What You Need to Get Started
Getting set up takes a moment of undivided attention and a little prep. Give it 20-30 minutes. Shut off Netflix. Put your phone on silent. (Not required, but it feels good every now and then, doesn't it?) It'll go faster if you collect a few things before you dig in:
- Bank statements
- Credit card statements
- A beverage of your choice
chapter 1
Build Your JuicyMoney Template
Step 1: Personalize your categories
If you scroll through your JuicyMoney budget, you'll see a list of pre-built categories like rent, groceries, home maintenance, and vacation. They currently roll up into category groups like bills and savings. Go through them and make them yours: tweak a name or add a little emoji flair.
Step 2: Add non-monthly expenses
It's pretty easy to tabulate your monthly expenses (shelter, food, internet), but if you don't consider - and, more importantly, plan for - the things you'll need to pay for in the future, you will be perpetually stressed, living paycheck-to-paycheck, and always on the verge of going into (more) debt. Sound familiar?
Part of the magic is learning how to think about irregular expenses - the ones you know about and the ones you can anticipate - and treat them like monthly expenses. If you put €50 into a "Holidays" category every month, when December rolls around you'll have €600 whose only job is to make the month magical. No stress. No guilt. No credit card hangover.
Same goes for insurance premiums, car repairs, travel, back-to-school shopping, a new computer, etc. Even if you don't know exactly when your car will start making a terrible noise, or how much the repair will cost, you know it will happen at some point and future you will be glad you prepared.
Step 3: Add targets to your categories
Once you have your categories, you want to tell JuicyMoney how much you want to set aside in those categories each month, and by when.
Examples:
- Rent: set aside another €1,200 by the 1st (monthly)
- Groceries: refill up to €100 every Saturday (weekly)
- Annual software: set aside another €120 a year from now
For expenses that ebb and flow, like an electricity bill, go ahead and make your best ballpark guess, leaning toward the higher end, and you can always change this number over time. In fact, we want you to change your plan at any time, and guessing is totally okay!
Step 4: Curate and customize as you go
Making a plan for your money shouldn't feel boring and restrictive. Want to save for a splurge-worthy summer vacation? Have a fierce devotion to the local coffee shop? Yeah, those things definitely deserve a spot in your budget.
But it's not just these daily sparks of joy - don't forget to add some of those big, life-changing goals too. Maybe you want to renovate your kitchen, buy a house, or travel the world. Even if you can't fund them right away, it's a powerful visual to see those aspirations sitting in your plan.
chapter 2
Collect Your Cash
OK - you've got the solid bones of a JuicyMoney template. Now let's build the pile of money you have to work with. Time for real numbers: add your accounts. You have two options here: import your YNAB data in one shot, or add accounts by hand and enter the balances yourself.
In this step, be sure to add:
- Checking account: If you have multiple checking accounts, it's simplest to start by adding only the one you use most.
- Savings account: Your savings euros need jobs too, even if that job is to sit there and look pretty in an emergency fund!
- Credit card(s): Add the cards you use regularly. JuicyMoney will automatically move the money to your payment category when you spend.
What NOT to add (yet):
- Loans
- Retirement accounts
- Investment accounts
chapter 3
Give Every Euro a Job
Now for the good part: put the method to work. Take the money in your pile and give every euro a job, right down to zero.
€800
Rent & Bills
€350
Groceries
€120
Transport
How do you decide which job each euro gets? The method walks you through a handful of basic questions:
- What does this money need to do before I'm paid again?
- What larger, less frequent spending do I need to prepare for?
- What can I set aside for next month's spending?
- What goals, large or small, do I want to prioritize?
- What changes do I need to make, if any?
Take a moment and look through how you've mapped your euros to your categories. You should see your life reflected back at you, the stress starting to fade, your money lining up with the life you want to live. And wow, does that feel good.
chapter 4
Get Good at Money
Wahoo! Take a moment to celebrate this grand accomplishment. You are now well on your way to getting good at money.
What happens next?
Now as you spend and earn, record your transactions into JuicyMoney. As money comes in, you'll have a new pile of money to give every euro a job. Move money as you need to. Jobs can be reassigned anytime.
When the month rolls over, don't fret - you'll just keep on keepin' on, practicing the method and deciding what each of your euros is for.
- What does this money need to do before I'm paid again?
- What larger, less frequent spending do I need to prepare for?
- What can I set aside for next month's spending?
- What goals, large or small, do I want to prioritize?
- What changes do I need to make, if any?
And there you have it: the start of never worrying about money again. Happy budgeting!
chapter 5
Want to Learn More?
So, cheers to saving more, paying off debt, sleeping better at night, and never worrying about money again.