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Is YNAB worth it?

19 replies

OwlOnToast · 11/12/2021 23:58

And is there a British version?

OP posts:
NandorTheRelentless · 12/12/2021 00:00

What?

Rasgulla · 12/12/2021 00:02

Yes! It's changed my life.

End of story.

ChocAuVin · 12/12/2021 00:03

The are beta-testing a British version at the moment.

Twice, but due to the lack of being able to sync bank accounts, I went back to Money Dashboard and Monzo pots for my budgeting needs.

I do love the principles though, like giving every £ a job, embracing your true expenses, etc… but I do very well with my cost-free solutions Smile

ChocAuVin · 12/12/2021 00:04

*I trialled it twice

OwlOnToast · 12/12/2021 00:10

Interesting thanks

I have read that it is possible now to link your UK account to it? Unless I read that wrong!

I should have plenty of spare money. I do not have plenty of spare money as I'm all a tenner here for a pizza for DD, a tenner here for costa drinks a few times a week, mindless buying etc etc.

So it dawned on me that I have a real budgeting issue and I wondered if this could help

OP posts:
OwlOnToast · 12/12/2021 00:11

@ChocAuVin yes I need to accept what my true expenses are and not pretend that I don't spend the money that I clearly do

OP posts:
Helpstopthepain · 12/12/2021 00:18

If you look on credit crunch or money on here you’ll find a few interesting threads.
I am curious about it!

TokenGinger · 12/12/2021 00:20

What is YNAB?

Helpstopthepain · 12/12/2021 00:21

You need a budget

OwlOnToast · 12/12/2021 00:21

@Helpstopthepain good plan, I'll have a look over there

The reviews seem very positive and I'm curious too

OP posts:
BarbaraofSeville · 12/12/2021 05:57

I think it sounds like a lot of faff, because you have to log all your spending and be constantly mindful about which 'pot' you are spending from. Can you really be arsed updating it every time you buy a coffee? Although that alone might be enough to make you cut down Smile

In your situation, I'd have a really good look through your budget. Moneysaving Expert is good for this. There's also a weekly email, with various hints to make more of your money over time.

www.moneysavingexpert.com/family/money-help/

The demotivator is a good tool to show you how much your daily coffee adds up to over time.

Then get yourself five* accounts, either from your existing accounts, or open sufficient new ones so you have the following:

A main current account, that all your direct debits come out of. Do not spend from this account, but set up standing orders the day after payday or on a regular day each month (the 1st or the 28th would be a good choice) for the following purposes:

A savings account for annual and irregular expenses, eg Christmas, insurance, white goods replacement, holidays, car repairs, school uniforms, etc etc. Expect to pay quite a significant three figure sum into this account, unless you are on a very low income/don't have a car or spend much on holidays etc. These things add up, and could be where a lot of your money goes along with the coffees and pizzas.

Move another chunk of money from your current account each month to an account for food and petrol/travel and only buy these things from this account.

Also have a 'long term/big purchases' account for things like home improvements, car replacement etc, that you would hope to be able to pay for without borrowing, seeing as you are in a position with a good surplus on paper.

Finally, you get to your free spending account, which you fund with the amount of money that you want to spend on coffees, pizzas etc etc on a 'when it's gone, it's gone' basis. Only buy these things from this account. If you run out, you can't have it Smile.

  • You don't have to have 5 accounts, you might decide to combine the short and long term savings, you might decide to just buy your food and petrol from your bills account, although there's a risk of buying non essentials in the supermarket, so that would be something to watch.

But by doing the above, if you get into the mindset of only buying the non essentials using one particular card, you naturally limit these spends to the amount you put in this account, while knowing that money is put aside for essentials and other priorities like holidays etc.

You could possibly open accounts with Starling, Monzo etc, which is quick and easy through the apps, and you get different coloured cards, so can easily remember that the green Starling card is your spending card or whatever.

BarbaraofSeville · 12/12/2021 05:58

Sorry, that was long, but it's really easy once you get going with it, because it all pretty much runs itself.

Helpstopthepain · 12/12/2021 12:32

@BarbaraofSeville that’s what I’ve been aiming for but you have made it so much easier!

ConsuelaHammock · 12/12/2021 12:59

Get £20 out at the weekend for discretionary spending.When it’s gone it’s gone.

Livelifeinthebuslane · 12/12/2021 13:08

I've seen lots of people love YNAB but I never seemed to be able to make it balance, I use statistics at work so I'm not numerically illiterate, no idea where I was going wrong. I loved Microsoft Money until it was discontinued. I've seen quite a few people looking for an alternative to YNAB though as they've increased the cost.

OwlOnToast · 12/12/2021 16:55

@BarbaraofSeville that's very helpful thank you.

I just need something to help me stop frittering. I'll think nothing of spending in costa, dominos (for kids not so much me!) toasted sandwiches when out, giving my youngest extra £20 here and there, lots of little extravagances. I can afford them. But it's just silly spending that I'd like to cut down on a bit .

I've also realised why my budgets in the past have gone wrong. It's because I won't add in the costa spending or the pizza spending or the amount i give the kids for bits and pieces ... I'll just say ' ah I'll stop spending there' and what I should be doing it thinking ' this IS my spending. It's my expenses' and not pretending that somehow I don't do it. And hopefully this would lead to me just bringing it down a little bit

OP posts:
OwlOnToast · 12/12/2021 17:00

@BarbaraofSeville I've also never considered one account purely for my direct debits/ amazing prime / Netflix / Spotify/recurring card payments. So I could leave the exact amount that these cost in there and then whip the remainder of my money into another account or two

I am not literate when it comes to money. But I could see how one account for monthly bills, one for my spending and one for saving could work etc etc

OP posts:
staryellow · 30/12/2022 10:26

This thread is about a year old but just came across it and thought I'd bump as I'm guessing I'm not the only one trying to figure out a better way to budget for next year and @BarbaraofSeville 's advice here is brilliant.

Violashift · 30/12/2022 11:03

Good advice as an alternative to YNAB

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