Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Original poster

Talk to me about the YNAB app.

6 replies

Proudtocare3562 · 04/05/2022 18:04

Someone mentioned it on a previous thread. Can people tell me abit more about it please? I'd like to hear people's experiences with it.

OP posts:
FIZZYTEDDY · 04/05/2022 19:06

What the flip is YNAB?

AntoinetteCosway · 04/05/2022 19:12

It's life changing, and a learning curve. They do a month free, and have a load of videos to help. Also Nick True videos on YouTube are great. There are some YNAB facebook groups too which are helpful. It costs £80 per year, and I saved that many times over in month 1 of use. If you're in debt, it's invaluable.

FIZZYTEDDY · 05/05/2022 10:12

Yea but what does it stand for?

LaPufalina · 05/05/2022 10:19

I use the legacy version (v4); I used to use the web version and went back.
It's an old-fashioned envelope budgeting system but using modern software to help with credit card balances etc. I would recommend watching the videos, and there's a long-running thread on here with Q&As

DistrictCommissioner · 05/05/2022 10:21

FIZZYTEDDY · 05/05/2022 10:12

Yea but what does it stand for?

You Need a Budget

Wazzzzzuuuuuuup · 05/05/2022 10:41

Life changing for me. I always tried to budget with pen and paper but was constantly missing my 'true expenses' and thinking I had more to spend than I did. I have been using the software for three years now and I wouldn't be without it.

There is a desktop version and a phone app. If you use internet banking (I do) a daily 5 minutes updating your actual spends is an investment and my budget on YNAB is almost always bang on.

It's based on a few simple rules:

Allocate all your money, prioritise what you need to spend on before you next get paid

Understand your true expenses. For example I have a holiday booked in August. I have paid flights and the first half of the accommodation. I know I need X to pay for car hire and the rest of the rental, plus spending money. I have therefore set a target on YNAB to save Y every month.

Be flexible ' roll with the punches'. If something unexpected happens (good or bad) you will know what pots of money you have to move around. So, if my dog needs to go to the vet. I have £200 in my pet care category. If the bill comes in at £250 I can either reduce my grocery spend, or move from my hairdresser budget. Previously I would likely have used my credit card to pay the whole bill

New posts on this thread. Refresh page
Swipe left for the next trending thread