OT: You Need a Budget (aka YNAB)

Arsqldba · Nov 8, 2022

Hopefully this doesn't get derailed into an argument about credit cards or Dave being a cult leader.

I'm specifically asking about YNAB. I currently use a combination of Mint, PocketSmith, and Excel for budgeting, billing, etc..

I know just enough YNAB to be dangerous, but I'm specifically looking for conversation from those who have and continue to use it because I have a few questions.

How much time/effort is needed startup?
Does it effortlessly and consistently hook into most institutions to grab current and past finance data?
How does handle monthly saving for non-monthly expenses (I get assign every dollar, but how do you make to where an autodraft can't touch a dollar or you don't over-transfer from savings)?
Years ago, ING Direct had a deal where you could create as many separate accounts (similar to envelopes in an envelope system) as you wanted and you could transfer money monthly into
that yearly envelope and it would be where you couldn't touch it accidently. I have yet to find a replacement for that as it worked great. Anyone know of a replacement or how do you handle that with YNAB?
How long does it take before you see results? I realize results may vary but go ahead and assume someone is following it perfectly or +/- 10% slacker.

Tagging folks I've found in search that previously talked about YNAB: @HopkinsReb @OrangeBeachReb @dechance @BruceReb

HopkinsReb said:
I started really getting my financial act together (had always been fine because I make a decent income, but wasn't doing as well as I could) when I started using YNAB. I'd recommend some mixture of YNAB and Dave Ramsey.

OrangeBeachReb said:
An amazing budgeting app is YNAB (You Need A Budget) and it’s life changing. It’s essentially Ramsey’s system but modified to acknowledge people use credit cards but it’s very much focused on cash.
Mint and other “budgeting “ software /sites technically aren’t budgeted software but only a system that “looks back” on what you spent. Too late.

YNAB looks forward and aims to get you months and months of cash by “giving every dollar a job”.

They don’t sell your information (like Mint) and they don’t track your credit all of your information is private and it’s a yearly charge for the service.

OrangeBeachReb said:
It’s sound advice that will give someone (or a new couple) sound footing. However, as your income rises and you don’t have the debt, some of his advice doesn’t grow with you.

Years ago, my wife got cancer and this correlated with the Great Recession. I went from zero debt to upside down on my home, I had to shut down my business, and medical bills that almost cratered us.

I went to one of his one-on-one gurus and that Ramsey Guru looked me in the eye and told me to not follow Dave’s advice - I was in a spiral where my finances followed.

Somehow I survived and I adhere to many of his principles.

To any of you that want to live on a budget, I recommend YNAB (You Need a Budget) app. The problem with almost all “budgeting” services is they generally look “backwards” - they track your spending - by then it’s too late. They do a horrible job budgeting into the future. YNAB has been a game changer and I’ve used it for years. YNAB basically follows Dave’s system.

Unlike Mint, and other competitors, is it’s not advertisement driven, thus it’s not free. It’s about $120 annually and I’ll use it for the rest of my life. They don’t sell they information either.

BruceReb said:
+1 for YNAB. I’ve been a user for over 10 years, it’s worth every penny!

Rebel Computers · Nov 8, 2022