Wally: App Review

(Author Rating)

 7/10

7/10

Cost

5/10

User Experience

8/10

Tools & Features

8/10

Setup

7/10

Basic App Info:

You Need A Budget (YNAB)

Cost: Free trial for the first 34 days, $14.99/month (billed monthly), or $98.99/year (billed annually)

Availability: Apple & Android

What Is YNAB?

What is YNAB? YNAB stands for “You Need A Budget.” YNAB is a budgeting app that emphasizes helping the user to—you guessed it, budget. Released in September of 2004, the app has helped thousands of people improve their financial situation.

After downloading the app and creating an account, you’ll see a page listing all your expenses. The page will also show the amount you currently have available from your bank or credit card account. This page essentially enables you to track your expenses and allocate every dollar available for a specific job. If you are about to overspend or need to redelegate where your available funds should go, YNAB will let you know.

The App

Likes/Dislikes

Likes

Uses an effective budgeting philosophy
Allows you to sync your bank accounts
Free trial for the first 34 days (includes money-back guarantee)
Plenty of help guides/resources available
Teaches you how and where to save
Clean interface
No ads
Helps you to plan with your budgeting
Allows you to create a joint account

Disikes

Expensive - $14.99/month (billed monthly) or $98.99/year (billed annually)
Beginners may feel overwhelmed
More complicated to learn and understand
You can’t pay your bills through YNAB
No access to your credit score
No investment features

Overall Rating: 7/10

YNAB uses a very successful budget management philosophy that helps individuals take control and responsibility for their finances. It enables you to look at how much money you have available and plan where to put that money before spending it. The app claims to save users on average $600 within the first two months, or $6,000 within the first year using this strategy.

YNAB’s biggest downfalls are its overwhelming appearance and cost. First-timers may feel overloaded with information and have to spend a bit of time trying to learn how to use the app. The good news is that YNAB provides guides and other online resources to help you understand how to use it.

Cost Rating: 5/10

YNAB is probably one of the more expensive budgeting apps available compared to others that accomplish the same goals. Originally, the app cost $84 per year. Since then, the cost has risen to $98.99 per year, indicating that the price is subject to change.

If the cost and possible price change in the future scare you, it may be worth considering cheaper alternatives. On the other hand, YNAB may be worth the price due to its powerful budgeting philosophy and available tools, especially if you use it long-term.

User Experience: 8/10

Initially, the user may feel overwhelmed with the YNAB’s layout. Still, the app is intuitive to use and well-organized. The downside is that you will have to take some time to learn how to use it. The good news is that YNAB provides plenty of resources to help you with the process. They even offer free online Q&A classes if you want to ask questions about the app or need help getting started.

Tools & Features: 8/10

When it comes to online guides and resources to help you get the most out of the app, YNAB has you covered. YNAB strives to give its users the tools they need to accomplish their saving goals. For example, the app lets you do the following:

Securely connect your bank accounts and import and sync your transactions automatically
Create loan accounts
Set saving goals and track your progress
Use a loan calculator to figure out how much interest you can save by paying a little extra each month
View your average spending and net worth via your budget reports
Create multiple budget reports

YNAB does not have alerts for upcoming bills or a way to track them. The app focuses more on helping you to take manual action and accountability for your finances rather than handling everything for you automatically. Also, it does not provide access to your credit score.

Setup: 7/10

Creating an account is easy. In less than five minutes, you can have your account (not your budget) set up and ready to go. YNAB provides an easy-to-follow tutorial to help you get started with your first budget and show you what you can achieve with the app. The hard part is that getting your budget created and going takes a little time. You will likely have to do some research to understand how to use YNAB’s budget report.

Alternatives to YNAB

If YNAB is out of your budget, or if you need something that YNAB doesn’t offer, here are some alternative apps to consider:

Mint (see our review): Free and customizable budget
Personal Capital: Catered to investors
Wally: Best for those dealing with foreign currencies (only available on Apple)
PocketGuard: Great for personalizing your budget
Tiller Money: Uses Google and Excel spreadsheets
Honeydue (see our review): Best for couples and free

App Ratings, Size, & Category

RATINGS

4.8 / 5
4.8 / 5

SIZE

41.8 MB
47M

Bottom Line: Effective But Pricey

YNAB is an effective app that helps you think about every dollar you earn and where to put it. In essence, the app enables you to take control of your finances and save money.