They are passionate about helping people gain control of their money. too many nuances with that approach. Now that YNAB’s had a couple years to evolve, it’s time to take a second look. You’d think after 2 years they’d have a polished product. And you want to give some app access to all your finances?? The key features for me are: While YNAB 4’s iPhone app was great, it only let you add transactions. The one thing I do like about YNAB is the simplicity of the user interface, the hints provided and the ability to quickly and easily transfer amounts between categories, but this is cancelled out many time over by the negatives. It sets you up so you don’t feel guilty when you do these fun things because you know you have the money already set aside for it. You Need a Budget combines easy software with Four Simple Rules to help you quickly gain control of your money, get out of debt, and save more money faster! But more often than not, I had the same balances so reconciliation was a breeze. In order to avoid that, I cover the overspending with a different budget category in order to not impact the amount available for budget next month. I spent the better part of my twenties racking up debt. My initial view when it was introduced was that it was done simply to generate more money for the YNAB company. I want to believe the future will always be better than the past. Follow us for budgeting ideas & support. So does EveryDollar. YNAB Web Quick Start. And the freedom, oh the freedom! My advice: Get fully buffered, work on your emergency fund. hope YNAB4 works out for you! So for the diehard YNAB 4 users, the app will continue working for the foreseeable future. I haven’t done this in almost 10 years. Just a bummer it took longer than expected for search and reports. i decided a couple months ago that the method i shared in this post was a little more hassle than i wanted to deal with. This feature provides an annual savings range with a 70% chance of reaching your goals. Your “budget next month” category idea is clever, and I’d love to adopt it, but won’t that break the “Income v Expense” report? One piece of evidence that this new SAAS, method and interface isn’t doing all that great is the yearly subscription. I used YNAB and YNAB 4 side-by-side for about a month and a half in order to answer these questions: Well, here we go. Call me old fashioned, but if something isn’t broke – don’t fix it. This is human behaviour 101 when it comes to system design of any kind. 3. But that can be dangerous. Great video on handling reimbursables, by the way. Making sure everything under the hood is in order. So, I hopped in the car and started driving for Uber again to bring in some extra cash. Thanks so much for the video on how you handle reimbursements – I was having trouble getting my head around it, and the video made perfect sense. Share 6. i just put my iphone in airplane mode and was able to view my budget from the app. There are times I don’t have an internet connection but still need to review my budget. 194 Comments on The New You Need a Budget (YNAB) vs YNAB 4; Reddit 86. Don’t get discouraged—just keep going. I quit YNAB when it went subscription and became web based, those were the deal breakers for me. How Ben Paid off $57k & Finally Bought His First Home, How Sydney’s Family Paid off $15k in Credit Card Debt in Six Months. I’m no exception. He learned! Don’t you too?). Follow YNAB to get support and lots of great ideas on budgeting. – Many people think downloading transactions from your bank is a good thing for budgeting. Thankfully there is at least one out there that is looking promising but not yet quite there! I did save my YNAB 4 data in a separate budget though so I could reference later if needed. so there’s no real way to forecast further then that. I am using YNAB 4 since 2011. In my opinion, it’s better to upgrade sooner rather than later. It’s clumsy and requires a connection, and BTW what is this “we’ll only look at your data sometimes” crap? it’s really similar to how YNAB 4 had a “budget [next month]” category. I am also not convinced by security provisions and lack of certification from someone like Norton. i’m okay sharing my log in details for the added convenience it provides. that track record makes me comfortable with YNAB having access to my bank accounts. I could carry it over to the next month as a negative balance (my preferred method) or let YNAB automatically bring the category balance to zero (by taking money from what I have available to budget for the next month). I agree with all the commenters below who say it’s “very insecure/ bad enough that the banks are online.” Do you not read the news? So what do you have to lose? Budgeting is not restrictive. If you upgrade, there is a way to import your YNAB 4 data into YNAB. Now they lock you in for a year. Thanks for the article. I’m still using YNAB 4. Therefore, I simply created a reimbursements category and ACTUALLY PUT MONEY IN IT. Required fields are marked *. so i bet that’s why they don’t let you budget too far in advance. Rather than take the time to troubleshoot, I just started a new budget from scratch. I feel more empowered and more in control of my life, now that I’ve given every dollar a job (and now I shall conquer the world!!! Thanks, that’s also an interesting idea. All the clauses about YNAB working with third parties just doesn’t convince me at this point in time. In this situation, YNAB will take money out of the next month’s budget … You can read my review of YNAB4 and EveryDollar to get a better idea of where I feel EveryDollar falls short. Was it because they simply weren’t competent enough to hire programmers to replicate YNAB4 as a SaaS product, or did they feel the need to make up “improvements” to justify the upsell? She and I had been talking about getting a budget for a while. Last Updated on July 12, 2021 Money management is a skill not everyone is gifted with. Financial Wisdom Forum I’m 30 now, and I’m getting back on track. I was initially worried that wasn’t going to happen which would’ve rendered the app useless after June 2016. Tomorrow will be the first day of the Steam Summer Sale.If you are thinking about buying YNAB it might be worth to wait and check the sales these next days since almost everything in their catalogue is heavily discounted and YNAB might as well. When I was first doing the budget in YNAB, I had set up a mock budget and I was doing all this forecasting into the future of what I would have and would get paid. So many people were bailing after 1-2 months they decided to lock people in at a yearly rate. YNAB removed the ability to rollover a negative category balance to the next month. However, since I have to approve the scheduled transactions, maybe I could just do the move whenever I approve them. To get married, have kids and a house, we need to get out of debt. – IMO web based software is STOOOPID. I am starting to feel misled that they promised a desktop app but have not delivered. It's so easy, you have to. Pin. In fact, we just finished up our first month. It’s genuinely my honest, unbiased experience using both apps. The other day I went to the grocery store. All the missing features from the initial launch have been added. The Toolkit for YNAB browser extension is also worth checking out. 8 articles Budgeting. I’m no longer afraid of the mail (bills!!!) I will stick with YNAB 4 for as long as it works and then I’ll move to something else or write my own software and sell that because there will be a gaping hole in the market for the functionality of YNAB 4. – is a functionally inferior design for users compare to YNAB 4. In pursuit of profit, they’ve quite literally detrimentally changed the rules that made YNAB budgeting so successful. then it later synced to my account when i turned airplane mode off. I am exactly in the same boat as you were a year ago. So in it’s current form, YNAB covers all the main bases. Unfortunately, none of the banks (that I know of) is open to the idea to create a read-only account. Related to personal finance, budgeting, money and financial matters. You can browse forums, give tips, ask questions, and find answers. – no forward planning beyond one month? They’ve also added this ability to the mobile apps. Since the report doesn’t work with your “budget next month” approach, how do you easily find all your income (i.e., individual transactions and total) for a given month? So we gave him a call to find out. Savings planner. With a year’s worth of usage, I can say YNAB adds enough value to justify the recurring expense. And now YNAB does too! Suddenly, credit cards are easy. So, I looked at what I had in my account and just used that money. Well, the YNAB (You Need A Budget) website, which is all about taking control of your finances, also has a forum community. First of all – I probably wouldn’t auto-import my transactions anyway – manually entering them has been one of the most eye-opening experiences of my financial problems. – no ability to see what my multiple bank balances might look like in a few weeks time based on forecast expenses? I agree with just about everything you say here. Aside from adding easier goals, it’s still a very viable product. They’ve replaced the concept of “fully buffered” or living on last month’s paycheck with a pointless concept of age-of-money. In fact, it’s like a video game with virtual money, and I enjoy the challenge and critical thinking associated with living on a tight budget (weird, right?). Recently I had to update my credit card information with seven different companies, but because of YNAB, I did it all in less than 30 minutes—and it wasn’t stressful. Thank you for your review: it was very helpful. I also paid off a zero-interest credit card that I had fallen behind on. For those who are loathe to set aside idle money still, perhaps using the emergency fund to handle this will work the same way. Millions and MILLIONS of people’s information exposed by hacks. Here’s a short video of what it looks like. If you have enough set aside in an emergency fund and live on last month’s salary, you’re set. I use it for some anticipated future expenses and also to see how much money ends up in a category over a period of time. just don’t like that it is web based. It was really annoying. Secondly, while I don’t mind paying subscription service, $6.99 seems high to me. thanks for the heads up. Then I would play a show and make another $100. Use YNAB 4! Feel free to post any news, questions, budget strategies, tips & tricks and advice related to YNAB. Personally my biggest beef is ‘cloud based app’ and all you say above followed by the cost! if people have the surplus cash to do something like that, i think it’s my new recommended approach. I also dont really want my finance details out in the web .. still feel uneasy about Ynab security. Those are the funds to budget in that month. Total control of your money in four simple steps. This works great if your reimbursements are on a credit card account. It is not just HIGHLY overrated, it WORKS AGAINST spending discipline.. My conclusion 2 years on: YNAB 5 is a massively overpriced, fundamentally flawed system which is missing a number of the main requirements for successful budgeting, whereas YNAB 4 is almost perfect in form and function. can you recommend any budgeting apps that don’t store data in the cloud? I’m still on the fence with this. January 22, 2021. I’m here because I want an OFFLINE budgeting software. at least for me, i think $45/year (the lifetime discount for YNAB 4 users) is absolutely worth the cost. We found YNAB on Reddit. Reliance on bank downloads is LAZY and makes you lose money. ). Now I have to get myself out of the hole, but I have a plan. nYNAB also obsesses over credit cards. Even if I only get halfway there, I’m already doing better than I’ve been doing—up to this point I haven’t had savings. Who cares what the age of your money is beyond what it takes for your pre-determined pad in case it all hits the fan. Through all of this, I’ve learned a valuable life lesson. They believe the best days are behind them. In fact, we just finished up our first month. If you’re brand new to YNAB and it’s methodology, I would still recommend YNAB. YNAB stands for You Need a Budget, and it's true: You do. When you’re starting to budget, don’t get discouraged. Here you can create a budget and work on building a fund with three to six months' worth of your expenses to have in case of emergencies. Where have you landed? Here’s the rest of his story: When I turned 21, I had $4,000 in savings. The rest of your dollars should be either given jobs or invested once you reach this point. I tried YNAB last year and gave up as certain features were missing or the way they work had changed. And don’t get me started on Mint. But this time around, some of my numbers didn’t match up. I believe YNAB will continue to evolve and add new features YNAB 4 could only dream of. unfortunately, not too familiar with windows-based alternatives. Honestly, I don’t want to live like that. They try a budget for a few weeks or a few months, and they’re getting discouraged because they don’t feel they’re getting out of debt quickly enough. I wouldn’t touch Mint (for budgeting) with a ten foot pole. But in order to do that, I have to embrace change and be willing to adapt. Before, I was always broke, and knew that if I didn’t have money by a certain date I risked late fees, overdraft charges, and returned payments. One more thing I noticed: It will always be short, informative, and at least mildy hilarious. Giving every dollar a job, and where to click to get it done. 39 articles Credit Cards & Debt. We were both kind of financially reckless, and knew we should probably give it a try. So helpful! Follow YNAB to get support and lots of great ideas on budgeting. In this case, the future is worst than the past. because I’m allocating funds to pay these monthly expenses. While I was initially hesitant to move full-time to YNAB when it was first released, I’ve done so now and have been using the web-based version for a year. Goals make it easier to remember and know how much to budget to hit my savings goals. Yes, that would make it show up correctly in the report. I was doing great. 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