Is anyone else here familiar with and/or use You Need a Budget (YNAB) software? I just started using it and while it's revolutionizing the way I think about my money in a positive way, it also means I won't be able to buy any clothes or other discretionary items for awhile. Basically the YNAB method forces you to budget using only the money you have now, as opposed to spending based on what you think you will have at the end of the month. For example, in the past I would give myself a "budget" of $150 at the start of each month for buying clothes, music, books, and other things I enjoy. Now that I'm using YNAB, the first thing I need to do is pay off my credit card debt from last month, then put my remaining dollars towards things like food, gas, and other essentials. Only then can I start putting dollars towards "fun" things, including saving for future big purchases like a new suit, blazer, nice shoes, etc. Traditional credit card spending is based on the premise that you buy now and will pay for it later. YNAB is based on the premise that you only buy things with the money you have sitting in your checking or savings accounts right now.
In any case, it's a good thing and empowering that I will now have more control over and understanding of where my money is coming from and going and thus can buy clothes in the future guilt-free because I know I can afford it and/or have saved for it. The downside is that I have to buckle down in the next few months and not buy ANY clothes until I have a better handle on how my income is being used. I'm almost 40 with a wife and twins so cannot just buy clothes and upgrade my wardrobe on the fly anymore.
Just wondering if there are any other guys out there who have gone through a similar transformation and/or are dealing with the same financial issues. One negative about this as well as any other hobby involving the spending of money is that you're constantly tempted to spend due to all the bargains and sales out there. I'm just going to have to step back for awhile and ignore all the emails (Land's End, Sierra Trading Post) and posts on Dappered and Put This On about the "best" time to buy things.
In any case, it's a good thing and empowering that I will now have more control over and understanding of where my money is coming from and going and thus can buy clothes in the future guilt-free because I know I can afford it and/or have saved for it. The downside is that I have to buckle down in the next few months and not buy ANY clothes until I have a better handle on how my income is being used. I'm almost 40 with a wife and twins so cannot just buy clothes and upgrade my wardrobe on the fly anymore.
Just wondering if there are any other guys out there who have gone through a similar transformation and/or are dealing with the same financial issues. One negative about this as well as any other hobby involving the spending of money is that you're constantly tempted to spend due to all the bargains and sales out there. I'm just going to have to step back for awhile and ignore all the emails (Land's End, Sierra Trading Post) and posts on Dappered and Put This On about the "best" time to buy things.
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