YNAB Review: A Better Zero-Based Budgeting App To Track Your Money

4.6

GBR RATING

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GOBankingRates Score

Quick Take: You Need A Budget is a budgeting app and method that allows you to track and manage your cash flow, spending and savings goals more easily. The mobile app’s platform is based on four budget management rules that may serve as a learning curve for some but ultimately are essentially a budgetary guide for managing your personal finances. YNAB offers plenty of help getting started, and many users have nothing but praise for the app and its financial data.

YNAB Overview

Many budgeting apps help users track their budget, but YNAB also helps users learn to budget. The app uses the zero-based budgeting method, which tends to be a very hands-on budgeting system. The app’s four-step budgeting approach is designed to help users gain control of their finances by giving every dollar a job and managing their money and account balances. Though the app is not free, it does have several features that make it worth the cost of subscribing.

Key Features

GOBankingRates gave a 4.6 overall score for the following features used for this YNAB review. 

Security

YNAB uses 128-bit encryption and bank-grade security to protect user data as it’s transferred between the YNAB app and financial institutions. The YNAB platform is built on the same technology used by many government agencies, and user data stored on the YNAB servers is also encrypted.

Pricing

YNAB offers a free 34-day trial for new subscribers. A credit card is not required to sign up for the free trial.

Once the free trial ends, YNAB users pay $14.99 monthly or $99 annually, plus applicable taxes, for use of the app and access to live financial classes. This pricing may seem steep to some, but YNAB users do not have to deal with ads or third-party product recommendations on the platform.

Features

YNAB boasts the following features commonly found in many budgeting apps:

• Financial accounts can be securely synced with the app, enabling users to view their complete financial picture.
• Goal tracking allows users to create and track financial goal categories.
• The reporting feature provides a snapshot of a user’s spending and net worth.
• The handy loan calculator can motivate users to pay off debt more quickly by calculating how much interest additional payments can save.

Platforms

Those who don’t keep up with their budgeting app because of access limitations can’t use that excuse with YNAB. It might be one of the most widely compatible financial apps on the market. Not only is the app available for Android and Apple devices, but YNAB can also be accessed on many Amazon devices, including Amazon Echo. The platform can be accessed via a web browser as well.

Comparable Budgeting App Options

Here is a quick look at how YNAB compares to two other popular budgeting apps.

EveryDollar

Though both YNAB and EveryDollar are zero-based budging apps, EveryDollar may offer a more streamlined version of this method. It was created by personal finance expert Dave Ramsey and will help you customize your budget based on your income and cost of living expenses. Once you create your curated budget, you can then set achievable savings goals.

Goodbudget

Goodbudget is similar to YNAB. It is a budgeting app designed for a specific budgeting method — here, the envelope budgeting system. The Goodbudget app lets users sort their monthly income into virtual envelopes for specific spending categories.

Goodbudget offers both a free and paid version of the app.

How To Sign Up for YNAB

New users can sign up on the YNAB website or the YNAB app. Sign-up involves entering an email address, choosing a password, or signing up with a Google or Apple ID. While signing up for YNAB only takes seconds, YNAB recommends that new users plan for 20 to 30 minutes to connect their financial accounts to the platform and create their budget once they are ready to begin using the app.

Who YNAB Is Best For

YNAB is best for budgeters who not only need a budgeting app but also need to learn how to become better budgeters. Users who follow the YNAB budgeting rules can become more mindful of their spending and savings habits and break the cycle of living paycheck to paycheck. Fans of the zero-based budgeting method will find the YNAB app particularly useful. 

Final Take To GO

While some may feel the cost of YNAB is steep, the platform is ad-free, and YNAB claims that users save $600 in the first two months on average. Therefore, the subscription fee may be worth it to some users. Those who do not want to follow the hands-on YNAB method might prefer another budgeting tool that allows for more automation. However, anyone can use the free 34-day trial to try out this app.

Caitlyn Moorhead contributed to the reporting for this article.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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