YNAB Goals: How To Choose [June 2020 Update]

TL;DR

YNAB has introduced new goal types to help users plan and budget their expenses more effectively.

Transcript

all right so ynab just did a big update to their goals and in this video i want to show you what those changes are how to use these new goal types and why you should be using ynab goals in the first place i'm also going to go over my new updated ynab goals decision tree that's going to help you know exactly which goal type to choose for each differ... Read More

Key Insights

• 👤 YNAB goals help users with planning and budgeting their expenses.
• 😫 Setting goals for all categories allows users to quickly allocate funds when budgeting.
• 🅰️ The new goal types introduced in YNAB provide more flexibility and options for different types of expenses.
• 👣 The Weekly Goal type is useful for breaking down expenses by week and tracking progress.
• 💦 Goals in YNAB can help users break the cycle of living paycheck to paycheck and work towards being a month ahead.
• 🥅 The Monthly Savings Builder goal is ideal for consistent monthly contributions to categories.
• 😫 The Target Savings Balance goal is suitable for saving up a specific amount by a set date for large expenses.

Questions & Answers

Q: Why should I use goals in YNAB?

Goals help you make a game plan for your money and allow you to plan ahead for expenses, even if you don't have the money available at the moment.

Q: How can I use goals to budget quickly?

Once you set goals for your categories, you can allocate money to them in bulk, saving you time and effort in budgeting each individual item.

Q: What are the new goal types introduced in YNAB?

The new goal types include Monthly Savings Builder, Target Savings Balance, Needed for Spending by Date, and Needed for Spending Monthly.

Q: How can I effectively use the Weekly Goal type?

The Weekly Goal type allows you to break down your expenses by the week and allocate a specific amount each week to a category, helping you track your progress and stay on budget.

Summary & Key Takeaways

• YNAB goals help users plan their expenses and allocate their money based on their financial goals.

• Goals allow users to see the total amount needed for all their categories and plan ahead for future expenses.

• Setting goals for all categories helps users quickly and efficiently budget their money and save time.