Personal Expenses Software Review: YNAB (You Need A Budget)

There are numerous home expenses software applications in the marketplace, although the vast majority of them lack simplicity and have unnecessary attributes for the normal consumer. Even free budget spreadsheets on the Internet seem to possess this over designed quality. If you have to spend a lot of time maintaining a budget, it’s likely that you probably won’t keep it up.

In performing some investigating on budgeting, I came across this saying…” live on the previous month’s earnings”. The statement was affiliated with a program identified as YNAB (why nab), a personal expenses software product. Having a month’s income sitting in the bank always seemed like a good objective to possess, so I downloaded this system to give it a shot.

The idea is to change the way you think about your paycheck. Generally, most of us exist from payday to payday and income is allotted for immediate expenses, while credit cards make up the lack. In YNAB, when income becomes available you’ve got an option of using it within the current month or to be used the following month. You may also split the income – part of it can be used now and the remainder to be used later. Very cool!

Gradually while you track expenditures and save, you should be allocating the majority of the present month’s earnings to the following month. This means, you are living on the previous month’s wages with extra cash in your bank account at any given time. This transformation will take awhile of course, depending on your state of affairs and the amount of debt you’ve got.

In addition, you’ll have sufficient funds to pay once in awhile expenses like yearly insurance payments or auto renewals as they shall be alloted for in advance. This is crucial to retain financial integrity and not get into further debt.

The name YNAB is short for You Need a Budget and that basically says it all. It is basic home expenses software and takes about 5 or 10 minutes a day to maintain after the beginning setup is completed. Because of the pre-planning features of the program, there should be less worry about getting your bills paid. This is particularly useful if you are following a debt elimination plan.

YNAB’s website has plenty of help for users in the form of online lessons, forums and a plethora of articles that will help you in making that change in your thinking from scarcity to security. The initial step is to download the software for a free 7-day trial to test it out.

One problem with the application is the absence of a debt snowball calculator for debt elimination. It is possible to track your debts with YNAB, but it really would be great to have the payment snowball calculator. Possibly it could be included in a future update.

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