YNAB: Be in control of your finances

by HAL | June 5, 2019

If you are a small business owner with no prior knowledge of accounting and budgeting, then you will find this tool intriguing. Although, using this tool can be a huge task if your approach to budgeting in the past has primarily been checking your account balance and doing some quick math.
However, YNAB will enable you to quit living paycheck to paycheck, pay off your debt, and save more cash; sounds interesting now, right?

Now let’s look at YNAB Rules of Budgeting
For someone on the path to financial independence, the YNAB budgeting rules as stated on their website should get on well with many of the ideas you already apply to your financial life.

The software revolves around four fundamental budgeting rules.

  • Rule #1: Give Every Dollar a Job
  • Rule #2: Embrace Your True Expenses
  • Rule #3: Roll with the Punches
  • Rule #4: Age Your Money and Extend

Let’s look at how YNAB works
Using the YNAB app is easy! You can download the mobile app on your smartphone or make use of their web-based app on their website, then you link your bank accounts to the app. In a situation where you are unable to link your bank accounts, you can manually enter your account balance and details which will allow you to use the app’s features properly.

Registering and setting-up of your account 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 the below five tabs:

Tab 1: Budget: This is the most important part of the app. A breakdown of your pay and the various areas it’s going in. If you have given a proper breakdown of your budget, YNAB can assist you in ensuring you’re staying aware of your financial responsibilities.

Tab 2: Accounts: In this tab you can sync bank accounts to YNAB and view accounts you have already linked. If your bank isn’t listed on the YNAB app, you can enter your bank balance and details manually.

Tab 3: Transaction: Record a transaction on the YNAB app, give a description of what the transaction is for, when it cleared and for how much. This is then considered alongside your budget.

Tab 4: Settings: From here you can edit your budget settings, start a new budget, view your account details, read FAQs and write reviews.

YNAB charges $6.99 (N2,516) per month to use their service. For that price, it isn’t a lot to pay for a well-respected budgeting program. You’ll most likely save more than that multiple times over simply because of the discipline the budget will force on your accounts.
We can likewise expect the service will be revolutionary when there’s an ongoing charge remaining in a precarious situation. That is the reason why paying a little price for a program or service is most times better than getting it for nothing.
YNAB also offers a 34-day free trial, to help you decide if you like the service before you buy.

YNAB has a number of measures to keep your data safe. First, your information is kept behind a password you set, 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. The YNAB security infrastructure is built on Heoku, which is the same technology used by the CIA. So you can see, YNAB takes security seriously.

In conclusion, if you’re in the red, have little in savings and are not investing for the future, there’s a good chance the major issue is the absence of a budget. If you’re going to implement one, it’s best to go with an automated system that will make the effort as easy as possible. YNAB is a popular and well-respected budgeting app, and $6.99 per month is a genuinely little price to pay for a tool that could literally be life-changing.
Let’s hear if you have tried out the software or you are currently using it.
Enjoy your holiday guys!!