Author Topic: YNAB - How to budget with no income  (Read 3068 times)

aaronhann85

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YNAB - How to budget with no income
« on: July 17, 2013, 08:23:30 AM »
Hi folks,

I've recently started using YNAB and like it so far. I just foresee some upcoming difficulties. Let me explain...

I work in the automotive industry which isn't doing so well here in Australia. In 2 weeks time I will be taking a redundancy package of ~$60k. At this point I will have no regular income as I will be studying. I only need $1500/month, tops.

My question is: Is there a way to spread this payment over a few years? If I include it as income for one month it will say I have a huge amount left to budget. And the most I can split it over (that I know of) is 2 months.

Any help would be greatly appreciated.

Joel

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Re: YNAB - How to budget with no income
« Reply #1 on: July 17, 2013, 08:38:26 AM »
I would strongly recommend using the ynab forums for questions regarding how to use the software. They are very helpful.

But basically all you have to do is budget that 60k to a category that will be for future spending, and then release 1500 per month by budgeting a negative amount each month.

You may decide to put some of the money in an investment or do something else with some of the money though and that's okay.

But again, the ynab forums are great for questions like these.

aaronhann85

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Re: YNAB - How to budget with no income
« Reply #2 on: July 17, 2013, 08:56:14 AM »
Thanks Joel, that seems to work well.

It feels quite empowering to be budgeting out my redundancy payment when almost everyone else has plans to blow it on crap. One guy bought a $40,000 car in anticipation before he was even approved.

EK

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Re: YNAB - How to budget with no income
« Reply #3 on: July 17, 2013, 09:40:35 AM »
Thanks Joel, that seems to work well.

It feels quite empowering to be budgeting out my redundancy payment when almost everyone else has plans to blow it on crap. One guy bought a $40,000 car in anticipation before he was even approved.

LOL.  That is serious Antimustachian Wall of Shame and Comedy material right there.