Now Burn It All Down Again

The YNAB Podcast

YNAB

Consolidation, Total, Budget, Dave, Peace, Money, A, Education, Ynab, Finance, Bankruptcy, Makeover, Fpu, Software, Management, Personal, Need, Ramsey, Financial, University, Debt, Kids & Family, You

4.7 • 1.1K Ratings

🗓️ 9 January 2023

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Last week Jesse urged YNAB'ers not to make any sudden or drastic moves to their budget. But you know it's the beginning of the year, and that can only mean one thing! It's time for a budget burndown.

Every year Jesse burns down his budget... er, plan, and examines every single assumption built into it. Do we really need to own a house? What if we lived in an RV for awhile? Do we need two cars? What if we sold one? Etc, etc. The point of this exercise is to question everything, and in the process, better understand what your non-negotiables are. In most cases, you'll likely put most of the categories you had back into your plan. But perhaps the burn down process helps you identify a couple areas that don't really serve you anymore, or dollars that could be more useful doing a different job.

So, get ready to burn it down!

Got a question for Jesse? Send him an email:

[email protected]

Transcript

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0:00.0	Hello, why not, my name is Jesse Meekam with another episode of The Why Not Podcast, where
0:08.5	we teach you four rules to help you stop having a paycheck to paycheck, you can get out
0:11.1	of debt and save more money.
0:13.4	Last week, we talked about not doing big changes.
0:16.9	Just don't go crazy with these new resolutions, iterate.
0:20.6	Maybe simplify a little bit here and there, but for the most part, just iterate.
0:24.0	Well, a lot of you, apparently, apparently a lot of you really enjoy the opposite
0:30.7	of what I talked about last week.
0:32.1	You enjoy what I've, I now call it the budget burn down, but y'all know, I'm trying to
0:38.6	not say the word budget anymore.
0:40.8	So it's just, it's the money burn down, that doesn't sound that good either, it's just
0:46.2	to burn down, open up YNAB and start a new budget, don't do a fresh start, start a new
0:53.8	budget, delete all the default categories we have in there.
0:57.9	You can do really quick when there's nothing else in the app, no other categories, nothing
1:01.0	else set up.
1:02.2	Don't worry about connecting your bank accounts and doing all that right now.
1:05.2	Just go to your checking account balance on your bank and don't go back and refer to
1:13.5	that old plan you had.
1:17.2	The reason I'm trying to not say budget is because people just think it's so restrictive
1:20.2	and they're all wrong.
1:21.2	We know, I know you know, we all know that budgets are liberating, not restrictive.
1:26.4	They are helpful, not hurtful, they are friendly, not evil, but be that as it may people
	...

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