Is ynab worth it?

Mike_Kay

I recently started to use Money Dashboard and LOVE it - think it's so handy.
Is YNAB significantly better? Considering Money Dashboard is free...

Thanks in advance

angelpye

Thanks copper clock, I think I will signup to the first month soon and hoping to get a year free as I qualify as a student - wasn't clear if it was only for american students though so waiting to find out. I like the idea of not having to have loads of accounts and being able to see where it is allocated on the budget at a touch of a button. I am terribly at getting spreadsheets to work, have rewritten my budget 6 times in past month due to changes in income and unexpected expenditure. this sounds like once set up will take minimal time to update. Iread somewhere there is a mobile app for it too which would mean ultra simplicity day to day.

copperclock

angelpye wrote: »

Thanks copper clock, I think I will signup to the first month soon and hoping to get a year free as I qualify as a student - wasn't clear if it was only for american students though so waiting to find out. I like the idea of not having to have loads of accounts and being able to see where it is allocated on the budget at a touch of a button. I am terribly at getting spreadsheets to work, have rewritten my budget 6 times in past month due to changes in income and unexpected expenditure. this sounds like once set up will take minimal time to update. Iread somewhere there is a mobile app for it too which would mean ultra simplicity day to day.

Yes, there's a mobile app with it, too. To be honest I don't use the mobile app much, but I should use it more. It's handy for inputting what you spend the instant you spend it.

The first 'month' is actually 34 days, which is useful because it will then span two paydays (if you're paid monthly).

If you do get in a tangle, there is a 'fresh start' function, which keeps your categories, but empties out all money/debt/payment so you can...er...start fresh.

Lioness_Twinkletoes

It didn't work for me; I found it overly complicated. I've now set up my own budget planner on Excel. It's a yearly budget, broken down into months. It works a treat for me; is free and using it means I can work on my Excel skills.

Drawingaline

I love YNAB. I get money five times a month, and updating the app is so easy. I only use the laptop once a month to update my tax credits against next month's bills.

I paid the $40 for the year after the free month and now have a catagory saving the money for next year's payment. I like the goal part of it, I have set up a savings goal for next Xmas, for my dental work and my hair appointments.

I can not praise it enough.:T

January2015

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 budget what you must pay from the money you actually have now. You do not worry about money you have not yet received. That way you make sure what you have 'now' will cover expenditure due until you next receive a credit to your bank account.

So in your example of you have "a couple of grand in my account to last until april but I also get c/b and t/credits plus maintenance"......

.....you would allocated the couple of grand to what must be paid before you receive the next income of c/b and then t/credits. So lets assume you must pay rent or mortage each month in February and March. You would allocate money against a category for that ivailn each of the Feb and March columns. Your 'available to budget' balance will then reduce accordingly. Next you know you will have to pay utility bills in Feb and March. You could allocate both months now, or you could allocate Feb now and wait to allocate March because you know you will receive c/b or t/credits before that payment is due out of your bank. You keep allocating what is in your bank NOW until every penny is allocated. Some of it may be against savings, some of it may be against future expenditure categories, e.g. I pay my car insurance annually but I allocate money against that category every month. When you next receive income you start allocating every penny of that.

Not sure I've explained it well, but it really does work well for us. We plan what to do with every penny as it comes into the bank. We know all the expenses are covered, and we know our savings plans for annual bills, clothing, dentists, emergency fund savings, etc. etc. are all being built up month by month. In reality the money is all just sitting in the bank account, but we know instantly how much we have allocated against each category.

angelpye

Thanks January, so the couple of grand I have could be allocated to remainder of bills for feb, then mortgage and bills in march and april, leaving a bit for food etc this month. This would then show as spent or allocated but sit in my account until DD come. With the other bits of income as they come in they would then be allocated against food bill, debt repayment etc - any excess in savings or allocating it against future payments to the usual things? Have I understood correctly.

DJB343

Thinking of giving this a go from my next pay day (next friday).

I'm starting my pre-dmp emergency fund collection this month - lasting a few months.

It would be interesting to see if others have set ynab in these circumstances and how best to go about it?

January2015

angelpye wrote: »

Thanks January, so the couple of grand I have could be allocated to remainder of bills for feb, then mortgage and bills in march and april, leaving a bit for food etc this month. This would then show as spent or allocated but sit in my account until DD come. With the other bits of income as they come in they would then be allocated against food bill, debt repayment etc - any excess in savings or allocating it against future payments to the usual things? Have I understood correctly.

That sounds like you've understood it to me

For me, working like this is brilliant. I cannot stress enough how much I love it, and how much it has helped us build our emergency fund and savings pot. Obviously I should have been able to do this prior to YNAB, but it just never happened.

angelpye

Thanks January - you mentioning your emergency fund made me look at your signature...seriously impressed with the figures! 25% paid is amazing and having an emergency fund too!