SaaS Software Reviews - YNAB

There are many SaaS software reviews to be had out there related to budgeting software. During this one, we will focus on YNAB and what makes it different and, in some ways, better than other budgeting SaaS software.

YNAB, short for You Need a Budget, takes a different look at budgeting than other budgeting software out there. Focusing on the old-fashioned "envelope method" for budgeting, YNAB takes a different, more educational approach to budgeting. You know the "envelope method," right? You take your paycheck in cash and stuff money in envelopes, one envelope for each line item in your budget.

Other SaaS software reviews, such as PC Magazine, describe YNAB as an "online personal finance service built on the philosophy that every dollar you're projected to earn needs a job, so you assign it to either be spent or saved." This means that every dollar is accounted for, and nothing is left out of each check.

YNAB follows a proven method of budgeting, the envelope method, giving every dollar a job so that money in equals money out.

Make a budget together and manage it with access to your budget from any device.

Some budgeting dollars may be used to save for a goal, such as a lavish vacation or a car. YNAB allows you to create and track your goal progress.

Obtain regular budget reports in the form of graphs and charts that tell you visually just how your budget is working for you.

Stuck on how to handle something with your budget, such as an unexpected expense? The YNAB team is here to help! Attend one of their many weekly Live Q&A sessions.

No worries about your data being secure! All data shared with YNAB is encrypted to the utmost security.

There are several budgeting software options out there. From Mint to Personal Capital to Quicken and more, it can be overwhelming to find the right budgeting software for you. So, what makes YNAB different?

Many other budgeting software options offer similar options to YNAB, but one big thing makes YNAB different. Education. Other budgeting software systems and apps allow us to create our categories for where our money goes and will enable us to determine how much to assign to each item.

We categorize our transactions to fit the buckets we create, but do we understand what we are doing? How well do we track our money each month? Do we fully understand how we are spending? Does it click?

We start with figuring out how much goes into each bucket, but are we starting with the end in mind and then backing up to assign our actual income into each bucket without overspending? Not really.

That is what makes YNAB different. YNAB starts by asking about your take-home income and helps you start with the entire income, work backward, and track your remaining available income with each bucket you fill. It helps keep you from over budgeting by letting you know when you hit zero. Unlike other budgeting software that provides you with many categories to use, you have to track when your funds are used up.

Several budgeting apps offer their services for free. Why does YNAB charge for theirs? Better yet, is it worth the price of admission?

With YNAB's "zero-based budgeting system," it's perfect for anyone wanting to get out of debt. YNAB forces you to spend every penny of your income, including debt payoff, investing, and savings. This helps us be more thoughtful with our money and where it's going.

They provide other perks that help make the app worth the cost, including free live Q&A sessions and online courses that teach us to be smarter with our money. There are even challenges to participate in, such as the Debt Bootcamp.

All-in-all for budgeting software reviews, the free budgeting apps are great if you want less interaction and less education, and that's great for those confident in their budgeting process. If you want a little "hand-holding" and a ton of educational opportunities to learn more about finances and budgeting, YNAB is definitely the way to go.

References

https://www.pcmag.com/reviews/ynab