Many personal finance budgeting apps allow you to link bank accounts so the app can track where your money is going. You Need a Budget (YNAB) does this but also gives users the option to manually add transactions to avoid linking bank accounts. This is helpful for those who don’t want to let third-party apps have access to their financial accounts — or those who prefer manual logging.
But if you do want to connect your savings account and checking account, you can. YNAB connects not only with major banks, but local credit unions and institutions as well. You can also add a credit card and then immediately set a financial goal for it, like paying off your balance over time or creating a budget to include your entire balance.
After linking all your accounts you want to be monitored, you’ll give every dollar currently in your accounts an assignment. Rule No. 1 of YNAB is “give every dollar a job.” This means that you shouldn’t have any leftover money by the time everything is assigned to a spending category. (If you do, leftovers can go toward emergency savings, investments or retirement contributions. Or even fun things like birthday parties and vacations.)
The greatest difference between YNAB and many other budgeting apps is you only budget the money you have; YNAB doesn’t allow “forecasting,” or creating budgets for future incoming dollars.
It doesn’t just end with tracking your money; YNAB wants to make sure you understand the importance of financial management. They offer free daily workshops on budgeting, debt, credit card debt, building savings, and more, along with a rich library of educational resources.
After signing up, you’ll get to use the app for free for the first 34 days. After that, it’s $99 a year. It’s a hefty cost, especially if you’re already strapped for cash and need a budget app like YNAB to help get you on track. But hundreds of thousands of users swear by this app, with many claiming the savings from using YNAB far outweigh the cost.
Cost: Free for the first 34 days; billed annually at $99 or monthly at $15.