Do you operate your personal finance life within a budget?

I use YNAB. Google it and watch some YouTube videos if you're not familiar.

It's the real deal.

Yes.

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How do approach budgeting your expenses?

Any key learnings?

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Nah, we just swipe and pray fam

Use the search function. We’ve discussed this multiple times before.

I reverse budget in the sense I put 20% in 401k, max an ira, auto withdraws to kids 529 accounts. Whatever is left at the end of the month gets transferred to the brokerage. Some months we have money to put toward the brokerage some we don’t. We don’t worry about budgeting once the auto withdrawal savings take place I mentioned above.

In that case, I guess I "reverse budget" too. And all this time I thought (and felt a tinge of guilt) that we were just lazy/unfocused.

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I reverse budget in the sense I put 20% in 401k, max an ira, auto withdraws to kids 529 accounts. Whatever is left at the end of the month gets transferred to the brokerage. Some months we have money to put toward the brokerage some we don’t. We don’t worry about budgeting once the auto withdrawal savings take place I mentioned above.

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Same here. Retirement/investments/mortgage auto draft. Anything that's left is fair game. Some months we are net negative some net positive. I keep way more than we should in cash, but I like having a decent chunk that I don't have to worry about losing in a crash

You should try both to see which one speaks to you.

I tried Mint for a bit and it just wasn't for me. That was a few years ago, so don't really remember much about it, except that it didn't light a fire under me. Probably should have given it more of a chance, but ah well.

YNAB, however, does things a lil bit different. I love the concept of "give every dollar a job". Being more hands-on with your finances. Stop relying on auto-pilot, as that's what gets most people in trouble to begin with.

Now I know exactly how much I can spend on a certain category per week or month, instead of thinking, "Well, I have money in my account, so I know it'll get covered one way or another".

I actually enjoy firing up the laptop to approve transactions and see categories being zeroed out for the month as they get paid.

Lots and lots of support from YNAB itself in the form of a great book, excellent website, and a shite-ton of training videos that cover every aspect of their budgeting software.

Now, I say software, but it's actually an online website and mobile app. I originally did most of it thru the app, but now I enjoy going online. I tend to do the grunt work there and use the app to double-check myself before making any purchases such as dining out or getting groceries.

It's truly turned things around and has me reevaluating what I REALLY want instead of impulse purchasing on something for the sake of spending money. And, when I do make a purchase, I don't feel guilty. After all, my bills are paid and I budgeted for that expenditure. Right?

Win-win.

Yes budget leave r 10% Extra and automatically transfer out your checking into separate account each month.

Not including retirement account.


I found we save more and less arguing with the wife.