1 make sure you turn up the speakers on your computer are turned up so you can hear my voice you...
TRANSCRIPT
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1
Make sure you turn up the speakers on your computerare turned up so you can hear my voice
You need to be able to hear me as well as seethe presentation for this to be useful for you.
There is no phone number to call, you will just listen through your computer.
Important Info
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www.youneedabudget.com
Group CoachingIntro to YNAB
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Let’s look around the classroom
•You will not be able to talk to me over the computer, only listen. But, you can text me questions.•GotoWebinar Viewer•GotoWebinar Control Panel•Q&A Window•If you get disconnected, you can just reconnect from the same email link
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A few housekeeping items
•Please try to hold questions until I ask for them.•I will try to leave time for Open Q & A at the end.•You may want to have a piece of paper and pencil nearby to take some notes.•We will take a 5 minute break at some point during the presentation. You don't need to hang up the phone on the break.
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Class Materials
Following tonight's class you will receive a follow-up email from gotowebinar. It will
include this link to class materials:
ynab.com/support/ynab-coaching/class-workbook-download
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Class Materials
•Copy of Jesse's book “The YNAB Way”•Class Workbook to get you started•PDF of the Powerpoint•Document explaining how to start in Overdraft
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What we will cover• What is a budget?• Common Budgeting Myths• 4 Rules of Cash Flow
• Rule One -Stop Living Paycheck to Paycheck• Rule Two - Give Every Dollar a Job• Rule Three - Prepare for Rain• Rule Four - Roll with the Punches
• Introduction to Software designed to implement these rules
• Step by Step Demonstration of how to start your budget
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What I'll cover in the demo:
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Setting up Accounts
Entering Income
Changing Categories
Budgeting to Zero
Recording Outflows
How YNAB deals with overspending
Transferring between accounts
Tweaking the budget
How to Import transactions
Transferring to Rule One once you get your buffer
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Make sure you turn up the speakers on your computer
are turned up so you can hear my voice
You need to be able to hear me as well as seethe presentation for this to be useful for you.
There is no phone number to call, you will just listen through your computer.
Last reminder
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What is a budget?
A PLAN for your money
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Why Budget anyway?
Remove yourself from the financial edge
Understand what you can really afford
Lower your stress level about money
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But I can’t budget!
Let’s look at some common budgeting Myths
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“I can’t budget, my income is variable, so I never know what I’m going to make.”
Myth 1
Solution...
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Stop Living Paycheck to Paycheck
Rule 1
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Live on last month’s income
How?
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Why live on last month’s income?
You are working with a KNOWN number so there is no guesswork.
You no longer have to wrack your brain timing your paychecks with your bills.
It provides a cushion that removes you from the paycheck to paycheck cycle
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The Buffer One month’s expenses is referred to as:
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What if I don’t have a buffer?
YES
Can I still use the YNAB method?
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“I’m not sure how to budget
or what to budget for.”
Myth 2
Solution...
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Give Every Dollar a Job
Rule 2
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Think of your household finances
as a business.
You are the boss, the dollars are your employees.
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Then let your Manager (the budget)
keep them in line
The first step toward that is deciding on job descriptions, also known as
Spending Categories
You need to be the Boss of your employee dollars
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Spending Categories
Anything you spend money on can be divided up into categories:
•Mortgage/Rent•Car Payment•Groceries•Light Bill•Internet•Cable Bill
•Heating Bill•Phone•Car Insurance•Entertainment•Savings
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Available to Budget $3,000 Savings -$250
Available Remaining $2,750Save for Buffer -$100
Available Remaining $2,650Mortgage -$1,200
Available Remaining $1,450Car Payment -$250
Available Remaining $1,200Groceries -$300
Available Remaining $900Internet -$50
Available Remaining $850Cable TV -$75
Available Remaining $775
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Welcome to the world ofZERO BASED BUDGETING!
Available Remaining $775Heating Bill -$300
Available Remaining $475Phone Bill -$100
Available Remaining $375Car Insurance -$100
Available Remaining $275Light Bill -$75
Available Remaining $200Entertainment -$200
Available Remaining $0
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As each month goes along, you will keep track of three things:
The amount you Budgeted in
each Category
The amount you’ve Spent in each Category
The amount Remaining in each Category
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Just remember the...
EGG!EntertainmentGasGroceries
Those are the “Big 3” you need to keep track of.Many expenses are one time expenses, but thesethree will have multiple transactions each month.
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Let’s take groceries as an example:
Budgeted at the start of the month
$300
January 5th Grocery Shopping
-$175
Amount left in the Groceries Category
$125
January 23rd Grocery Shopping
-$95
Amount left in the Groceries Category
$30
January 29th Grocery Shopping
-$30
Amount left in the Groceries Category
$0
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“There are too many unexpected things that come up that you just can’t budget for.”
Myth 3Myth 3
Solution...
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Prepare for Rain
Rule 3
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Types of Rainy Days
Predictable - We know when it will rain, because it was forecast.
Unpredictable - We don’t know when it will rain, but we know for sure that it will.
Car Insurance, Property Taxes , Car Registration, Home Heating Oil
Car Repairs, Medical Bills, Home Repairs
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Let’s take car insurance as an example
It’s January now, and you have a $300 payment due in June.
This rain is forecast.
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Get out your umbrella!
Month Budgeted Spent BalanceJanuary $50 $0 $50February
$50 $0 $100March $50 $0 $150April $50 $0 $200May $50 $0 $250June $50 $0 $300
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It’s June, get out your
checkbook
No worries, the money is right there
June $50 $300 $0Month Budgeted Spent Balance
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“I just end up going over budget and that makes me want to scrap the whole thing.”
Myth 4
Solution...
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Rule 4
Roll with the punches
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Let’s use an example
So Roll with it
You budgeted $25 into your gift category for November, but forgot a friend’s birthday
Your friend has very expensive tastes…
You overspent your Gifts Category by $50
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How?
...before you even begin next month’s
budget.
Simple. Correct it…
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Let’s take a look at how it works
• In November you overspent by $50
• Now it’s December 1st. You have $3000 to budget.
• First subtract the $50.
• THEN go through your budget, giving every dollar a job.
December - Available to Budget $3,000
Minus Overspending from November - $50
TRUE AVAILABLE FOR DECEMBER $2,950
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Remember...
You have next month’s money coming in this monthYou have categories that have not been depleted.You have rainy days funds building as well.
You’ll be able to handle an occasional punch thrown your way
In other words, cash flow is no longer an issue, so you can “borrow” from yourself
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“It’ll take too much time to budget.”
Myth 5
Solution...
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YNAB saves time
How?
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When you are living under Rule #1, you can pay all the bills at once on the first of the month.
That’s it
You’re done
Stop Living Paycheck to Paycheck
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Give Every Dollar a Job
By following Rule #2 you don’t have to wonder each paycheck where the money’s going. It already has a job.
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Prepare for Rain
You don’t have to scramble when an unexpected expense comes along, because you’ve followed Rule #3 and prepared.
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Since you follow Rule #4 and just roll with occasional
punches, little things don’t get to you and that saves time spent stressing over what to do.
Roll with the Punches
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“I don’t want to feel restricted and controlled by the budget.”
Myth 6
Solution...
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How do you feel now?
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How do you feel now?
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What if I have a budget file already?
I recommend a fresh start for a couple of reasons:
A fresh start is just a good thing.
If it’s not reconciled now, you will spend hours chasing numbers you’ll never find.
You can still keep the old file for reference, so you haven't lost anything, but it’s imperative your numbers be right from this point on.
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Getting Started
Here are some steps to get you started in creating your
own monthly budget.
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In order to get started budgeting you need to find out exactly how much money you have within your control right now. Using the form on the right as your guide, add up all of the current balances in all of your various bank accounts as well as a total of the cash you have right now.
Be careful not to include money that is already spoken for like a check that has yet to clear the bank. Also avoid adding in any lines of credit. Budgeting is a plan for your money not borrowing.
Step 1: Calling All Cash!
Available Income
Name of Account / Source of Money
Current Balance or Amount on Hand
Grand total of all accounts:
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Step 2: Deciding on Categories
Remember, before you can begin budgeting you need to decide on spending categories. Categories are like job descriptions for your money. In order to be able to put a plan in place for your money you need to identify different outflows in different ways to help organize them. A Category is a label placed on a transaction to identify what it was for.
Using the checklist on the right (and creating additional choices as they apply to you and your family) determine the categories you will need. You will transfer them onto the budget worksheet a little later.
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Step 3: Dig out a Calendar & Your Bills
Bill Payment Schedule
Name of regular recurring payment or bill
Due date Amount
Locate recent copies of your billing statements (paid or not) and make note of the regular due dates and amounts owed. Don’t be too concerned if the amounts fluctuate, just put down what the bill averages if it’s not a set amount.
Once you have a good idea of when these bills are due and roughly how much you need to pay then you can transfer them to a calendar where you can see at a glance how they are spaced out and also to serve as a reminder of when you need to pay them.
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Once you have determined your Available income and your bill-paying schedule, you will begin to create your budget.
You will always enter income FIRST, then budget it to zero
Step 4: Your First Budget Meeting
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Step 5: Record Everything That You Spend
The amount you Budgeted in
each Category
The amount you’ve Spent in each Category
The amount Remaining in each Category
Remember, as each month goes along, you will keep track of three things:
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What I'll cover in the demo:
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Setting up Accounts
Entering Income Changing Categories
Budgeting to Zero
Recording Outflows
Dealing with Cash
Dealing with Credit Cards
A shortcut to reconciliation
How YNAB deals with overspending
Transferring between accounts
Tweaking the budget
How to Import transactions
Transferring to Rule One once you get your buffer
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Resources at: www.youneedabudget.com
ForumsWiki
FAQsBlog - Articles
Online Video Tutorials
Want more info?
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Group Coaching Survey
We'd appreciate some feedback onthese webinars so we can improvethem in the future.
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http://www.youneedabudget.com/support/ynab-coaching/
One on One Coaching
Individualized AttentionSolutions focused toward your situationSessions scheduled at your convenience
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http://www.youneedabudget.com/support/ynab-coaching/
One on One Coaching
Based on a survey of 1100 YNAB users:
On average, a YNAB user pays off $500 in debt and saves $235 in the first 31 days! That's a $735 change in just one month!
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http://www.youneedabudget.com/support/ynab-coaching/
One on One Coaching
Basic Coaching
Startup Consultation
1 hour webinar
$69.95(you'll be able to talk to me on the phone)
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http://www.youneedabudget.com/support/ynab-coaching/
One on One Coaching
A personal coach gives you the best chance to get things going right and increase savings and decrease debt.
Got questions about the One on One Coaching?
Email me at:[email protected]