This type of goal always puts $10 in the category (i.e. Sweeping and Funding: My next struggle was trying to understand how I would “sweep” and “fund” in YNAB. Plan budgets, and track spendings with ease. So much easier and user friendly than the other one was, at least for me. I often tweak it as the year rolls on too and then adjust the funding plan. Breaking up a large, generic "savings" category also combats the natural tendency humans have to essentially mentally inflate what we think that money can do. Your Bills), and then click Underfunded to fund just the categories in that group. Where do I find it? Score! We are aware of the problem and are working on a solution. My wife doesn't handle change well and if I have to teach her a new way to track our budget/spending, it is going to be really hard to keep it all straight. Sweeping in YNAB: At the end of each month in Mvelopes, I would sweep before funding the next month. My One and Only Complaint about YNAB: There is really only one thing I don’t like. Do I have to manually adjust those amounts to equal my goals? I immediately assign any new income that shows up in the “To Be Budgeted” category to next month’s budget. Might be saved for a week, or perhaps a couple years. I really want to make this work like we are using Mvelopes and I hope it can, I just may not be understanding how exactly to do  it. Solution 1 means fewer categories. I used to budget in the future, but that got confusing and potentially leads to underbudgeting. If you run it before the end of the month, it doesn't work as expected because YNAB thinks you are budgeting in the future and doesn't know how much you have available yet (since the month has not yet completed). dakinemaui Funny I noticed this issue as well (over budgeting not showing up until next month). Easy to Get Started : Start today by downloading the Mvelopes budget app and use it for free for 30 days, add your financial institutions and come up with a budget that will keep you on the path to financial freedom. I really like the interface and the mobile application (iOS), and YNAB support is phenomenal! And I have yet to find a duplicate transaction in YNAB, but if it does happen at least I can delete it myself. The monthly contribution goal is for saving up a fixed amount each month. These are simple because I budgeted a fixed amount for each envelope each month, and then at the end of each month, I would “sweep” any underspending out and overspending in. A "monthly contribution" savings goal says that you want to set aside a fixed amount each month to save, regardless of what was spent previously. When launching the Mvelopes application, you may be presented with an alert box that says “Channel disconnected”. I was used to saved budgets and funding plans in Mvelopes. Show notes in mvelopes view Mv4 used to have a settings option to show the note or tag in the mvelope view. You'll know you're meeting your long term goals because money for those goals will be building up in the relevant categories. property taxes, HOA fees, pest control, etc. When a paycheck comes in (which is twice a month for us on the same day - convenient), I find that category first. This approach makes more sense if you FULLY fund a given category from a given check (avoiding duplicates). I just need to track the money paying them off in Excel each month and keep the total correct in the offset fund (whatever I call it). If you know how much you spend each month on Groceries, that should be your budget for the month. Home Community Tips & Tricks. What I have done so far to try and mimic a funding plan... 1. And, if you setup your goals with the correct type, YNAB will automatically fund the difference to the amount you wish to budget. October), my “Funds for October” (which shows at the top of the Web UI) was the sum of all my bank and credit card accounts minus the amount I had funded in September, which is exactly what I expected. I liked the ability to shift things around and see how much I had left to play with. Please check back in the morning for an update on social media. If you have other questions feel free to post and I will respond when I can. I will check out the videos, I just can't watch them right now while at work. This leaves me available balances going into November which match the envelope balances I had in Mvelopes. I came from the desktop software before Mvelopes. Wonderful guide. But honestly, Mvelopes had the same problem and it has something to do with Capital One's recent change in security requirements (its news all over Google). Period. I use memos for purchases like from Amazon because even though I assign them to the correct category, if I look at them in the future I’ll have no idea what I purchased. But after using YNAB (about 6 months now), I realized that letting categories go negative is very misleading. If you organize your categories into groups this way (e.g. It would be helpful if you could provide an example, but I'll give you one to see if this will help. Actually for me, I think it would be better to put it back towards my savings category, since that’s where I took it from originally. I'm currently at 91 days and climbing. The equivalent to this in YNAB is setting a monthly goal for each category. Finish when you get more money. I think I’ll do that instead since that makes sense for my situation and how I budget for reimbursable expenses. This prevents you from thinking you have money that you really don't. I recall when I first starting using YNAB, the first month was tricky. The rating of Mvelopes is 4 stars out of 5. To me, it's worth the hassle of a new process if it means your money is safe and your system can be trusted at all times. Create & track support tickets, Discover Knowledge base articles, Get help. When I see a number or a total or a calculation, I need to know exactly how that number is being derived. In Mvelopes, I budgeted envelopes in one of two ways. Lastly, I am starting a fresh budget right now to play with it during the trial. Once we are paid, I can either fund with that check's saved funding plan as is or make tweaks to the saved funding plan before I fund the envelopes. So... now I need to enter what WAS my budget (in Mvelopes) for November. Either partially fund when paychecks come in or leave in “To Be Budgeted” until the end of the month and then fund. This article/video recommends selecting all of the items to see the underfunded total to check if it's reasonable, but is there a way to do that or something similar on the phone to check if the defined budget makes sense? I put what I had available from each envelope in Mvelopes into the budgeted category in YNAB for February. Thanks! Most of the time, our envelopes are funded with different amounts from all of our different checks throughout the month depending on what time of month the bills are due. For example, my HOA fees are $150 every 6 months, due in June and December, so I budget $25/month and let the envelope accumulate over time. I recently discovered tracking BA budgeting accounts so I may link my other financial accounts to see if I can total up net worth. Let’s hope Capital One does something like that because I too have a CO credit card and it is quite annoying. Most people do their budgeting on the web app, and use the phone to go, "Do I have enough to buy this Nintendo Switch that is on sale?" I am a recent convert to YNAB from Mvelopes. It takes some getting used to, but I think the biggest benefit of this approach is that it forces you to make decisions about how you spend money and where it comes from, instead of doing things like I used to do in Mvelopes like let envelopes go negative month over month to “save money over time” and leave my “savings” envelopes untouched. It is actually TBB that matters, and more importantly, making TBB $0 (Rule 1). You're supposed to cover that overspending immediately to reflect that money is gone. (The drawback is it's hard to find these subsets, and clarity suffers as well.). The menu at the top of that page also gives you options to do things like take video courses, sign up for a live webinar, or view 5-20 minute quick start videos to get you going. For example, I have a category group called “Bills Monthly” which have all the bills that must be paid (eg mortgage, etc). I HIGHLY recommend you look up Nick True's videos about YNAB on YouTube. I would only “sweep” in/out of these envelopes once the bill was paid and realized the amount was different than what I planned. This is what I do and it makes it much easier, but I realize depending on your situation you'll have to save to get to that point. Then I would take a saved budget and use that to fund my envelopes. So no, you can't do that on the phone. (There are several types of goals, not just "budget this much to this category each month.". Yes, at the beginning of March (i.e. I also create a scheduled transaction under our credit card account with a date I expect to be reimbursed and split the payment with the amount of each transaction and set the category to “To Be Budgeted”. Alaskan Otter you can set a goal for each category which will help you budget quicker. You will get all your transactions sent to your Mvelopes account and you will easily be able to track all your account balances in one easy to use app. Either way by having monthly goals set on every category, you can fund very easily by using the “underfunded” quick budget feature. I realize this may be hard, especially if you don't have the money, or cannot spend money from another category because that is reserved to pay certain bills. First off, there IS definitely a learning curve. And the true nirvana is budgeting a month at a time with a whole month's worth of money. Thank you! for reimbursements, are you saying I should assign it to the reimbursement category in the scheduled transaction? So it’s not a generic “savings” category. Do I have to manually populate that every month? But if you really want to see where you are re: budgeted vs goals on mobile, that's where to find it. They said that if you wait until the first of the month (actually needs to be Nov 1) then when you do underfunded, the system will fund the difference between anything you had left over and your monthly goal. If I do that, won’t a balance become available in the category when the payment is recorded? The reality is you ALREADY sent off money that was earmarked for some other purpose. I really think you have to take the approach "what cash do I have" and "how do I want to budget what I have today", and then when your next paycheck comes in, then budget that money again. Most of what my wife does on her phone is little maintenance things and the ability to quickly make sure that it all "still makes sense" was what I was going for and Vibrant gave me the trick I was looking for. It's a wonderful thing to shift money from a lower priority category to one of higher priority (encouraged, actually -- see Rule 3). The only thing I miss so far is the 'funding plan', because I could play with all the numbers until my amount to be budgeted = 0, and then just hit 'fund'. A better solution (IMHO) is to install the Toolkit Extension, which puts an indication that you're double-booked right in the header. When you use the quick budget, you can choose all categories (the default) or select individual categories or choose a category group to fund those categories all at once. Sure, which is precisely the point -- to replace the cash so it's available to handle the next reimbursement. Related, this post explained the search abilities that replaced the reports I was looking for: https://support.youneedabudget.com/t/q5warf/feature-request-share. Android app for Mvelopes 5 (and 4) July 10th, 2019 10:37:01 PM. You then have check-specific categories in each check group. Those available balances will remain in Feb. YNAB doesn't have the notion of a funding plan for each paycheck like Mvelopes. Again, I know that defeats the purpose but it has always worked for us when we had to do it. I still think you are better off organizing your categories into groups as to how you want them funded (e.g. YNAB is designed (and encourages you) to pull money from other categories when overspending occurs, which forces you to make decisions as to where you can actually spend your money. By setting a monthly goal for each category, you can then easily “fund” your categories by selecting the ones you wish to fund and then use the “Quick Budget” button and select “Underfunded”. Each user is eligible for one 30 day free trial. The goals are really just to speed up setting aside money for some of those categories, and they actually cause some problems if you set them aside for every category without regard to how you'll use that category. Once you understand the YNAB methodology and the reason behind “giving every dollar a job”, it actually makes sense. Or pay annually and get 2 months free. You can budget from either interface. are of the same importance) so that you can select all categories in that group and fund them with one click. I do agree with WordTenor that you should stick with the web app for actually allocating new dollars until you all are fully comfortable with the features and limitations of YNAB. By then it may be too late, having spent money after being mislead by inflated category balances. Welcome to the Mvelopes 5. The budget column in YNAB is reset to zero each month. While it may be tough, cutting expenses here and there to achieve 30 days is very liberating. 4. I don't know that I am capable of laying out a full plan for you, but I do have some initial thoughts as someone who crossed over a few months back. What I do instead of leaving that money in "To Be Budgeted" is I created a category called "Next Month" and put our paychecks in there. Sorry, I have questions now that I'm mostly converted over. I have the honor to be your obedient servant, No more counting dollars, we'll be counting stars. The trick to this is that you must wait until the next month starts so YNAB can finalize the amount of money spent in the previous month. It seemed so loosey-goosey! While this is great in theory, you will want to be careful about keeping TBB $0 due to an implementation/design flaw in YNAB. I understand this can defeat the purpose of the budget but it fits the way we live and has worked well for us. Log in to the Mvelopes Learning Center. Mistakes will happen -- and have happened to many users, as this flaw has existed from launch -- and you have no reliable indication of an issue until you actually switch to next month where you see a negative TBB. Personal finance, expenses, budget and expense tracking app for saving money, Personal Finance, Investment, Portfolio Tracker. Since I was entering it in September, I entered in an amount of $75 (for July, August, and September). That's how YNAB answers the "does the budget fit within my income" question: you get all your income first, and budget it out second. Categorizing as TBB skews report totals. The reason why is because if you are managing over spending, you are already pulling extra money from other categories. That being said, here is how I have used Mvelopes for years. Tip: if the reimbursement category turns green from the reimbursement, move those funds to the appropriate CC Payment category. There's little worse in budgeting than going the opposite direction. This is a little bit of extra work, but I found that it does two things: (1) it prevents you from spending that money elsewhere, and (2) when you start the next month, it’s already funded for you. When you will be able to budget per month blocks if you use solution 2 you will have to merge the categories into one. I wouldn't run nYNAB without it. I have tried labeling the "categories" with a description that lets me know but it is a lot a work and can be hard to fully understand. Let's say you start March and you have available balances in categories. Please check back in the morning for an update on social media. It's not that you don't plan based on your income and based on what you know is coming in, but it's that going "I make x therefore I will budget y" is often the wrong road to start going down. If you perform multiple incorrect login attempts, the system will lock your account. How do I tell it where to put my paycheck and what to hold off on until next check? YNAB is one of these things that it is worth going full bore and plunging into. I would be nice if the system could automatically create this scheduled transaction, but this doesn't happen that often so its not a big deal for us. Not a YNAB expert by any means, but willing to help where I can. 3. Doing it this way would simply mean that I have a budgeted amount in YNAB of $0 until they're positive again. Oh my goodness, THANK YOU for this! Because honestly, I'm not seeing how it doesn't devolve into chaos of always just putting out fires (i.e. YNAB has a different way of doing this, and it happens more in real-time. Alaskan Otter Your very welcome. The monthly spending goal is for things that you want to set aside to spend for a given month. I would love YNAB and Capital One to figure something out so this isn’t necessary every time you wish to import transactions, but I’ll take this annoyance any day as I feel YNAB overall is a much better product. And best of all I saved a step - no need to "sweep". expenses that we incur that are reimbursed by our employers). I hope you find this information useful. I have tolerated the glitchiness. So that's why I made the comment about it being easier to just let go of other budgeting methods wholesale. Funds for X in YNAB: Another challenge I had in YNAB was the “Funds for X” calculation that you see at the top of the screen in the Web UI. I usually like to check my transactions this daily, so this is a bit annoying. I wouldn't do this. I know that the goals are a workaround but it doesn't quite have the same functionality. This works for us. Although the “To Be Budgeted” amount was negative, when I looked at the current month (i.e. Categorize the deposit back to the original spending category, and then move the money to your Credit Card Payment category. Note that there are two different types of monthly goals. I'm moving from MV4. I still budgeted a fixed amount for each envelope each month, but I don’t sweep these envelopes because I let the amount accumulate each month so I can pay the bill when it’s due, or spend the money when I plan to. If you setup all of your goals for each category (usually monthly spending goal or monthly contribution savings goal), and then use the quick budget feature to with the underfunded option at the start of each month, this should be very similar to what you used to do when "funding your envelopes" in Mvelopes. Wait until you actually have it before hitting the Underfunded button in the new month's area. Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. (Actually, the recommended approach is to reallocate BEFORE overspending.). I get setting the goals as the monthly budget, however, why does the budget column start over at $0 each month? I think my suggestion would work for Bills, but I'm not sure about things like Groceries. I had originally entered $100 in September, but then realized that YNAB was adding another $25 in October, bringing the balance to $125, which was incorrect. We also stopped eating out as much and started doing pizza and a movie with the kids on Friday nights instead of going out to eat (much cheaper and kids still love it). / Create New AccountCreate New Account https://support.youneedabudget.com/t/q5warf/feature-request-share. I used to do this with vacation, paying myself back a little each month after going on vacation. I'm sure this will be useful for others who have/will switch as well. However the FFX  number isn't terribly important in and of itself. Android app for Mvelopes 5 (and 4) July 10th, 2019 10:37:01 PM. September). - Mvelopes Basic Monthly -$5.99/mo or $59.99/yr - Unlimited Envelopes, Unlimited Accounts, Live Chat Support. (I hope that's right!). Use goals to reduce the effort each month. Your exclusive access portal to our constantly expanding e-learning library and tools. But if for any reason a discrepancy is found, YNAB lets you make an adjustment to the “To Be Budgeted” category in one click to reconcile the difference, which makes it super simple to get things back into sync. I’ll explain how I do this in the next few sections. I don't have the extra money to bring it current before month end. How wonderful and refreshing to have someone actually respond with helpful information instead of apologizing and then providing incredibly general and unhelpful information from Mvelopes (Blah!). Other than that, I am loving YNAB. And sometimes I did not catch duplicate transactions and I would end up in a situation where Mvelopes said I spent more than I did, and I ended up creating offset accounts and envelopes to try and fix it. That can lead to some pretty serious problems with your finances. An accidental entry of $444 in some category in the current month will leave TBB at $0, rather than showing -$444! I have not figured out a good way to do this in YNAB. Do I have to manually populate that every month? I have assigned most of my categories to have a monthly contribution amount and a few to have the progressive. And do I have to wait until payday to do it? It should increase my available amounts accordingly, however, I am guessing YNAB is going to think that I came in over budget since what I had in the budgeted amount was only what I have available when I started using YNAB this month. In YNAB, this is done in two different ways. Budgets and Funding: Next I transferred my budget information. I promise, once you figure it out and accept it's a new system, it is magnificent. In YNAB, I still assign it to a category for reimbursable expenses, but I fund the overspending with money from savings (again, the money has to come from somewhere until you get reimbursed). Support is wonderful, and when they say they typically reply in a day, they really do. 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