my 2024 ynab categories | budget with me | jan 2024 week 1

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I'm a 34-year-old woman temporarily living with my parents in middle Tennessee. I work full-time in marketing as a remote contractor, and I also petsit on the side for extra income. I'm currently focusing on increasing my net worth as much as humanly possible in 2024, while also planning to move back out on my own later this year! Since I started using YNAB in September 2023, I have increased my net worth $80k ➡ $151k. Thanks for joining along on my journey!
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[@kensh851]

i love how niche is this. seriously tho, organizing your finances cultivates mental clarity btw ^_^

[@cointrolfreak]

So true!! Thanks for watching! 🤗

[@abimaeljimenez5023]

Just found your channel and loving these walkthrough videos!

[@cointrolfreak]

Thank you so much! 🥰

[@sura-quayarbon6055]

Glad to see someone else that has a lot of categories! I know they encourage users to try and not have to many but I have some that I know that are coming each year for the next 10 years so now I am setting aside money for each year now (ex. my daughters summer camp each year) and I like having all my goals and wish list items (wish farm) out there so I can see the even if I am not funding them yet - I list them in order of priority and shift as needed and fund the top 3-4. I like my YNAB categories a bit granular, I worked in finance for most of my career and I like data for different reasons. I have tried to condense some but I find it can get a bit messy/confusing... ex. I have my insurance category that always has an additional buffer beyond the next payment amount to include the funds for my deductible so that is always available. I have been using YNAB now for just over a year and a half and it has been fantastic. I did a fresh start this year and like you said getting that all setup right is such a YNAB problem LOL

[@cointrolfreak]

Agreed - I love knowing that I'm saving for everything I need to by getting super specific and having lots of categories. It's not for everyone but I think you should do whatever makes you feel good and be able to manage your finances in a way that supports your goals! Thank you so much for watching! 💙

[@NanetteLoves2Budget]

I definitely prefer micro categories over macro. Better for my brain, but would drive many people nuts. However, I have one category for all my insurance deductibles, so it covers car, house, and health deductibles.

[@turbocam2007]

What does the piggy support category stand for?

[@cointrolfreak]

I had guinea pigs with a former partner. He has full custody now but I have that category of money set aside for future vet bills for them. ☺️

[@chocOneOOne]

Just move to M1 don't worry about Vanguard

[@cointrolfreak]

Why M1?

[@chocOneOOne]

@@cointrolfreak No real fees to speak of, it's $100/min for a brokerage and $500 for IRA. You can invest in VG funds in M1 at the micro-level, so you don't have to deal with fund minimums and you can build your pie and slice it out in a way where it's easy to manage your %'s without worrying about how much the underlying asset is. You also get the advantage of being able to control it more if that's what you want. If you need to rebalance, you can do so every 3,6,12 months. Not to mention all the access you have to other funds/stocks so you can build your core/satellite positions. Unless your dealing with millions, it's the easiest way to go at this time. It does have FDIC insurance up to $5mil as well. It's worth a hard look at least.

[@awillingvessel238]

Can you tell me more about HYSA?

[@cointrolfreak]

A high yield savings account is an account you can open with banks like Ally, Marcus by Goldman Sachs, Betterment, etc. (Those are all U.S. banks btw.) They give you a higher Annual Percentage Yield (APY) than a traditional savings account at a normal bank. Right now you can get an APY 4.5-5.5% on a high yield savings account for just keeping your money there! Most do not charge any fees or have any withdrawal limits as well so there's really no reason to not have a HYSA to take advantage of the higher APY!

[@NettieFIRE]

0:29 …. “That is just delicious” 😋 I could agree more 😉

[@NettieFIRE]

4:23 - suggestion …. for those “discretionary (optional) BILLS” that form part of your “BILLS” focus group: Perhaps 🤔stick an additional emoji at the end of their category description (maybe something like …. 🩷). That way you (and us watching) can see in an instant, all those ones that you include which are - as I like to term them - ‘conscious spending’ repeating/regular bills (you know the ‘fun stuff BILLS” 😉. And, also you add a 2nd focus groups (for them only) - purely for viewing pleasure (not for assigning) as you soak up all that gratitude for the good stuff 💕😊

[@cointrolfreak]

Great ideas! Something I will keep in mind as my budgeting evolves. I will definitely be making some major budget changes this year once I move to my own apartment. I sense some major recategorizing will come at that time! Thanks for watching! 💜