Is YNAB (You Need a Budget) The Best Net Worth Tracker?

Jeremy BiberdorfBy: Jeremy Biberdorf

October 7, 2023October 7, 2023

YNAB logo

YNAB (You Need a Budget) is a popular net worth tracker and budgeting app that allows you to control your finances. Their system is based on zero-sum budgeting. Following YNAB’s four basic rules, you can break bad spending habits, pay off debt, and prepare for future costs.

The YNAB method has you analyze your financial accounts and allocate every dollar to default budget categories, including the spending category for the next month. The financial goal is to fund next month’s budget with this month’s income. This “aging your money” approach gives you a month-ahead financial buffer.

YNAB provides educational resources to help you achieve financial literacy, and their friendly support team offers guidance. For a one-time fee, you get access to the web and mobile app, free updates, and a 34-day free trial. But does it make it the best net worth tracker? Well, here is a YNAB review to answer this.

Learn More About YNAB

YNAB Rules

YNAB’s four rules are the keys to getting your financial life in order. If you follow them, YNAB guarantees you’ll gain control of your money and find financial freedom.

Rule 1: Give Every Dollar a Job

This means allocating your dollars to essential monthly expenses like rent, groceries, utilities, and true expenses like car repairs or gifts. By budgeting for irregular but inevitable costs, no expense will surprise you. You’ll spend with purpose and avoid impulse buys.

Rule 2: Embrace Your True Expenses

True expenses are things like car maintenance, gifts, and insurance premiums. YNAB helps you break down those costs into manageable chunks so you can set aside money for each monthly budget. That way, when the bills come due, the cash is waiting for them. No more scrambling to cover surprise costs.

Rule 3: Roll with the Punches

Let’s face it, life happens. YNAB gives you the flexibility to adapt to life’s changes. As you spend money on unbudgeted things, you adjust and allocate your dollars to cover those new expenses. The key is making mindful choices and being willing to shuffle your budget as needed.

Rule 4: Age Your Money

This rule is about gradually budgeting further and further ahead. The goal is to get to the point where the money you’re spending today was earned at least a month ago. This gives you a financial buffer and stability. Following the other rules will get you there, one month at a time.

Top YNAB Features

YNAB (You Need a Budget) has some useful budgeting features that set it apart as a personal finance tool.

Goal Tracking

Easily set spending and savings goals and track your progress with YNAB’s powerful target-setting premium features. Create targets for things like saving for a vacation, paying off debt, or building an emergency fund. YNAB will automatically calculate how much you need to budget each month to achieve your goals.

Loan Calculator

If you have debt, YNAB will determine how much money and time you’ll save for each additional dollar you put toward paying it off. This can be motivating and help you create a realistic payoff plan. YNAB supports linking many major loan accounts so you can see all your balances and payments in one place.

Uncluttered And No Ads

YNAB features no annoying pop-up ads or third-party items in the application, all while providing a smooth user experience. The interface is clean and minimalistic, without trying to sell you anything else. YNAB is focused solely on helping you take control of your money.

Average YNAB Performance

With YNAB, you’ll gain control of your financial situation in a way that actually sticks. They teach you a proven method for budgeting that works with your priorities and helps you stop living paycheck to paycheck. By budgeting with your true expenses and giving every dollar a job, you’ll break the cycle of being broke at the end of the month.

YNAB helps you track your total net worth, not just income and expenses. You’ll see your personal capital, cash, credit cards, bank account savings, investment accounts, retirement funds, real estate, vehicles, and any other assets in one place. Monitoring your net worth over time gives you a comprehensive view of your financial progress and helps keep you accountable.

Using the YNAB methodology, people pay off debt, save more money, and gain financial stability. On average, new budgeters save $600 in their first two months and $6,000 in their annual plan. But the real value comes from the life-changing habits and mindset shift. YNAB gives you total awareness, control, and confidence over your money.

Is YNAB (You Need a Budget) The Best Net Worth Tracker?

You Need a Budget (YNAB) is one of the most popular budgeting apps, budgeting tools, and best net worth trackers. It provides a simple, easy-to-use system to gain control of your money.

YNAB’s methodology helps build discipline and financial security over time. Without some additional help, most people lack the self-control to budget. YNAB approaches money management in a very systematic, thought-out process.

The YNAB personal finance app enables you to create and adhere to a plan before spending a single cent. You Need a Budget lets you take back control of your money and gives you a clear view of your spending habits. Give YNAB a try. Click here to sign up for the 30-day free trial period.

Get Started With YNAB

Related Links

Jeremy Biberdorf
Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. He's a father of 2 beautiful girls, a dog owner, a long-time online entrepreneur and an investing enthusiast.

Leave a Comment

Your email address will not be published. Required fields are marked *