YNAB Review 2024: Renowned Budgeting App

YNAB, short for “You Need A Budget,” is a popular budgeting app that can help you gain control over your finances and reach your financial goals.

It syncs with your bank accounts, helps you create a budget, suggests spending and saving habits, and more.

In this YNAB review, I’ll show you how to say goodbye to financial stress and hello to a more organized and proactive approach to managing your money.

Key Takeaways

YNAB is a comprehensive budgeting app that offers impressive features to help you manage your finances.
It comes with a 34-day free trial, flexible membership pricing options, strong security measures & great customer service.
YNAB’s philosophy encourages you to take control of your financial future by giving every dollar a job & proactively budgeting.

YNAB’s Philosophy: Every Dollar Has a Role

YNAB’s philosophy revolves around giving every dollar a job and promoting proactive budgeting and financial awareness.

Assigning a specific purpose to each dollar allows you to:

Better control your spending habits
Make deliberate financial choices
Plan ahead and allocate money to cover both expected and unexpected expenses
Adjust your budget as needed throughout the month

This zero-based budgeting model encourages you to take control of your finances and make informed decisions about your money.

With YNAB, you’re actively involved in shaping your financial future, but without manually adding information from bank statements and bills.

It helps pull all the data together so you can focus on budgeting and being smart about where you’re money goes.

YNAB Review 2024

YNAB offers various features, strong security measures, and excellent customer service but comes with a subscription cost.

The app helps you make a budget based on real-time info from your bank accounts and provides detailed reports on your spending and progress toward goals.

Whether you’re a personal finance novice or a seasoned budgeter, YNAB’s comprehensive approach to money management has something to offer everyone.

Pricing/Membership

Using YNAB requires a subscription costing $14.99 monthly or $99 annually.

However, YNAB offers a 34-day free trial, allowing you to test out the app and use the features before committing to a paid plan.

This is perfect to start with a monthly budget and see how you like the platform for budgeting.

There’s no need to provide credit card information during the trial period, and YNAB often provides discounts and promo codes for memberships.

Key Features

Key features of YNAB include:

Zero-based budgeting tools
Goal setting
Expense tracking
Personal finance reporting
Debt planning

Goal tracking helps you set financial objectives, like saving for a vacation or retirement or paying off debt, and monitor your progress towards achieving them.

They’ll review your savings account to see how your goals are going and suggest exploring other options like savings accounts with Chime to get more returns.

The app also offers a Loan Payoff Simulator, which shows the impact of making extra payments on your debt.

These features and the ability to link multiple financial accounts make YNAB a powerful and comprehensive budgeting tool.

App Security

YNAB takes user security seriously and employs the following measures to protect your data:

AES 256 encryption
Two-factor authentication for added account protection
Strict security protocols, including enhanced login measures and the latest encryption technology

Rest assured, your financial information and bank account details remain secure with YNAB.

Customer Service

With YNAB, their customer service goes above and beyond- it isn’t just about contacting support for questions.

YNAB provides extensive support on budgeting and finances to its users through:

Live workshops
Articles
Guides
Podcasts
Online forums

With over 100 free, live workshops held every week, users can learn about budgeting, saving, debt management, and financial goal setting.

The YNAB community is also active and supportive, offering additional resources on platforms like Facebook, Reddit, and YouTube.

For direct assistance and account questions, you can contact customer service via email at help@ynab.com.

YNAB Reviews From Other Users

Many users have shared their experiences with YNAB on platforms like Trustpilot and the Google Play Store, providing valuable insights into the app’s performance and effectiveness.

These reviews from Trustpilot and the Google Play Store suggest that YNAB is a well-received budgeting tool that can effectively help users gain control over their finances.

Here’s more about what I learned from their reviews:

Trustpilot Reviews

Trustpilot, a popular online review platform, features numerous reviews from YNAB users.

Right now, they have 4.6/5 stars, with 77% of over 1,200 users reviewing YNAB with 5 stars!

These reviews highlight the app’s comprehensive features, user-friendly interface, and excellent customer service.

However, some users have expressed concerns about the learning curve and subscription cost.

Despite these concerns, YNAB has received a high overall rating on Trustpilot, indicating that many users find the app beneficial in managing their finances.

Google Play Store Reviews

The Google Play Store also hosts a multitude of reviews from YNAB users. With almost 16K reviews, it’s holding strong with 4.7/5 stars.

Many reviewers praise the app’s seamless syncing with bank accounts, real-time expense tracking, and goal-setting features.

Some users have mentioned occasional technical issues, but the YNAB team appears responsive in addressing these concerns.

The app has achieved a high average rating on the Google Play Store, showing its popularity among Android users.

Setting Up & Using YNAB

So, what do you think of YNAB?

If you’re ready to try it out and get the free trial, here’s how to get started:

1. Sign Up

To explore YNAB’s features, sign up for their 34-day free trial. With the trial period, you can test out YNAB without providing any credit card information.

Simply hit the link, create an account, and start your journey towards better financial management.

2. Set Up Your Working Balance

Establishing your money balance in YNAB involves either connecting your bank accounts or manually inputting transactions.

Linking your accounts allows for automatic updates of your account balances, while manual entry gives you more control over your transaction data.

Choose the budgeting method that best suits your preferences and needs, but I highly suggest connecting a bank account so your budget and goals are always up to date.

I’m on top of budgeting by hand pretty often, but most of my friends give up because they don’t want hands-on- and YNAB gives the perfect hands-off system.

3. Decide Your Money Goals

Before creating your budget, determine your goals, such as making an emergency fund, saving for a vacation, paying off debt, or all of the above.

YNAB allows you to set specific goals for each budget category, making it easier to track your progress and stay motivated on your financial journey.

4. Create Your Budget

After identifying your financial goals, proceed to formulate your budget.

YNAB encourages you to assign every dollar to specific spending categories or savings goals, ensuring you’re making informed spending decisions and allocating your money effectively.

Adhering to YNAB’s budgeting system enables you to manage your finances effectively and strive for your targets.

5. Check The Reports

To track your financial progress, review YNAB’s reports on spending, net worth, investment accounts, and income.

These reports provide valuable insights into your spending habits and help you identify areas for adjustments.

For example, it can show how you spend money in relation to your monthly income and make suggestions that are keeping you from saving money.

Regularly consulting these reports enables you to adjust your budget appropriately, ensuring alignment with your goals.

Using The Wallet

If you buy more often with cash rather than card, the Wallet helps track that spending.

YNAB’s wallet feature is a handy tool for managing cash transactions, making it easier to stay on top of your budget and allocate your cash correctly within your budget categories.

This cash account, similar to a bank account, can be manually updated to keep track of your cash earnings and spending.

Other Budgeting Apps & Templates

If YNAB doesn’t seem like the right fit for you, alternative budgeting apps and other options are available.

Empower

Empower is a budgeting app that offers the following features:

Personalized recommendations
Automatic savings features
Analysis of your financial data and spending habits
Tailored suggestions for budgeting strategies, savings goals, and investment options
Cash Advance feature
Automatic Savings for added convenience

Empower comes with a monthly fee of $8 after a 14-day free trial. Check out more about it with my in-depth Empower Review.

Savvy Budgeting Template

For those who prefer a more hands-on approach, the Savvy Budgeting Template offers a customizable budgeting solution.

This budgeting template allows you to add income and expenses, customize budget categories, and adjust spending limits as needed.

Quicken

Quicken is a comprehensive budgeting software with budgeting, investment tracking, and bill management features.

With its robust features, Quicken is an excellent alternative for those seeking a more comprehensive approach to personal finance management.

This program offers various pricing plans, from $41.88/year – $83.88/year, and each higher cost plan has more and more financial tools.

Learn more about its offerings with my full Quicken Review.

Excel Spreadsheets

Excel spreadsheets can be used for manual budgeting and offer flexibility in customization.

By creating your own spreadsheet or using a pre-designed budgeting template, you can tailor your budget to your specific needs and preferences.

While this option requires more manual input and maintenance, it may be suitable for those who prefer a more hands-on approach to budgeting.

FAQs

Why should I budget?

Budgeting is key to preserving financial health and realizing your financial ambitions. By creating a budget, you can:

Prepare for unexpected expenses
Plan for retirement
Develop better money habits
Manage debt

In short, budgeting gives you control over your finances and enables you to make smart financial choices.

Should I budget by hand or use a budgeting app?

Choosing between manual budgeting and a budgeting app depends on your preferences and needs.

Manual budgeting is hands-on, and you’re fully in control, which makes you thoughtful and conscious of your money. But it may be laborious and susceptible to errors.

Budgeting apps deliver convenience, automated monitoring, and numerous features to aid in organization and making prudent financial decisions.

Some are free apps like Empower or low-cost paid services like YNAB.

Ultimately, it’s essential to choose a budgeting method that best suits your lifestyle and goals.

Is YNAB worth paying for?

Given the array of features and benefits YNAB offers, the subscription cost is justified for numerous users.

With its unique budgeting, goal-setting features, and comprehensive approach to personal finance, YNAB provides a valuable service that can help you take control of your finances.

How much does YNAB cost to use?

YNAB runs on a subscription model, with packages priced at $14.99 monthly or $99 annually.

While the subscription cost may be higher than some other budgeting apps, the features and benefits YNAB provides can make it a worthwhile investment for many users.

What are the downsides of using YNAB?

The primary challenges of using YNAB encompass its learning curve, subscription cost, and the laborious manual transaction entry.

However, many users find that the benefits of YNAB, such as its unique budgeting system and comprehensive features, outweigh these drawbacks.

Is YNAB a good replacement for Mint?

YNAB is an excellent Mint alternative, offering a more comprehensive budgeting system.

YNAB encourages proactive budgeting and goal-setting to help you achieve your money goals.

Is YNAB safe to use?

YNAB secures user data via encryption, two-factor authentication, and the removal of accounts upon service termination.

With bank-grade encryption, enhanced login measures, and a commitment to user privacy, you can trust that your financial information is safe and secure while using YNAB.

Final Thoughts

YNAB is a powerful and comprehensive budgeting app that can help you gain control over your finances and achieve your financial goals.

While it may have a learning curve and a subscription cost, the app’s unique features and benefits make it a valuable investment for many users.

They make budgeting and saving seamless, removing many hassles and barriers that keep people from managing their money.

By exploring YNAB and other budgeting options, you can find the best solution to fit your personal finance needs and start taking control of your financial future.