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! If you’re new to budgeting—or looking for renewed motivation—here are Kevin’s highlights from month one (only one month!) I do not like the idea to provide any 3rd party with my actual bank account logins…, thanks for reading! Related to personal finance, budgeting, money and financial matters. NO NO NO NO NO NO. I haven’t done this in almost 10 years. Well, the YNAB (You Need A Budget) website, which is all about taking control of your finances, also has a forum community. Cash flow. Goals make it easier to remember and know how much to budget to hit my savings goals. But now, I’ve got this budget here, and I know I’m just going to stay within the confines of that. i’m currently using the method you describe. the confidence i have in where my finances are and where they’re going is easily worth $45/year to me. 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. I also dont really want my finance details out in the web .. still feel uneasy about Ynab security. Setting up these categories was a psychological win. If I’m not careful, I could sometimes run into trouble with balances not lining up with other bills. So does EveryDollar. 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. So, we started. in YNAB, i handle it by creating a category called “budget next month.” all my current month’s income goes into that category. I then mark where that money came from in the memo field so that when the reimbursement comes in, I can put the money back. If you have gotten this far, you know you need a budget. So paying subscription after subscription for one off applications seems absurd to me. It gets a bit trickier when the reimbursement is from a checking/savings account. January 22, 2021. I have been trying to figure out how to handle that. Official support for YNAB 4 will end October 31, 2019, https://www.alextran.org/wp-content/uploads/2016/02/reimbursements-ynab.mp4, YNAB Classic was updated to support Dropbox’s new API. YNAB 4 was a finished product.  |  I’d go out, order lobster and shrimp, or spend way more on groceries than I normally would. Your email address will not be published. I’m with you Andrew. A discussion subreddit for popular budgeting software You Need A Budget. Just tried switching, after 2 years, still feels like a beta product, like you said, designed to fit the web instead of the other way around. – is a functionally inferior design for users compare to YNAB 4. In that moment, I decided I knew I wouldn’t go any further in credit card debt. I am exactly in the same boat as you were a year ago. it’s really similar to how YNAB 4 had a “budget [next month]” category. The “Income v Expense” report will show no income for those transactions. However, since I have to approve the scheduled transactions, maybe I could just do the move whenever I approve them. Tweet. 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. I was done borrowing from my credit card and now I could see the gap between what I needed and what I had. – no ability to see what my multiple bank balances might look like in a few weeks time based on forecast expenses? if people have the surplus cash to do something like that, i think it’s my new recommended approach. Rather than take the time to troubleshoot, I just started a new budget from scratch. You just click on a category balance and tell it how much money to move where. It helps me get out of bad habit spending before I get into it. Meaning you can do all your budgeting from your phone if you want. so far i haven’t been bit by any inappropriate use of that data. Living on last month’s paycheck. It’s genuinely my honest, unbiased experience using both apps. Thanks again! Pay off debt or build up savings?Photo by Sharon McCutcheon on UnsplashThere was a time when I was really proud of my finances. YNAB Web Quick Start. You can browse forums, give tips, ask questions, and find answers. So I did, and I’ve avoided getting hit with 30% interest, which is awesome, but even better is knowing I’ve freed up that money to go toward another debt payment. Once the emergency fund is full, then invest more or take nicer vacations (or whatever you want jobs for your dollars). Thanks for the article. YNAB 4 is the past. Where have you landed? 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? Financial Wisdom Forum 2021 is going to be a good one, I can just tell - or we can will it to happen With over 500 participants and more than $4.… Veronica I am also not convinced by security provisions and lack of certification from someone like Norton. Savings planner. In my opinion, it’s better to upgrade sooner rather than later. A discussion subreddit for popular budgeting software You Need A Budget. Not ideal, but I rarely have reimbursements on my checking/savings account, so not a big deal. We have some life goals: to get married, have kids one day, and we want to buy a house. This was completely abandoned for age-of-money, a completely pointless concept. If I’m out and about I use the mobile app. Because YNAB has digged a hudge hole and is going to fall into it. I was doing great. As a new YNAB user, you have the luxury of learning how to use YNAB and it’s updated methodology from scratch without any “baggage” from the YNAB 4 days. Through all of this, I’ve learned a valuable life lesson. So, I hopped in the car and started driving for Uber again to bring in some extra cash. And please know I wrote this review before I knew I could earn a commission. So, we started. Yes, high. I’m here because I want an OFFLINE budgeting software. If you have enough set aside in an emergency fund and live on last month’s salary, you’re set. 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. This was probably one of the more common knocks against YNAB 4–it didn’t automatically import transactions from your financial accounts. If you upgrade, there is a way to import your YNAB 4 data into YNAB. I’ve got a goal to save $500 for emergency funds and $500 for vacations in the next six months. Quick budget options like budgeting the average amount spent over the last year in a category. I like it because it creates an easily accessible place for tracking reimbursements (it’s in the sidebar). If I have to use a workaround I will end up not using the software and not budgeting, and therefore losing money. There is more awareness of my spending habits. It’s been almost two years since You Need a Budget switched to a web based, subscription model for their software. YNAB won’t let you move to the next month with a negative balance. I am going to go check out YNAB4 though. Now I have to get myself out of the hole, but I have a plan. While nYNAB is newer, it’s in no way better. 35 articles Accounts & Transactions. I now know everything that’s on autopay. While it does stink YNAB is now a recurring subscription, I’m fine paying for it. How Ben Paid off $57k & Finally Bought His First Home, How Sydney’s Family Paid off $15k in Credit Card Debt in Six Months. After that, “budget next month” becomes the holding category for the next month’s income again. Just a bummer it took longer than expected for search and reports. In all honesty, the initial release of YNAB would’ve been fine for me. I’m still on the fence with this. Alex, I’m a bit late to the discussion. With a year’s worth of usage, I can say YNAB adds enough value to justify the recurring expense. glad you found the review helpful. then it later synced to my account when i turned airplane mode off. The good news is all those features have been added. Except all that debt and stress? And now YNAB does too! Just want to add my 2 cents as well: One of their “missing” features that has not been added back yet is a desktop app. A mail from YNAB team to retry with another trial period got me going from July. YNAB claims to help you "break the paycheck to paycheck cycle, get out of debt, and save more money". With a quick glance, I can tell how much is outstanding and who owes what. Before YNAB, I would look at my bank account and see $1,200. Your email address will not be published. Reliance on bank downloads is LAZY and makes you lose money. Thanks, that’s also an interesting idea. So many people were bailing after 1-2 months they decided to lock people in at a yearly rate. When I had to separate out the interest and fees on my debt, I realized how expensive debt actually was. 2. 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?). then when the new month rolls around, i move the money from that category to TBB. Mint has this feature. Seriously, a big time saver. Honestly, I don’t want to live like that. Our newsletter is a roundup of the week’s best budgeting wisdom and inspiration! As in, I pay $8.50 a month (annual subscription) for a 5 user Office 365 subscription (that’s with 1TB of online storage for each user, email accounts, web office, and full versions of office). unfortunately, i don’t know of a way since YNAB only lets you see one month ahead. This feature provides an annual savings range with a 70% chance of reaching your goals. I was a very loyal customer and told other people about the software, now I warn people against it. In pursuit of profit, they’ve quite literally detrimentally changed the rules that made YNAB budgeting so successful. Right now, I can see the full picture of my finances. The problem is, the company needed to stay in business. He grew! 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. You can read my review of YNAB4 and EveryDollar to get a better idea of where I feel EveryDollar falls short. So, since we are all on the same page—let’s do this! The current YNAB app has 90% feature parity with the web version. They’ve replaced the concept of “fully buffered” or living on last month’s paycheck with a pointless concept of age-of-money. i was also able to add a transaction. 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. But more often than not, I had the same balances so reconciliation was a breeze. In this situation, YNAB will take money out of the next month’s budget to compensate for the overspending. There’s $40 in my savings account (it’s a start). Absolutely. very interesting! Solution: SAAS (software as a service) and change your algorithm for “success” in personal finance. and in terms of an online solution, the perks of connecting YNAB to my bank accounts outweigh the very low probability that any of my accounts will be hacked. I spent the better part of my twenties racking up debt. There’s no point in having $100k in your checking account if all you really need in an emergency is $45k. So helpful! Millions and MILLIONS of people’s information exposed by hacks. In fact, we just finished up our first month. When we started our YNAB budget, we connected our accounts, added our categories. Like you I await another player to put an offline app into play once YNAB4 falls off a cliff. Now they lock you in for a year. The other day I went to the grocery store. So that gives YNAB 4 a good shot at working through 2018. To quote their own words: “the subscription model was a better model for us” – No doubt. It’s clumsy and requires a connection, and BTW what is this “we’ll only look at your data sometimes” crap? But There are three ways to use them. Somehow, they’ve managed to make it more important than it should and now it’s even easier to “borrow” on your credit card. It’s really quite astonishing how profoundly they hobbled their own philosophy and product with this shift, and I’m not sure why. I believe YNAB will continue to evolve and add new features YNAB 4 could only dream of. I quit YNAB when it went subscription and became web based, those were the deal breakers for me. 8 articles Budgeting. All that YNAB 4 could use is a mobile app facelift and the automated goals. Those are the funds to budget in that month. (Compare this with a microsoft office licence… it just doesn’t add up!!). She and I had been talking about getting a budget for a while. Then we pulled together all our debt and set a date to have the credit card debt paid off in just under two years. 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. i get the privacy concerns. You feel good about it. YNAB makes it a lot easier to save towards specific category goals. Once you understand it’s methodology and how to use the app, you come to appreciate how well built the app is. if you’re on a mac, i’d suggest trying banktivity. Thank you for your review: it was very helpful. so it appears (at least with the iphone app) that it has some offline support. This is one thing I love about the company. Everything I’ve read says don’t worry about forecasting, just budget what you have. I won’t follow. I wanted to buy Christmas gifts, go on vacation, pay off debt, and I needed to bring in more income to do that. Or maybe you don’t work this way instead perhaps making the category allocation at the time of entry? Normally there’s a lot of stress involved because I’m constantly strapped for cash. Follow YNAB to get support and lots of great ideas on budgeting. while not as native as YNAB 4, it’s the same concept. YNAB doesn’t let you budget beyond the next month, while YNAB 4 allows it. Required fields are marked *. thankfully, i have and it’s an amazing feeling knowing you’re no longer living paycheck to paycheck. Annoyances / brokenness I didn’t mention: split transactions, recurring transactions, sorting & transaction entry in the account register, a step back in reports. One caveat. I had a month and a half to pay off $456, but I decided just to pay it off now. While it’s the previous version, the new version fails miserably. I tried YNAB last year and gave up as certain features were missing or the way they work had changed. Budgeting is not restrictive. For example, expenses you plan on being reimbursed for. A note on getting transaction info direct from my bank,: Pin. But this time around, some of my numbers didn’t match up. Therefore, I simply created a reimbursements category and ACTUALLY PUT MONEY IN IT. When you enter all transactions yourself it reinforces you taking personal responsibility for your spending actions and reminds you on every occasion where you are at with your budget. Yes, that would make it show up correctly in the report. What are your reasons? I kept screwing things up. I know that’s (typically) not good budgeting practice but you’d be surprised how many valid uses there are for it! Very insecure and don’t want to link my bank accounts to such a thing. i’m okay sharing my log in details for the added convenience it provides. Last Updated on July 12, 2021 Money management is a skill not everyone is gifted with. Even though YNAB is a relatively young product, it’s already a much better budgeting tool than Mint or EveryDollar. And that changed everything—I wasn’t stressed at all. People are naturally resistant to change. Hopefully you have better luck importing than I did. Read about it here. I’m able to delay gratification by setting up categories to fund different aspects of my life (for the most part, I’m no saint). For this review, YNAB means the web based, subscription version and YNAB 4 refers to the old, downloadable version. However, I did some research and found a solution I liked. $50 per annum per user is a NPV cost paid by a lifetime user of over $1000. I’m fully aware of what I’m spending, what my debts are, and how bad I’ve screwed up financially. – imposes an onerous cost on users can you recommend any budgeting apps that don’t store data in the cloud? It annoyingly shoves extra categories at the top in both the apps and the web interface. YNAB. so i bet that’s why they don’t let you budget too far in advance. Everything fits like a glove (with the exception of carrying over negative balances). 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. In YNAB 4 you used to have to reconcile each transaction individually. let’s hope that trend continues. The only thing that would break the app is an incompatible macOS or iOS update which I don’t think will happen with either of the next updates. YNAB removed the ability to rollover a negative category balance to the next month. Welcome to YNAB's 2021 Debt Smackdown! I see a lot of people on Reddit that live paycheck to paycheck. My advice: Get fully buffered, work on your emergency fund. It will list your “budget next month” category under “Expense” (which is also awkward, but granted, it will add the income correctly for the net income). since i never look at those reports i’ve been okay with that. Don’t you too?). He learned! Share 6. My initial view when it was introduced was that it was done simply to generate more money for the YNAB company. Is it time to look for YNAB alternatives? And, obviously, we know you need a budget. i just put my iphone in airplane mode and was able to view my budget from the app. Personal Budgeting Software for Windows, Mac, iOS and Android Just as much as it is important in life, it can be tough too. That was really helpful. I can see where I’m headed and how I’ll get there. it does seem with your workflow, YNAB may not fit your needs compared to YNAB 4. i do hope YNAB 4 continues working for a long time for those that don’t feel YNAB is worth the recurring expense. All the clauses about YNAB working with third parties just doesn’t convince me at this point in time. Thanks! The direct import feature now makes reconciling accounts much quicker (assuming you’ve kept on top of adding transactions as they happen). The Toolkit for YNAB browser extension is also worth checking out. Suddenly, credit cards are easy. Definitely not. Thankfully there is at least one out there that is looking promising but not yet quite there! In fact, YNAB claims that new budgeters save an average of more than $6,000 in their first year with the program. Ironically enough, I’ve been pondering what it’s like to get older. 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. that track record makes me comfortable with YNAB having access to my bank accounts. We found YNAB on Reddit. You think going back to your old ways will solve your problem. There are times I don’t have an internet connection but still need to review my budget. Agree to the Terms of Service and Privacy Policy to continue. And you want to give some app access to all your finances?? I’m no exception. Follow us for budgeting ideas & support. I’m still using YNAB 4. And the freedom, oh the freedom! So that’s one reason why I’ve decided to upgrade. thanks for sharing! So for the diehard YNAB 4 users, the app will continue working for the foreseeable future. so like you suggested, i took some money from my emergency fund and funded my “to be reimbursed category.” anytime the category is less than that amount, i know i have money waiting to be reimbursed. i do agree with you that age of money is a worthless (and confusing metric), imho. 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). It’s as easy as clicking Reconcile Account and then Yes if the account balance lines up with what your financial institution says. Feel free to post any news, questions, budget strategies, tips & tricks and advice related to YNAB. Note: If you sign up for a free trial using links in this post, I’ll get a small commission. Fast forward 2 years and I maintain my view that the new YNAB: It was at that point I realized my expenses were outpacing my income, and I would just keep going deeper in debt if I kept it up. at least for me, i think $45/year (the lifetime discount for YNAB 4 users) is absolutely worth the cost. Follow YNAB to get support and lots of great ideas on budgeting. 194 Comments on The New You Need a Budget (YNAB) vs YNAB 4; Reddit 86. They’ve also added this ability to the mobile apps. Brandon hits the nail on the head. In this situation, YNAB will take money out of the next month’s budget … Initially, the fee was $5 monthly or $60 / yr. i’ve updated my post. This was the deal-breaking feature for me because it makes it difficult to track reimbursable expenses. It does everything most users will need from a budgeting app. Are you going to upgrade or look for YNAB alternatives? But in order to do that, I have to embrace change and be willing to adapt. Yep the same for me … Im currently sticking with ynab4 but seriously thinking about switching to Banktivity despite that it doesn’t do budgeting as well … a one off cost where I know what I am working with without the need to be on line .. and with much better reporting/drill downs etc It involves creating an off-budget tracking account and transferring any reimbursable expenses to it. Try $3.99 a month and I’d me much more willing to jump. A workaround means the software design is fundamentally flawed. Quicker reconciling because of auto-importing of transactions. The rest should be earning a decent return in a longer-term investment. 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. Let me go back and answer the three questions I posed above in reverse order. Not to mention, no other company has more comprehensive budgeting classes, guides, and resources. Call me old fashioned, but if something isn’t broke – don’t fix it. If you’re brand new to YNAB and it’s methodology, I would still recommend YNAB. When they launched their new service they clearly stated they would put out a desktop app in the future. Rachel Ellen nYNAB also obsesses over credit cards. We put all of the primary monthly recurring expenses in the first Category Group section: I have them labeled and listed by due date. Feel free to post any news, questions, budget strategies, tips & tricks and advice related to YNAB. One thing that really helped was simply taking the time to go over our monthly statements and finding out what bills came due when. I did save my YNAB 4 data in a separate budget though so I could reference later if needed. I thought I was rich! YNAB stands for You Need a Budget, and it's true: You do. It will always be short, informative, and at least mildy hilarious. – no carry over expenses? 39 articles Credit Cards & Debt. I would NEVER connect directly to my bank, but still am not happy with my transactions details (downloaded from banks separately) being uploaded to the cloud just so I can process my own data. Bad enough the bank accounts themselves are online…. just don’t like that it is web based. The downside, though, is the extra step for each income transaction (i.e., first enter the transaction against the “To Be Budgeted” category, and then move the funds to the “budget next month” category). It removed a lot of manual calculations I used to do in order to figure out how much to save each month. The other reason is the aforementioned online security. on The New You Need a Budget (YNAB) vs YNAB 4, How to Dig Yourself out of a Bible-Reading Rut. you’re right that putting the income in “budget next month” doesn’t include it in the income reports. For those who are loathe to set aside idle money still, perhaps using the emergency fund to handle this will work the same way. But it feels like our debt is always getting in the way. They traded off an additional $10 for a $50 yearly subscription because customers were bailing after 1-2 months on the horrible failure that is nYNAB. We love hearing stories like Kevin’s! it seems a big part of YNAB’s methodology is focusing on the here and now. It’s also a pain for recurring scheduled transactions (e.g., salary) since the moving of the funds from “To Be Budgeted” to “budget next month” can’t be done automatically. One more thing I noticed: Don’t get me wrong, YNAB is great software and I understand the support and community aspects of it, but $6.99 a month just seems way too high. I agree with just about everything you say here. Secondly, while I don’t mind paying subscription service, $6.99 seems high to me. I can still get lobster and shrimp, but that means it’s budgeted for and I have waited until I can afford to splurge without sacrificing something more important. So in it’s current form, YNAB covers all the main bases. however, in your case, would inflowing the income to TBB first and then immediately moving it to the “budget next month” category solve that issue? If they’re not going to do it, I wish they’d just say so. 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. If I may share my humble approach to reimbursements, please read on. I’m no longer afraid of the mail (bills!!!) i wish they would’ve kept the “live off last month’s paycheck” as an official rule. Tough call. Andrew, please inform me, when you will write your own software. ;). 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? – Many people think downloading transactions from your bank is a good thing for budgeting. Right now it’s the middle of the month and I’ve already got next month funded with the exception of Netflix and internet. possible even the desktop? unfortunately, not too familiar with windows-based alternatives. I’m not always timely with expense reports so the lag is important. and a preview of what you might expect: After seeing this list, we wanted to learn more about Kevin’s story (Right?! Try one of our free live workshops. Let’s jump in and see what I like about YNAB compared to YNAB 4. YNAB is the future. We set up categories for fun things too: going to the movies, buying my girlfriend flowers. I too miss the “live off last month’s income” concept and the ability to put income into the “next month” category. All the missing features from the initial launch have been added. I end up using the web app more, because I like all the reports you can see. It was initially a little confusing to understand, but as one commenter said, it made a lot more sense when I went through the steps in my YNAB account. I found this to be a helpful feature. Related to personal finance, budgeting, money and financial matters. YNAB was the first place i heard that and was what motivated me to work towards it. All your income transactions will not be against the special built-in “To Be Budgeted” category but rather your non-special “budget next month” category. They believe the best days are behind them. So here’s a review comparing YNAB to the old YNAB. I don’t mind paying for the service – it’s worth it in my opinion – but I want to be able to work offline. Unfortunately, none of the banks (that I know of) is open to the idea to create a read-only account. In this case, the future is worst than the past. So we gave him a call to find out. I was just too stubborn to adapt my existing budgeting process. Built on a philosophy of financial responsibility, this online app helps you learn … Making sure everything under the hood is in order. so there’s no real way to forecast further then that. A note on the cloud: If I did enter transactions against the “To Be Budgeted” category first, then immediately move the funds to the “budget next month” category, then when the next month rolls around, I move all the funds from “budget next month” back to “To Be Budgeted”. Evidence that this new SAAS, method and interface isn ’ t broke – don ’ t convince me this... Just too stubborn to adapt more comprehensive budgeting classes, guides, and simply! 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S one reason why I ’ ve rendered the app will continue for... To fall into it out what bills came due when for vacations in report... Importing than I did as an official rule for Uber again to in... Like a glove ( with the web interface or Dave Ramsey ’ s autopay. My name, email, and will never switch to YNAB to keep this going, though just put iphone! Again to bring in some extra cash meaning you can see where I EveryDollar. Try $ 3.99 a month and I see categories, I think $ 45/year ( lifetime... These monthly expenses more common knocks against YNAB 4–it didn ’ t match up this was completely abandoned age-of-money! Checking account if all you say above followed by the way they work had changed initial view when went. Of financial responsibility, this online app helps you learn … Welcome to YNAB I. Is beyond what it takes for your review: it was done borrowing from my credit debt. Simple enough concept been talking about getting a budget switched to a web based, version. 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