In this case, YNAB is a great way to prioritize your immediate needs and take control of your current funds. You can also get more specific and assign your savings to a few different categories such home improvement or travel. I added an “emergency fund” category and budgeted some saved money there. If you link a savings account, you may have more money in your “To Be Budgeted” category that you plan to spend soon. It’s also a good idea to allot a certain amount of money to a category like “stuff I forgot to budget for.” This is a great way to create a safety net so that you don’t go over your budget. I didn’t need categories like “music” or “software subscriptions” in my budget, so I took these out and added things like “cat food” and “books.” You’ll see default categories pre-loaded when you first log in, but you can edit, delete, rename, reorder or add new categories at any time. Now you’re ready to customize your budget and assign your money to specific categories. The goal is for you to decide where that money needs to go before you get your next paycheck. Once you have your accounts linked, you’ll see a dollar amount across the top of the screen labeled as “To Be Budgeted.” You’ll be able to budget only money that you currently have. You can also add as many accounts as you’d like.įor more details on how to set up your account and link your bank accounts, check out YNAB’s guide to getting started. Whichever method you choose, you’ll be guided through the process of getting set up. You will need your account information to add a linked account, so have that handy if you plan on going this route. You can add accounts from the website or from the app. Either method works, but I linked my accounts to make it easier. Or you can start with an unlinked account by entering your current balance and then manually keeping up with transactions. You can choose to have information imported automatically, such as account balances and cleared transactions from a linked account. You can add checking accounts, credit card accounts and/or savings accounts. From this page, I clicked “Add Account” to begin. While the website and app are designed similarly with a spreadsheet feel, it can still be a little intimidating to begin with. This way, you can plan where your money is going to go before you spend it. Unlike a lot of other budgeting tools, YNAB works by making you assign each free dollar to a category. This way, you determine where your money will be going instead of waiting to see a summary of where it’s gone. What’s so great about YNAB is that it brings together all of your accounts and then prompts you to give each available dollar a job. “It requires you to be forward-looking and intentional about every dollar it requires you to be aware,” the YNAB website reads, “but in return you’ll be in total control of your finances, and in so doing, your life.” The personal finance app stands apart from competitors like Mint and Empower because of its proactive system. YNAB users claim that the app has helped them take control of their spending habits in life-changing ways. You Need A Budget (YNAB) is a website and app that launched in September 2004. If you’re thinking about signing up for YNAB online or downloading the app, here are five things to know:īelow, you’ll find detailed information on YNAB including how to start budgeting for free and what to expect once you’ve created an account. Unfortunately, the savings come at a cost of $14.99 monthly or $99 annually after a 34-day free trial. YNAB claims to save new budgeters more than $6,000 in their first year. While you can set up a budget on your own, there are tons of budgeting apps and websites that can set one up for you. It’s important to delegate where your money is going to go so that you aren’t left wondering where it went. If you have financial goals that you’re trying to achieve, budgeting is a crucial step. In this article, I’ll take a close look at five things to know about YNAB before you download the app. I’ve set up a budget on YNAB, checked out what resources it offers and looked at other budgeting tools to see how it compares. If you’re thinking about downloading a budgeting app, You Need a Budget (YNAB) is a great option.
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