Partly to blame for my lack of progress on my budgeting project is: all the TTC costs (hard to save when you're spending so much!), getting a new foster son (busy!), and just trying to find a budgeting system that works for me.
When I started this budget project in August, I was going to use YNAB (you need a budget). I initially loved YNAB! Here's why:
- Makes taxes easier by tracking expenses by category.
- You receive emails on why it's important to budget.
- They have great online tutorials
- They offer online training sessions with live Q&A.
- I liked the zero-based budget method.
It takes awhile to set-up, but once set-up it's easy to maintain. So, I did track expenses in August -- then got OFF track and skipped September and October! I ended up doing a 'refresh' and starting over starting Nov 1. I modified my budget a bit and I'm hoping to start cutting back on unnecessary costs.
When I attended Dave Ramsey's Smart Conference that I found an app that I really liked: EveryDollar. It's free (although you can upgrade it for an annual subscription cost). I really liked this app and I found it easy to use. Very easy to set-up and very intuitive. The main thing with this one is it doesn't really keep a ledger of your accounts. I like keeping a running log of everything so I know my account working balance and know where I stand with my budget. EveryDollar is also new, so it doesn't have that many good reporting functions that I like in YNAB.
For example, in YNAB I can keep things in categories so I can easily export these for tax purposes (i.e. utilities, fertility costs, RX costs, co-pays, donations, etc). I can log them in YNAB and just export at the end of the year. Right now I'm keeping an excel spreadsheet on Google Docs. Starting in 2016, I'll be able to get rid of the spreadsheet. EveryDollar doesn't allow for this or just prefer YNAB's report "looks".
For example, in YNAB I can keep things in categories so I can easily export these for tax purposes (i.e. utilities, fertility costs, RX costs, co-pays, donations, etc). I can log them in YNAB and just export at the end of the year. Right now I'm keeping an excel spreadsheet on Google Docs. Starting in 2016, I'll be able to get rid of the spreadsheet. EveryDollar doesn't allow for this or just prefer YNAB's report "looks".
Right now, I have my first "real budget" for November on YNAB. I'm working out the kinks, but I think I've finally gotten it where I need it. I'm still "playing" with it and am looking to modify in future months as I get more data/can see more trends.
The other thing about YNAB, is there's a one time charge of $60 to use. For EveryDollar, they have a yearly subscription of $99. I have to admit, I love EveryDollar's interface and love how easy it is to use. I was tempted to go that route. However, the yearly subscription for the enhanced version just didn't work for me. YNAB has more functionality for cheaper.
Both have iPhone apps that I like.
There are more in-depth reviews of YNAB vs. EveryDollar on YouTube and on various blogs. I think that either could work well, as long as you actually USE it! That's my problem, I just need to stick with it and use it. I think I finally have enough motivation to do that now. With the adoption coming up and life really changing for me, I want to focus on Dave Ramsey's baby steps and really start changing my life.
The other thing about YNAB, is there's a one time charge of $60 to use. For EveryDollar, they have a yearly subscription of $99. I have to admit, I love EveryDollar's interface and love how easy it is to use. I was tempted to go that route. However, the yearly subscription for the enhanced version just didn't work for me. YNAB has more functionality for cheaper.
Both have iPhone apps that I like.
There are more in-depth reviews of YNAB vs. EveryDollar on YouTube and on various blogs. I think that either could work well, as long as you actually USE it! That's my problem, I just need to stick with it and use it. I think I finally have enough motivation to do that now. With the adoption coming up and life really changing for me, I want to focus on Dave Ramsey's baby steps and really start changing my life.
What's nice is:
- I've paid off all my CC's, accept for two.
- I am half way to baby Step #1: $1,000 In An Emergency Fund. Which I will complete next month.
- I'm refinancing my house to have a lower monthly payment.
- I'm financially a month "ahead". Meaning I'm using income earned in prior month for current month expenses (i.e. money earned in Oct is being used for expenses in Nov).
- What else is "nice" is that I should get a sizable tax return next year, which means I can make a huge dent on these last two CC's and then start making headway on my student loans.
What's bad is:
- There are so many more expenses to come this year!
- I am going to have more out of pocket expenses for IVF.
- Christmas is coming
- Little Guy's 2nd birthday is coming
- Our adoption is coming
What's hard is:
- Not using CC - took them out of my wallet. All accept one, that I use for Gas and recurring charges (I don't like auto debiting from my checking account - had fraud before).
I think that's one of my issues, I have a lot of recurring charges hit my CC and I'm not paying the entire balance every month. I'll get there though. I think after the holidays, after the IVF expenses, and all the events coming up -- things will be "calmer" and I can really tackle things.
Some financial decisions for next year:
- No big trips.
- No big purchases.
- Little to no travel.
Wants: Attend Financial Peace University in 2016.
I also wanted to note that I have a Blow$ Account. I put a certain amount of money directly into my account and I use it however I want to. I do not count this in my budget. It's automatically taken out and deposited into my Blow$ account. So, if I want something extra - I can only get it if I have enough Blow $. It just gives me piece of mind and makes me stress less. It's not a huge amount, but it's enough where I can do a little extra without feeling guilty about spending money in the budget. It works for me!
I also wanted to note that I have a Blow$ Account. I put a certain amount of money directly into my account and I use it however I want to. I do not count this in my budget. It's automatically taken out and deposited into my Blow$ account. So, if I want something extra - I can only get it if I have enough Blow $. It just gives me piece of mind and makes me stress less. It's not a huge amount, but it's enough where I can do a little extra without feeling guilty about spending money in the budget. It works for me!
Next Steps:
- Finish Baby Step #1. Already budgeted for next month.
- Baby Step #2: Pay off All Debt with the Debt Snowball <-- I'll be here for awhile! Outstanding debts include: Student Loans and the two credit cards with high balances.
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