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  • FIRST POST
    • TomPucci85
    • By TomPucci85 8th Nov 18, 10:16 AM
    • 26Posts
    • 8Thanks
    TomPucci85
    What do you use for budgeting apps?
    • #1
    • 8th Nov 18, 10:16 AM
    What do you use for budgeting apps? 8th Nov 18 at 10:16 AM
    I'm trying to get on top of my finances, and i'be been looking into various different apps.

    Does anyone use:

    Mint?
    You Need a Budget?
    or bank related things, like Monzo targets?
    or Cleo?

    Just wondering what peoples thoughts were on these, as they all seem to approach how you track and budget slightly differently. You Need a Budget looks slightly interesting, but i'm not sure if it's worth paying for.
Page 1
    • Willing2Learn
    • By Willing2Learn 8th Nov 18, 11:10 AM
    • 1,751 Posts
    • 1,338 Thanks
    Willing2Learn
    • #2
    • 8th Nov 18, 11:10 AM
    • #2
    • 8th Nov 18, 11:10 AM
    With YNAB, you are buying into a method (zero-based budgeting). It has helped me to eradicate my debt, transitioning into a regular saver instead. I wholeheartedly recommend! (Well worth every penny)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • TomPucci85
    • By TomPucci85 8th Nov 18, 11:20 AM
    • 26 Posts
    • 8 Thanks
    TomPucci85
    • #3
    • 8th Nov 18, 11:20 AM
    • #3
    • 8th Nov 18, 11:20 AM
    Thanks, it definitely seems like the best in terms of methodology, but 6.99 a month does add up, so I was concerned to see whether that is worth it compared to other free options, and see what peoples experiences are using the free options who have also tried You Need a Budget.

    Have you used any of the others?
    • katejo
    • By katejo 8th Nov 18, 10:27 PM
    • 3,126 Posts
    • 1,223 Thanks
    katejo
    • #4
    • 8th Nov 18, 10:27 PM
    • #4
    • 8th Nov 18, 10:27 PM
    I'm trying to get on top of my finances, and i'be been looking into various different apps.

    Does anyone use:

    Mint?
    You Need a Budget?
    or bank related things, like Monzo targets?
    or Cleo?

    Just wondering what peoples thoughts were on these, as they all seem to approach how you track and budget slightly differently. You Need a Budget looks slightly interesting, but i'm not sure if it's worth paying for.
    Originally posted by TomPucci85
    I have been using Ynab for 4 years and have really benefited from it. My savings now are 5 x what I had in 2014. However I used the older version which didn't require a regular subscription.
    • colsten
    • By colsten 9th Nov 18, 11:26 AM
    • 9,387 Posts
    • 8,324 Thanks
    colsten
    • #5
    • 9th Nov 18, 11:26 AM
    • #5
    • 9th Nov 18, 11:26 AM
    I have used MS Money for over a decade but since it is no longer supported, I have switched to AceMoney for a one-off payment of $24.99. MS Money is also still in use by many forumites and is still available for free download - search the forum if you want the link.

    Neither have apps versions. You need a Windows PC for them.
    • eschaton
    • By eschaton 9th Nov 18, 4:03 PM
    • 1,839 Posts
    • 1,616 Thanks
    eschaton
    • #6
    • 9th Nov 18, 4:03 PM
    • #6
    • 9th Nov 18, 4:03 PM
    I use MS Money for all my individual accounts as well as an overall budget account. I have duplicated the budget account as an Excel spreadsheet so I can have it on my phone as an excel document and PDF.
    • gingercordial
    • By gingercordial 9th Nov 18, 6:32 PM
    • 1,248 Posts
    • 1,317 Thanks
    gingercordial
    • #7
    • 9th Nov 18, 6:32 PM
    • #7
    • 9th Nov 18, 6:32 PM
    I'm also a massive fan of YNAB, but I am still on the old version that was a one-off payment to buy. I love the app and particularly that my husband and I can share the same budget via Dropbox so we both log our expenditure to the same running totals.

    The version I'm using is no longer supported and may well fail at some point in the future, probably if there's ever an update to Dropbox which means YNAB doesn't work with it any more. At that point I will probably pay for it, although it is a bit steep.
    • No_6
    • By No_6 9th Nov 18, 9:50 PM
    • 680 Posts
    • 139 Thanks
    No_6
    • #8
    • 9th Nov 18, 9:50 PM
    • #8
    • 9th Nov 18, 9:50 PM
    M.S Money is no longer supported
    BUT it still works fine ….if you enter DATA
    manually
    i.e. you spend,,,, then enter data

    loads or more data,,,,, you can then get for THE future
    you then know what you ARE spending !
    • tempus_fugit
    • By tempus_fugit 10th Nov 18, 6:20 AM
    • 525 Posts
    • 466 Thanks
    tempus_fugit
    • #9
    • 10th Nov 18, 6:20 AM
    • #9
    • 10th Nov 18, 6:20 AM
    I'm also a massive fan of YNAB, but I am still on the old version that was a one-off payment to buy. I love the app and particularly that my husband and I can share the same budget via Dropbox so we both log our expenditure to the same running totals.

    The version I'm using is no longer supported and may well fail at some point in the future, probably if there's ever an update to Dropbox which means YNAB doesn't work with it any more. At that point I will probably pay for it, although it is a bit steep.
    Originally posted by gingercordial
    This is one of the reasons I went for the new version, because as an early subscriber I get it for around £3 a month, which is very manageable indeed.

    To the OP, I have tried other apps but none of them quite do it like YNAB, which just works perfectly for us.
    Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.
    • TrustyOven
    • By TrustyOven 10th Nov 18, 11:19 AM
    • 715 Posts
    • 748 Thanks
    TrustyOven
    I use KMyMoney. It's totally free and does not send your info to other companies.
    Goals
    Save £12k in 2017 #016 (£4212.06 / £10k) (42.12%)
    Save £12k in 2016 #041 (£4558.28 / £6k) (75.97%)
    Save £12k in 2014 #192 (£4115.62 / £5k) (82.3%)
    • colsten
    • By colsten 10th Nov 18, 11:23 AM
    • 9,387 Posts
    • 8,324 Thanks
    colsten
    Question to YNAB fans. Last time I looked at YNAB is several years ago. Has it improved on the shortfalls I identified back then?

    My assessment then was: YNAB might be fine if you have just one or two accounts. If you have dozens, including investment accounts, it's totally useless. Investment accounts aren't supported at all. It also doesn't offer import from MS Money or AceMoney, so migrating your existing data would be a nightmare.
    • Lomcevak
    • By Lomcevak 10th Nov 18, 12:21 PM
    • 743 Posts
    • 4,363 Thanks
    Lomcevak
    My assessment then was: YNAB might be fine if you have just one or two accounts. If you have dozens, including investment accounts, it's totally useless. Investment accounts aren't supported at all
    I have the usual collection of current accounts, savings accounts, etc. - probably close to 20 in total - and have no problems with YNAB4 (aka classic) with that number of accounts. However, two points

    Firstly, the purist YNAB approach is to look at the budget, and not the account details. This way, as long as there's money in the budget, you can't go overdrawn and are free to spend up to the budgeted amount. However, this doesn't automatically work if you have multiple spending accounts, so you have to do additional work to monitor balances, move money around, and ensure that any account that money comes out of stays above a zero balance, YNAB won't do that for you. It's straightforward to do though, and YNAB classic lists a running balance to help, but strictly speaking it's outside the core methodology.

    The absolute YNAB purist would have one current account and one credit card account that's settled in full each month (you might have off-budget savings too, but the purist would frown at that and keep savings on-budget).

    As for investments, YNAB won't ever do this - it's a zero-based budgeting tool ("give every dollar a job"), not a complete personal finance package, and almost by definition, equity-based investments that change in value on a day-to-day basis wouldn't be relevant to your budget. I just track outgoings to the investment as a budgeted expense, and any incoming funds as money to be budgeted.
    Last edited by Lomcevak; 10-11-2018 at 12:24 PM.
    MFiT-T4#126, £135k to 60k: £70,651/£75,000 (94.22%), 2018 MFW#11 £14,607.55/£15,000 (97.38%)
    £30k-in-í18#11 £42,830.91/£30,000 (142.77%)
    • Cosycat
    • By Cosycat 10th Nov 18, 11:04 PM
    • 5 Posts
    • 15 Thanks
    Cosycat
    I like goodbudget which is the envelope system, we save loads now! Easy to add transactions and have multiple accounts. We donít track isa,pensions and mortgage balances in it though. Money to those just goes out like an expense.
    • tempus_fugit
    • By tempus_fugit 10th Nov 18, 11:10 PM
    • 525 Posts
    • 466 Thanks
    tempus_fugit
    Question to YNAB fans. Last time I looked at YNAB is several years ago. Has it improved on the shortfalls I identified back then?

    My assessment then was: YNAB might be fine if you have just one or two accounts. If you have dozens, including investment accounts, it's totally useless. Investment accounts aren't supported at all. It also doesn't offer import from MS Money or AceMoney, so migrating your existing data would be a nightmare.
    Originally posted by colsten
    It's not "useless', no. I have about 20 accounts in total and it works fine for me. I use it to drive the budget, and also keep track of what's in each account. As Lomcevak says, though, you do have to do some work in addition to this to keep track of what is in each account, but I don't mind that as I am a spreadsheet freak anyway. But I think that YNAB is primarily aimed at people with only a small number of accounts, using it with a multitude is a bit work, granted, but it's not useless by any means at all.

    The other thing with YNAB is it's not intended for importing large amounts of data into, it's best used by starting afresh with a snapshot of your accounts at the time you start using it. I did this and after 2 years did another fresh start and even with all my accounts it was easy to do.
    Last edited by tempus_fugit; 10-11-2018 at 11:13 PM.
    Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.
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