One of the biggest things for me is that because it's a "give every dollar a job", it doesn't matter what the job is just setting my leftover funds in a "month ahead" category or "sitting pretty" is giving the money a job. It's a mental shift around "yes i have money, but it's going to go towards something. I'm just not sure what that is yet so it'll sit here for now till I figure out what i need it to do for me".
Once again I have to make a complaint. Much like Hannah Ernie is espousing the "advantages" of the targets and letting you see visually that you are on track. However, the Target are not really flexible enough to do a good job. Things that occur on non-standard weekly schedules can't be targeted directly. You have to do things like figure out the annual cost and then divide that out to something that matches the target capability. If the allowed a Custom "repeats every" target with a week setting that you could adjust i.e. every 5 weeks, every 8 weeks for hair appointments or dog grooming appoints...things that are consistent but not on a week/month/year. Then the targets would be perfect setups.
You're absolutely right-Targets will not address every possibly frequency you could need money by. But they should cover most of them! For the few non-standards folks have, I always go with Monthly-->Set Aside Another. I think that combo has the fewest possibilities for error. ~Ernie
Hahahahahahahahahaha You are dreaming there. Its only recently done it for Europe which is a much bigger market then we will ever be. Plus our banking regulations are so stringent its not worth it. I'm just hoping for a tiered pricing structure so we can pay less for an unlinked option at this point in time.
When I looked at the categories, I thought to myself you are a property owner …you have a mortgage ….so you should have a category set aside for taxes (county taxes, state taxes, school taxes) every year those come up three different times during the year and you have to have the money set aside for them. Another category for income tax.
You quickly went over how the “underfunded total” should be less/equal than the monthly income total. I set up an excel sheet with my income and my monthly targets to make sure they equal each other. If you start on the 1st and have the steady income needed to fund all categories it is much easier. So I put all my income in the category Month Ahead and on the first fund all my categories.
Just downloaded YNAB yesterday so this video is very helpful, thank you
One of the biggest things for me is that because it's a "give every dollar a job", it doesn't matter what the job is just setting my leftover funds in a "month ahead" category or "sitting pretty" is giving the money a job.
It's a mental shift around "yes i have money, but it's going to go towards something. I'm just not sure what that is yet so it'll sit here for now till I figure out what i need it to do for me".
Ack! Don't forget to change the goal for that category where the bill went up! But really, very nice intro. Thanks for posting this!
Good catch! ~Ernie
Ernie is back at it again with some heat!! I just dropped my explanation for YNAB
Once again I have to make a complaint. Much like Hannah Ernie is espousing the "advantages" of the targets and letting you see visually that you are on track. However, the Target are not really flexible enough to do a good job. Things that occur on non-standard weekly schedules can't be targeted directly. You have to do things like figure out the annual cost and then divide that out to something that matches the target capability. If the allowed a Custom "repeats every" target with a week setting that you could adjust i.e. every 5 weeks, every 8 weeks for hair appointments or dog grooming appoints...things that are consistent but not on a week/month/year. Then the targets would be perfect setups.
You're absolutely right-Targets will not address every possibly frequency you could need money by. But they should cover most of them! For the few non-standards folks have, I always go with Monthly-->Set Aside Another. I think that combo has the fewest possibilities for error. ~Ernie
Support for australian banks pls
Hahahahahahahahahaha You are dreaming there. Its only recently done it for Europe which is a much bigger market then we will ever be. Plus our banking regulations are so stringent its not worth it. I'm just hoping for a tiered pricing structure so we can pay less for an unlinked option at this point in time.
Shouldn’t this be getting started in 2025?
The philosophy of YNAB is to use the money you have today, not on future paychecks, thus, starting now in December makes sense.
You can start anytime
When I looked at the categories, I thought to myself you are a property owner …you have a mortgage ….so you should have a category set aside for taxes (county taxes, state taxes, school taxes) every year those come up three different times during the year and you have to have the money set aside for them. Another category for income tax.
Unless they are included in your mortgage.
You quickly went over how the “underfunded total” should be less/equal than the monthly income total. I set up an excel sheet with my income and my monthly targets to make sure they equal each other.
If you start on the 1st and have the steady income needed to fund all categories it is much easier. So I put all my income in the category Month Ahead and on the first fund all my categories.