Review: You Need A Budget

So I finally have the chance to write that YNAB (You Need A Budget) review.

I got a 3month free trial from a here.

I found it helpful to have that much amount of time to see how it works and how to deal with potential issues that come up. I was looking for an expense tracker app that was flexible. I pretty much used the envelop method + Excel for my budgeting and I was looking for something that complemented that. Having come up against a huge 14k bill, I really wanted to keep on top of things and make sure I wouldn't be living on two-minute noodles for the rest of my life.

They have videos and classes on how to use the app and also on the philosophy you are supposed to follow. I had a quick read through, it all sounded pretty straight forward. I honestly do not like logging on to their web interface. So I have mostly been using the app and it covers most of my needs. It is easy to set up. I do not connect my bank accounts preferring to enter everything manually.

It is easy to budget and enter transactions as you go in the app. You just need to pay attention to the accounts and other details as it pre populates  some of the fields. The reports function of the app is very minimal. It shows your Net worth and Age of money. So I had to log into the website to see the Spending and Income v Expenses reports. You can also export your budget.

So the first month I used the app I did not use my credit card at all just so I could get used to it. In the second month I went back to normal and put everything on the credit card and paid it off. The experience was pretty much the same for me nothing changed.

Now well into the third month of the trial. I have decided I will sign up and see how I like it after a year. I am still expecting a few bumps in the coming year so it will be good to see how things are tracking. I feel I would eventually need to upgrade to something more holistic as I look at things like investing and so on. It would be good to just have an all in one platform.

There are two things I found interesting with the app. Firstly it does not have a lock or pin function. I know a lot of people lock their phones but I still thought it is not enough. Especially for people who link their bank accounts to the app you would need to be diligent with your phone. Second thing I found interesting is there is no read only access or secondary access to a budget. This might just be an extra. Just as an example I would love to create a separate budget for the trip I am having with some friends. It would be great for everyone to be able to see the budget or as a bonus add to it as well. But as it stands you would need to share your log in details and they would have access to everything. So we stick to pen and paper or Excel.

The YNAB app/philosophy have been around for a while I am sure there are plenty of other reviews out there that might be more interesting. I would very much be interested in hearing what others use for their budgeting or if you have used YNAB how you found it and what financial/life stage you are at. I am happy to answer if there are any questions in relation to something specific about my experience.