YNAB Review 2023
|By: Jeremy Biberdorf||Nov 18, 2022|
In a nutshell: With YNAB, or You Need A Budget, you allocate each dollar of your income to anticipated expenses or savings each month to assist you in managing your money effectively. Through YNAB, investors can take a proactive approach to budgeting and achieve absolute control over their finances. As part of this YNAB review, we discuss the app’s features, pros & cons, and costs.
|$14.99/Month / $99 Annually||$14.99|
- Adaptability increases the likelihood of success.
- YNAB allows you to plan many years into the future.
- It provides a new technique to assess how you'll spend or save your earnings.
- Several choices for bank and credit card account connections.
- Slightly difficult to use and might be intimidating at first.
- No free YNAB plan exists, but a 34-day free trial does.
Compare to Other Investment Platforms:
Fees$14.99/Month / $99 Annually
Fees$9.95 - $19.95/month
|Product||You Need A Budget (YNAB)|
|Minimum Account Requirements||$14.99 Month|
|Platform||iOS, Android, Web, iPad|
|Fees||$14.99 Month / $99 Annual Subscription Fee|
|Transparency||All resources can be found on their website|
What Is YNAB?
YNAB is a popular budgeting app that allows you to automate and take control of your budget on a monthly basis. Their system is built on the theory known as zero-based budgeting.
Follow the “YNAB Basic Rules” and you can eliminate bad spending habits, consolidate debt, and set priorities for upcoming expenses. You do this by analyzing your accounts and then allocating every dollar into suitable budget categories.
Your aim is to cover the upcoming month’s expenses with last month’s paycheck. This process is known as “aging your money” in the personal finance world.
- YNAB app is available on desktop and mobile
- YNAB is the ideal option if you want a system that only concentrates on budgeting rather than investing and other frills.
- You may prioritize impending spending and other financial goals while managing your debt using YNAB.
How YNAB Started
Jesse Mecham, a full-time student at the time, created a spreadsheet called You Need A Budget in 2004.
When analyzing other personal finance budgeting tools he noticed they were all the same. They had a fixed plan. But, Jesse’s YNAB spreadsheet was dynamic and distinctively different in creating an adequate budget.
After joining forces with a software developer Jesse decided it was time to start selling his idea to the market.
Fast forward to 2013 and YNAB started utilizing its own tools for the company’s bookkeeping.
Today, YNAB is run by a small and is working on building the best personal finance tool software out there.
YNAB Investment Options
Managing your investments requires you to keep track of your donations and any withdrawals from your checking account, as well as monitor the account’s fluctuating market value.
Here’s how YNAB can assist you in tracking and saving for significant long-term investment goals:
- A monthly target: Choose if your monthly contribution remains the same. If your investment is due at a specific time each month, you will establish a “Needing for Spending” objective, enter your monthly contribution amount, choose “Monthly,” and then join your due date.
- By Date option: The overall goal keeps investors on track to reach their end goal when the investing account has a target that they want to reach, but you make different contributions month to month based on what else arises.
The monthly subscription for YNAB costs $14.99 per month, and the annual subscription is $99 per year.
There is a 34-day free trial during which you may use all of their services across your devices, receive live coaching, and receive award-winning customer service.
Paying $14.99 a month for a reputable budgeting application will keep you disciplined and ultimately save you money.
Let’s take a closer look at what makes the YNAB budgeting app unique.
Easily set spending and savings goals and track your progress with YNAB’s powerful target-setting features.
YNAB will determine how much money and time you’ll save for each additional dollar you put toward debt.
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.
On average, new users can expect to save $600 in their first two months with YNAB. Here’s the kicker, YNAB budgeters can potentially save up to $6,000 after 12 months on the app.
It’s worth taking into account the time and stress proper budgeting saves you. No more freaking out about those upcoming bills.
Strengths and Weaknesses
The strengths of YNAB are evident:
YNAB is a well-known affordable personal finance tool that has the potential to change people’s lives. YNAB establishes four simple rules for successful budgeting.
- Rule 1: Give every dollar a job to do.
- Rule 2: Embrace Your True Expenses
- Rule 3: Roll With The Punches
- Rule 4: Age Your Money
If you follow these rules YNAB is confident you can take control of your finances and life.
One of YNAB’s weaknesses is that they don’t allow direct bill payments. There is also a learning curve that might confuse a new budgeter.
YNAB Review Final Thoughts
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 and sign up for the 34-day trial period.
Frequently Asked Questions
For a single year, yes, it is! Proof of enrollment is the only thing that is needed.