You Need a Budget (YNAB) is a fintech app that’s crossed the sea from the United States. YNAB is a budgeting app. And while it’s not the first fintech app to help you control your spending and saving, it is certainly one of the most detailed.
We’ve reviewed it to help you decide whether that level of detail is just what you need.
YNAB says that “with just four simple steps” you can rein in your budget. YNAB provides a straightforward system to help you understand your income and outgoings and plan ahead for bills, holidays, insurance and the unexpected.
YNAB works from an app on your smartphone; you link your bank accounts to the app.
Registration and account set-up are as simple as advertised. It takes less than 15 minutes to fill in your personal details, set your budget and list your expenses. The app itself balances depth and functionality well, coming with five tabs including:
YNAB isn’t a current account, so you won’t 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’re away. You can start a new budget exclusively for your time abroad, and YNAB will notify you to help you stick to it.
As mentioned above, YNAB doesn’t offer a current or savings account and so doesn’t come with a long list of fees and limits. YNAB charges a monthly subscription fee of $6.99 (or about £5.20), so less than your Netflix or Amazon Prime subscription. YNAB also offers a 34-day free trial, so you can try before you buy.
YNAB has a number of measures to keep your details safe. First, your information is kept behind a password of your choosing, which is then secured by industry-level encryption. Your data is only held for a limited time, and all account-pairing technology is of the highest standard.
YNAB is a great tool to help you bring your finances under control. While it is available in the UK, you might struggle to pair your British bank accounts with the YNAB app.
However, you can manually enter your account balance and details which will allow you to use the app’s features properly. It is important to remember that YNAB cannot work miracles, and it requires effort on your part to stick to the budget!
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