You want to budget but you want it to be easy. No work. No pain. Almost…fun? That’s the premise behind You Need a Budget or “why-NAB” software.
YNAB makes tracking your money simple with automation, goal tracking, and easy-to-read reports – all for an annual fee of US$109. Don’t like it? Cancel anytime. Or give the 34-day free trial a whirl first.
YNAB features
YNAB tries to make budgeting fun and simple with these features:
Why You Want It
Syncs with bank account to track spending + Offers a 34-day free trial.
Special Features
- Surprisingly long free trial
- Highly-rated mobile app
Eligibility
- Canadian citizen
- Age of majority
Provinces
ALL
Features
Monthly Fee
US$14.99
Free Trial Length (Days)
34
Bank Syncing
Goal Tracking
Personal Support
Bill Payment
Automatic Categorization
YNAB product rating: 4.2 stars
You Need A Budget is budgeting software that tries to make a dry (yet pretty important) task seem a bit more fun. For a fee, you’ll get access to automatic budgeting software that connects right up to your bank account so it’s painless. All you have to do is set your budget and check in to make sure things are on the right track.
But connecting your account to software like this may void your bank’s fraud protection, so it’ll have to be a gamble you’re willing to take.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of YNAB
What does YNAB bring to the table?
Pros
YNAB makes budgeting fun – really
Instead of boring you with spreadsheets and making you feel bad about how you spent your money after you spent it, YNAB tries to focus you on prioritizing your finances before you spend it. Before you spend a single dollar, they aim to help you think through your priorities while you still have the ability to influence your spending. It’s forward looking and proactive. Smart.
Automation rocks
It’s a lot easier to track your spending when 90% of the work is automated. YNAB can sync up with your bank account, your credit cards, your investments, and your loans. Once synced, it also categorizes all your spending into convenient groupings which you can customize to your personal preferences. All you need to do is correct it once and it remembers your changes for next time.
Real-time access
Got a phone? A tablet? Then you have real-time access to your budget through an app. Your budget goes where you go – on all devices, all the time. Apps include iPhone, iPad, Android, Apple Watch, and even Alexa.
Mistakes are OK
Unlike other budgeting tools, YNAB expects your budget to change. It lets you be flexible and address overspending as it happens. Then you adjust. With no guilt necessary.
Intuitive interface
All it takes is 3 clicks to get anywhere you need to be. There’s one main screen with colour-coded indicators, making it easy to read and understand.
Personal support
Let’s face it. Trying new software can be daunting, difficult, and even overwhelming. YNAB gets that and their help desk support is excellent (though it’s all through email). They also offer a host of 20-minute workshop videos to help guide you along on how to get the best use out of their software. Useful, on point, and short.
34 day free trial
If you don’t think YNAB is giving you enough value to make up for the fee, you have 34 days to try it out for free.
The cons of YNAB
But what are the downsides?
Cons
You need to be committed
Nothing is ever as simple as it’s made out to be – and the YNAB software experience is no exception. To truly get the best bang for your buck and value out of the software, you have to be committed to using it. YNAB tries to make it as easy as possible with its bank syncing automation and click-and-select categorization, but in the end you still do need to itemize every spending decision you make in order for the software to show its worth.
Gotta trust the internet
Uncomfortable with electronic connectivity? Forget it then. It’s completely optional and YNAB allows you to enter everything manually without ever making a connection to your bank. But keep in mind that loss of automation and synchronization will pretty much kill all the software’s usefulness (unless you have loads of time on your hands).
Talk is cheap
No matter how fun YNAB tries to dress it up, it’s still a budgeting tool. And for most people, budgeting will never be fun.
YNAB alternatives
It’s nice to have options.
 |  | |
|---|---|---|
| Account | Quicken (Deluxe) | Spendee Premium Budget App |
| Genius Rating | ||
| Why You Want It | See all your finances in one place + 30 day money-back guarantee. | Syncs with your bank account + Can also connect to crypto wallets. |
| Monthly Fee | $6.99 | US$5.99 |
| Free Trial Length (Days) | N/A | 7 |
| Bank Syncing | | |
| Goal Tracking | | See Issuer for Details |
| Personal Support | | |
Show More | ||
| Apply Now See more Quicken products Compare | Learn More See more Spendee products Compare |
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FAQ
How do I open a YNAB account?
Go to their website and sign up. You’ll need to create a username and password, but that’s it. It takes 1 minute and you’ll be logged into their online portal. From there a wizard will walk you through a few set up questions and you’re done. Then you can choose to sync your bank accounts and start making budgeting fun.
What if I don’t like YNAB?
YNAB offers a no-risk, 34 day free trial. And if at any time, you don’t think the software works for you – you can get a full refund. No questions asked.
Where’s my data stored?
All your data is stored online on YNAB’s secure encrypted site. That’s why it’s easily accessible from any device. It’s also why it’s an issue to those with privacy and security concerns.
Is YNAB right for me?
It might be. It takes a good couple of weeks of truly using the software to get the hang of it and see the value. It also does require you to itemize every spending decision you make in order for the software to show its worth. For many, that hurdle will be too much. And for them YNAB will become YBother. See how YNAB stands up against its major alternatives here.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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