How to budget successfully in 2020

The problem

At the start of the year, you may have realized, like many others, that you spent a bit too much in the last month of 2019.

Christmas and New Year came and went, gifts for the family, for the significant other and some worthy friends. I'm sure everyone appreciated the gifts. You are very generous. 

However what happened to the overheads you conveniently "forgot" were due. The water, the gas, the internet, and the rent? Don't worry I've been there, it is a struggle. 

It's now February and you may have survived by the skin of your teeth this time BUT I thought I would share some ideas to avoid the stress you might have been going through. It's super easy I promise.

Where to start?

The trick is, you want to get rid of the bills money as soon as you are paid. This is ideal. The question is where to put it? 

"Landon, I have a separate bank account just for bills, I could just put money in there. Solved!"

THIS IS NOT GOOD ENOUGH, you can still touch it and because of this, your solution is flawed. Do you trust yourself? You know after you've had a hard day at work, you will order Uber Eats from it even though you have food in the fridge.

You need somewhere out of reach. Somewhere that forces you to use you main bank account frugally if needs be.

"Ok point taken, I do not trust myself so what do I do?"

You need a service that can take care of it for you. A service that once you deposit your bills money into it, you can forget about your bills entirely. A service that will take your bills money you deposit and then pay your bills on time for you when they are due.

"Does a service like this exist though"

Of course, it's 2020 💡

Budgeting on steroids

YSplit links to all your house bill accounts. The feature you are looking for is pots. You can deposit your bills money via bank account or credit card after payday.

Once your bill accounts are linked i.e Gas, Rent, Internet the app now knows when those bills are due and will use the funds deposited earlier in the month to pay for those bills. Everything is on autopilot.

Let's recap.

Before YSplit:

1) Accidentally spend bills money.

2) If you've made it to step 2 you were strong enough not to spend the bills money. Well done. Now just remember to pay the bills on time to avoid late fees.

3) It isn't over... after you pay the bills, now chase housemates for their share of the bills.

With YSplit:

1) Deposit funds into YSplit bills pot. YSplit will now pay your bills from your bills pot on time when they are due.

2) If you have invited your housemates to YSplit everyone will be charged their share separately.

As you can see from the image above, everyone was charged separately. For my share, I was charged $8.67 from my pot balance and the remainder from my credit card. The $8.67 was deposited the previous month. YSplit bills pots = new age budgeting.

Check us out below. We know that bills are the hardest thing to pay every month with everything going on and so we built YSplit to give you the best chance of spending your money next Christmas without a guilty conscience 😉.

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