days of buffering is a feature of the toolkit which is a Chrome extension for YNAB. The toolkit provides lots of extra features for the budget as well as account/transaction management. For funding months ahead, a lot of people use a "month ahead holding" category, then when that month comes around, they move it from there to Ready To Assign. It all depends on how you prefer to manage funding future months.
@Ikeam8810 күн бұрын
@@raynebair ah gotcha. Thank you for letting me know!
@cointrolfreak14 күн бұрын
Hey James! So the blue "Days of Buffering" that you're referencing is actually not a built-in YNAB feature. It's a separate browser extension called "Toolkit for YNAB" that you can install for some extra features that are not built into YNAB. "Days of Buffering" is one that you can toggle on/off, and there are also some pretty cool reports you get with it! Def install it - it'll give you something to play around with while you wait for your next payday haha. Great video!!
@themoneymaximalist16 күн бұрын
i hope you continue making this as a series, i love doing my journey alongside other YNABer’s! you may have just inspired me to start a series like this myself… to atleast keep myself accountable! great first video man❤
@ISuckAtBudgeting17 күн бұрын
Great video! The blue days of buffering comes from a browser extension called toolkit for YNAB. It gives you a ton of options. I did a video in my set up recently if you’re interested
@tillermartin240419 күн бұрын
The Days of Buffering blue number only shows up when you’re using the Toolkit for YNAB extension (for Chrome and Firefox I think), that’s not a natural feature within YNAB. But if you download the extension and turn that feature on, you can see the blue number and some other cool features!
@nyssa__21 күн бұрын
I'm not this smart with finances but I really do enjoy Caleb, Graham and Dave Ramsey's content. My only input that I could really give is to go on the podcast with Caleb because the viewers are desperate for a regular person without bad debt and I think you're like that??? from what I gathered in this video you're good on money and no debt? correct me if I'm wrong
@Ikeam8821 күн бұрын
Sorry, posted under the wrong account lol. Reposting same comment under the right account: Thank you for your comment. I didn't cover it in this video. But I have about 3500 in credit card debt. My target payoff for that is December to January. I only recently started budgeting like this, so my spending was atrocious. I also have a really silly car loan that has an interest rate greater than 5% for too many years. I think I am on the path to recovering from some mistakes, I do agree that financial counseling would be beneficial whether from Caleb or an advisor.
@JadeJiaBudgets28 күн бұрын
heyy! amazing first video! you’re doing really good and you must be so proud of yourself! keep up the great budget and i’m excited for your next video! 🤍
@cointrolfreakАй бұрын
HEYYYY a fellow Tennesseean YNABer! 👋 Welcome to KZread! Great first video. I love hearing other people talk about how Caleb woke them up to their finances, especially higher earners. You are on a GREAT track! Don't be too hard on yourself for not following Caleb's advice 100%. How you're budgeting sounds sustainable, which is what matters most. Btw I would definitely delete the credit card category from your bills group and just fund the credit card in the credit card category group directly. 😊 And thank you for the shoutout! Can't wait for future vids! ✌
@Ikeam8829 күн бұрын
Yeah! This was much more challenging to make than I realized. 😅 I've been obsessed with making progress that I forget to take a moment and breathe. The feedback is reassuring, thank you!
Пікірлер
❤
I love that you moved your yearly expenses to a HYSA. I have a credit card just for bills only (Citi Double Cash). I label all my yearly expenses with the month that its due:📺Netflix | July. My YNAB target is always set for the 1st so that its ready regardless of the actual date. I place the date and what card it pulls from in the notes section. The credit card allows time for my transfer of funds. I then look at all my yearly expenses due at that particular month and plan for that transfer and all will be ready when my CC payment is due. I personally use a holding category instead of flipping to the next month but I am currently living a month ahead of my income. Some people get a month ahead just on essential expenses. I rather budget everything a day or two before the month start and walk into a new month knowing that everything in my life is fully funded regardless of due dates. Good luck finding your place with YNAB!
By maxing your 401k currently you mean taking the full match correct? I know a lot of people refer to getting the full match as maxing it out so it gets confusing.
@@pavelm4484 I'm currently only contributing enough to get the full employer match. My goal is to increase my contribution to meet the annual contribution limit
Interesting video! I am doing the same thing. Next month will be a video breakdown of my August budget and net worth. I do the net worth at the beginning of the month for the changes that occurred during the last month. I will see how YNAB differs from EveryDollar, but I prefer EveryDollar right now. YNAB just looks a bit crowded to me, but I still want to compare. Hope to see you around friend! I will pray for you to continue to succeed in your journey! Debt is a terrible thing and I've been crawling and scraping to fight against it for almost two years now, but I can feel the breathing room start to expand with every single payment I make towards it.
Hey! I'm a huge YNAB fan. It has helped me pay off over $19,000 in consumer debt that went to the court system. Someone told me to use it for a good year and reflect how your life has changed by using it. That was in 2020 and I was able to pay all my debt by July 2021. Good luck on your journey!!
@@christinemitchell6210 thank you so much for the blessings! I am about to actually my video! I’ve made some mistakes but with some improvements!
I like to budget ahead to the next months because to me once it’s assigned to a category “bill” then I’m less tempted to use it. For me, a holding category doesn’t tell my brain it has a job. But whatever works better for you and your brain is what you should go with 😊
Thanks for sharing your budget! A gotcha for assigning to a category in the future, e.g. next month: In YNAB there are generally two targets for categories: Set aside X every month/year, and fill up to X amount every month/year etc. If the category is a "set aside" category, there is virtually no difference between money sitting in a holding category vs. in a category next month. If the category is a "fill up to" category, YNAB does not calculate how much you're missing in a category until the month rolls over. For example, if you have a "grocery" category that has a "fill up to $500 every month" target, and you assign to next month's category, when the month rolls over, you may end up with more amount that you intended if you have leftover amount from the previous month. Let's say you only spent $300 this month from that category, and the month rolls over. On day 1 of the next month, YNAB will calculate the difference ($500 - $300) and will ask you to put an additional $200 to reach the month's target. If you were to allocate to next month's groceries today, YNAB would ask you to allocate the entire $500 (because it doesn't know how much leftover you might have from the previous month on day 1 of the next month). I think that's the main thing to consider when deciding between a "holding" category or straight up allocating funds to future months. Other than that it comes to personal preference mostly. Some people don't like assigning prematurely because life changes (e.g. your subscription bill goes up) and you have to adjust the amount you allocated in a future month category.
@@Jsouta thank you for the info. I need some time to sit, read, and make sure I understand all the feedback!
The main three main reasons why ppl like to use an income holding fund instead of budgeting ahead: 1) If you use any "refill up to" monthly targets, YNAB doesn't know how much you'll spend in the present month until the end of said month. You may know that you won't spend the $25 dollars left in a category with a refill target up to $100, but the software won't know that until the first of the next month. If you budget the ahead to the next month, YNAB will prompt you to fill the category to the $100 target which can confuse/frustrate some ppl. To deal with this new issue, there is a "Reduce Overfunding" that you can select for those categories which will move the extra money ($25 in the example above) back to Ready to Assign. 2) When you budget ahead multiple months -- like for an emergency fund -- and you make a budget change, you have to adjust each future month to reflect that change. Along that same vein, if you budget ahead as an emergency fund, how likely is your current budget going to change if you were to have a significant income disruption? It can get messy and/or tedious really easily. 3) Stealing From the Future: When you budget ahead into future months and overspend with cash in the current month, YNAB will deduct that cash overspending in the future-most budgeted month and will not alert you to this in the present month. If you are not aware of this behavior, it can be mighty surprising to suddenly find your budget negative or have much less money in Ready to Assign in an upcoming month than you had already thought. Having an income holding category sidesteps all these issues, though there is nothing wrong with budgeting ahead as long as you are aware of these issues and fix them accordingly.
The days of buffering is a feature of the toolkit which is a Chrome extension for YNAB. The toolkit provides lots of extra features for the budget as well as account/transaction management. For funding months ahead, a lot of people use a "month ahead holding" category, then when that month comes around, they move it from there to Ready To Assign. It all depends on how you prefer to manage funding future months.
@@raynebair ah gotcha. Thank you for letting me know!
Hey James! So the blue "Days of Buffering" that you're referencing is actually not a built-in YNAB feature. It's a separate browser extension called "Toolkit for YNAB" that you can install for some extra features that are not built into YNAB. "Days of Buffering" is one that you can toggle on/off, and there are also some pretty cool reports you get with it! Def install it - it'll give you something to play around with while you wait for your next payday haha. Great video!!
i hope you continue making this as a series, i love doing my journey alongside other YNABer’s! you may have just inspired me to start a series like this myself… to atleast keep myself accountable! great first video man❤
Great video! The blue days of buffering comes from a browser extension called toolkit for YNAB. It gives you a ton of options. I did a video in my set up recently if you’re interested
The Days of Buffering blue number only shows up when you’re using the Toolkit for YNAB extension (for Chrome and Firefox I think), that’s not a natural feature within YNAB. But if you download the extension and turn that feature on, you can see the blue number and some other cool features!
I'm not this smart with finances but I really do enjoy Caleb, Graham and Dave Ramsey's content. My only input that I could really give is to go on the podcast with Caleb because the viewers are desperate for a regular person without bad debt and I think you're like that??? from what I gathered in this video you're good on money and no debt? correct me if I'm wrong
Sorry, posted under the wrong account lol. Reposting same comment under the right account: Thank you for your comment. I didn't cover it in this video. But I have about 3500 in credit card debt. My target payoff for that is December to January. I only recently started budgeting like this, so my spending was atrocious. I also have a really silly car loan that has an interest rate greater than 5% for too many years. I think I am on the path to recovering from some mistakes, I do agree that financial counseling would be beneficial whether from Caleb or an advisor.
heyy! amazing first video! you’re doing really good and you must be so proud of yourself! keep up the great budget and i’m excited for your next video! 🤍
HEYYYY a fellow Tennesseean YNABer! 👋 Welcome to KZread! Great first video. I love hearing other people talk about how Caleb woke them up to their finances, especially higher earners. You are on a GREAT track! Don't be too hard on yourself for not following Caleb's advice 100%. How you're budgeting sounds sustainable, which is what matters most. Btw I would definitely delete the credit card category from your bills group and just fund the credit card in the credit card category group directly. 😊 And thank you for the shoutout! Can't wait for future vids! ✌
Yeah! This was much more challenging to make than I realized. 😅 I've been obsessed with making progress that I forget to take a moment and breathe. The feedback is reassuring, thank you!