YNAB anyone?

in Debt-free wannabe
13 replies 2.7K views
CiwanCiwan Forumite
186 Posts
Ninth Anniversary 100 Posts Combo Breaker
Forumite
Hi Guys

I want to be Debt-Free. I graduated about 8 months ago, and have nearly 40K to pay back for my student loans, not to mention the amount of my Credit Card (£2500) and Current Account (£2000 over draft).

I heard about YNAB on these forums, is it any good? How does it work when you have a negative balance on your bank account like I do now?

I downloaded it today as a free trial, I want to see if it is any good before I pay for it.

I got paid last week, and I'm still in the negatives on my bank account, how does YNAB handle that?

Any tips and advice on working this would be greatly appreciated.

Thank You.
Only Student Loans to get rid off (Plan 1)
«1

Replies

  • Ciwan wrote: »
    Hi Guys

    I want to be Debt-Free. I graduated about 8 months ago, and have nearly 40K to pay back for my student loans, not to mention the amount of my Credit Card (£2500) and Current Account (£2000 over draft).

    I heard about YNAB on these forums, is it any good? How does it work when you have a negative balance on your bank account like I do now?

    I downloaded it today as a free trial, I want to see if it is any good before I pay for it.

    I got paid last week, and I'm still in the negatives on my bank account, how does YNAB handle that?

    Any tips and advice on working this would be greatly appreciated.

    Thank You.

    Hi there

    I started a thread on this last week - have a read and see what advice you can glean from it :)

    http://forums.moneysavingexpert.com/showthread.php?t=4953958

    Regards
    ST
    LBM August 2011. DFD somewhere post [STRIKE]2025[/STRIKE]2022 :eek:
    Total debts October 2011 circa GBP 17,700 September 2018 GBP 0 DMP with Payplan
    What doesn't kill you makes you stronger:T:D:D:D
  • BoredBored Forumite
    368 Posts
    Part of the Furniture 100 Posts Debt-free and Proud!
    Forumite
    YNAB is awesome but the software is a steep learning curve. It can deal with everything you describe but I would suggest you watch the recorded classes or go to a live class where you can win a licence for free. :)
    Mortgage Overpayment Total: £11,300 2023 Mortgage-Free Wannabe #19, £0/£4000
  • Bublin1Bublin1 Forumite
    724 Posts
    I've been Money Tipped!
    Calling FireWrym....she is a big fan...

    I wish this site had a Mention feature.
    Dave Ramsey Fan[/COLOR]
  • AFK_MatrixAFK_Matrix Forumite
    682 Posts
    YNAB is an awesome tool and it has helped people get out of situations similar to your own. As others have said it takes a while to get it but once your light bulb goes off its a great piece of software.

    Get on over to the support part of the YNAB website and watch some videos and sign up to some webinars as its all free. Then if you are still stuck sign up to the forums as there are a ton of people on there who will gladly help you.

    Heres a link to the support part of the YNAB website:
    https://www.youneedabudget.com/support
  • Pixie5740Pixie5740 Forumite
    14.5K Posts
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    Forumite
    I love YNAB. I was in my overdraft when I started using it. All existing debts are characterised as "Pre-YNAB debts" and you budget money each month to get them paid off.

    I downloaded the trial version and spent a few hours watching the tutorials on YouTube and getting my budget set up.
  • patman99patman99 Forumite
    8.5K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Photogenic
    I can concur with the above.
    I started using YNAB back at the tail-end of 2010 to track my finances whilst unemployed.
    It is easier to use than MS Money and can handle everything I throw at it.

    I currently use it to handle 7 Bank accounts, 3 credit cards, 2 loans and a mortgage.

    I like the ease with which you can add categories if they don't already exist.

    I actually reviewed YNAB and received an email from it's creator who found the review and signed-up to Dooyoo just to message me.
    Never Knowingly Understood.

    Member #1 of £1,000 challenge - £13.74/ £1000 (that's 1.374%)


    3-6 month EF £0/£3600 (that's 0 days worth)


  • Legion90Legion90 Forumite
    28 Posts
    I have been using YNAB for around a week so far. It really does get you thinking about your money closer and where it all goes. Also it is fantastic that you can sync all devices with Dropbox. Makes it really easy!

    I have been having trouble keeping track with transfers to savings and other expenses. My partner and I found we had to take around 1/2 days to get it all to reconcile. Perhaps this effort will lessen as we get used to it more.
  • FireWyrmFireWyrm Forumite
    6.6K Posts
    Part of the Furniture Combo Breaker Debt-free and Proud!
    Forumite
    Bublin1 wrote: »
    Calling FireWrym....she is a big fan...

    I wish this site had a Mention feature.

    Present.

    I love it. Today is the 6th of the month and we are currently £245 in credit with all bills paid!!!!! This is almost all due to YNAB. The interface is dead easy to understand and it makes it almost impossible to cheat it. If you do, you know where you went wrong and it makes you fix it before you move forwards.

    I totally recommend it. If you dont want to fork out the £31 for it, you can do it with spreadsheets, but frankly, for the price, it almost pays for itself within the first month of knowing exactly where every penny is being spent.
    Debt Free! Long road, but we did it
    Meet my best friend : YNAB (you need a budget)
    My other best friend is a filofax.
    Do or do not, there is no try....Yoda.

    [/COLOR]
  • lemanielemanie Forumite
    668 Posts
    Debt-free and Proud!
    I'm loving it too; my two best friends MSE and YNAB! :D

    I got a free copy
    azlan wrote: »
    Students can get a free annual subscription for as long as they are at college http://www.youneedabudget.com/blog/2014/ynab-is-now-free-for-college-students/ You don't need to be a full time student - I've just got my copy and hope it will change my finances!!!
    thanks to azlan.
    Proud to have dealt with our debt. DFW Nerd 1474
    DFD 25/08/15 _party_. Was: £23,929 01/01/14.
  • RosaBerniciaRosaBernicia Forumite
    4.8K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Forumite
    I love it - I used to run a spreadsheet but the software means I can input and check from my mobile phone. I know it isn't quite the MSE piggybanking system but I find I can run it very similarly with just different rainy day funds for the various pots, so it saves transferring between accounts.

    I would also recommend signing up for the intro emails and looking at the classes as that helps understand how it works - it's pretty straightforward, but there are a few little things I found I could do better afterwards.

    If you have a look on their forums, sometimes it is on offer and people will put up the link - I got my copy for £7.50. :D


    Rosa xx
    Debt free May 2016... DFW#2 in progress
    Campervan paid off summer '21... MFW progress tbc
This discussion has been closed.
Latest MSE News and Guides

Boost your Nectar points

Get up to £25 this Saturday

MSE News

Preparing for summer

What MoneySaving things can you do now to get ready?

MSE Forum

Hot Diamonds 40% off code

Including already-reduced outlet stock

MSE Deals