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Here is my referral link: https://lunchmoney.app/?refer=goipolll
You can try it here if interested: https://demo.checkyour.finance
Source code: https://github.com/bxbrenden/GnuCash-Helper
Earlier quoted context omitted.
You should still be building an emergency fund at least to cover unexpected expenses, and if you can afford to contribute extra to your 401k than it sounds like you can afford to do that. Not to shill for YNAB, but it's specifically designed to help break the paycheck-to-paycheck cycle, even for people with a decent amount of cashflow.
I've heard this for awhile, and I never really understood it but perhaps it's just my particular situation. I can take an interest-free loan from my 401k-type plan at any time. I figure if I lose a job or have an emergency taking $5,000 out of that would be basically the same thing as taking $5,000 out of a bank, except it's been earning returns before that emergency. Do most 401k plans not allow you to take out mone…
Are these scenarios likely? No. Are they a possibility? Yes.
There is some inherent risk in earning that return on your emergency fund. Maybe it's not much but it's there and it's something to be aware of.
I know that my mortgage/utilities/insurance/food bill is roughly X% of my take-home earnings.
My savings are Y% of my earnings. X% + Y% is roughly ~90%.
The other 10% is an everything fund that goes to my liquid checking account in the bank. So that bank account is growing very slightly. So the only thing required from me is to look at the bank account once a quarter or so, and make sure it's still roughly at the same level and there were no outlier expenses.
The method is described in this blog post: https://sagar.se/blog/where-is-the-money/
I switched from Mint to https://copilot.money/ a year or so ago and haven't looked back. Vastly better experience. Automatic categorization of downloaded transactions that you "review" day-by-day (to make any category adjustments) is great. It also has automatic budget calculation and tracking (and allows you to set some categories as "carryover", so you have more to spend later when you spend less.)
I switched from Mint to https://copilot.money/ a year or so ago and haven't looked back. Vastly better experience. Automatic categorization of downloaded transactions that you "review" day-by-day (to make any category adjustments) is great. It also has automatic budget calculation and tracking (and allows you to set some categories as "carryover", so you have more to spend later when you spend less.)