I knew that having such finicky software might not be the right choice for me while I was just starting out and figuring out what I needed. “I once entered a transaction wrong and it caused some big kerfuffle in their accounting. “While I was in acupuncture school, I volunteered at a community acupuncture clinic that used QuickBooks,” Monica shared. Instead, she stuck with her spreadsheet, knowing she could more easily plan for both monthly and annual expenses. And she knew it wouldn’t have the critical ability to save for future expenses.
She considered a business accounting tool like QuickBooks, but she felt the program would be too bulky and hard to use. She tracked everything from her income and expenses to the number of patients she had. Monica’s Business Before YNABĭuring Monica’s first year of business ownership, she used an Excel spreadsheet. In fact, Monica lived off a stipend of just $9,010/year ($750/month) during grad school for her first Masters Degree (in English Literature) by using this strategy of planning ahead.
When a friend recommended YNAB, Monica immediately recognized that the ability to save for future expenses was a key part of the tool, and she’d been doing this for years. During grad school round one, I used Quicken to enter future expenses such as “shoes” (there was a Saucony outlet near my school) with a future date, putting away $5 or $10 at a time until I knew that I had the $35 for a new pair of sneakers,” Monica said.
“I was taught how to budget by my Dad (who endearingly holds an email address containing the moniker ‘coupondad’ and who once used a spreadsheet to calculate his annual postage savings when he finally switched over to online bill pay). But, she was no newbie to budgeting when she discovered the tool-she even used some of the YNAB concepts before she even knew YNAB existed. Monica Fauble is an acupuncturist in Philadelphia and uses YNAB for both her business and personal finances.
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