Many personal finance apps have great desktop versions but skimp on the mobile app. Like most people today, you probably spend a lot of time on your smartphone - maybe even more than you care to admit. YNAB makes this possible using its dual budgeting tool. When managing household expenses, you have to work as a team. For example, you may start budgeting, but your partner might keep overspending. One of the top reasons why household budgets fail is due to a lack of cooperation. The app lets you divide your budgeting goals for both the short and long terms. You can use the YNAB app to set different financial goals. Instead, it’s about setting and reaching goals. Goal trackingĪs YNAB explains on its website, budgeting isn’t about restriction. You can access your reports directly in the YNAB app at any time. YNAB offers easy-to-understand reports like charts and graphs, which make it simple to track your progress. Highly visual learners sometimes struggle with spreadsheet-style budgeting. Here are some of the top features included with YNAB. It calls this strategy “aging money.”īy aging your money, you can increase savings, reduce stress, and never worry about living paycheck to paycheck. YNAB helps you budget by planning to spend last month’s income, rather than your current paycheck. If you overspend in one category, simply take money from another to cover the difference. YNAB advises adjusting your budget as necessary.
For example, a friend may tie the knot - forcing you to dig a little deeper into your pockets for the wedding and its associated expenses, including travel, attire, and gifts. By planning, you can more easily account for these expenses when they occur. You can plan for true expenses using the YNAB app.
This may be an annual insurance premium, car tires, or a new roof for your house. YNAB refers to large, infrequent expenses as true expenses. One of the core concepts of YNAB is to determine how you spend your money the moment you get it.ĭo this by analyzing your bank accounts and allocating money into specific budget categories - like bills, groceries, housing expenses, and emergency funds. Follow them to improve your financial situation. YNAB operates on four rules for successful budgeting.
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Get started today, risk-free, with their 34 day free trial. YouNeedABudget YNAB is one of the best budgeting apps out there to help you save money and get a handle on your finances. So you’re not budgeting based on future cash flows, but instead with the money that’s already in your account. Unlike many other budgeting apps, YNAB asks you to budget with the money that you have. If you run out of funds in one spending category, you must borrow money from another. This system prevents overspending by earmarking certain amounts for each category. You should also have an “envelope” for fun stuff, like eating out and going to the movies.
These can include necessities like your mortgage or rent, utility bills, transportation, and groceries. What is envelope budgeting?Įnvelope budgeting - also known as zero-based budgeting - involves dividing each paycheck into different spending categories. Launched in 2004, YNAB uses the envelope budgeting method. But if you’re serious about managing your money, You Need a Budget is definitely worth it. Unlike some of the other financial apps we’ve reviewed, YNAB charges a monthly fee. You Need a Budget is a personal finance app created to help you monitor your spending, keep tabs on your financial accounts, and reach your savings goal.
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Or, skip straight to the section on how to sign up for YNAB What Is YNAB? Keep reading our YNAB review for all the reasons we think the You Need a Budget app belongs on your mobile phone.
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