Where have you landed? 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. Was it because they simply weren’t competent enough to hire programmers to replicate YNAB4 as a SaaS product, or did they feel the need to make up “improvements” to justify the upsell? When you enter all transactions yourself it reinforces you taking personal responsibility for your spending actions and reminds you on every occasion where you are at with your budget. It goes down when I incur and back up when I get reimbursed. Just as much as it is important in life, it can be tough too. And the freedom, oh the freedom! The rest should be earning a decent return in a longer-term investment. Use YNAB 4! If it’s off, the reconciliation process is similar to YNAB 4 and requires some manual work. Here you can create a budget and work on building a fund with three to six months' worth of your expenses to have in case of emergencies. It involves creating an off-budget tracking account and transferring any reimbursable expenses to it. Everything fits like a glove (with the exception of carrying over negative balances). Quick budget options like budgeting the average amount spent over the last year in a category. on The New You Need a Budget (YNAB) vs YNAB 4, How to Dig Yourself out of a Bible-Reading Rut. and in terms of an online solution, the perks of connecting YNAB to my bank accounts outweigh the very low probability that any of my accounts will be hacked. – no carry over expenses? I won’t follow. YNAB Web Quick Start. Brandon hits the nail on the head. 194 Comments on The New You Need a Budget (YNAB) vs YNAB 4; Reddit 86. Our newsletter is a roundup of the week’s best budgeting wisdom and inspiration! I agree with all the commenters below who say it’s “very insecure/ bad enough that the banks are online.” Do you not read the news? However, since I have to approve the scheduled transactions, maybe I could just do the move whenever I approve them. it’s really similar to how YNAB 4 had a “budget [next month]” category. Save my name, email, and website in this browser for the next time I comment. because I’m allocating funds to pay these monthly expenses. 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. First of all – I probably wouldn’t auto-import my transactions anyway – manually entering them has been one of the most eye-opening experiences of my financial problems. Walling off current income to next month was the most crucial of the rules, and they simply erased it from existence. i’m currently using the method you describe. You feel good about it. For those who are loathe to set aside idle money still, perhaps using the emergency fund to handle this will work the same way. Budgeting is not restrictive. Feel free to post any news, questions, budget strategies, tips & tricks and advice related to YNAB. In fact, we just finished up our first month. If I did enter transactions against the “To Be Budgeted” category first, then immediately move the funds to the “budget next month” category, then when the next month rolls around, I move all the funds from “budget next month” back to “To Be Budgeted”. So for the diehard YNAB 4 users, the app will continue working for the foreseeable future. The point is that you are indeed incurring liabilities, however temporarily, so depending on your situation you may actually want to make sure you have funds available to cover the activity. There’s no point in having $100k in your checking account if all you really need in an emergency is $45k. If you’re starting out with a new budget and have some questions, we’ve got plenty of helping hands to guide you on your way. thanks for the heads up. I resonate with most of your points. This was the deal-breaking feature for me because it makes it difficult to track reimbursable expenses. Suddenly, credit cards are easy. One piece of evidence that this new SAAS, method and interface isn’t doing all that great is the yearly subscription. – IMO web based software is STOOOPID. Now that YNAB’s had a couple years to evolve, it’s time to take a second look. A workaround means the software design is fundamentally flawed. i should also mention, if you ever have a positive amount in the “to be reimbursed” category then you need to move that money to the associated credit card payment category. $50 per annum per user is a NPV cost paid by a lifetime user of over $1000. Right now, I can see the full picture of my finances. – no forward planning beyond one month? Reliance on bank downloads is LAZY and makes you lose money. – imposes an onerous cost on users I read it recently because I thought it worth checking if after nearly 2 years someone actually thought the new YNAB was any good. Last Updated on July 12, 2021 Money management is a skill not everyone is gifted with. It gets a bit trickier when the reimbursement is from a checking/savings account. If I’m out and about I use the mobile app. so far i haven’t been bit by any inappropriate use of that data. Personally my biggest beef is ‘cloud based app’ and all you say above followed by the cost! Would I recommend YNAB over Mint or Dave Ramsey’s EveryDollar? Pin. In pursuit of profit, they’ve quite literally detrimentally changed the rules that made YNAB budgeting so successful. just don’t like that it is web based. 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. while not as native as YNAB 4, it’s the same concept. I want to believe the future will always be better than the past. i’ve been online since the late 90s and i’ve _never_ had a hacked account cause me any issues. 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. To quote their own words: “the subscription model was a better model for us” – No doubt. It’s so commercialized (designed to sell you stuff) and was definitely not built for budgeting. January 22, 2021. so there’s no real way to forecast further then that. In this situation, YNAB will take money out of the next month’s budget to compensate for the overspending. Mint has this feature. let’s hope that trend continues. We love hearing stories like Kevin’s! So many people were bailing after 1-2 months they decided to lock people in at a yearly rate. Let’s jump in and see what I like about YNAB compared to YNAB 4. Rachel Ellen I’m no exception. I thought I was rich! 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. For this review, YNAB means the web based, subscription version and YNAB 4 refers to the old, downloadable version. Millions and MILLIONS of people’s information exposed by hacks. unfortunately, i don’t know of a way since YNAB only lets you see one month ahead. In fact, we just finished up our first month. It’s been almost two years since You Need a Budget switched to a web based, subscription model for their software. A note on the cloud: When you’re starting to budget, don’t get discouraged. ;) Where other budgeting apps feel like Honda Accords (they get the job done), YNAB feels like a Ferrari (it’s pretty and high-performing). I used YNAB and YNAB 4 side-by-side for about a month and a half in order to answer these questions: Well, here we go. Thanks! YNAB stands for You Need a Budget, and it's true: You do. I like it because it creates an easily accessible place for tracking reimbursements (it’s in the sidebar). Spending from categories and transferring to pay is a simple enough concept. thankfully, i have and it’s an amazing feeling knowing you’re no longer living paycheck to paycheck. One thing that really helped was simply taking the time to go over our monthly statements and finding out what bills came due when. I now know everything that’s on autopay. 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. and a preview of what you might expect: After seeing this list, we wanted to learn more about Kevin’s story (Right?! Finally – I still prefer the old forums (now called community) to the new one. In fact, it’s like a video game with virtual money, and I enjoy the challenge and critical thinking associated with living on a tight budget (weird, right?). But now I look in YNAB and I see categories, I see different aspects of my life. Share 6. ). I like to do this because all my income comes in as “To Be Budgeted”, but some of it needs to get allocated to different categories (e.g., “birthday gift” to a “Gifts Received” category). Setting up these categories was a psychological win. I’m fully aware of what I’m spending, what my debts are, and how bad I’ve screwed up financially. Bad enough the bank accounts themselves are online…. I’m with you Andrew. I will stick with YNAB 4 for as long as it works and then I’ll move to something else or write my own software and sell that because there will be a gaping hole in the market for the functionality of YNAB 4. Or maybe you don’t work this way instead perhaps making the category allocation at the time of entry? I believe YNAB will continue to evolve and add new features YNAB 4 could only dream of. I can still get lobster and shrimp, but that means it’s budgeted for and I have waited until I can afford to splurge without sacrificing something more important. Partly because I believe they’re holding onto the past and not embracing the future. hope YNAB4 works out for you! Thanks, that’s also an interesting idea. I found this to be a helpful feature. This was completely abandoned for age-of-money, a completely pointless concept. I also paid off a zero-interest credit card that I had fallen behind on. And don’t get me started on Mint. We came across Kevin on Reddit, where he shared about his first month of budgeting with YNAB. Goals make it easier to remember and know how much to budget to hit my savings goals. Like you I await another player to put an offline app into play once YNAB4 falls off a cliff. People are naturally resistant to change. This works great if your reimbursements are on a credit card account. Happy New Year! We put all of the primary monthly recurring expenses in the first Category Group section: I have them labeled and listed by due date. They’ve also added this ability to the mobile apps. Note: If you sign up for a free trial using links in this post, I’ll get a small commission. The other day I went to the grocery store. The key features for me are: While YNAB 4’s iPhone app was great, it only let you add transactions. YNAB makes it a lot easier to save towards specific category goals. I am sure there will be a way to do it in YNAB, but it strikes an old time user like me. 39 articles Credit Cards & Debt. I do not like the idea to provide any 3rd party with my actual bank account logins…, thanks for reading! Once you understand it’s methodology and how to use the app, you come to appreciate how well built the app is. So we gave him a call to find out. But now, I’ve got this budget here, and I know I’m just going to stay within the confines of that. Call me old fashioned, but if something isn’t broke – don’t fix it. If I may share my humble approach to reimbursements, please read on. 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. We set up categories for fun things too: going to the movies, buying my girlfriend flowers. YNAB claims to help you "break the paycheck to paycheck cycle, get out of debt, and save more money". 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