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You Need A Budget (YNAB)
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You Need A Budget (YNAB)

Author: Jesse Mecham

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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.
520 Episodes
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Assets? Liabilities? Balance sheet? FBI's? What does it all mean? Jesse helps you understand some of the basic financial terms that come up often in YNAB, as well as some YNAB-specific lingo related to the software and the budgeting process.   Sign up for a free 34-day trial of YNAB at www.youneedabudget.com
Jesse walks through some hidden features of the YNAB software you probably didn't even know existed!   Sign up for a free 34-day trial of YNAB at www.youneedabudget.com
While there's no way to prepare for being a parent without actually becoming a parent, you can prepare financially for the experience. Chelsea Brennan shares some tips on how to do this, and what kind of difficult conversations you need to have with your spouse and family as part of the process.   After a successful career as an equity analyst and hedge fund portfolio manager on Wall Street, Chelsea became a mom and followed a new passion in life -- helping other moms be more financially stable and reduce their money stress. Today she runs a website and podcast dedicated to this mission called Smart Money Mamas, with resources for helping moms define their values, have important conversations, and take steps toward securing their financial future.   Smart Money Mamas website: https://smartmoneymamas.com Smart Money Mamas Podcast: https://smartmoneymamas.com/podcast/  
YNAB and Privacy

YNAB and Privacy

2021-04-2605:34

At YNAB your data is exactly that -- YOUR data. Financial data is personal and sensitive, and as Jesse explains, YNAB does not and will not touch that!   Sign up for a free 34-day trial of YNAB at www.youneedabudget.com
Jesse chats with productivity master Jeff Sanders, host of the 5AM Miracle podcast. As the title of his podcast suggests, Jeff loves to wake up early, but he doesn't necessarily think you should. Instead, Jeff focuses on setting clear boundaries around your work time, family time, and personal development time (especially physical fitness).   Especially in the remote working arrangements that are increasingly common today, it's important to separate the home office from the kitchen, living room, and bedroom. Too often the proximity of the home office lures remote workers into working all day, with no clear lines between work time and personal time. This leads to lower productivity, more stress, more burnout, and more tension in relationships. In his podcast and his productivity coaching work, Jeff shows how you can set better boundaries around work and personal life and live life with more intention.   You can find Jeff at his website: https://www.jeffsanders.com   5AM Miracle Podcast: https://www.jeffsanders.com/podcast/     Sign up for a free 34-day trial of YNAB at www.youneedabudget.com
In today's money story, Jesse chats with Erika, a 32 year old married woman who found herself struggling in the deep end of credit card debt. Until YNAB, Erika always managed her money with her bank statements -- if there was enough for her current outflows, good! There wasn't much of a plan or cushion for surprises, however.   Shortly after getting married Erika began to feel trapped in her debt payments, which had become burdensome due to the credit card debt she and her husband had racked up for their wedding. After some close calls where she questioned their ability to even pay the rent, Erika discovered YNAB and began to make changes.   While she and her husband are still climbing out of the hole, they've made a big dent in their debt load and have created a solid plan for aging their money, acknowledging their true expenses, and rolling with the punches.   Sign up for a free 34-day trial of YNAB at www.youneedabudget.com
Jesse chats with author Mary Marantz about her book Dirt, the story of her life journey growing up in poor, rural West Virginia to eventually attending Yale Law. Mary grew up with a strong, hard working father who instilled in her a vigorous work ethic and a love for her hometown. However, her working class roots cast a shadow of doubt over how high she could climb in the world, and how qualified she could feel amongst those from different, more economically priveleged backgrounds. Dirt is the story of Mary reckoning with the good and bad of her upbringing, and how it shaped her into the woman she is today.   How does this relate to money? Money is all about feelings, and often our upbringing instills deeply seated ideas about how to earn and spend money that are hard to shake as adults. Mary's story is a powerful reminder that doing the work to better understand yourself, your history, and your place in the world prepares you to make lasting changes to your decision making around money.   Dirt by Mary Marantz https://marymarantz.com/dirt   Mary Marantz on Instagram @marymarantz
Student loan payments have been frozen for several months due to COVID-19, but that doesn't mean your budget has to be frozen. Jesse strategizes ways for you to address student loans during the grace period.   Sign up for a free 34-day trial of YNAB at www.youneedabudget.com
Jesse chats with Laura Vanderkam and Sarah Hart-Unger, two time management experts and the hosts of the Best of Both Worlds Podcast, a show all about balancing busy lives and careers.  Sarah is a pediatric endocrinologist while Laura is a writer (and author of I Know How She Does It), and both of them are also busy mothers. While they approach the challenges of time management with different strategies, they are both experts in making things fit in a busy life without getting burned out.   Sarah and Laura point out that the things you spend your time on -- the things you say yes or no to -- are ultimately a reflection of your values. If something doesn't fit in your priorities, you simply won't do it. Sounds familiar, eh? Money, or rather the things you spend money on, is also a reflection of your values, as Jesse has argued on previous shows. So, the first step in wrangling your time management problem is to take a hard look at the things you value and see if the things you are spending your time on actually align with those values.   Secondly, Laura reminds us that everyone has the same amount of time in a week to get things done, to relax, to pursue hobbies. 168 hours every week, in fact. Unlike money, this resource is equally distributed to all, and we cannot change the amount of time we have. So, being mindful of how you spend your weeks not in days, but in hours, can be a useful exercise. Do you have a hobby that you wished you spent more time on? A stack of books you wish you could finally read? Start tracking your time, and you might be surprised to find a spare hour or two that you were previously wasting on mindless tasks (or social media). Like spare change, these hours can slip between the cushions of the weekdays and weekends.   Best of Both Worlds Podcast https://theshubox.com/best-of-both-worlds   Laura Vanderkam https://lauravanderkam.com   Best Laid Plans Podcast with Sarah Hart-Unger https://theshubox.com/best-laid-plans-podcast     Sign up for a free 34-day trial of YNAB at www.youneedabudget.com
Whether it's because of changing careers, preparing for a child, or some other life event, you and your partner may need to downsize from two incomes to one. This has a major impact to your budget! But, with some planning, you can make a smooth transition. The easiest way, Jesse says, is to live on a single income before actually losing the second income. With a little help from YNAB, you can practice this and ensure that when the second income goes away, you know how to make your dollars stretch without stress.   Sign up for a free 34-day trial of YNAB at www.youneedabudget.com
New York Times columnist and bestselling author Ron Lieber joins the podcast for a frank discussion about the ever rising cost of college and whether it's even a good idea for young people today. Evaluating the true cost of college, as it turns out, is essentially a budgeting exercise. There's the sticker price for tuition and room and board, but the real analysis lies in examining the hidden costs, as well as the hidden benefits. Ron Lieber helps us break those down and demystify the college problem.   Ron Lieber https://ronlieber.com   The Price You Pay for College https://ronlieber.com/books/the-price-you-pay-for-college/     Sign up for a free 34-day trial of YNAB at www.youneedabudget.com
Buying a house is a stressful experience, especially in the current market where low supply and high demand have pushed prices up and up. Naturally, house shoppers worry about overpaying for a house, or whether they've overpaid for a house they've already bought. We'd all like to perfectly time the market and buy at the lowest possible point, but it's very difficult to do.   Jesse reminds house shoppers to check in with their reasons for owning a house before they worry. Is your house a real estate investment that you are buying with an exit strategy? Then purchase price is very important, and you should be worried about overpaying!   But are you buying a house to be your home? In that case, it's not an investment, it's the place where you live, and the purchase price only matters insofar as it fits your budget. If you value the lifestyle that a house offers, and that house fits your budget, then don't sweat whether you have overpaid or not. You are giving your house dollars the job of securing housing that fits your needs.   Sign up for a free 34-day trial of YNAB at www.youneedabudget.com
What does budgeting have to do with nutrition? A lot, actually, explains Kali Langevin, a nutritionist and Registered Dietitian who has spent 16 years working with athletes in United States Soccer Federation. Kali is also a long time YNAB user, and joins the podcast to explain how the Four Rules can be applied to nutrition. Much like Jesse encourages people to be mindful of their spending habits -- giving dollars jobs that accomplish the things that you value -- Kali encourages people to be mindful of their eating habits, being intentional with meal times and the rituals around food.   Kali on LinkedIn: https://www.linkedin.com/in/kalilangevin   Sign up for a free 34-day trial of YNAB at www.youneedabudget.com
This week's Money Story comes from the vivacious Diania Merriam, founder of the EconoMe Conference which brings together speakers in the FIRE movement (Financial Independence, Retire Early). After finding herself working for a decent salary in NYC but falling deeper into debt, Diania decided to pull her head out of the financial sand and figure out where her finances stood. Around the same time, a friend introduced her to the Mr. Money Mustache blog and the concept of FIRE.   Armed with these tools, she started cutting her expenses and aggressively paying off debt. Eventually, Diania managed to stash away 60% of her income, and pay off $30k of debt. Ever the life of the party, Diania attributes part of her success to realizing that her happiness lies in connecting with friends and shared experiences, not necessarily in spending money in exclusive clubs. After paying off her debt, she was also able to pursue her dream of hiking the Camino de Santiago in Spain.   Today Diania has reached CoastFI, having already saved enough to retire in the future at the standard age of 65 but still working, albeit at a more relaxed pace. Financial independence has allowed her to pursue more fulfilling work (like the EconoMe Conference) and engage in new adventures. This, she explains, is the real American Dream.   Optimal Finance Daily Podcast: https://oldpodcast.com/optimal-finance-daily-podcast/ EconoMe Conference: https://economeconference.com    
Jesse chats with Geoff Woods, President of ProduKtive, the training company behind the bestselling book The ONE Thing by Gary Keller and Jay Papasan. After leaving a high-stress and ultimately unfulfilling job in medical device sales, Geoff set out to surround himself with successful mentors. Eventually Geoff found Gary Keller and Jay Papasan, and immersed himself in their philosophy of the "one thing," that is, the concept of relentlessly pursuing the single most impactful thing you can do in your day, and arranging your schedule to accomplish that thing first.   Geoff describes the one thing as a stack of dominoes. Accomplishing the one thing you can do first -- "can" is the operative word here, this task must be small and easily achievable today -- topples the first domino in the chain, which topples the next, and the next, and so forth. Most people never do the work to identify this one thing, however, and get stuck spending lots of time toppling individual dominoes without ever setting off this chain reaction.   The connection to budgeting is clear. Before you give every dollar a job, you need to know what it is your budget needs to do for you -- what you value, what you are trying to optimize for. Once you've identified this, you can assign your dollars jobs.   The ONE Thing Podcast: https://www.the1thing.com/podcasts/ The ONE Thing book: https://www.amazon.com/ONE-Thing-Surprisingly-Extraordinary-Results-ebook/dp/B00C1BHQXK/ref=sr_1_1?crid=3HGDLQ2QU6QJP&dchild=1&keywords=the+one+thing+keller&qid=1615904686&sprefix=the+one+thing+ke%2Caps%2C245&sr=8-1   Sign up for a free 34-day trial of YNAB at www.youneedabudget.com  
Jesse attempts to give some advice on purchasing a car... before admitting that he has no advice to give! Well, maybe a bit of advice. Jesse reminds us that optimizing your budget involves optimizing for YOUR needs and wants. Jesse chooses to lease a Tesla to drive around in, because he wanted to have as little headaches with car maintenance as possible. That's important to him today, but ten years ago his needs and wants were totally different, and thus the things he chose to optimize his budget for were too.   So this episode is not about how to buy the most cost-effective used car, or how to get a good deal on a new car, or anything like that. It's about examining your own needs and shaping your budget around them.   Sign up for a free 34-day trial of YNAB at www.youneedabudget.com
Bestselling author Ian Morgan Cron introduces the Enneagram, a personality typing system which identifies nine different personality types, their motivations, strengths, and weaknesses. As Ian explains, understanding your enneagram can help you better understand your motivations for why you want to do the things you do, which has direct implications in budgeting. Understanding the motivations and perspectives of others, especially those with polar differences in personality, can help you mitigate conflict and reach compromise in your family relationships and in the workplace.   Ian Morgan Cron is a psychotherapist, Episcopal priest, and an accomplished author. His book The Road Back to You champions the Enneagram for people that seek to better "know thyself."   https://ianmorgancron.com
Here's the Ideal Budget

Here's the Ideal Budget

2021-03-0804:271

Jesse reminds us that the ideal budget... is the budget which helps you achieve your goals and values. And those goals and values can, and will, change over time!   Sign up for a free 34-day trial of YNAB at www.youneedabudget.com
Robert Leonard has been a uniquely driven person since a young age. Eyeing the professional ranks of motocross at age 14 (the minimum age to turn pro was 16), he competed all over the country. When his father discouraged his going pro, Robert started working various jobs and reading about investing. By the time he graduated college, he had already purchased his first piece of real estate and began "house hacking" -- leasing spare rooms to roommates to generate cash flow to cover the mortgage.   Over the years Robert has continued to house hack, selling properties and rolling the profits into the next investment. He now owns a portfolio of rental properties. On the side, he also invests in individual stocks as a value investor, and enjoys the process of digging through company financials and earnings to find undervalued companies to buy and hold.   Robert is also passionate about teaching other people how to get started with investing in both real estate and the stock market, and he hosts two podcasts on the topic. Check the links below to follow Robert, learn more about his philosophy, and his podcasts!   Robert on Instagram: https://www.instagram.com/therobertleonard/   Real Estate 101 Podcast: https://www.theinvestorspodcast.com/real-estate-101/   Millenial Investing Podcast: https://www.theinvestorspodcast.com/millennial-investing/   Sign up for a free 34-day trial of YNAB at www.youneedabudget.com
Sita Thomas is a woman of many talents, and many careers, having worked jobs ranging from massage therapy to data analytics. She has been using YNAB for over 8 years to help her reach her goals, including going back to school and making a career change, taking time off work to care for a terminally ill family member, and removing the day to day stresses of money from her life.   Sign up for a free 34-day trial of YNAB at www.youneedabudget.com
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Comments (24)

Miss T

TY TY As a Scorpio, I'm intense about finances, so yes, I can overwhelm a partner, if there are shared finances are at play. I attempted that methodology mentioned before in various ways I attempted creatively as well as asking how can & what can we do to create less overwhelm for them in managing finances. I work hard & believe in playing harder. So I don't desire a high debt ratio to interfere with my leisure. If so & it can't or won't be rectified. Now, I would have to exit the relationship because it spills over to every other area of the relationship. That is difficult to do if a person doesn't have a healthy relationship with money & was taught scarcity/poverty mentality around finances. It was a mindset that I quickly had to release as a child because I instinctively knew that I would have to rely solely on myself financially. So I personally wouldn't date a person again before we established a healthy basic basis for finances. This is what I would attribute to a very high risk for infidelity. OVERWHELM. so it would be an uphill battle quickly sinking into sinking sand & high debt (return on investment)ROI. #Self Worth #Self Care #Self Love

Sep 8th
Reply

Candice Mcrae

Great information about getting your finances in check.

Dec 31st
Reply

Kenya Britt

What is the name of the app she used for tracking?

Aug 20th
Reply

Raina B

Thank you so much for this episode! I rent and love the flexibility and ease of renting, at least right now. That is a hard concept for others to grasp, this podcast helps me feel so much better about my decision.

Apr 17th
Reply

Jill Mayer

$1000 like Dave Ramsey or buffers for true expenses

Nov 21st
Reply

Jill Mayer

Adam Carro

Nov 20th
Reply

Jill Mayer

start by not taking about money. talk about priorities

Nov 14th
Reply

Jill Mayer

Your money or your life by joe Dominguez

Nov 14th
Reply

Jill Mayer

find blog. find books

Nov 10th
Reply

Jonathan Schenk

It's easy to get too far into being overly critical about miscellaneous purchases, but if you're hitting your goals it shouldn't matter.

Nov 5th
Reply

Jill Mayer

resources jesse likes

Nov 4th
Reply

Jill Mayer

notes

Nov 4th
Reply

Jill Mayer

Fixed expenses and not being too granular

Nov 4th
Reply

Jill Mayer

casey

Nov 3rd
Reply

Jill Mayer

casey

Nov 3rd
Reply

Jill Mayer

find early version of this ppdcast transcript

Nov 2nd
Reply

Jill Mayer

tax advisor

Oct 28th
Reply

Austin Peek

Awesome podcast, long-time listener, first time commenter! If anyone is interested in how Jesse started YNAB 😮, we interviewed him on Ep 17 of Millionaire Interviews... Keep up the awesome work, Jessman!!! 👍

Jul 10th
Reply

Lakota Myers

I went to a community college and state college. My only loan debt was in my first semester, when I went to a private college. I paid that off by getting an Americorps position. I qualified for Pell and state grants and sometimes skipped a semester. Excellent advice. Now I have teenagers and tell them the same.

Jul 6th
Reply

Thomas Vaughan

my free trial just ran out I didn't make the most of it. I regret that but I did sit down with the wife n hash out talks of starting a budget so thanks mandatory orientation should accompany the app

May 17th
Reply
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