Is ynab worth it?

copperman05

[QUOT E=zippygeorgeandben;72102719]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.[/QUOTE]

I had not, if it works for you great, but it does seem to assume everyone's circumstances will be the same, which obviously they are not. At the moment I'm putting 40% of my earning on debt repayment and 35% on bills. I think in reality you should put as much as you can afford of debt repayment (giving yourself a little for fun) until its paid off, because for me we have to attack the debt like its a ball and chain holding us down stopping us from doing the things we want, etc. Allocating just 20% of my wages to debt repayment would mean it would take twice as long and cost me more in the long term.

Have you seen Dave Ramsey's take on how to deal with debt, gazelle intensity?!!

https://youtu.be/3S1oHz99ZcU

Using something like YNAB highlights just how much you spend on crap and therefore helps you to stop.

-taff

I tried it once a few years ago and just could not get on with it at all.
I tried the new version from September last year, I' getting on with this version really well.
The app I use to update immerdiately, or near enough anyway, the web version, I update when I get paid.
I check my bank accounts against it regularly to check I'm not 'forgetting' anything.
I would recommend it, but only because it's working for me.
It may not work for you, pen and paper might, or another envelope app.

I also admit that paying for a budgeting tool is a bit ironic, but this particular tool has saved me money, and I know I have easily wasted as much as it costs yearly every single month.

Now, I don't.

angelpye

I watched a couple of videos on youtube last night (fell asleep whilst watching and woke to a video explaining why I should invest in gold at 2am!) Anyway how does it deal with my income being sporadic? Most obvious example is child benefit every week but then others like lump payments I need to spread over a couple of months? Really appreciate any feedback

-taff

You add income as you get it and budget accordingly.
You don't budget with money you don't have or have in the future.

angelpye

Ok, so I have a couple of grand in my account to last until april but I also get c/b and t/credits plus maintenance which means I will get enough income to make it to april. Is there any way of inputting on there this kind of arrangement? There was something about pending income/expenditure through putting it in on a certain date. Does this mean it will tally it or will it be a case of updating every week rather than once a month on the income side?

Pepita_2

I tried out the free 30 day trial in December and saved so much money using it just in one month that I realised it was worth £3 a month to continue with it so I signed up. I am continuing to save money, know exactly what I am spending every penny on and am enjoying budgeting for the first time ever!

indesisiv

I used it for one month to see where my money went. Next month after realising how much little things added up I cut out all of that. Didn't need the app after that as everything was essential spends.

angelpye

I just saw on their website that they offer a year for free to students - even part time. Do you think this includes UK students? I have emailed to find out so I guess I will find out soon.

MrsTinks

Personally I just didn't get on with it... So definitely try the free month first and find out what works for you

I prefer my OCD checking of my current account and updating my budget where necessary - I think it's it's very much horses for courses. FOr me it MIGHT have worked if I could actually connect my bank account into it, but as I then felt like I had to duplicate things to get the level of detail I already had I didn't really gain much - maybe that would be different if you weren't already addicted to checking banking 2-3 times a day like some of us *ahem* *cough* #yeahitotallyhaveaproblem

copperclock

angelpye wrote: »

Ok, so I have a couple of grand in my account to last until april but I also get c/b and t/credits plus maintenance which means I will get enough income to make it to april. Is there any way of inputting on there this kind of arrangement? There was something about pending income/expenditure through putting it in on a certain date. Does this mean it will tally it or will it be a case of updating every week rather than once a month on the income side?

You can set up a future income/outgoing. When you set it up, click under the little calendar thing and you can give it repeat settings (weekly, four-weekly, monthly, whatever). Then, on the day that your payment is meant to come in, all you have to do is go into that account on YNAB and click the 'c' for cleared. Then you can budget/allocate the money. Remember that yoy only budget the money you have and ask 'what does that money need to do before the next time I get money?'

I've been using YNAB for over a year now. I started off paying monthly ($5 per month, so true price depends on exchange rate). I've just recently bought a year's subscription at $50.

At first, I only used it for my 'spends' account, preferring to keep all my bills separate. It was really useful for this, and we managed to save up loads of money that I'm not sure I would have had a proper handle on without it.

Then, a few months back, I took the plunge and pooled all the money together on YNAB - spends, bills, savings pots, credit cards, everything. And this has worked so well that before long I was convinced to pool the money in 'real life'. Now, instead of three banks accounts and a savings account, we have one bank account and one savings account (notwithstanding the empty account that I hop around for switching bonuses).

It finally clicked with me that I could 'fill up' the savings account (Nationwide 5% regular saver at £500 per month) and then leave what's left in the current account. No more endless transfers from bank to bank. It doesn't matter where the 'dollar' is, it matters what the dollar has to do.

I've just been updating YNAB this morning. I have a few thousand pounds right now. Pre-YNAB, I wouldn't have just spent that money, but I would have had to call up various spreadsheets, scraps of paper, last month's DD list, etc. to work out how much of that money was for spending. Now I know exactly what every penny of that money is doing. Some of it is hanging around for next Christmas, some of it is for buying school uniforms in the summer holidays, some of it is set aside to pay the credit card bill when it comes, etc. etc. I only have to look in one place and I know.

It does take a bit of getting used to. I recommend doing the online seminars, which are included in your subscription price. There is also a youtube channel and quite a lot of written guides on the website. It's more than a piece of software, it's a mindset. I'd highly recommend it.