YNAB worth the money?

I saw some chat about YNAB on another thread Realtime Balances

I was curious to get peoples opinions on it and other tools. How are you suing it, if it’s worth it, does it work well in the U.K. Are there better tools out there.

I’ve used Emma for example but I wasn’t to sure it met me needs.

Personally I’m trying to budgets things so I can maximise my savings for a house deposit and generally just control my spending a bit better in regards to food shopping and other spending

I think ynab is good if you can stick to that sort of thing but it does make money management more of a chore.

I prefer Moneydashboard personally, YNAB is expensive really and considering moneydashboard is free and gives you a much better outlook of your accounts in my opinion.

I think for budgeting you need something that makes it simple and the budgeting feature on moneydashboard does that.

I’ve been a YNABber since 2012. And I still think it’s a great tool. YNAB is all about budgeting — you decide what you’re going to do with your money (save or spend) in advance. A lot of these other tools just tell you what you’ve done with your cash afterwards — i.e. when it’s too late.

You can do some of what YNAB offers with Excel. You can separate your money into virtual envelopes using Starling Goals, Monzo Pots, and N26 Spaces to help you budget. Or you can try HyperJar (does a similar sort of thing).

The premise of YNAB is you budget for everything you spend your money on. And that doesn’t just mean for next month, ideally you’ll budget and save for all your known (and unknown) expenditure. So when the time comes to part with your money for your car insurance in July 2020 it’ll be sitting in a virtual envelope ready to go. Same applies for Crimbo — start saving in January. I have a virtual envelope called :poop: for those rare events you can’t really forecast.

More recently it moved from a one-off purchase to an annual subscription model. It’s web-based with a mobile app. It is very well done. But even though there are more bells and whistles, it’s now become quite expensive. So I’m considering moving away from YNAB and utilising things like HyperJar for some things, and Excel for others.

I would certainly recommend you give it a go: they offer a 34 day free trial. And if you decide to sign up using the link below we both get an extra month free:

I have Financial OCD, and my vision is to live on last months income for this months bills. I am currently in trial, and like me you can request an extension of another 30 days if you are unsure before committing.

YNAB is a lot of work which suits me, and like others say it depends on how much work you want to put into your finances.

Have a look at Nick True here Nick True on Youtube

Some great ideas there, for me Credit cards is the hardest thing to get my head around, so the jury is still out for me as to if I will stick with this plan.

Hope that helps :slight_smile:

HyperJar looks interesting - never heard of that, thanks for this :+1:

YNAB 4 (the predecessor) was hopeless for credit cards but the web version has made a huge leap forward. You still budget for everything as if you were paying cash, but if you charge something to a credit card it debits your category, and credits a new category with the corresponding amount. You then have the money to pay your credit card off in full each month.

If you already owe money on your credit card, just create a new category deciding how much you want to pay back each month (so you budget to pay off your balance over time).

Drop me a DM if you’d like to if you need some specific help.

I am the kind of person to want to track things. I currently have a spreadsheet tracking all my long term savings over various savings accounts, company shares, and S&S accounts.

Especially more so recently as I’m trying to get as much out of my money as possible to save as much as possibly for an eventual house.

YNAB makes a lot of sense (the envelope system), I might give the trial a go to see how well it functions.

I’ll have a look at hyperjar as well, it seems to potentially have a similar concept in part at least.

Thanks for the info from both, that’s useful insight.

One thing I really went is to be in that spot of having everything accounted for and budgeted for. Not quite there yet but moving in that direction.

Its nice that when you get a bill - i.e. for your annual insurance or when the dishwasher packs up to be able to say “Oh that’s ok, we already have that money saved, and we are getting some interest on it as well…”

I am sure that I saw with either Monzo or Starling that if you create pots, and save into these pots, they are shown in YNAB as accounts (with YNAB Sync), which of course can match to your budget…

I don’t know about Monzo, but certainly Starling Goals do not synchronise via SyncForYNAB. That’s probably because no transaction actually takes place (the money is just logically segmented within Starling). That also explains why transactions in and out of Goals do not appear on your Starling bank statement.

Revolut Vault deposits and withdrawals are captured by SyncForYNAB. But they also suffer the same fate as Starling Goals – you cannot spend directly from the Goal itself. Hence I like HyperJar where you can connect your HyperJar Mastercard directly to a virtual envelope and spend from it.

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Are you using hyperjar now? I just joined their wait list .

Personally I’d get Pingit and cut out HyperJar because I don’t see them being around long now Barclays has stolen their entire target market

Yep, I am using it. And a friend of mine has also joined. But I think it might be iOS only at the moment, so maybe the waitlist is for the Android version? But if you’re on iOS, here’s a link on the App Store.

If you already bank with Barclays this might be something to consider. I don’t. And last week I went into my local branch with ID to have it validated so that ‘advanced features’ like Jars could be made available. Only when I rocked up I was told my branch doesn’t offer that facility (despite their app saying differently), the next nearest town also doesn’t, so she suggested a 38 mile round trip to my county town.

Why Barclays cannot validate someone electronically I do not know – they don’t even try. But given the other threads on the forum about amount of paper Barclays send out, I’m even less inclined.

Oh… and from what I’ve read about PingIt, you can only spend on the card from your main balance rather than directly from your saving jars. In which case you may as well use Starling Goals, Monzo Pots, or N26 Spaces as they suffer that same limitation. I particularly like HyperJar because you can link your card directly to a Jar. The ability to share a jar with someone else is a nice added extra.

Ah, wasn’t aware of this. If my local one doesn’t do it I’m unlikely to go looking further tbh.

For Pingit they haven’t sent me any paper actually (besides an initial welcome letter).

You can link your wristband to jars.

As long as you’ve been through the rigmarole of validating yourself at a branch that offers that service.

And while you can nominate a jar when you add a device or card, that appears to be a permanent link to a jar. HyperJar allows you to change which jar your card is connected to with two taps within the app. I think it’s a different proposition.

For your Barclays card yes. From the pingit card it can be assigned to any pingit jar immediately. This is the same with the pingit devices.

They don’t need validation via a branch as far as I’m aware. Pingit it technically separate from your Barclays account.

It sounds like if you use pingit but not Barclays you need to validate the account with ID?

No you can change at will in the spend tab at any time.

There website made my sign up to a waiting list despite saying I was on iOS. The iOS app link on their took my to the waiting list as well.

The app link you posted though let me make an account so I’ll have a look at it.

It looks like hyperjar automatically takes from specific jars for some locations (shell is the one I noticed it seems to suggest this?)

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It isn’t. I just checked.

I don’t think it is - I think Pingit is just HyperJar by Barclays with a worse verification process.

Does HyperJar have Apple Pay ?

What are the abroad fees like?

Yep - exactly. Which in my experience hasn’t been a simple experience (see above).

As have @Eden and @CJ0206: so thanks all for clearing that up. When you’re not manually validated with PingIt, it is quite limited as to what you can do.

I think it is. With HyperJar you can share jars with other users and give each different permissions. You can also open some retailer-specific jars which will grow at 4.8%.

Nope. Be good to know if PingIt does; does anyone know?

There are no fees to use your HyperJar card abroad; transactions are processed using the Mastercard day rate. This makes it a reasonable approach for your holiday when you share your holiday spending money jar with your partner/friend.

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You can get a 4 month trial of ynab via this link