There are other envelope-based software applications out there, but none make it as easy to implement as YNAB. You could say it uses electronic envelopes. In fact, YNAB 4 is envelope budgeting at it’s finest.
This zero-based budgeting is the principle behind the traditional “Envelope” budgeting method. Their website says it well: “ Instead of deciding to buy something based on the big (or small) pile of money in your checking account balance, you’ll decide based on a category balance.”
If, for example, you spend more on that fancy dinner date (Entertainment), then you may need to spend less in Vacation. Giving every dollar a job requires you to prioritize your spending because it helps you realize that you only have a finite number of dollars each month. Said differently, “give every dollar a job” is simply using a “ zero-based budget.” What this means is that you allocate every single dollar you have for the month to a specific “job.” It could be to buy groceries, pay rent, be saved for an emergency, or for having a night out on the town. Rule 1 isn’t anything revolutionary (in fact, it’s a time tested and very effective way to budget.), but it’s something most of us simply don’t do. I’ll briefly go over each of these rules: Rule 1: Give Every Dollar a Job The YNAB methodology is built around what they call the 4 Rules of Cash Flow. I’d be doing a disservice if I didn’t go through YNAB’s methodology, as the software’s sole purpose is to support its implementation: Effective Budgeting: The YNAB Methodology In fact, YNAB is really more about following a method of budgeting rather than using great software (and great it is). The software itself is brilliant, but the real power of YNAB 4 comes from the budgeting methodology that it’s built around.
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Sure, there are shinier applications (Mint) and more complex applications (Quicken)–even a lot of free options–but you’ll be hard pressed to find an application that dials into the “necessities” of personal finance and gets the job done as quickly as YNAB does. Of all the applications I’ve reviewed, YNAB 4 is by far the most effective program to help you get out of debt, save more money, and take complete control of your finances. With many finance applications on the market trying to be all things to all people, YNAB 4 does one thing: budgeting – and it does it amazingly well.
You Need a Budget does a fantastic job of helping you manage your cash flow by focusing on what I consider the base of any financially sound household: the budget. Most notable may be Cloud Sync, which automagically syncs your budget data across all your computers and mobile devices. With this latest version comes a myriad of improvements. The review below will walk you through both the budgeting model behind YNAB as well as the software itself. The software is great, the methodology is proven, and its user reviews are off-the-charts positive. It uses the very effective “envelope” budgeting model and even goes quite a few steps further (which I’ll explain below).
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The YNAB suite of software programs includes a desktop version (for both Windows and Mac) as well as mobile apps for Android and iPhone/iPod devices. YNAB 4 is the latest version of the very popular and extremely effective budgeting software known as You Need a Budget.
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