Comments on: Is There a Black Hole in YOUR Budget?

By: J. Money

J. Money — Wed, 12 Mar 2014 12:08:13 +0000

In reply to J Neal.

Not a bad black hole to have at all! I used to give myself $100 every paycheck and not know where it goes – so $10 seems like a much better idea :) Thanks for stopping by today – glad YNAB is helping you so much! Love what Jesse’s done with it over time. Helping tons of people.

By: J Neal

J Neal — Sat, 08 Mar 2014 18:16:37 +0000

I found our website via a post at from the blog at YouNeedABudget.com. I have used their tool for about 6 months now, and it has really helped me get a handle on my spending. Pre YNAB, my black hole was eating out. Now I have cut that down to about a quarter of what it was in June. Since YNAB, I had a category that I would always go halves with my sister on. I had the account, so I would always pay, and she would pay me back via cash. This was a black hole for me. Lately however, I have asked her to pay me back via a transfer to my bank account (she pays me rent so she was already doing this once a month). My only black hole remaining is the $10 per paycheck ($20 per month) that I give myself as cash spending money. I have no idea where that money generally goes by the end of the month, but I am ok with that. I think I will keep that black hole.

By: Marissa@Financetriggers

Marissa@Financetriggers — Tue, 11 Feb 2014 12:56:06 +0000

Budgeting your finance expenses is really necessary if your planning for investment and just starting your own business. Love your article. Great job!

By: Richard @ Frugality Magazine

Richard @ Frugality Magazine — Sat, 08 Feb 2014 21:17:02 +0000

In reply to Mrs. Jim. Or just download the Kindle app so you can read all the free Kindle ebooks without having to pay for the Kindle itself...

By: John S @ Frugal Rules

John S @ Frugal Rules — Fri, 07 Feb 2014 16:14:01 +0000

In reply to J. Money. Lol, I haven't...but thanks for the idea! ;)

By: J. Money

J. Money — Sun, 02 Feb 2014 20:34:41 +0000

In reply to Kalen Bruce @ MoneyMiniBlog.

You better come up with a catchy ass name for that eBook :) “101 Stupid Black Holes In Your Budget” haha… (though check with John first – he may have trademarked it ;))

By: J. Money

J. Money — Sun, 02 Feb 2014 20:33:15 +0000

In reply to Aimee.

Haha… It’s something to definitely be careful of! And very similar to gambling too. Everyone says they’ll quit once they “hit it big” but the % who actually do is quite small. And plus you have to first HIT IT BIG before you can even get a chance to cash out – also very hard to do. The worst though is when you hit it big like the first hand you’re dealt! If you’re there the whole weekend (like in Vegas or something) there’s no way you’re gonna stop because half the fun is experiencing it all and playing for a while not *expecting* to win, haha… You win towards the end of that vacay though and it’s home-free you go ;)

By: Aimee

Aimee — Sat, 01 Feb 2014 22:00:11 +0000

In reply to J. Money.

I feel conflicted about liking an article by a guy who made boat loads off of credit default swaps in 2008 while I was fielding customer service calls at an investment firm 12 hours a day earning my addiction to Diet Coke… This kinds of reminds me of gangsters who make millions of unreported money dealing drugs and whatnot and just keep going until they get caught, have everything taken away, and go to jail. Why don’t they just stop when they have a ton of money and live out the rest of their lives? It’s the power! I always say if I found a way to make a ton of money (legally of course) I’d do it for a short while and quit, but you never know how it will affect you. An old classmate contacts me a couple times a year to go work at one of the big 4 accounting firms, and I know if I do then my life will be miserable but I will double my salary. I think if I went to that firm I could work for 2 years, bank tons of cash, buy some land to build a tiny house and go back to my slower paced accounting life but I KNOW I won’t get those 2 years back! AND what if I can’t bring myself to cut my salary in half?? I think I went off topic. I guess I have a lot on my mind!

By: Kalen Bruce @ MoneyMiniBlog

Kalen Bruce @ MoneyMiniBlog — Sat, 01 Feb 2014 17:27:53 +0000

Those black holes can be so sneaky. I used to have a few. I would account for car maintenance, but not expenses like registration, tag renewal, etc. Another people often miss is budgeting for cigarettes and booze like you said, but it’s especially a problem when they deny the habit. If you say you quit smoking, but you still buy a pack once a week, you have to be honest about that and budget it. I have seen black holes in budgets almost every time I sit down with someone to work on their finances. I am even writing an eBook right now on budget items that most people miss. lol Great topic and great article!

By: J. Money

J. Money — Sat, 01 Feb 2014 13:05:10 +0000

In reply to E. There could be worse things to hoard than books and cash :)