What Exactly is YNAB and is it worth it?

-taff

One plus for me is that I only need one main bank account with ynab and no extra ones, since all the enveloping is done in the app.
This works for me at the moment because I have a bank account that pays interest, so it's in my interest to keep the balance in it as high as possible. I make more in interest on that account than I would gain by having lots of little ones
I do have a couple of savings accounts that also pay interest, so the money just gets transferred out of the main one to those.

abby1234519

January2015 wrote: »

Hi
I've used classic YNAB since 2015 but started trialling the new version (again) last week). I originally looked at it when it came out and, like you, couldn't get my head around it. It just wasn't like the YNAB I knew.

My plan was to run both versions for a month (whilst new YNAB is on a trial plan) and make a decision then. Just one week in and I am completely sold on the new YNAB. I've stopped updating classic YNAB already.

I did watch the training videos for the new YNAB this time rather than assume 'I know what I am doing'. I think it's even better than the original.

Honestly - I've watched the videos and I've read the guidance...I still don't get it. I just don't know whats wrong with me!!! I really like planning for the future which is one of the reasons I love old YNAB. arghhhhh

bugslet

I hated it, possibly because I prefer pen and paper:o.

You can replicate YNAB with pen and paper and it's a darn sight cheaper!:D

I think it depends on your personality.

angelpye

I am a new YNAB user and love it so far. I like being able to move money around should a bill be slightly higher and knowing at a glance of the app where everything stands. I think its definitely good for those of us who need to retrain our view of money as you have to input what your money is doing.

SeduLOUs

Also work in finance and a YNAB convert.

The problem I found with applying my work way of thinking or using other apps is that it was always looking back at what I had spent and realising after the event that I'd spent too much.

YNAB is simple at it's core, it's just an envelope budgeting system. But now I look at it BEFORE I spend instead of after. The budget isn't static. I might have run out of money in my clothing category and see a pair of shoes I really want, it doesn't necessarily mean I can't have the shoes, it just means I need to reshuffle and maybe move the money from my restaurant category instead.

It makes my decisions far more conscious. I can see if I genuinely have to say no because I actually can't afford something (i.e. there is no spare money in my non-essential categories) or I make a conscious decision to sacrifice something I'd planned for something I now want instead.

Well worth the annual subscription in my humble opinion. Yes, spreadsheets do work fine but it's a lot harder to view and update things at the point you are about to spend as opposed to after the event which is really the entire point of this sort of system.

kindofagilr

Mysteek wrote: »

I love spreadsheets but gave YNAB a try when you could buy it for a one off payment, but went back to my spreadsheets. Last year I tried again, but it didn't last long and again went back to my spreadsheets. I prefer spreadsheets as I can change them to suit how I work with my money and I can do this as many times as I like. I don't like that I can't change anything in YNAB but have to work how it is set up. This is just me, I think I have to be in control of everything I would definitely not pay per month though as presumably once you stop paying you lose the functionality of it (not sure about this??).


Its up to personal preference as I know many people wouldn't do without it

This is how I think I would be. I love my spreadsheet, and have no issues in any month of running out of money or anything now I have a good budget spreadsheet on the go (I used to fail to manage money big time)

TheMsTeal

It's in dollars!?

Frogletina

TheMsTeal wrote: »

It's in dollars!?

Ynab supports lots of different currencies.

I expect you have the new Ynab, so unfortunately I cannot explain how you can amend on that as I am on Ynab 4, but there is a drop down on Ynab4 where you can amend the budget properties, so I expect it will be similar with the new Ynab.

frogletina

Narola1976

I love love YNAB....Not just for the actual software but for the logic and principles behind it. That has made the world of difference...recognising that if you budget for your true expenses you won't get further into debt was mind blowing in its simplicity. But very very effective