YNAB – July Wrap up and look ahead

July 31, 2013 at 11:40 pm Leave a comment

July is gone.

During my first couple of months using YNAB, I was over-budget by about $600 per month.  In June, that overage dropped to just $45.50.

In the month of July, I have finally kept my spending to my budget.  That’s right!  Not over even by a penny!  Not to say my budget was perfect the whole month, but I’ve been able to adjust it.  Rule #3, Roll with the Punches!

I’ve built my Emergency fund up to $650 and put away over $1000 for property tax and insurance.

Just as important, my Prosper loan has shed another $800, and the family van is now paid for.

As a new YNAB’er, I have a category just for the unexpected.  I highly recommend anyone starting out with YNAB to budget money into a “Stuff I’ll forget” category.  That’s usually the first place to pull money from if an unexpected issue comes up.  As you have more time “under your belt” with YNAB, you can reduce this category down to a lower amount, or get rid of it altogether if you are really confident.

A look ahead

In August, I’m expecting to grow my Rainy Day Funds by another $600 – $900 and drop another $1000 from my Prosper loan.   This could be a difficult month, though.  I had to increase the amount I’m saving for insurance (due in September) because the bill is going to be about $280 more than I expected, giving me two months to come up with about 1/2 of my tax bill.  The kids start back to school, so there’s the school supplies, clothes, haircuts, not to mention private school tuition, and finally the extra gas we are going to burn taking them to and from school.  Our education budget (to cover the supplies) is now at $200, with $200 for clothes, and $90 for haircuts, etc.   We already have clothes for three of the four kids covered except socks and shoes.  I’m expecting to pick up some clothes for the fourth child at thrift stores, but expect that we’ll be buying new shoes and socks for everyone.

Looks like August is going to be busy, busy, busy…

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