Are you like most of Americans and feel like you never have enough money saved at the end of the month or do you find yourself stare at your savings account and wondering “what’s that for?” If so, don’t fret, you’re not alone.
According to a recent report on CNN nearly 60% of American’s don’t have at least $500.00 in their savings account. Which is really scary when you think about it because just imagine all of the “unexpected” expenses that can arise that easily exceed $500 bucks!
And if you don’t…
Have that kind of cash just sitting around, guess what? Something as simply has having your car break down or you lose your job or you get hit by a hurricane can now force you to have to borrow money from your friends or family (do you really want to be “that guy”), or now you’ve put yourself into a situation where you need to use your credit cards to survive! And we all know how that story ends.
This is why…
We chose to write our best money saving apps article so that folks can have a chance to take advantage of a new “trend” that is going on right now that allows you to use your phone or mobile device to help you manage your money so that you don’t need to be like 60% of Americans and instead, you can begin taking charge of your own financial destiny.
Now will YNAB app help you do this?
Who knows? But let’s take a moment and actually review what YNAB is and then you’ll be able to decide if it’s something that might work for you!
What is YNAB?
You Need a Budget is an app that helps you budget your spending every month. Instead of looking at an empty bank balance or just skimming by praying you’ll make it to the next paycheck, YNAB helps you change the way you save – so that you actually do!
Rating on the Google Play Store: As of September 2017, YNAB had a 4.4 rating from more than 10,000 reviewers.
Who started YNAB?
YNAB was started by a young married couple, Julie and Jesse. When they got married, they realized they quickly had to start doing a better job of budgeting – and along came YNAB.
YNAB has been around since September 2004, and if you know anything about startups and tech companies, you’ll know that the fact it’s been around for 13 years says a lot!
Connect All Your Accounts.
You can start by connecting all your accounts to YNAB. Then it will track your spending and help you do a better job at it in general. The way that it works, is that it allows you to “prioritize” your money into categories that will help you manage how you spend your money.
For example, you may set aside $100.00 a month for eating at a restaurant and YNAB will keep track of that $100.00 and let you monitor if and when you get close to “breaking” your goal.
Manual Entry Option.
Unlike some other budgeting apps, you can actually enter everything manually if you so choose. Why would you want to do it? Well, for security reasons, some people aren’t that keen on giving their bank details to an app to manage. That said, YNAB has an outstanding record of being very safe and secure.
Track Your Goals
YNAB also lets you set goals for yourself. If you want to save a certain amount, you can set a goal and a date in which you want to reach it that goal and YNAB will help you see how far you’ve come.
Breaking up the Occasional Big Bill
Even if you do a great job of budgeting on the monthly stuff, one big quarterly or annual expense can be really hard to manage. YNAB encourages you to put a little money aside each month specifically for these expenses. That way when the time comes, you’ll have the cash ready. This is how you break free from the 60% of Americans who don’t have an emergency cash reserve and keep yourself from going into debt due to an unexpected emergency or expense.
Spending Old Cash
YNAB tries to get you to break the cycle of living month to month. Essentially, the app tries to help you spend “old” money – and by old we mean a month or more. This helps alleviate stress attached to the paycheck-to-paycheck lifestyle. And once you start saving enough of this “old money” you can then begin to take a look at some other options such as passive income ideas and small investment ideas that can potentially help turn your little bit of savings into a whole lot more.
Bonus of YNAB
In addition to being a budgeting software, YNAB also offers some workshops that you can participate in, free of cost. These are online, of course. All workshops have a financial topic that is useful to helping you grow your savings. One might be on how to budget when you’re not earning a lot, or how to manage your student loans, and that sort of thing.
Potential Drawbacks of YNAB
Unlike other budgeting apps, YNAB is one of the few that you actually have to pay for. It’s free for 34 days (yeah, what an odd number of days, right?!), but after that you have to pay $50 per year.
Now is $50.00 bucks a lot of money to spend on an app that can help you save a whole lot more?
Hard for us to say? That would be something that you’ll need to decide for yourself. The last thing that we here at TermLife2Go want to do is have you spend $50.00 bucks on something that you’re not going to like or not going to use particularly if you’re already having a hard time managing your money! Which brings us to a question you may be wondering…
And now that we’ve…
Gotten you thinking about using a mobile app to help you create a budget, let us also introduce to you the idea of how you can also earn more money and save more money as well:
- How to Make Money Fast (Top 113 Best Ways to Earn a Quick Buck).
- Best Ways to Save Money (Top 55 Money Saving Tips).
Which brings us to a question you may be wondering…
“Why is a company like TermLife2Go is writing a review for YNAB and suggesting ideas about how one can make more money and save more money?”
The answer to this question is easy once you understand what our primary goal at TermLife2Go is.
Even though we focus primarily on helping individuals qualify for life insurance (feel free to compare Term Life Insurance Quotes), our primary goal is to help insure the financial security of their loved ones.
Purchasing a life insurance policy is a great way to do this, so is creating a financial budget that can help you finance such a policy or better yet, help you save enough money that you may eliminate the need for such a policy!
For example, you wouldn’t believe how much money people spend on small burial life insurance policies.
Wouldn’t it be better…
To create a budget that would allow you to save this money on your own over a few years that would allow you to not need to pay for a burial life insurance policy for 10, 15 or even 20 years! We think so which is why we write these “types” or articles.
It’s important for us to point out and for you to realize that we here at TermLife2Go are not money managers or financial experts. We’re just a bunch of life insurance agents who really want to help folks ensure the financial security of their family.
So just remember…
Before you sign up for anything or make any type of “financial” decisions be sure to think very carefully about it and if possible run all of your ideas by your financial advisor. If you choose to use an app like YNAB great! If not, no worries, we don’t receive any type of financial compensation from YNAB so it really doesn’t matter to us at all, all we want is for you to use this information to hopefully improve your financial situation.