1: Do More, Spend Less (1/4/2018)
2: YNAB (1/5/2018)
Why should I know what YNAB is? I know its a budgeting app but is there a book that because i am so tired I cant think of what it stands for? ;-p
Yeah! They came out with a book recently and I picked it up from my library. It’s the same title, You Need a Budget. It flashes out the concepts a little more but wasn’t particularly groundbreaking (I’m glad I didn’t pay for it, I’ve used the app for over a year and there wasn’t much new information).
Do you like the app? is it worth paying for vs the free Mint app or Personal finance?
That’s a tough question. They moved from YNAB4 to newYNAB which is browser-based and on a subscription model about 2 years ago. They charged $50 per year but recently bumped that price up to $85. I am grandfathered in (for now) and will cancel my subscription when the price goes up for me. I don’t think it’s worth $85 per year unless you are completely out of touch with your finances (which is the target audience anyway).
The YNAB method for budgeting is how I intuitively budgeted anyway. It’s proactive (unlike Mint, which just shows you what has already happened) and is a great tool for “giving every dollar a job” and re-allocating budgeted money during the month if something unexpected happens. Basically, it helps people learn “if I want to purchase this dress I can, but I will have to make up for that money from my (whatever) budget line item.”
If you’re here, at MMM, you probably don’t need the software. I use both YNAB and Personal Capital, and while it’s nice to have the monthly budgeting from YNAB tracking every penny in and out, I won’t keep it at a higher price point. It does give me a “real time” view of my finances which I like though since all pending transactions are put in and accounted for. So I always know how much money I actually have since I input transactions as I make them, not as they clear.
You can sign up for a 34-day trial to see if you like it. And/or check out the book from the library to see if the style works for you.