You Need a Budget (YNAB) is a fintech budgeting app that\u2019s crossed the sea from the United States. And while it\u2019s not the first fintech app to help you control your spending and saving, it is certainly one of the most detailed.<\/p>
We\u2019ve reviewed it to help you decide whether that level of detail is just what you need.<\/p>
YNAB provides a straightforward system to help you understand your income and outgoings and plan ahead for bills, holidays, insurance and the unexpected. Describing itself as a wealth building tool, it connects to your bank accounts and imports transactions automatically.<\/p>
You\u2019ll be able to see account balances and transactions wherever you go, as well as prioritise and track spending and savings goals. You can even take advantage of debt management features, such as an integrated loan calculator.<\/p>
YNAB works from an app on your smartphone; you link your bank accounts to the app. You will be guided through creating your YNAB template, personalising your budgeting categories and adding targets for each one.<\/p>
The app includes the following features:<\/p>
Once you\u2019ve created your YNAB template it\u2019s then time to use the \u2018YNAB Method\u2019. This involves giving a job to every dollar (or \u00a31) you have in your accounts, right down to zero. The YNAB Method poses 5 questions to help you:<\/p>
You can then map your dollars\/pounds to the different categories.<\/p>
YNAB isn\u2019t a current account, so you won\u2019t be spending money through it whether you are at home or abroad. However, YNAB can help you save for your holiday and keep you from overspending while you\u2019re away. You can start a new budget exclusively for your time abroad, and YNAB will notify you to help you stick to it.<\/p>