What budgeting advice do you recommend? Money management method?

  • PlutoniumAcid@lemmy.world
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    1 year ago

    YNAB = you need a budget

    YNAB is a web app and mobile app. It’s beauty is that it helps you look FORWARD, instead of tracking your PAST spending.

    It’s not much use to see that you spent too much last month, again. Instead, YNAB helps you know what your average expenses are and lets you set aside meaningful amounts for each kind of expense = that’s what we call a BUDGET.

    Yes, it has a cost. Yes, it’s ironic to spend money on a tool to save money. But here’s the thing: it really works! For me, it’s easily worth the cost.

    www.ynab.com

    • SpliceVW@lemmy.world
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      1 year ago

      I second this. I feel silly paying for it, but if you (and your spouse, if applicable) totally buy into their system, it’s a way of life. The biggest thing is how it sets up purposeful sinking funds (instead of just “savings”) - every dollar has a job. Now when we have major expenses, it’s like - meh! Water heater went out? No sweat, home maintenace got you covered. And if it doesn’t, you roll with the punches and transfer it from some other category.

      It’s made finances so much less stressful.

      • Rob@lemmy.world
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        1 year ago

        Using YNAB’s sinking funds helped me get out of my considerable divorce debt. They’re like envelopes you put money into ahead of time, for every single category/thing you want to spend on or save for.

        • If you need to spend more than is in the envelope, you must transfer from another envelope first

        • If a bill is higher than expected, transfer money from another envelope

        • If you want to make an impulse purchase that doesn’t fit an envelope, make mine and transfer money in from an existing one

        And so on. It’s a great system, and I continue to use it even though I’m now debt free, except for my monthly bills and car lease payment.

    • d00phy@lemmy.world
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      1 year ago

      Same here. I see a lot of people complaining gabout paying for it, but it’s solid software, and worth the money. It’s helped my wife and I manage our finances and we never argue about money. That’s worth a lot of money IMO.

    • Bakkoda@sh.itjust.works
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      1 year ago

      Yup. The ease of use for my wife and us being able to check our own funds real time has made it invaluable. I’m sure! there ways i could do it myself but she’s gotta be able to use it.