The learning curve is steep for sure. I didn't quite get it during my first free trial so I signed up for a second free trial with a different email. About 2 weeks into that trial is when it finally clicked and now I can't believe how long I was struggling without YNAB! If you give it a try, be sure to check out the YNAB UA-cam channel and also Nick True's channel. They both have super helpful videos for newbies! ❤️
How do you know how much to set aside for taxes per week? I'm also a solo entrepreneur and don't know how to do this besides continuously taking 35% from each payment I receive from customers.
That's a good practice if you are new to paying self employment tax! If you have an idea of what you'll make annually, you can calculate your quarterly payments here: www.keepertax.com/lp/g/quarterly-tax-calculator That should be your absolute maximum. And then you can subtract any deductions which would lower your tax burden. Mine are really easy since I have a single client and invoice the exact same amount weekly so I know exactly what I'm making each year. Also you can play around with free tax software like freetaxusa to get a more accurate idea of what you will owe after expenses and deductions.
How do you keep up with how much money you have left for each category if you're paying for things with a credit card? Seems like a huge mental overhead to me
YNAB completely takes the mental work out of it by automatically moving money out of the spent category and into the credit card payment category where it sits until I make a credit card payment. One of the many reasons I love YNAB!
You make this look so easy! I really want to try ynab, but the learning curve seems high. Will keep following along to learn from you! 🌸💗🎉
The learning curve is steep for sure. I didn't quite get it during my first free trial so I signed up for a second free trial with a different email. About 2 weeks into that trial is when it finally clicked and now I can't believe how long I was struggling without YNAB! If you give it a try, be sure to check out the YNAB UA-cam channel and also Nick True's channel. They both have super helpful videos for newbies! ❤️
How do you know how much to set aside for taxes per week? I'm also a solo entrepreneur and don't know how to do this besides continuously taking 35% from each payment I receive from customers.
Also how do you budget weekly with YNAB?
That's a good practice if you are new to paying self employment tax! If you have an idea of what you'll make annually, you can calculate your quarterly payments here: www.keepertax.com/lp/g/quarterly-tax-calculator
That should be your absolute maximum. And then you can subtract any deductions which would lower your tax burden.
Mine are really easy since I have a single client and invoice the exact same amount weekly so I know exactly what I'm making each year. Also you can play around with free tax software like freetaxusa to get a more accurate idea of what you will owe after expenses and deductions.
How do you keep up with how much money you have left for each category if you're paying for things with a credit card? Seems like a huge mental overhead to me
YNAB completely takes the mental work out of it by automatically moving money out of the spent category and into the credit card payment category where it sits until I make a credit card payment. One of the many reasons I love YNAB!