YNAB Update

May 18, 2013 at 10:50 pm Leave a comment

Alas, things don’t always go as planned with budgeting.  I expected to be able to have $500 put aside in June, but due to May budget overruns, I’m now expecting to only have about $200 to start my Buffer with next month.  Part of the issue is with the month itself.  My wife grocery shops on Wednesdays, and this month there are 5 Wednesdays, verses the 4 from last month, which is what I based this months budget on.  Another issue was a CostCo trip for items that we don’t buy every month.  Then, there are always little unexpected expenses that seem to have a way of cropping up.

But it’s all okay.  I’m “rolling with the punches” and learning as I go.  I’ve increased my grocery budget for June, with the hopes that an overage can carry into July, the next month with 5 Wednesdays.

On the brighter side, I decided to re-arrange some of my upcoming payments.  I had a bill that would cost $150 more if I waited until the end of July to pay, but if I could pay it before the end of May, I’d save $150.  I had planned to save up a little this month, then the bulk of it over the next two months.  But then, I had a thought.  My new Chase card has 0% interest until next July, so I put this bill on that card.  I’ve rolled most of the money that I had saved for this bill in May into my electric bill, as they have essentially moved my bill up from the beginning of the month to the end of the month.  (So, I paid an electric bill early in May, and I’m paying my next electric bill before the end of May).  Next month, I’m moving most of the money I would have saved for this debt to complete paying off a loan at 6.25% interest, and likewise in July I’m finishing paying off our Van loan.  Debt snowball in progress!  That will leave me with two debts (aside from my mortgage).  A debt consolidation loan at 6.5% and my 0% Chase Slate card.  I’ll be piling money into the 6.5% loan until it’s completely paid for in January.  Then, I should have just enough time to pay down the Chase card before the 0% expires in July 2014.

I am also in the process of re-financing my home mortgage.  My current loan only has a little less than 7 years remaining at 5.99%.  I’ve applied for a 10 year loan at 2.75%.  After running the numbers, even if I just pay out the new loan over 10 years paying just the minimum payment, I’ll still save $3000 vs. my current loan (paid over less than 7 years).  That pretty much makes it a no-brainer, even if I wanted to keep paying the same payment, as I’d pay it off in probably 5 years, perhaps faster.

In addition, I’ve taken the month of May to rearrange some income.  The majority of my income comes in the form of one big check at the end of the month.  About a week before that, I get another small check making up about 9% of my monthly total.  Prior to May, I had added the small check as income for the current month, and the big check as income for the next month, but in May I decided that both of those checks should be income for June instead.  So, I budgeted with about 9% less income in May than April.  In June, my income level will be back up to the full amount, giving me about 9% more money to budget than was available in May  Since I’m still catching up from overbudgeting, I won’t see much of a bump in available funding until July, assuming my June budget can be adhered to.

I imagine that other unforeseen things will hit and cause me some more minor bumps, but I think things will smooth out in a few months.

YNAB lets me see a path to the end to the debt.  I just have to make it there!

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Entry filed under: General.

YNAB after a full month YNAB Update – May wrap-up

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