Author: Valeriia Shanks
Most people have understand how to live on a budget, because of the financial impact of the COVID-19 pandemic. But for some, it is a way of life, either with the pandemic or not. Nevertheless, cutting your cloth accord to your size is one of the best ways to stay on budget and live a debt free life, even if you are an average or low earner.
If you are among the people who wants to budget their money, you might be familiar with the acronym YNAB. It stands for “You Need a Budget”, and it is a budgeting program that has helped many people to stop living paycheck to paycheck and start living life on their own terms.
The goal of the program creators is to help the app users to take control of their money and improve their financial status.
In this article, I will be thoroughly reviewing the YNAB application. I will let your know how it works and what you can expect from it.
YNAB concepts:
- Assign a job to every dollar received via the YNAB.
- Pay off rare spending outside of your usual budget, such as house repair, you can even set targets and make monthly payments.
- Transfer money from one category to another if you go over budget in one.
- YNAB can fund your budget with earnings from the previous month.
Although YNAB doesn’t have an internal bill payment tool, you may establish categories within your budget for bills.
You can only designate money for such expenditures. If you pay for purchases with credit cards, you may create a credit card payment category and use it to filter money as you input transactions from other categories.
Main Benefits o the YNAB App:
- Active Approaching: YNAB requires you to assign each dollar to a specific budget area. You may take charge of your finances in the beginning by using this forward-thinking strategy.
- Personalization: Although YNAB offers a budget with recommended categories, you may modify, delete, reorganize, and create new categories that are appropriate for your situation. Additionally, you may set up categories for additional expenses, financial objectives, and unintentional overspending.
- Simple Tracking: To have your transactions imported automatically, you may link your accounts. Your transactions may also be manually entered. YNAB makes it simple to keep records of the amount you have left in each designated savings category.
Is it secure?
Every time you link financial or personal information to third-party applications, security is always front of mind. To secure its users, YNAB follows officially recognized security and safety guidelines. Through cutting-edge encryption technology, improved login security, and other security measures, YNAB safeguards your financial and personal data. If you have any queries or concerns about security, you can also email the YNAB security staff.
Conclusion
YNAB app is great for tracking your spending, setting money goals, and figuring out how to pay off debt. In this YNAB review, we have gone over how it works, and what you can expect from the application. Assign a job to every dollar and watch your finances stable.
