How to Save for Big Projects in YNAB
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- Опубликовано: 12 мар 2020
- How do you confidently tackle a series of big purchases without risking dipping into debt? This week, Hannah explores breaking down BIG financial projects into manageable chunks in order to better evaluate priorities, pace ourselves, and avoid new debt.
This is the first episode of a two-part series. Tune in next week where we get to hear from Kyle and Lauren Mochizuki in San Juan Capistrano, California as they show us how they implemented today's topic by using YNAB to plan, organize, and save for their whole-home renovation!
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I love Hannah's videos. She's a brilliant presenter and communicator with a fantastic sense of humour. Thanks Hannah
Thank you John for being a watcher!! Glad to keep the content comin' :)
- Hannah :)
This! Love your videos Hannah!
i freakin love hannah. i just started using ynab a month ago and felt comfortable with the app after watching the basic tutorials and doing the workshops. but hannah is so much more entertaining and explains everything fully. if i could tip her i would
Totally secret besties with Hannah and her videos are our coffee dates.
😂😂😂
See you next friday, small vanilla latte 😉
- Hannah :)
“...with a whole lot of money & Hakuna Matata” love it! 😂😂 interesting perspective and advice. Thanks Hannah!
Hannah, my 13 year old daughter and I watch your videos together! I am excited that she is learning about budgeting principles nice and young!
Oh my word!! What a sweet and wonderful activity to do together! I hope you get the joy of seeing that fruit in the next few years as she learns to manage her own money :) Keep us posted!!
-Hannah 🌻
I said it already few times. Hannah's videos makes me stick to the Ynab...
I aspire to be as amazing a presenter as you❤️🥰😭you rock Hannah
Oh Hannah. I love this but it's time someone finally poured you a cup of coffee. Your mug is always empty. You should talk to the ynab people and create a new position for this and then hire me. This would give me great experience for a whole career filling the empty mugs and coffee to-go cups I notice in every tv show and movie ever filmed. :)
Ha!! Caroline, we're writing up the job posting right now. Believe it or not, every video starts with a piping hot mug of coffee, but it's usually mostly gone by the time the intro sequence hits 😂 So, next video I'll start with three full mugs and work my way through 😉
- Hannah :)
This video was released a year ago, probably on a Friday. What a coincidence that I'm watching this for the 1st on a Friday a year or so after 😁 I'm binge watching all of Hannah's videos
Binge away, my friend! You can watch my hair grow as you go! I get a trim in February 😉
-Hannah 😊
Hannah: RECORDING SH...
Me: Whoa, is this actually going into a YNAB video?
Hannah: ...TUDIO
Me: Oh.
😂 I try to keep budgeting as shqueaky clean as possible 😉
The videos with her are my favorite!
I love seeing a real budget in action- this was helpful! Looking forward to next weeks video!
Mich Mash-get pumped!! Just finished filming it and it's going to be a B-L-A-S-T.
- Hannah :)
Gotta love Hannah's videos!!!
Always my favorite videos!
With your videos I learn and have fun at the same time :D Thanks!
“You’re not wrong but you are stealing my thunder“. 😂
I love this presenter! So funny and she makes it fun to learn 😄
You never fail to make me smile.
I wish you could have a subcategory. If your renovating your house main category could be home renovations and then subcategory could be kitchen then all of the items listed then second sub category for bathroom then all items listed. It would be nice for reporting
You are very entertaining (and informative).
WTF who disliked this video!?! Please explain
She is a gem!!!
You always have really fun and informative videos. You have a great personality!
Thank you Chris!! Always glad to make budgeting fun 😉
- Hannah :)
I love your videos, Hannah! You and my sister are practically doppelgangers! The first video I saw was the "bills" video and y'all even share expressions and mannerisms! It was so strange!
Whaaaat?! I've always wanted to meet my doppelganger! Well, if you ask me, she sounds like a very fun person :)
-Hannah :)
Love Hanna! You are a brilliant writer and presenter!!
Cathie, thank you friend!! Thanks for watching!!
- Hannah :)
I love you sense of humor. Just an update on my YNAB journey I have age my money at 47 days old. Wooohooo. This is the perfect video because I want to budget to buy new furniture.
YEAHHHHHHH!! 47 days is a huuuuge feat, especially if you're coming from previously living paycheck-to-paycheck. Way to go, Christina!!
🌻 Hannah
@@YNABofficial Thank you ❤️. Yes it took a minute but it had gotten so much better.
I actually did some research for a self-pub budget a while ago!
Well, lookie, lookie....there's my favorite YNAB sticker. I'm hoping if I comment about it in every video where I see it, I just might be able to get my hands on one...one day. My laptop is under dressed without it ;) PS, thanks for the savings advice. Always appreciated!
Hannah, these are really good ideas! I plan on moving, and I think that's a perfect scenario for making a master category. :)
Congratulations on deciding to learn keyboard and enter the wild world of DAWs! I think your videography experience will ultimately come out as a bonus here, because a lot of the discipline of video can translate to music and audio. You know you have to share your learning journey now! :)
Lee-YES. Moving is a big one, and I'm sure there are both big and small expenses involved that it'd be easy to overlook until they hit. I like the way you think!
And thank you!! I'm sure hoping there's some overlap between the two-at least I won't have to learn how to film on top of it! 😉
- Hannah :)
@@YNABofficial Oh definitely there is overlap. Dealing with mixes, editing, mastering, transports, transients, levels, effects, snipping, time-warping, raw tracks, compression, exports, yep you name it! A lot of the terms and techniques are common to both skill-sets. I absolutely think you will have a head up on it! :)
Ha! Well, feeling good about the fact that I know HALF of those words... I'll hafta learn the other half as I go :P
- Hannah :)
@@YNABofficial See, you already know more than you think! :) Best of luck!!
Ha! Woot! Thanks Lee :)
- Hannah :)
Thank you so much for the helpful video! Hannah, could you link the youtube account where we can see your piano journey?
Sure! You haven't missed anything yet--the equipment has been acquired, but the journey has yet to begin 🤪 Hoping to start this summer!
-Hannah 🌻
@@YNABofficial hurray!!
Great video as usual. Hannah is funny and charismatic as hell.
Now, I'm not sure if this "recording studio" goal is fictional but if it isn't - for audio software, get Presonus Studio One. Perfect for the novice songwriter and....its FREE! You can free up that money to buy the other stuff in the category! From one recording studio nerd and YNAB user to another!
Definitely not fictional and definitely taking this into consideration. Thanks for the helpful info, Mike!! I'm sure it'd have everything I need!
-Hannah :)
Sooo, where is this channel that is documenting this process of learning the piano along with singing?
Firstly, great job, love your videos, very engaging and keeps it real, thank you for that.
Secondly, what do you do with the project category group and all other categories after you've fulfilled your goal and no longer need this project? Do you just delete it from your budget, I'm thinking no cause that might mess up the financials but if no, what to do with it?
Looking forward to your feedback, thanks.
Hi Candis!! So sorry for the delay in response, but this is a great question! Any category that has any kind of money movement or financial activity on it (money spent) can only be deleted if you reassign those transactions somewhere else! The transactions can't exist outside of a category, so if you delete it's category YNAB will prompt you to find a new place for those transactions to go. If you don't want to reassign transactions to other categories, you can simply "hide" the category when you're done with it and that category will be added to a new category group at the bottom of your budget titled "Hidden Categories". You can open and restore those categories anytime you want! I hope this helps answer your question!!
-Hannah :)
@@YNABofficial Thank you for getting back to me, really appreciate it.
You most definitely have cleared things up for me in this regard, thanks again and keep up the wonderful work!
Candis 🧸
My question is once you have fully funded the category for your purchase in full and completed the big purchase ie your recording studio, how do you go about deleting the category? Or do you have to keep it and set it up as funding for the next big expense?
What I do is I put the transaction into a permanent category that's relevant to what I'm buying, with a note on the transaction saying more specifically what it was for.
For example, if I just finished saving up for the vacation I'm currently planning, I can log the train tickets purchase transaction to "Travel" and the boat hire price maybe to "Wish Farm" or "Fun Money" (these are some permanent categories I have), then I can safely delete the specific tickets and boat categories, or the whole summer vacation category group when I'm ready, and the transactions won't get deleted or whatever.
I still find the method in the video useful, because project savings don't fit with the regular targets I have for things like travel, but yeah one-time purchases aren't something the YNAB app can really handle without workarounds like this.
P.S. I know this is a very old comment but someone might find my reply helpful so I'll leave it here anyway
Second time that I started this video... I remember now at 4:21 why I stopped - emoji's 😊 I stopped to google how to add them from my mac.
What do you do with those categories once you have achieved your goal of fully funding (and spending from) your big project? If you delete them once you no longer need them (say 6 months from now), do you then lose all of the reporting information? Would you perhaps wait until the end of the year after you have saved your reports for the year and then remove these categories? Thanks for all the videos! They are great!
Hi Rebecca! Great question - you can hide the categories when they're no longer needed in your budget, or if you want fewer categories, you can take all the renovation categories and lump them into one "kitchen renovation" category that you can then hide and see the total amount required.
Hey Hannah! Hope this finds you safe and happy. Love your videos, just watched "Stuff YNABers Say" and you guys nailed it! Just this afternoon I was off a few cents lol!
That's a super fun project you're funding, I'm also a singer and play piano so I'm totally cheering you on!
As a fellow YNABer I wanted to offer some options for your home studio that may save you some money and get you to your goal a little faster! My husband and I have a home recording studio, because our day job is actually running a music education RUclips channel: Hack Music Theory. It may be useful to know where you can cut corners (without downsides), and where to spend more (otherwise you may regret it later, then have to upgrade). So, here's our recommendations:
- Headphones: Beyerdynamic DT 770 PRO 80 Ohm $200ish (don't cut corners here, professional level headphones are a need, not a want)
- Microphone for vocals: Rode NT-USB Versatile Studio-Quality USB Cardioid Condenser Microphone $180. It's their legendary NT-1 mic, but with USB instead of XLR, so it plugs directly into your computer (no need for an interface!).
- Software: Reaper $60 (one-time payment with free life-time updates). It does everything the expensive ones do! We've been using it for many years, and we actually originally chose it because we preferred it, not because it was cheap.
Lastly, you shouldn't need an audio interface, as the keyboard should have a USB output as well (if it doesnt, then it's definitely worth buying one that does), so just like the mic, you can plug it directly into your computer. And that way you can record MIDI instead, which is way better than audio, as you can edit it and change the sounds afterwards.
So $440 + 450 keyboard = $890 for a savings of $210! Maybe you can fund it all before June, or spend that savings on a better keyboard (the Yamaha P-125 is a great long-term investment, which you'll still be happy with in decades to come). Anyway, all that to say good luck and I look forward to hearing how your project goes! Take care, Kate 😄
Kate.
You are.
A saint.
And I just checked out your channel!! 122K subscribers, holy cattle!! You can bet your bottom dollar that I will be indulging in your channel real soon here, and these tips on equipment are invaluable! The tip about the keyboard that stands the test of time is definitely one I will put great thought and weight into; definitely want to invest upfront on such a pivotal piece. Thanks so much for taking all that time to share these thoughts with me!! Love our YNAB community! I'll for sure let you know when this project gets it's legs :)
-Hannah :)
Great video and strategy... So when you fully funded your studio and purchased everything; what did you do with the categories? Do they just hang around forever or did you move the money into another category before make the purchases so that you could remove the specific goal category? Just curious how the real application works. Thanks
You can "Hide" them.
I’d love to know too: if you purchase out of the categories and then hide them, when you go back to your reports do they show the spending properly? And do you keep your $$ numbers & goals anywhere besides YNAB, like a journal?
I'm also interested in the logistics of this
Because they are hidden and not deleted, hidden categories are still included in the reporting but are moved to their own category, Hidden Categories.
Danielle is all over it! "Hiding" categories ensures that the information doesn't get lost and throw off reports, but it WILL recategorize them to a new "Hidden" category group. This is handy for those "one-time" savings, like my keyboard, where I'll only buy it once and then never need that category again. If you don't want that category to get recategorized to the "Hidden" section, you can also rename that category to the next thing you're saving for (like my microphone or my headphones) and just deem that category to be your "where I budget for one-time things" category.
-Hannah :)
Nay...
Lol thumbs up!
This was a great idea and I’m going to see what sub categories I’ve alrwafy funded out of my main ‘travel’ category. Thanks!
Kendra-HA! I too laughed when editing this and realized I had indeed said the word nay in a 2020 RUclips video. These are the things that keep us cool 😎
That is a brilliant idea! Hotels, gas, meals, experiences. It's always a guessing game when you go into a trip with just one big lump of money! Not with THESE categories. 🤑
- Hannah :)
Very charismatic 😄
Ha! Is budgeting anything other than charismatic?? 😉
- Hannah :)
I wish my wife liked the budget as she like that cup, can you send me a link where I can buy it? I swear I have a budget for giving her gifts like that!
Ha! Rafael, you are a very wise man. This mug was purchased at Home Goods this fall! They don't list products on their website as their products are sold on a case-by-case basis, but if you have a Home Goods you could peak there! I've recently seen honeycomb dishware at World Market too, so try there as well!
- Hannah :)
I want that coffee mug! Where can I find it?
Got it at Home Goods last fall! Not sure how to track it down since they sell batches at a time and don't list anything on line. But searching honeycomb mugs will give you a good start!
-Hannah :)
Spill the beans, YNAB. How did you get an emoji in the title of the categories?
Ha! Oh Adam, the urgency is real. We've got a help doc to give you all you need to know, whether on mobile, Mac, or Windows!
docs.youneedabudget.com/article/196-using-emoji-in-your-budget
- Hannah :)
We need to see Hannah's musical talents. Someone share a link, please if she has in a later video! :D
Oh, the dream keeps getting put off. But hopefully one day! It'd be fun to share!!
-Hannah 🌻
So - this is March 2020... did you get your studio and use it to not lose your mind during lockdown? 😆 Curious minds want to know!
HA! So here's the thing... I got all the stuff. The headphones, the keyboard, the microphone... and then started dating my now-husband and my priorities changed 😂 But now that we're a year and a half happily married, I am DYING to finally sit down and start learning. New big tasks like that are a little intimidating though, I'm learning!
🌻 Hannah
@@YNABofficial Oh the change in priorities! 😆 Well, if you decide it's the direction you're going you've got a cheering section!
How do I follow Hannah and watch her recording studio adventure?? I LOVE HANNAH!!!! She is the bestest, funnest presenter!!!! Can I please follow her personally tooooooooo?? Info Please!!!! (heart heart heart)
Hey Aisha! This past year ended up being a whirlwind (if you can even imagine 😉) so the adventure has not started yet! I'll find a way to let you know if it does!!
-Hannah 🌻
Hannah...great video...but you beat on the Mr. Banks the Pig...how could you?! :)
The mega rich use a budget more than the average person should
MMmmmmm.... lasanga budgeting...
Lol