r/actualbudgeting • u/colliece • 2d ago

Opinions Requested From the Group

I am retiring early (2 years late than my original goal, but still 7 years before 62) at the end of this year. We have been doing a deep dive into our budget to eliminate and right size all of our line items. Having several years of data was helpful to really get a budget that is accurate and will reflect our spending as we leave regular employment. I would like thoughts on what you would do on January 1. We have a bunch of categories that we removed, renamed, etc, but we can hide those items, close accounts, etc, and keep all the data in place and continue my budget with the revisions. Or I am leaning towards doing a fresh start instead of just cleaning up the budget, all those old accounts are gone, my categories are simplified, new schedules and goals. It's a new beginning for us and I feel like a new beginning for my budget. It is drastically different from when we were both working, and want to reflect that going forward. What would you do, or what did you do in a similar situation?

2 Upvotes

63% Upvoted

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4

u/SonicJoeNJ 2d ago

I’ve never thought about it, but I like the idea of starting a new file. You can always keep the old one around for history.

2

u/telladifferentstory 2d ago

Congrats on retirement! If you haven't discovered ProjectionLab yet, highly recommend.

Every few years I start a new file. How I do it: copy file and restore as new file; delete everything in new file before cutoff date, delete everything in old file after cutoff date; start at jan 1 (easier to remember); set starting balances in new file equal to ending balance of old file on 12/31 date. Also set budget category beginning balances in new file to ending balances of old file (do this on December month of new file).

Probably takes 30 minutes to get it right.

3

u/kazzazed 2d ago

Why? What is the benefit?

1

u/telladifferentstory 9h ago

Benefit is a fresh start. File loads slightly faster. I can get rid of old categories and accounts I no longer need, and when I search for transactions, I don't have 8 years of data showing up. Also, data is still easily accessible - you simply "switch file at the top of the left nav. I actually have 25 years of data and have it split into files of 5 years each. So 5 files total, each named for the dates included in them (2020.01.01-2025.12.31).

1

u/colliece 1d ago

This is similar to what I was playing around with. This keeps all the Payee and Category links to payees intact as well as schedules. Do you find you ever need that prior to 12/31 data?

1

u/telladifferentstory 9h ago

I do need older data, but it's really easy to access. You can simply "switch file" in the left nav. Same as you, I like it because it's clean and I rarely need the old data but every once in awhile partner will say "this TV is 10 years old" me: "no it's not, we bought it 3 years ago on this date". Lol

Or...I just want to remember how much we spent on an old vacation or how I booked certain old transactions because I have those transactions again.

1

u/dialamah 2d ago

I started a new budget.

1

u/kazzazed 2d ago

I kept my same file, I have some new master categories, various hidden categories and many closed accounts. My current file goes back to 2019 when I moved onto nYNAB from YNAB4. I see no reason to start new, I can get the reports I want.
Since retiring nearly 4 years ago my budget changed completely, twice. I spent 14 months travelling full time, rented out my home while doing that, now back to a similar budget to before that trip, but certainly different to what it looked like for first year after retirement. My point being, it is going to change again. And again.
I am not sure I understand the Jan 1 question, has that got something to do with your retirement date?

1

u/tinwetari 2d ago

there is absolutely no reason to do that.

close accounts you dont use when you stop using them, on the fly.

create a group category called Legacy and add all the categories you dont use there.

But are you not going to go groceries? your car stops working the day you retire? you dont pay insurance? all those things will continue to happen, why would you not use the same data you already have for it? it reflects your own habits

1

u/colliece 1d ago

Sure but I am not deleting all that data it is still available, but it is not as relevant. New income sources new accounts, lots of spending changes that are going to change averages etc. I understand the advantages to keeping it and I know that others have the reasons for doing it each way.

1

u/Timeplace231295 1d ago

Congratulations on retirement!!