It’s the opposite of living paycheque to paycheque. This is the place where you are covering this month’s expenses from last month’s income. When you follow the first 3 rules consistently, you’ll arrive at Rule # 4. When your plan changes, your YNAB budget allows you to move money over from another category to cover the overspending. When that happens, YNAB instructs you to roll with the punches, to be flexible. Let’s face it, there are times when you will overspend. YNAB helps you identify and plan for these expenses in advance by saving a small amount every month. This approach causes a snowball effect that can be very difficult to dig out from. If you’re not prepared, you may find yourself having to borrow from a line of credit to cover them, or worse yet, your credit card. Your annual auto insurance premium or property tax bill are good examples. This rule will have you budgeting for the bigger ticket expenses that don’t occur as often, but that you know are coming around the corner. Making a plan for every dollar and then following your plan will help you avoid one of the biggest budget killers – impulse spending. With YNAB, your first task when money comes in is to assign every dollar a job.
Let’s take a closer look at each one of the YNAB rules. Becoming familiar with the rules is the best way to understand YNAB. When you arrive at the YNAB website, you’ll notice that their budgeting philosophy is centered around 4 rules. Centered around 4 simple rules, they created a family budget that would eventually become YNAB, and as they say, the rest is history. YNAB emerged from humble beginnings more than 15 years ago, when newlyweds Jessie and Julie Mecham were looking for a way to manage their finances. In this article, I’m going to introduce you to another popular budgeting software, You Need A Budget, or YNAB for short. Perhaps you’re familiar with names like Mint, or Quicken.
#YNAB 4 TO NEW YNAB SOFTWARE#
Thankfully, there are a number of budgeting software applications out there today that make it easy to create and maintain a budget.
#YNAB 4 TO NEW YNAB HOW TO#
One reason might be that it’s rarely taught in school, so most of us grow up without learning how to budget properly. But creating a budget and sticking to it doesn’t come easy to most people.
One of the first steps you can take towards improving your finances is to start budgeting.
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