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Rank #117 in Education category

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You Need A Budget (YNAB)

Updated 4 days ago

Rank #117 in Education category

Education
Kids & Family
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A weekly dose of just the right medicine to help you get out of debt, save more money, and beat the paycheck to paycheck cycle.

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A weekly dose of just the right medicine to help you get out of debt, save more money, and beat the paycheck to paycheck cycle.

iTunes Ratings

657 Ratings
Average Ratings
512
74
32
18
21

Life-changing

By S.Sitron - Apr 26 2020
Read more
We started seriously using YNAB and listening to this podcast in January. Thanks to that, in March we were for the first time out of the paycheck to paycheck cycle when we both lost our jobs AND got sick with Covid-19 at the same time. Thanks to this amazing tool we had the peace of mind to be able to heal up without the stress of money on our minds. We are still waiting to receive unemployment, but not stressed at all. I’ve tried numerous budgeting systems over the years and YNAB is by far the best. If you take the time to learn it and listen to the podcast to get inspired, this system can change your life! I especially find the “debt stories” series to be inspiring. Thank you YNAB!

Older episodes are better

By Kmelfi10118 - Apr 06 2020
Read more
Love the YNAB software, have been using various versions of it since 2013. Discovered this podcast early 2019 and binged the old episodes and listened to the new ones each week in real time. The last 6 months have been hit or miss, some episodes are short and pointless. I really feel like it could be so much more, maybe if there were listener submitted topics or questions? Still love YNAB, their blog on their website is awesome and the free classes are great.

iTunes Ratings

657 Ratings
Average Ratings
512
74
32
18
21

Life-changing

By S.Sitron - Apr 26 2020
Read more
We started seriously using YNAB and listening to this podcast in January. Thanks to that, in March we were for the first time out of the paycheck to paycheck cycle when we both lost our jobs AND got sick with Covid-19 at the same time. Thanks to this amazing tool we had the peace of mind to be able to heal up without the stress of money on our minds. We are still waiting to receive unemployment, but not stressed at all. I’ve tried numerous budgeting systems over the years and YNAB is by far the best. If you take the time to learn it and listen to the podcast to get inspired, this system can change your life! I especially find the “debt stories” series to be inspiring. Thank you YNAB!

Older episodes are better

By Kmelfi10118 - Apr 06 2020
Read more
Love the YNAB software, have been using various versions of it since 2013. Discovered this podcast early 2019 and binged the old episodes and listened to the new ones each week in real time. The last 6 months have been hit or miss, some episodes are short and pointless. I really feel like it could be so much more, maybe if there were listener submitted topics or questions? Still love YNAB, their blog on their website is awesome and the free classes are great.
Cover image of You Need A Budget (YNAB)

You Need A Budget (YNAB)

Latest release on Jun 01, 2020

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A weekly dose of just the right medicine to help you get out of debt, save more money, and beat the paycheck to paycheck cycle.

Rank #1: 338 - Budgeting is Spending

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Budgeting is spending; nothing more, nothing less.

Sign up for a free 34-day trial at www.youneedabudget.com

Aug 13 2018

4mins

Play

Rank #2: 286 - Materiality

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Different partners may have different levels of budget materiality. What it is, and how to navigate it.

Aug 07 2017

3mins

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Rank #3: 293 - Is there Good Debt?

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Is there such a good thing as good debt? Yes. Though it also can become bad if you aren't careful.

Sep 25 2017

6mins

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Rank #4: 292 - Saving Kids from College

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Maybe if we just didn't treat student loan as a viable option for paying for college...

Sep 18 2017

6mins

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Rank #5: 106 - Saving for Its Own Sake

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I think I save for its own sake, assuming there's something inherently good about saving "more," regardless of the fact that more remains undefined. Maybe I should relax.

Jan 13 2014

9mins

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Rank #6: 291 - Identity Theft Protection and You...?

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How to protect your identity without paying for an expensive monitoring service.

Sep 11 2017

4mins

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Rank #7: 097 - The Most Radical Shift in Money Management to Ever Take Place in Our Household.

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I've handed the Budgetingi Reins over to my wife, Julie. She'll do a better job, and our relationship will be even better for it. Here what lead up to this, and why it's going to be awesome.

Oct 14 2013

14mins

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Rank #8: Bonus Episode: Kristy Shen and Bryce Leung Interview

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Jesse interview's authors and married couple Kristy Shen, Bryce Leung about their book—available today—Quit Like a Millionaire: No Gimmicks, Luck, or Trust Fund Required. Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

Jul 09 2019

43mins

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Rank #9: 298 - Loose Change, or Lose Change?

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At what point should you stop tracking cash?

Oct 30 2017

3mins

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Rank #10: 184 - Pay Off Debt or Save First?

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Should you go crazy with your debt? Save some money? Both?

Aug 10 2015

4mins

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Rank #11: 141 - Living Within Your Means, Means Opportunity.

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Living within your means frees up cash for saving or getting out of debt, but it is so much more than just that.

Oct 13 2014

8mins

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Rank #12: 123 - Track What You Want to Change

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The title says it all. If you don't want to change it, maybe you don't need to track it.

Jun 09 2014

2mins

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Rank #13: Bonus Episode: Ramit Sethi Interview

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Jesse interview's author Ramit Sethi about the update of his 10 year old book, I Will Teach You To Be Rich. Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

May 14 2019

40mins

Play

Rank #14: 309 - You Have a Spending Problem

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That's right. If you're average (and you are), then you have a spending problem--not an income problem.

Jan 22 2018

3mins

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Rank #15: 183 - Bills Are Paid...Now What?

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What should be the order of prioritization once the necessities are taken care of?

Aug 03 2015

5mins

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Rank #16: 107 - Winning Financially is Simple

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Winning financially is simple. You just need a pen, a paper, and a plan.

Feb 03 2014

9mins

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Rank #17: 181 - Meet Carrie, A Brand New YNAB User

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We'll be following Carrie, a brand new YNABer, for an entire year! Learn as she learns.

Jul 20 2015

13mins

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Rank #18: 302 - The Costs of "Settling In"

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Settle in fast, because it's expensive not to.

Nov 27 2017

4mins

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Rank #19: 078 - The Black Box of Spending

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Your "Miscellaneous" category is a black box of spending. Is that spending a reflection of your values? Or are you being lazy? And should you care anyway? We discuss :)

Apr 15 2013

4mins

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Rank #20: 092 - Just Show Up

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With your budget, especially for those just starting, just show up. Keep it simple, do what you're told, and…just show up.

Aug 12 2013

5mins

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Daily Reconciliation and Gardening

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The attentive gardener notices the small things. The way plants grow, flourish, and wither on a daily basis. He knows that weeds are easily dispatched when pulled daily. The gardener plays a long game, but sees each move in detail. 

Budgeting is no different. The attentive budgeter notices small things, finds small efficiencies there, because she checks in often. She knows that it's easier to correct course when her budget is moving in the wrong direction, because she watches carefully and often. The daily reconciliation becomes a joy, not a chore.

Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

Jun 01 2020

4mins

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Doing Nothing Is Something

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It's a common refrain in times of crisis. We must do something. But inaction is, in fact, always an option. Many times, especially when it comes to finances, it is a great option! Jesse reminds us that, in light of current economic conditions, it's perfectly OK to do nothing.

Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

May 25 2020

2mins

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Chickens, Fruit Trees, and Trellises

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There's something growing at the Mecham household... and it's in the backyard! Jesse confesses he spent a good portion of his paternity leave preparing a garden with a handful of chicks, fruit trees, and a garden full of asparagus, cantaloupes, and other goodies.

As always, while exercising his green thumb Jesse was thinking about budgeting. Immediate gratification is rare in the natural world. Nearly everything worth having takes time, effort, and care to grow and develop. Chicks need to be fed and kept safe and healthy before they can grow into egg-laying hens. Fruit trees take years before they bear their first fruits. Yet these things, once harvested, can be so much more satisfying than, say, a generic carton of eggs at the store.

Budgeting is no exception to the rules of Nature. Good things come to those who wait, and steward their money well. But the good things are worth it.

Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

May 18 2020

4mins

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Windfalls and Uncertainty

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After receiving several questions about what to do with windfall money during times of economic uncertainty (like these), Jesse tackles the topic in today’s episode. As always, but especially true nowadays, cash is king!

Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

May 11 2020

6mins

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YNAB and COVID-19

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Freshly returned from paternity leave, Jesse discusses how YNAB has handled the coronavirus pandemic as a company. As always, his focus and the company's focus has been on giving the best budgeting advice they can.

Additionally, the YNAB team has written articles exploring how people can weather the financial storm in the wake of COVID-19. You can read the blog entries here:

https://www.youneedabudget.com/blog/

Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

May 04 2020

4mins

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Chasing Value

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Jesse examines how the recent panic buying of food, home goods, and other staples highlights the intrinsic value of certain things that we take for granted. When demand for historically safe assets like bonds and gold falls, yet demand for household goods like flour and toilet paper soar, it shines some light on the practical value of things. In short,  you can eat flour, but you can't eat a bar of gold!

In the future, Jesse encourages us to consider saving not only for future expenses and retirement, but also for some staples and basic goods for unexpected times.

Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

Apr 27 2020

10mins

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Write That Gem Down!

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Jesse muses on the impact the coronavirus will ultimately have on people and their habits. When society reopens, will people return to their previous habits? Or will they grow, having spent their time in isolation examining themselves and their priorities, their Rule Zero?

Jesse hopes that people do use this time to reflect, to re-examine their life and rediscover their priorities, and, most importantly, write down the wisdom that comes from that process!

Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

Apr 20 2020

5mins

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Rule Zero Morphs Before Your Very Eyes

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Last week Jesse discussed the importance of Rule #1, giving every dollar a job. Rule one is always important, but in uncertain times like these it takes on renewed significance. Jesse has often talked about the rule before the rule, though, the so-called Rule Zero.

Rule Zero is understanding what's important to you, why you're bothering to give your dollars a job in the first place. At the end of the day, to what end are you budgeting? What's the purpose?

In the wake of the pandemic and economic woes gripping the country, consider whether the answer to Rule Zero has become clearer to you. Perhaps in these times you can find not only the resolve to budget like you've never budgeted before, but also to clarify why you're budgeting in the first place.

Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

Apr 13 2020

3mins

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You've Never Budgeted At A Time Like This

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With the world at a standstill due to the COVID-19 pandemic, one thing is certain. We’ve never budgeted at a time like this!

Jesse offers some comforting words in this time of crisis, and reminds us to follow Rule #1: Give Every Dollar A Job. Never stop budgeting. Even if it’s only a week ahead, a day ahead, staying engaged and continually planning will give you the best chance to survive financially in these times, and, eventually, thrive. Budgeting is one area of our lives that we can control, in the midst of so many things we cannot.

Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

Apr 06 2020

8mins

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The Commander's Intent

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At YNAB there is a document called the Vision Doc, which spells out the “commander’s intent” for the company, how to behave and act on the company’s behalf. Employees must make many decisions on a day to day basis, but with a clear commander’s intent they have the freedom to make those smaller decisions while adhering to the company’s greater goal.

It’s useful to develop the same commander’s intent for your budget. With a clear goal and aim for the budget, it becomes easier to make those small, day to day money decisions that, as we know, can add up to big dollars over the course of a year!

Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

Mar 30 2020

4mins

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Don't Be Average... You Can't Be Anyway

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Jesse reads an excerpt from the book The End of Average by Todd Rose. In the late 1940's the Air Force had a dangerous problem on its hands -- aircraft of all kinds were malfunctioning and crashing at alarming rates. The Air Force brought in scientist  Lt Gilbert S Daniels to diagnose the problem. Daniels discovered that the Air Force had designed cockpits based on thousands of physical measurements taken from its ranks of pilots, then averaged. Daniels ascertained that despite the rigor and breadth of the measurements, not a single active pilot in the Air Force actually matched up with all the averages. In short, the Air Force had designed their planes around an average pilot that didn't actually exist, causing pilots to have trouble controlling their planes.

We can take a lesson from Lt. Daniels discovery when it comes to our budgets. It's tempting to come up with an average for each line item, and compare your budget to someone else's or perhaps even a regional or national "average." Designing your budget around averages may not actually fit your life, and, going back to Episode 420, may leave your budget rigid and inflexible.

Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

Mar 23 2020

10mins

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Budget. No, Budget!

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We often talk about the budget as if it’s a noun. Is it “in the budget”? Did you check the budget? When you treat the budget as a noun it takes on a rigid, inflexible quality, like the budget is set on stone tablets.

But what if we thought about “budget” as a verb? As an action, an activity, budgeting becomes a process, a thing which can change and evolve with each iteration.

Jesse discusses the importance of budgeting and not just setting a “budget.” Thanks to Hannah who shared this revelation in her video My 5 YNAB Beginner Mistakes on the YNAB YouTube Channel.

Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

Mar 16 2020

3mins

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Wait!

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Money is made to spend. We all want something, and that something usually costs money. Some of the “wants” are fleeting desires, spurred by mood or peer pressure or perhaps just a whim. Other “wants” are genuine desires and items or experiences that actually add value to your life.

Whichever it is, Jesse argues that you should wait. Wait before you buy anything, even the genuine wants. For one thing, waiting helps you parse out the genuine from the ephemeral.

Jesse keeps a running list of wants on his phone. If he wants something, he adds it to the list rather than buying it right away. If he still wants it when he checks the list again later, he buys it. Many times, however, he will find things on the list that he hasn’t thought about in a while, and that he really doesn’t want. So the list can act as a simple filter and a sanity check for purchases.

Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

Also, go to https://www.youneedabudget.com/bootcamp/ to sign up for the YNAB Debt Bootcamp!

Mar 09 2020

5mins

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Doing Nothing Is Something

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There's a cliche in TV and film whenever something bad happens in a crowd of people, inevitably someone in the crowd shouts "why doesn't someone do something!" This is usually the cue for the superhero to enter stage right. We hear this sentiment all the time, not just in bad cinema, but in real life. Anytime a problem reaches a level of widespread concern -- whether it's a local neighborhood issue or a national one -- something must be done about it.

Some problems have no easy answers, and we often forget that inaction is a valid response. The same goes for our budgets! Not every budget problem can be solved right now. Sometimes you don't have the right information, or enough of it, to fix every issue in your budget. That's OK. Sometimes your budget is working just fine, and there's no reason to tinker with it. That's OK too. Don't fix it if it ain't broke!

Whatever your situation, remember doing nothing is still doing something.

Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

Also, go to https://www.youneedabudget.com/bootcamp/ to sign up for the YNAB Debt Bootcamp!

Mar 02 2020

3mins

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Budgeting for Lady Luck

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They are prepared for emergencies, for setbacks, for unexpected life changes. In fact emergencies don’t seem to happen as often to them. YNAB’ers are a lucky set, it seems, but maybe there’s more to the truth than a roll of the dice.

Survivorship bias is a logical fallacy in which you focus on a group of people or things that made it past a selection process, without considering those that failed. This bias can lead to a number of erroneous conclusions. In finance, survivorship bias occurs when evaluating the returns of, say, companies in a certain sector of the economy. If you only look at current technology firms, you might look at the technology sector and determine that it radically outperforms the market… but those same returns may look very different if you consider all the technology firms within the same time period that went bankrupt.

Survivorship bias appears everywhere in life, and YNAB’ers are no exception. At first glance it may seem like those in good financial health just didn’t have the same number of setbacks that those in poor financial health did. But maybe it’s not just luck. Maybe those with good financial health stay that way because they budget responsibly.

Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

Also, go to https://www.youneedabudget.com/bootcamp/ to sign up for the YNAB Debt Bootcamp!

Feb 24 2020

4mins

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Opting Out of Credit Cards (A Bit)

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In episode 411, Jesse decried the ubiquity of credit cards and the fact that they enjoy a number of benefits that plain old debit cards do not... at the risk of getting yourself in debt. Since then, he's learned of a few strategies for managing fraud risk with debit cards.

Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

Also, go to https://www.youneedabudget.com/bootcamp/ to sign up for the YNAB Debt Bootcamp!

Feb 17 2020

5mins

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Scratching the Gambling... Er, "Investing" Itch

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Jesse admits he's got an itch to scratch. He likes to invest gamble in the stock market from time to time, using an app that allows him to trade at the swipe of a finger.

At least he's honest -- it's gambling with fun money, not investing. And that's the key. It's money he can afford to lose, and it's not much.

Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

Also, go to https://www.youneedabudget.com/bootcamp/ to sign up for the YNAB Debt Bootcamp!

Feb 10 2020

5mins

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Optionality and Managing Your Fixed (or Growing) Expenses

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Wealth is not a dirty word. After all, wealth can allow us to do many interesting and fulfilling things with our lives. At the very least, it provides options, opening up the range of possibilities before us. Simply put, wealth can allow us to live the life we want to live.

The only problem is that the accumulation of wealth is often followed by increasing expenses. Some of these are obvious -- a bigger, newer house usually costs more than a smaller, older one -- while others are insidious. A larger house requires more energy to heat and cool, more time and effort to clean and landscape, and more things to fill it up. That's just one example. We could say the same about cars!

Left unchecked, these growing expenses can once again eat into our wealth, robbing us of the optionality of wealth. As Thoreau once wrote, "he who owns little is little owned."

Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

Also, go to https://www.youneedabudget.com/bootcamp/ to sign up for the YNAB Debt Bootcamp!

Feb 03 2020

6mins

Play

Optionality & Why You Should Follow Rule Two Instead of Paying Down Debt

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Save money for known future expenses, or pay down debt? It's a challenge many people face while trying to eliminate their debt. It's a conundrum too -- you could take your savings and pay down debt now, or hold onto to those savings for the new tires you know your car needs next month, or the Christmas gifts you want to buy for the family. If you do that, though, the debt balance stays the same while you continue to pay interest...

Jesse argues that optionality is the key here. Obeying rule #2 -- embracing your true expenses -- means setting aside money for those known expenses and eventualities in your life. It's tempting to pay down as much debt as you can now, but setting aside cash for your true expenses gives you options.

What if your true expenses are bigger than you anticipated? What if you get hit with unexpected expenses on top of that? If you've set aside the cash, you are in a position to handle those expenses when they come. If you've already used the cash to pay down debt, then you won't have any to cover unexpected expenses. This makes you much more likely to put those on the credit card and then... now you are in debt again.

Jesse often meets people whose finances look like their diets -- they yoyo in and out of debt constantly. It's a mentally and emotionally draining prospect. But by giving yourself options, you can have it both ways. You can prepare to pay your true expenses in the future AND pay down debt. And you'll be more likely to stay out of debt, which is the ultimate goal!

Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

Also, go to https://www.youneedabudget.com/bootcamp/ to sign up for the YNAB Debt Bootcamp!

Jan 27 2020

4mins

Play

Incentives and Your 401(k)

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Jesse reflects on a Senate bill -- now signed into law as the Setting Every Community Up for Retirement Enhancement (SECURE) Act -- which will require a greater amount of employers to offer 401(k) plans to employees. The new law also makes it easier for annuities to be included in 401(k) offerings by easing the fiduciary rules around fees and expense ratios.

401k) plans are excellent vehicles for saving for retirement because they allow employees to put away a lot of money every year -- up to $19,500 in 2020. Some employers offer matching on 401(k) contributions, further boosting savings rates.

However, the inclusion of more annuities in 401(k) plans has a darker motivation. Annuities typically charge higher fees than mutual funds and index funds -- sometimes a percentage point or more -- making them an inefficient and expensive way to save for retirement for most people. On the other hand, they are very profitable for insurance companies! Not surprisingly, insurance companies lobbied hard for the relaxation of fiduciary rules in the SECURE Act.

Just like Jesse discussed in last week's episode #411, wherever there are incentives, there are people making money. The wise investor follows the money!

Sign up for a free 34-day trial of YNAB at www.youneedabudget.com

Also, go to https://www.youneedabudget.com/bootcamp/ to sign up for the YNAB Debt Bootcamp!

Jan 20 2020

7mins

Play

iTunes Ratings

657 Ratings
Average Ratings
512
74
32
18
21

Life-changing

By S.Sitron - Apr 26 2020
Read more
We started seriously using YNAB and listening to this podcast in January. Thanks to that, in March we were for the first time out of the paycheck to paycheck cycle when we both lost our jobs AND got sick with Covid-19 at the same time. Thanks to this amazing tool we had the peace of mind to be able to heal up without the stress of money on our minds. We are still waiting to receive unemployment, but not stressed at all. I’ve tried numerous budgeting systems over the years and YNAB is by far the best. If you take the time to learn it and listen to the podcast to get inspired, this system can change your life! I especially find the “debt stories” series to be inspiring. Thank you YNAB!

Older episodes are better

By Kmelfi10118 - Apr 06 2020
Read more
Love the YNAB software, have been using various versions of it since 2013. Discovered this podcast early 2019 and binged the old episodes and listened to the new ones each week in real time. The last 6 months have been hit or miss, some episodes are short and pointless. I really feel like it could be so much more, maybe if there were listener submitted topics or questions? Still love YNAB, their blog on their website is awesome and the free classes are great.