I have been waiting on writing my review of YNAB 3 for a while because I wanted to make sure I was solid on my verdict. First let me step back a bit. Early last year I started using Mvelopes (Mvelopes Review) and if you read the review you will see one of my frustrations with it…
“I think the user interface could use a makeover. The tool is very powerful and offers a lot of great features, but they could take some lessons from Apple on their navigation to make the user experience a little bit better.”
As I continued to use the program for a few more months my frustrations with the interface continued. The best way I can describe the issues is to say that the software just seemed buggy. I would click this and it wouldn’t work or things would open automatically, etc. It really bummed me out because the actual system they created is great, but the user interface was quite frustrating for me. I am not sure how much of it has do with the fact that I was using a Mac, because I can’t imagine that they would have released the software with some of the issues that I was seeing, but either way I figured it was time to try a new tool.
Enter YNAB. Being a personal finance blogger I have heard about YNAB for years and have even given copies away multiple times for Free Stuff Friday. So I talked to Jesse, the creator of YNAB, and he gave me a copy to try out. With budgeting software, if possible I prefer to really try it out to give it a thorough review. So, with that said, I have now been using YNAB 3 for about 6 months and I am a committed YNAB user.
Jesse has done a fantastic job of creating a beautiful user interface that is intuitive and effective. After the issues I experienced with Mvelopes, YNAB was the perfect antidote. Like I mentioned before I really liked the “system” that Mvelopes created, and had I not had interface issues I would still be using them.
Other Notes
- One of the things that I liked better with Mvelopes was that my bank data was auto-imported. With YNAB, I have to go to my bank, download the transations, and then import them. It only takes me an extra minute, but I wish it had some kind of auto-import button.
- YNAB is also software that resides on your computer vs. Mvelopes which is basically a Web application. What this means to users is that YNAB is arguably safer because your data is stored on your computer rather than in the Mvelopes database. On the other hand, users can access Mvelopes from any computer since it is a Web app. So both have their pros and cons.
- For a long term user YNAB is tremendously cheaper. YNAB is a one-time fee of $59.95 vs. Mvelopes which is a subscription service that costs about $7-$12 each month (depending on the length of contract)
YNAB Video
Rather than pasting in a bunch of screenshots of the YNAB software, I figured I would just include a video showing what it can do. If pictures are worth a 1000 words, how much is video worth?
http://www.youtube.com/watch?v=8zC9HQKhXdc
Do you use YNAB 3 or Mvelopes? Which do you like better?
{ 9 comments… read them below or add one }
I’ve been using YNAB for a couple of weeks now, and just wrote a review last week. Great minds think alike:) I’ve been happy with the software so far because what it does, it does well. I don’t think it’s ever going to be a full featured personal finance manager, but the thing it does well, budgeting, it does very well.
I had been using a zero based budget spreadsheet for some time, but in some respects it was a pain to update. YNAB took all the things i was doing with the spreadsheet, and made them easier through their software. It allows you to create a budget where every dollar is assigned to a category, and it forces you to plan ahead every month – working towards the point where you’re paying this month’s bills with last month’s income. If you overspend in a certain category one month, your budget will be updated so that you’ll have less to spend next mont – so you’re feeling the pain of overspending. All in all I think it’s a solid software for budgeting and getting your financial house in order.
I’ve used both back and forth for about 2 years. Multiple reviews later, I prefer Mvelopes because of the points you mentioned–Web access and auto-import, but also because the math just seems easier–one way or another, I kept “breaking” YNAB and things wouldn’t add up.
Unless I’m mistaken, Jesse said that he is currently working on functionality that will allow for auto-importing of bank data. It might be a while before it’s available as an upgrade but it’s definitely on his radar.
Thanks for the input guys! Noah I hope you are right, that would make me love it even more!
Here is what Jesse said in a tweet on Feb. 10, 2011 regarding auto-importing of data from a bank:
“RT @parsifal: planning on adding bank syncing anytime soon? > I can’t use words that infer deadlines… (soon, later, now). It’s planned.
”
I guess you can take it anyway you want
I love YNAB, glad you apart of this great community. They have a great app to go with it, and… classes! Boom, chicka Boom!
Bob,
Very informative review of YNAB. We appreciate you wanting to give a “thorough review.” It’s true, YNAB isn’t a full featured personal finance manager. We really want to focus first and foremost on budgeting. Helping people get that foundation will allow them to succeed in other financial endeavors. Thanks again for the kind review!
Best,
Anne Gordon
YNAB Executive Assistant
Thanks Bob for the info. I am currently deciding to go with Mint, Mvelopes or YNAB. I like the auto import feature from mvelopes….pretty much done with the extra steps of keeping up. I want real time (or close to it as possible) without me manually importing it myself. Also, like the web based…….any word that Jesse would be moving in this direction?
Both look like they would be satisfactory for budgeting. Our only concern is that my wife and I use our own laptops (mac for her, hp for me) so I think it would be better to have a web-based application vs. machine based. That way either of us could access the information whenever and from where ever.
Does YNAB have any inclinatin to go web-based?