Brilliant budgeting tool - YNAB - you need a budget

its_maths_not_magic

Full disclosure - I don't work for the company, just a huge fan.

I happened to stumble upon You Need A Budget (YNAB) and decided to check it out. I attended one of their free, online webinars on how to use it (well the first one, and I've already signed up for two more). I was so impressed I had to tell my debt free wannabe comrades.

The software program costs $AD60 (about £35) unless you are a registered student in which case it is for free - regardless of the country you are registered in. Its a budgeting program that is unlike any other I've seen. Its difficult to explain just how powerful this program is, both as a program and what it can do for your life. The basic idea is that you assign a job to every pound you enter in, and eventually use the program to get out of the "wage in, spend, broke, wage in" cycle. I would recommend this program to anyone who wants to be in complete control of their budget. It is also flexible enough to allow for unexpected expenses, so its easier to "roll with the punches" as they say.

If you want to get to know about this software, I would strongly advise taking their free online webinar - it takes an hour, as it explains in detail how to use the software and just what its capable of doing. Put it this way, I took the webinar to see whether the software would be worth the cost and I can't wait till Friday when I can afford to get the software.

I actually feel geekily excited about getting my teeth into it! But I genuinely feel that attending the webinar, and my upcoming purchase will be the single best thing I have ever done in my financial life. So much so that I have already signed up for another two of their webinars and Mr MNM has signed up for their beginners webinar so he can learn it as well. I might even take the first webinar again, to make sure I get the most out of this brilliant software.

30_something

I agree, it's fantastic. I'm still on the free trial, but plan to buy it on my next payday.

I had downloaded a great book from Audible called the debt-free spending plan, which was really inspirational. Once I'd finished listening to it I went on the hunt for a money management software and YNAB had raving reviews. I can see why.

I'd recommend anyone who hasn't seen it to give it a try. It's a free download for a time-limited trial.

The things I love most about YNAB are:

* It synchronises with my mobile devices, so I can update my spending on the go.

*It complements what was discussed in the Debt-free spending plan.

* It works well with the piggybanking technique, so is good for anyone with multiple bank accounts.

* As well as webinars there are very straightforward guides on their site to show you how to use the software to its full potential.

* You can sign up for daily emails from YNAB that lead you through the process of adding bank accounts, expenditures etc. They also teach you the 4 rules for greater success.

May has been a tough month for me financially, and I only discovered this software mid-May when I already had only a little money left. It has helped me through though, and I can't wait to start my first proper budget in June.

lhead123

If you buy it through steam it is only £30.

It is a brilliant piece of software, you do have to be very thorough entering in your spends though
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Giraffeseeker

I've been using this since February (bought for £30 via Steam). It is absolutely brilliant and has revolutionised my finances. I now never go near to my overdraft as I have money in pots for Christmas, car tax and a whole bunch of other things. I can't wait for payday each month - not to get the money but so I can play with YNAB!

Entering transactions is not an issue at all - I use my phone and it is now just a habit. I have recurring transactions for all the bills and I check my online banking on my phone daily and reconcile my account. That could easily be done weekly though. I just like playing with it!

Gorchard_2

Glad to hear YNAB is working so well for so many.

Q: Have any other forum users found anything similar that doesn't require a £30 (or £35) purchase i.e. FREE

what's the best 'Free' budgeting tools anyone has found - apart from the obviouslty excellent MSE budget tool :rotfl:

runforlife

Keep an eye out for discounts as YNAB is offered at a hugely reduced price from time to time. For e.g. £7 in January this year!

FireWyrm

Gorchard wrote: »

Glad to hear YNAB is working so well for so many.

Q: Have any other forum users found anything similar that doesn't require a £30 (or £35) purchase i.e. FREE

what's the best 'Free' budgeting tools anyone has found - apart from the obviouslty excellent MSE budget tool :rotfl:

There are plenty of excel spreadsheets out there that work on the same principles. You can download them from https://www.vertex42.com or you can download one of mine from here : https://dl.dropboxusercontent.com/u/7789396/BudgetSpreadsheetExcel2013ver.xlsx

Personally, I considered YNAB to be entirely worth the full price and bought it on the basis that it would pay for itself over a year which it has done. I've been using it for a couple of months now and I have completely paid off an overdraft and a credit card in that time.

iammumtoone

I have it one my pc, I got it on offer via stream.

I do like it but don't really get the use out of it as I find it too much of a pain keeping hold of my receipts and remembering what I have spent to log it everynight.

I can image if you had the phone app it would be great as you could log it as you go. However the app will not work on my outdated phone, this annoys me as I have a tight budget (hence the need to budget) and being on a tight budget I cannot afford a phone to work with it :mad:

FinanciallyUnsavvy

iammumtoone wrote: »

I have it one my pc, I got it on offer via stream.

I do like it but don't really get the use out of it as I find it too much of a pain keeping hold of my receipts and remembering what I have spent to log it everynight.

I can image if you had the phone app it would be great as you could log it as you go. However the app will not work on my outdated phone, this annoys me as I have a tight budget (hence the need to budget) and being on a tight budget I cannot afford a phone to work with it :mad:

It's annoying the app doesn't work with your phone It's a shame, I wouldn't cope without it! But in case others aren't aware of it:

The app is on iPhone and Android, and I think they've just released/are about to release a Windows Phone version too.

It syncs automatically, so you can quickly input any purchases on there without needing to keep hold of any receipts to "number crunch" later. Whenever I make a purchase, I just go to the app, quickly put in how much I've spent, tell it what category it's from - takes literally 20 seconds

SeduLOUs

If you don't have a suitable phone to use the app to track spending then just use old fashioned pen and paper. Make a note of what you spend in a jotter and enter them later when you get home...