If you’ve been reading our blog for any length of time now, you know that we use Quicken to maintain our household budget. We recently were given the opportunity to review You Need A Budget Pro (YNAB) (budget software for your personal finances) and so out of curiosity we decided to take the software for a test drive to see what it was all about.
So what exactly is YNAB? YNAB is budget software and the program is based on a methodology which encompasses 4 rules:
1. Stop living paycheck to paycheck
2. Give every dollar a job
3. Prepare for rain
4. Roll with the punches
The program is so much more than just “budget software”. It really exemplifies a method of training you to think about your finances in a new way – especially if you don’t currently use a budget. You’ll learn why you should budget (and how to do it) as well as how to gain control of your finances – rather than letting your finances control you.
We are very familiar with using budget software. However, even if you’ve never used a similar program before, this is a very user friendly program. You are walked through all the steps. The program comes with a 10-day email course with lessons on budgeting which are very easy and straightforward. The program really focuses on the budget – which is so essential for your financial success. Even if you have never put together a budget before, this program will get you there. You’ll make a budget, a real workable budget, and then you’ll track your actual progress and carry budget surpluses (or deficits) forward each month.
In addition to the email course, you are offered the option of free online coaching classes where you can even ask questions and interact with a live instructor. Tutorials help you with every aspect of using the program and a quick start feature gets you up and running. Basically, lots of support for those who have never used any type of budget software before.
Okay, now that I”ve covered some of the basics, I’ll fill in some of the details of the program.
First, the software is delivered digitally. That means you don’t need to purchase it from the store or wait for the package to arrive. As soon as you pay for the software online, you receive the download link in your email box. We found the software installation to be a breeze. It is an auto-installing program so you don’t need any expertise to get the program up and running on your computer. We installed the program on our computer which is running Vista and had absolutely no problems at all. The software was up and running easily within just a few minutes.
The Register:
A key component of the software is “The register” – This is where all your transactions are entered. It looks and works just like your checkbook register. You can set up accounts for your checking account, savings account(s), or credit card (s). YNAB Pro version allows you the option of entering split transactions. (A split transaction occurs when you purchase items from different budget categories at one store. For example at Walmart you purchased clothing, a prescription, and groceries.) The program comes with budget categories already setup. However, if you want to use your own categories, though, it is no problem to enter them. Additionally, you can import your bank transactions.
The Scheduler:
You can schedule transactions that occur regularly. This is a nice feature because you can enter recurring transactions one time and have them scheduled for when they occur in the future.
Reports:
You have the option of seeing a variety of reports and can view them in table or graph format. This helps you to keep on top of your finances and monitor where you are at financially any given time.
The current price is $49.95 for the Pro version. They offer a 60-day money back guarantee.
Bottom Line: While we won’t be switching from Quicken, YNAB Pro does have some very helpful features. I especially like the focus on budgeting and think it would be a great program for someone who does not currently use budget software and wants (needs) to start a budget.
Related Posts- Five Tips to Simplify Your Finances
- Weekend Roundup - Edition #3: Income Ideas, Hydroponic Garden, Expensive Shoes, New Look For Linens
- The Future of Personal Finance Tools Nearly two months ago, I mentioned that Expensr and NetworthIQ...
- 118 ways to save money in college I signed up for ReviewMe a while back. The first...
