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Ben and Ernie hosted a Live Q&A on the YNAB YouTube channel on Oct. 30th, 2024. If you missed it, here's the full replay! They fielded questions from YNAB'ers and discussed some brand new YNAB features.
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Ben and Ernie are going LIVE on YouTube at 1:00pm Eastern on October 30th, 2024. Come and join us! If you're tuning in after the Live show, the full replay will be posted to the podcast feed soon.
Budget Nerds on YouTube
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In today's episode, Ben and Ernie chat with Veronica Brashler, who is in charge of the Corporate Wellness program at YNAB. Veronica's YNAB story starts with working freelance as a wedding photographer with a highly variable, and seasonal income. Both she and her husband were self-employed at the same time, while raising a young family, and the stress of variable income was high. In her words, they felt like they always had to take the next job, because they weren't sure where the next paycheck would come from if they said no. This made it difficult to plan vacations or just take time off to relieve stress (during peak wedding season she would typically work multiple weddings every weekend!).
When she discovered YNAB, the stress relief was immediate. All of a sudden they had clarity around their true expenses, and how much was "enough." Today, Veronica helps others find this sense of relief with her work at YNAB. Her current job is to work with companies to provide YNAB to their employees as part of their benefits package. And she's brought lot of YNAB goodies for the Budget Nerds community!
Share YNAB with your workplace and get some swag!
Tell your employer about us and we'll reward you with some exclusive YNAB things. Here's how to make it happen:
Write a message to your HR team requesting that they consider YNAB as an addition to your benefits package. You can use the templates at ynab.com/wellness/share for inspiration. Forward or bcc: your message to [email protected] We'll thank you (profusely) and collect your mailing address. You'll receive YNAB swag in the mail! 😎 -
Today's episode is officially the 100th episode of Budget Nerds (if you count the YouTube episodes that were published before the audio podcast feed)! Ben and Ernie reflect on the past few years, the most and least viewed episodes, their favorite episodes, and the many YNAB wins they've had a chance to share and celebrate along the way.
Thank you for listening and supporting the show with your emails and comments. Here's to the next hundred!
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If you're standing up, you might want to take a seat, because something big has happened... Ben actually changed his budget! Over the last year Ben has had some major life changes that have resulted in more monthly cashflow and also bigger expenses, so it was time, at last, to overhaul his budget. In today's episode Ben discusses the circumstances that prompted the change, how he learned to actually work Rule 2 and embrace his true expenses, and how he is assigning the new monthly cashflow.
YNAB Debt Bootcamp
https://www.ynab.com/debt-bootcamp
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One of the interesting parts of working at YNAB is you get to observe human behavior related to personal finance. As Ben and Ernie have noticed over the years, YNAB'ers tend not only to reach their financial goals -- such as paying off debt or saving for a big purchase -- but also complete a number of other goals at the same time. There's something about the YNAB process that leads to knocking down goals like dominoes.
Ben brings up an old YNAB saying: "think long, act now." Following YNAB's Four Rules, in particular Rule Two, gets you in the habit of considering your future expenses and setting aside money now so that they are covered when the expense hits your bank account. And as Ernie points out, the unofficial "Fifth Rule" -- find the money first -- puts you in the habit of identifying the tradeoffs you are willing to make to spend money on a given thing. These habits aim to help you manage your money in a sustainable way, so that you can not only meet your financial goals but continue to maintain them without incurring new debt every time an unexpected expense comes up.
For those new to YNAB, don't be surprised if your initial money goals lead to more and greater things!
YNAB Debt Bootcamp
https://www.ynab.com/debt-bootcamp
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On today's episide Ben and Ernie welcome another Ben to the show -- Ben Markley, host of YNAB's Sketchy Advice series on YouTube. Ben has a reputation for striking metaphors and thought provoking ideas about money and putting YNAB's principles into daily practice, and today he shares some of his favorite ideas, including:
Why you should go ahead and buy that latte YNAB is really just an elaborate gift card system Can YNAB help you keep your house clean? What if YNAB paid you to use it?Be sure to follow Ben M. and his wacky ideas on YouTube!
Sketchy Advice YT Playlist: https://www.youtube.com/playlist?list=PLq0_N-XTl2yCCaRGfgWVerrE8s2A8b0oq Buy That Latte: https://youtu.be/U7Z9ens0NtE?si=-lxqxojGDdcgTwPD Unlock Money Joy....with Gift Cards? https://youtu.be/GU6VeOFnPuU?si=O_mQBl5VIuYPG_ZB Can YNAB Keep Your House Clean? https://youtu.be/s1KrMm_ByOg?si=ufpcvZ6UKS-Jj-cLShare your YNAB wins with Ben and Ernie!
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Ben and Ernie get a handful of recurring questions that aren't quite big enough topics to make into their own episode, but nevertheless deserve to be answered! In today's show, they tackle some of those questions, including:
What does Ben mean when he talks about the "matchy matchy game?" Helping kids learn to budget Should you have separate categories for kids' expenses? Tracking investments in the budget The pros and cons of simplifying your category structure.Share your YNAB wins with Ben and Ernie!
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The Budget Nerds have covered the spending habits of a lot of married folks with families, but what about the single people out there? In today's episode, Ben and Ernie speak with Jasmin Green, a PhD student in the Department of Plant Sciences at UC Davis. Jasmin is an avid YNAB'er, who credits the methodology with keeping her bank account in order during the financially challenging years of graduate school. As a PhD student, Jasmin's income is highly variable, with several streams of income from stipends, grants, and emplyoment as a TA -- each with their own tax implications. Despite the lumpy income, Jasmin has successfully used YNAB to navigate the costs of living in graduate school while remaining relatively stress-free, at least when it comes to money!
Jasmin breaks down the categories in her spending plan in full detail, and how they each fit into the big picture of her financial life.
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Getting a month ahead with your money is a milestone for many YNAB'ers. Being a "month ahead" means that when the first of the month hits, all your bills and expenses for that new month are already paid for -- the money for them is sitting in your bank account, and assigned to the respective categories in YNAB, waiting to cover those costs. And boy does it feel good!
In today's episode, Ben and Ernie share stories from YNAB'ers who have achieved that milestone of being a month ahead, and how it has relieved them of stress and anxiety, taken away the fear of job loss, and reduced the overall mental overhead required to keep track of when paychecks hit and when rent and utility bills go out. When you are a month ahead, you break the paycheck to paycheck cycle and life gets a lot less stressful -- at least your financial does.
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Today Ben and Ernie are joined by returning guest and YNAB Lead Educator, Erin Lowell, who posed the idea of thinking bigger with your money. Many people come to YNAB seeking a way to escape the paycheck to paycheck cycle, pay down debt, build an emergency fund, and reduce their stress and anxiety around money. These are wonderful goals! However Erin reminds us that there are things you can do with your money beyond paying the bills, and she wants you to experience those things. Paying bills and handling unexpected expenses with cash for the first time is a thrilling feeling, but it's not the highest use of your money. Dream bigger than your bills!
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It's a common story: a person finds YNAB and starts using the software, only realize months (sometimes years) down the road that they weren't actually following the YNAB method. They were just tracking expenses using YNAB's software. Tracking expenses is not a bad thing -- tracking brings awareness of your spending habits and where your money and energy is going -- but the magic of YNAB is in the method, encapsulated in the Four Rules:
Give every dollar a job Embrace your true expenses Roll with the punches Age your moneyHere's a primer on the Four Rules if you are new to this way of thinking about money.
Most personal finance tools are all about tracking your expenses. What the Four Rules do, however, is make you feel tradeoffs. Tradeoffs occur all the time whether we know it or not. By choosing to spend on one thing, we choose not to spend on other things, or we go into debt because we did not make a tradeoff! When we only track expenses, though, we only discover the tradeoffs after they have already happened. You get the spending report at the end of the month, only to realize that you had overspent your restaurant category, for instance, by the end of week two. Tracking expenses after the fact does not give you enough information to make decisions going forward.
As Ben and Ernie explain, YNAB asks you to assign your current money to spending in the future. In this way, you save up money in categories for expenses you anticipate ahead of time. Instead of going to a fancy restaurant and hoping that you have enough money to pay for your other bills afterwards, or worse putting it on the credit card and taking on new debt, YNAB would ask you to assign dollars to the meal ahead of time (Rule One). If you don't have enough cash lying around to assign to this, then you will have to pull money from another category to cover it. In doing so, you have made a tradeoff. Importantly, you made the tradeoff ahead of time, so you can determine if it's worth it to you, rather than potentially regretting the decision later.
YNAB is all about tradeoffs, and bringing awareness to the tradeoffs you make every day in your spending. By following the Four Rules, you can move beyond tracking expenses and finally get ahead with your money. Most importantly, the Four Rules can help you spend with less stress and anxiety, and more joy.
Budget Nerds episodes referenced in this show:
Find the Money First: https://youtu.be/InTcf78558A?si=FqaIb6fc2t5wGvkj
YNAB Is All About Tradeoffs: https://youtu.be/tfIk5UTYDtg?si=ACLRM3rC_6775gCf
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Ben and Ernie chat with Jeremy Schneider, an entrepreneur turned personal finance teacher who aims to demystify the confusing world of investing with simple, unbiased information. In his early 20's, Jeremy founded an internet startup and ran it for 12 years, never taking home more than $36k/year -- while living in San Diego, CA! This experience required him to get surgical with his spending, and during this time he became an avid YNAB'er (using the old YNAB 4 software). At the age of 34, Jeremy sold his company and became a multimillionaire. After this windfall, Jeremy continued to work for a few years while figuring out how to manage his newfound wealth. This experience, along with his YNAB habits, drove him to found Personal Finance Club, a site with simple, easy to understand information for beginners learning to invest their money.
In this episode, Jeremy shares his tidy YNAB plan, with possibly the fewest categories of any guest so far! As a long-time YNAB'er, Jeremy organizes his categories using some of the logic from YNAB 4, but he also shares how his categories have evolved over time and how he has simplified his budget as he became more comfortable with his financial position.
Find more about Jeremy Schneider and the Personal Finance Club:
Nectarine Investing Advice: https://hellonectarine.com Personal Finance Club: https://www.personalfinanceclub.com/author/jerschneid/ Personal Finance Club IG: @personalfinanceclubYNAB Fan Fest - September 21, 2024
https://www.ynab.com/events
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Ben and Ernie open their inboxes for another mega round of YNAB wins -- stories from YNAB users about positive outcomes, reduced stress, and newfound confidence with their money. In today's mega episode, they have broken up the wins into several themes:
Partner wins Gaining control Getting a month ahead Paying down debt Clarity Stress reduction Building confidence Simplifying Priorities SavingShare your YNAB wins with Ben and Ernie!
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YNAB is well known for the Four Rules, or what many YNAB'ers are now calling the Four Habits, which describe the process of gaining control of your money and learning to spend with joy rather than shame or regret. The Four Rules are:
Give every dollar a job Embrace your true expenses Roll with the punches Age your moneyIn today's episode, Ben and Ernie discuss a concept that is implicit in the rules, but perhaps should be it's own rule -- find the money first! Findng the money first means that when you want something that is not in your plan, you need to find the money somewhere else in the plan, that is, re-allocate money from one category to cover your new purchase. This action makes it clear that you are making a tradeoff -- in order to get one thing, you must give up another thing. It may seem arbitrary, but it's an important move! All too often, people will buy something they want without finding the money first, which sets of a cycle of anxiety and fear over whether they can afford it, or whether they will be able to pay off the credit card bill when it comes due. At the very least, spending before you find the money distances you from your money and your priorities, because it obscures the tradeoff.
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In today's episode, Ben shares a story about swimming at the YMCA. One of Ben's favorite forms of exercise is swimming laps at his local YMCA, and while it's a great solitary form of exercise, sometimes you can't help but notice how your pace compares to others in the pool. One day Ben started swimming laps only to notice an older lady absolutely hauling in another lane. Which was... discouraging, to say the least. However, as she was exiting the pool Ben noticed she was wearing swim fins, and her blazing performance began to make sense.
This woman had a huge advantage, but it was hidden under the water. In the waves and froth of the water, Ben couldn't see it. It's a good analogy for financial circumstances. For the most part, we only see the outward indicators of other people's financial life -- the things they can afford to buy, the places they can afford to live -- and even those obversations can be greatly skewed if those people are buying things with debt! It's important to realize that other people have different advantages in life, and those can significantly influence their financial circumstances. So Ben urges you not to compare yourself to others, because you don't know what advantages they've had, and you can't see their full financial picture from your standpoint. As the saying goes, comparison is the thief of joy!
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Ben and Ernie respond to a recent survey reported by Jill Schlesinger on CBS Morning about American's 2024 financial resolutions. The top responses: save more money (41%), pay down debt (38%), and spend less (30%). BORING! Ben rants about why "spending less money" is not a good financial plan, and Ernie highlights the importance of putting a why behind goals like paying down debt. There's nothing wrong with paying down debt, of course, but to be successful, and to to truly practice the YNAB habits, there needs to be a reason why you want to pay down the debt. Maybe it's to fund a vacation that you haven't been able to take before, maybe it's to buy something big for your favorite hobby, or maybe it's to fund a charitable cause. As Ben explains, your spending is part of the way you express yourself in the world, so you need to be clear with your priorities and values.
To that end, Ben and Ernie share some of the most interesting financial goals and resolutions sent in by fellow budget nerds. From buying a forever violin, to founding a college endowment, to traveling the US in a custom-built bus, there are very creative and meaningul responses!
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In today's episode, Ben and Ernie discuss what to do with cold, hard cash money. For many YNAB'ers debit and credit card spending fits nicely into the YNAB paradigm, since YNAB can interface directly with financial institutions and pull online banking data. Cash transactions, on the other hand, can create a stumbling block since they exist outside the easily trackable, traceable online banking system. Some decide to just not track cash at all. Cash is money, however, and it probably should be part of your spending plan, so Ben and Ernie recommend tracking it in YNAB. It's not that hard!
There are essentially two ways to track cash in YNAB: in a "cash" category, or in a cash account (there's a special cash account type you can select in YNAB). Ben and Ernie break down the pros and cons to each approach.
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The short answer is yes. But why? Ben and Ernie dig into the reasons why giving every dollar a job is essential to creating a stress-free life around money. As Ben explains, the point of YNAB is to ruthlessly root out self-delusion, and be honest about both what you want your money to do for you and what tradeoffs you will have to make to accomplish that.
When you leave money in the Ready to Assign category, you are putting off making decsions about tradeoffs, and thus obfuscating the real purpose of that money. It's even the same with cash buffers in checking accounts or emergency funds held outside YNAB -- these wads of cash actually obscure what your goal with the money is, because it's unclear how much of it is allocated to each job. That money can create a false sense of security, when you assume that the amount is big enough to handle any emergency that could arise. What if the water heater, the fence, and the roof need to be replaced in one year? The totals can really add up, and leaving cash in an amorphous blob in a checking or savings account does not give you clarity on what and how much it can cover.
So, to truly follow YNAB's Four Rules is to, first, give every dollar a job, and start making tradeoffs. Understanding your tradeoffs helps you get clarity on what you really want your money to do for you!
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Rule Two of YNAB's Four Rules is "embrace your true expenses." True expenses are expenses that may not be regular, but are a normal part of life: new tires, HVAC repairs, emergency doctor visits. Sometimes they are expected -- every car and house will need repairs eventually -- and sometimes they are unexpected, like a trip to the emergency room. All the same, we usually end up cursing them when we have to pay up!
In today's episode, Ben and Ernie invite you to change your thinking about true expenses, especially unexpected expenses. With a shift in mindset, unexpected expenses can be a wonderful expression of the things your value. Need a costly tree removal in your backyard? Perhaps that's the price of giving your kids a safe place to play outside. Frustrated about an expensive birthday party? Maybe it's something your spouse really values. As Ernie points out, embracing your unexpected expenses can be an exercise in thinking outside yourself and your own desires.
So, the next time you get hit with an unexpected expense... take a deep breath, then consider how you could not only accept it without anger, but even love it.
Ben's blog post:
https://www.ynab.com/blog/how-to-embrace-your-true-expenses
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