Is ynab worth it?

allthe7s

Ive seen this and understand its £3 a month? Is it worthwhile?

What is its purpose, to make sure you don't overspend? And keep a track of what is spent where?

Im just starting on my debt free journey and not sure if it would be useful x

angelpye

Glad you have asked this as I have been thinking the same thing. Lots of people mentioning it on here but my budget is super tight so £3 is sadly a big deal to me.

January2015

YNAB has changed my life. I have the old classic version (one off purchase fee). I love it.

I always had spreadsheets to forecast and tracking budgets and expenditure. Clearly they weren't working for me, even though I thought they were, as I was always overspending and never budgeting properly. YNAB has just 'worked' since day 1 of using it.

It could be because I started using it at a time when I was just starting my DMP and therefore I have to manage to live within our income - no choice! However, whatever it is....it works for us.

Ellieseleven

I have the old version too so one off payment. It really has made a difference for me as I can see exactly where my money is going and it helps me to budget properly.

Ellie x

zippygeorgeandben

Sorry - what is this? and where is a link? Thanks

January2015

zippygeorgeandben wrote: »

Sorry - what is this? and where is a link? Thanks

You Need A Budget (YNAB) is budgeting software.

Link is here

You can try it for a month free to see if it works for you.

zippygeorgeandben

Ahh thanks January2015 - i feel really lazy now as i could easily have just googled the letters!
Thanks for the link also, very kind!

copperman05

More than worth it. As others have said its life changing, using it will save you that £3 over and over again. The main advantage for me is being able to assign and track every penny coming in and out, setting budgets and sticking to them, it all there written down. Its stopped my frivolous spending pretty much over night. It also allows you to set debt/savings targets and shows you have much you'll need to contribute each month to reach it, etc.

You can try it for 34 days and see what you think, i actually find it quite fun knowing I'm on top of my spending which is why we are all here I guess?

The price is now a fixed $50 (about £40) once a year, which I'm sure you could save up if required, as once you start using YNAB you'll def make it back in savings and have better control of your money in the long run...

zippygeorgeandben

copper man - appreciate reading your comments. For me though the simple 50% 20% 30% diet works for me. Have you read about it? Has worked since September.

January2015

zippygeorgeandben wrote: »

copper man - appreciate reading your comments. For me though the simple 50% 20% 30% diet works for me. Have you read about it? Has worked since September.

I've heard of the 50% 20% 30% rule but think for many on the DFW forum it will not work. Assuming we are talking about the same thing, the rule is:

• 50% of monthly earning to be spent on essentials, e.g. priority debts, groceries, utilities, etc.
• 20% to be put into savings
• 30% to be spent on things you want

Many people on here, myself among them, are on DMPs and our budgets are planned and agreed with creditors. To have half our monthly income to put 20% into savings and 30% to spend on what we want just will not / cannot happen.

I guess for people who are working towards clearing debts who have not reached the point of need a debt management plan or other recognised formal debt resolution then this may work.

zippygeorgeandben

Yup that's the one but living in London it's more like a 70/30 split for me.
Wow your debt is really coming down i see! Good for you