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Old 04-03-2014, 01:23 PM   #21
maverickstruth
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The amount budgeted for any item can be adjusted in Mint as well
It can be, but it gets really messy when you have roll-over budgets and you need to basically do a negative adjustment from one field to another. This is further complicated by the fact that the Canadian version of Mint doesn't support Goals tracking, which meant that everything had to be done through Budgets. Plus, if you've tried adjusting historical budget data in Mint, you know it causes no end of headaches. When you have a portion of your income that's irregular and want to say "all of my money above $X goes toward vacation"... Mint made that really challenging. It's a very specific use case that probably doesn't apply to most.

For example, say I had put saved up $1k toward a vacation in Mint over the past few months, and wanted to move that money to a household reno project instead. I couldn't simply reduce the vacation budget by $1k because the money had already been tagged in Mint as being a vacation line items across several transactions. I could go back and redo all those transactions, but it was a hassle - especially when I was already doing split transactions in many cases. It was "cleaner" to just debit the vacation "budget" and "transfer" it over, to reflect that the money was "moving" from one pot to another. This, of course, would then show in my reports as a $1k expenditure from 'vacation' which isn't true... and since I like to look at my expenses from a high level perspective, I ended up having to do all kinds of filtering to get the reports the way I wanted.

This is fundamentally where I ran into issues with Mint's forecasting budget method - it allowed me to easily forecast expenditures before I acquired and allocated the actual dollars... but once it was allocated, it wasn't as easy to move it around.

There probably are other ways I could have worked around the problem (and if goals had been implemented in Canada, it would have certainly been easier) but it just wasn't worth it to me when YNAB worked the way that aligned with how I think.

To be fair, I still use Mint now - but more as a one-stop-shop for monitoring all of my accounts, watching for fraudulent transactions, etc. I just don't try to budget with it anymore.
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Old 04-04-2014, 05:09 AM   #22
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Originally Posted by maverickstruth View Post
Four big differences that come immediately to mind:

1) Mint's budgets tool is based on projections of future earnings. In other words, you tell it how much income you expect to earn in a month and then you allocate from there. YNAB is based on actual earnings. In other words, you enter your income (or how much you have in each of your accounts) and you allocate based on that. Every time you get new income, you can allocate it to future spending. But you can't allocate money you don't have yet.
Actually, I have been able to input future pay days and allocate the funds. My pay varies slightly each pay cheque (every two weeks) so I just do a conservative estimate and budget from there.

I'm having a lot of fun with YNAB. I've been pretty decent at budgeting in the past but now with a family, it's definitely a tougher task. It's only been a couple of days mind you but YNAB makes it easy and fun.
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Old 04-04-2014, 08:21 AM   #23
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Actually, I have been able to input future pay days and allocate the funds. My pay varies slightly each pay cheque (every two weeks) so I just do a conservative estimate and budget from there.

I'm having a lot of fun with YNAB. I've been pretty decent at budgeting in the past but now with a family, it's definitely a tougher task. It's only been a couple of days mind you but YNAB makes it easy and fun.
Yeah, can't is too strong a word... But it's definitely set up such that doing so is discouraged, and you have to make a conscious effort to do so (as compared to Mint which makes is almost invisible that you're doing so). That's part of what I was saying about the ethos that they have kind of built in; their goal is to get you to a point as quickly as possible where you never have to project and are only allocating money you have already earned (ie. having one month worth if expenditures in the bank, at least, at all times).

Glad you're enjoying it and that I'm not the only crazy one that finds it kinda fun >.>
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Old 04-04-2014, 08:28 AM   #24
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I just downloaded YNAB (this was a costly little thread to read!).. anyway, I still don't really get it.

So I'm not looking at my monthly pay and just allocating dollars? I just put in money I spend and then work on monthly projections moving forward?
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Old 04-04-2014, 09:01 AM   #25
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Have you read their getting started material? If not, it may help:

http://www.youneedabudget.com/method

(The 4 'rules' are what I'm talking about)

Basically, what you do is first, input the initial balance on all your accounts - that includes checking, savings, credit cards, etc.

Then, tweak your budget categories if you want. The default set they give you is good, but you may want to change or add some things.

Initially, unless you've been keeping a budget for the past while, you'll guess as to how much to allocate to each budget item.

Your goal, if possible, is to budget all of your expenditures for the month based only on the money you already have in your accounts. You want to create a zero-based budget, where the budget number at the top of the screen for the month is neither red nor green: if you have money left over, put it somewhere (e.g. savings). If you're short on money, cut somewhere.

As you get income, you'll be able to allocate more money in your budget. Ideally, in the YNAB system, you'll want to record all of your income as counting towards next month's spending. If you can't do that now, that's okay - but that's the goal.

Other than that, sounds like you're on the right track! The YNAB community forums are actually pretty good too, if you get stuck. I had some questions about how to handle certain things in the set up, and I found the answers just by searching the questions that had already been asked. Good luck!
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Old 04-04-2014, 09:18 AM   #26
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Thanks.

Yeah I watched the videos and am still a bit confused how to get started. I think I'll sign up for one of their live classes. Cheers
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Old 04-04-2014, 11:16 AM   #27
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You can try it for about 33 days free as well.
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Old 04-04-2014, 12:29 PM   #28
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I just wanted to thank whoever recommended YNAB. I've used Mint for years but haven't found it very helpful lately, and had some of the same problems with it that other people have mentioned. I downloaded YNAB Wednesday so I am just getting started, but I like it already. I watched a webinar last night, and it was really helpful. I am actually excited to use YNAB - just wish there was a Blackberry app since that's what my husband has for work.


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Old 04-04-2014, 12:36 PM   #29
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I have a homemade spreadsheet that I use... Pretty hardcore, and it works for me.

Almost everything is manually input, and there are a few improvements I've been meaning to make but haven't made yet (on the stocks/investments side).

If anyone's interested, maybe you could tell me how to attach a spreadsheet into this forum and you can have at it.
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Old 04-05-2014, 01:12 PM   #30
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Originally Posted by V View Post
Mint wouldn't work with our bank, so we couldn't use that. Ended up purchasing YNAB about a year ago, and we still use it religiously. Expenses have come down quite a bit just because we're watching it.
I use Mint to look back and track my net worth over time and investments. YNAB for day to day. Add in a spreadsheet for various goals since I'm a nerd. (student loan payment, tfsa/rrsp contributions, forecasting retirement income).

Last edited by Torture; 04-05-2014 at 01:16 PM.
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Old 04-05-2014, 03:18 PM   #31
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Yes thanks to whomever suggested YNAB, trying out the trial now and it's been great (but i do have to spend some time with it).
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