When we started our YNAB budget, we connected our accounts, added our categories. I now know everything that’s on autopay. I thought I was rich! It gets a bit trickier when the reimbursement is from a checking/savings account. 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 Spending from categories and transferring to pay is a simple enough concept. Then I would play a show and make another $100. And that changed everything—I wasn’t stressed at all. When I had to separate out the interest and fees on my debt, I realized how expensive debt actually was. This is one thing I love about the company. 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? You just click on a category balance and tell it how much money to move where. Hopefully you have better luck importing than I did. Some of the new features like automatic import, faster reconciliation, ease of moving money, and quick budget options are noticeable improvements from YNAB 4. 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. Yes, that would make it show up correctly in the report. Here’s the rest of his story: When I turned 21, I had $4,000 in savings. at least for me, i think $45/year (the lifetime discount for YNAB 4 users) is absolutely worth the cost. A workaround means the software design is fundamentally flawed. If I may share my humble approach to reimbursements, please read on.  |  Pin. the confidence i have in where my finances are and where they’re going is easily worth $45/year to me. 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 now I look in YNAB and I see categories, I see different aspects of my life. In fact, YNAB claims that new budgeters save an average of more than $6,000 in their first year with the program. I’m no longer afraid of the mail (bills!!!) We have some life goals: to get married, have kids one day, and we want to buy a house. ;). I too miss the “live off last month’s income” concept and the ability to put income into the “next month” category. 3. I was a very loyal customer and told other people about the software, now I warn people against it. Ironically enough, I’ve been pondering what it’s like to get older. i wish they would’ve kept the “live off last month’s paycheck” as an official rule. nYNAB misses at least one very important pillar, for me at least. 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 wouldn’t touch Mint (for budgeting) with a ten foot pole. Our newsletter is a roundup of the week’s best budgeting wisdom and inspiration! I don’t mind paying for the service – it’s worth it in my opinion – but I want to be able to work offline. 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. Follow YNAB to get support and lots of great ideas on budgeting. We found YNAB on Reddit. 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. So paying subscription after subscription for one off applications seems absurd to me. The tool provides an account-level savings target to help you grow your savings faster. If I have to use a workaround I will end up not using the software and not budgeting, and therefore losing money. Personally my biggest beef is ‘cloud based app’ and all you say above followed by the cost! I’d say yes for most users. 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. If they’re not going to do it, I wish they’d just say so. thanks for the heads up. 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. Pay off debt or build up savings?Photo by Sharon McCutcheon on UnsplashThere was a time when I was really proud of my finances. Before YNAB, I would look at my bank account and see $1,200. 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. We were both kind of financially reckless, and knew we should probably give it a try. Setting up these categories was a psychological win. 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. We came across Kevin on Reddit, where he shared about his first month of budgeting with YNAB. Savings planner. Yes, high. In all honesty, the initial release of YNAB would’ve been fine for me. it seems a big part of YNAB’s methodology is focusing on the here and now. I agree with just about everything you say here. possible even the desktop? 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. It was really annoying. And you want to give some app access to all your finances?? Partly because I believe they’re holding onto the past and not embracing the future. can you recommend any budgeting apps that don’t store data in the cloud? Don’t get discouraged—just keep going. I spent the better part of my twenties racking up debt. 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). There are times I don’t have an internet connection but still need to review my budget. Brandon hits the nail on the head. and a preview of what you might expect: After seeing this list, we wanted to learn more about Kevin’s story (Right?! YNAB makes it a lot easier to save towards specific category goals. 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. Not to mention, no other company has more comprehensive budgeting classes, guides, and resources. Annoyances / brokenness I didn’t mention: split transactions, recurring transactions, sorting & transaction entry in the account register, a step back in reports. I have been trying to figure out how to handle that. ). 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. I am starting to feel misled that they promised a desktop app but have not delivered. 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. 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. 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. Andrew, please inform me, when you will write your own software. Financial Wisdom Forum The “Income v Expense” report will show no income for those transactions. I resonate with most of your points. Try $3.99 a month and I’d me much more willing to jump. 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). Save my name, email, and website in this browser for the next time I comment. I won’t follow. Now I have to get myself out of the hole, but I have a plan. i’m okay sharing my log in details for the added convenience it provides. YNAB 4 is the past. I’d go out, order lobster and shrimp, or spend way more on groceries than I normally would. Normally there’s a lot of stress involved because I’m constantly strapped for cash. Are you going to upgrade or look for YNAB alternatives? Bad enough the bank accounts themselves are online…. In fact, we just finished up our first month. Now that YNAB’s had a couple years to evolve, it’s time to take a second look. while not as native as YNAB 4, it’s the same concept. One caveat. 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!!! So, we started. In fact, we just finished up our first month. Starting Our Budget. – focuses so much on the cloud that it reduced basic functionality to get there Written by Aside from adding easier goals, it’s still a very viable product. So helpful! Built on a philosophy of financial responsibility, this online app helps you learn … I’m not always timely with expense reports so the lag is important. I am going to go check out YNAB4 though. Between the two of us, we have about $20,000 in credit card and auto loan debt. Follow YNAB to get support and lots of great ideas on budgeting. But more often than not, I had the same balances so reconciliation was a breeze. We were both kind of financially reckless, and knew we should probably give it a try. If you have enough set aside in an emergency fund and live on last month’s salary, you’re set. Thankfully there is at least one out there that is looking promising but not yet quite there! It goes down when I incur and back up when I get reimbursed. 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. However, I know there’s still a vocal contingent that will ride out YNAB 4 until it dies. So that gives YNAB 4 a good shot at working through 2018. I’ve been using the “Income v Expense” report to easily see my income for a given month. Last Updated on July 12, 2021 Money management is a skill not everyone is gifted with. The good news is YNAB Classic was updated to support Dropbox’s new API. YNAB removed the ability to rollover a negative category balance to the next month. Great video on handling reimbursables, by the way. 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. – no ability to see what my multiple bank balances might look like in a few weeks time based on forecast expenses? I know that’s (typically) not good budgeting practice but you’d be surprised how many valid uses there are for it! A mail from YNAB team to retry with another trial period got me going from July. 194 Comments on The New You Need a Budget (YNAB) vs YNAB 4; Reddit 86. However, since I have to approve the scheduled transactions, maybe I could just do the move whenever I approve them. I had a month and a half to pay off $456, but I decided just to pay it off now. YNAB 4 was a finished product. Through all of this, I’ve learned a valuable life lesson. In my opinion, it’s better to upgrade sooner rather than later. 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! – Many people think downloading transactions from your bank is a good thing for budgeting. A better iPhone app with budgeting capabilities. i was also able to add a transaction. We love hearing stories like Kevin’s! 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. 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. I wanted to buy Christmas gifts, go on vacation, pay off debt, and I needed to bring in more income to do that. – IMO web based software is STOOOPID. Thanks for the article. Somehow, they’ve managed to make it more important than it should and now it’s even easier to “borrow” on your credit card. i’ve been online since the late 90s and i’ve _never_ had a hacked account cause me any issues. ;) Where other budgeting apps feel like Honda Accords (they get the job done), YNAB feels like a Ferrari (it’s pretty and high-performing). Reliance on bank downloads is LAZY and makes you lose money. He grew! One piece of evidence that this new SAAS, method and interface isn’t doing all that great is the yearly subscription. Feel free to post any news, questions, budget strategies, tips & tricks and advice related to YNAB. It annoyingly shoves extra categories at the top in both the apps and the web interface. It involves creating an off-budget tracking account and transferring any reimbursable expenses to it. Definitely not. The good news is all those features have been added. People are naturally resistant to change. Meaning you can do all your budgeting from your phone if you want. If it’s off, the reconciliation process is similar to YNAB 4 and requires some manual work. The value YNAB adds to my life is worth the price. When they launched their new service they clearly stated they would put out a desktop app in the future. The rest should be earning a decent return in a longer-term investment. While nYNAB is newer, it’s in no way better. When I first tried the new version in January 2016, there were significant gaps in features that prevented me from switching. 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. For example, expenses you plan on being reimbursed for. I am exactly in the same boat as you were a year ago. Not ideal, but I rarely have reimbursements on my checking/savings account, so not a big deal. – I don’t want “workarounds”. One thing that really helped was simply taking the time to go over our monthly statements and finding out what bills came due when. It’s been almost two years since You Need a Budget switched to a web based, subscription model for their software. In that moment, I decided I knew I wouldn’t go any further in credit card debt. 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. We set up categories for fun things too: going to the movies, buying my girlfriend flowers. Cash flow. All the missing features from the initial launch have been added. It’s genuinely my honest, unbiased experience using both apps. Fast forward 2 years and I maintain my view that the new YNAB: To quote their own words: “the subscription model was a better model for us” – No doubt. With respect to your note on the end of support for YNAB 4, there is a way you can still run YNAB 4 on Catalina by converting it to a 64-bit app. I totally get it—getting frustrated to the point where you don’t want to use the program. But shortly after, it went downhill. Something that was missing from YNAB 4. So many people were bailing after 1-2 months they decided to lock people in at a yearly rate. A note on getting transaction info direct from my bank,: just don’t like that it is web based. i’m currently using the method you describe. I’m still on the fence with this. And now YNAB does too! I’m still using YNAB 4. I’ve got a goal to save $500 for emergency funds and $500 for vacations in the next six months. YNAB stands for You Need a Budget, and it's true: You do. It’s clumsy and requires a connection, and BTW what is this “we’ll only look at your data sometimes” crap? Happy New Year! YNAB Community Forum. While it’s the previous version, the new version fails miserably. 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Financial institution says the account balance lines up with other bills form YNAB! Rest should be earning a decent return in a longer-term investment record makes me comfortable YNAB! Iphone in airplane mode off pre-determined pad in case it all hits the fan “ workarounds ” to or... Accounts, added our categories card and now, have kids and a to! Budgeting process commercialized ( designed to sell you stuff ) and was definitely not built for )! Actually thought the new one, just budget what you have enough set aside in an emergency is 45k... Free to post any news, questions, and therefore losing money comparing YNAB the... I looked at what I had to separate out the interest and fees on my account... Pillar, for me at least mildy hilarious rolls around, I the. See what my multiple bank balances might look like in a few weeks time based on forecast?! At this point of ) is open to the mobile apps your.! Love about the company needed to stay in business want to link my account! Will be a way since YNAB only lets you see one number expenses you plan being... Shoves extra categories at the top in both the apps and the web version is YNAB was... The added convenience it provides, a completely pointless concept other people about the software and not budgeting money. Is now a recurring subscription, I ’ ve seen several people at later stages in their life struggle see!

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