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November 10, 2005

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To protect your credibility, you really should say how much you're being paid to say these nice things about YNAB.

Dan --

No one can pay me to say nice things about a product I don't like. It's simply not worth it. So if you're implying that the only reason I'm endorsing this product is for a fee, you are mistaken.

I'll refer you to my ad policy (found at http://www.freemoneyfinance.com/2005/10/fmf_speaks_my_a.html) if you (or anyone else) have doubts about my motives. The summary: 1) I only recommend things I use/believe in and 2) All revenue from this site goes to charity. (That's REVENUE, not profit. I pay all the expenses of the site myself, but give all revenue to charity.)

I hope that explanation "protects my credibility" (not that it needs protecting), but I'm sure others are wondering the same thing. Thanks for raising the issue.

All that said, I'd encourage you to try the YNAB software (there's no risk), and if you don't like it, write me a note and I'll post it. Likewise, if you do like it, please do the same. I want to find great solutions for us all to manage our net worths and if this product is/isn't a winner for most people, I'd like to know.

FMF

This does look like a cool product... BUT...

I assume that it does not include the functionality to download transactions data from financial service companies - e.g. credit card transactions. Isn't this a substancial shortfall for a budgeting tool.

I ask this question because I am contemplating the purchase of some kind of finiancial plannign software right now.

Rick --

You are correct. It's more of a budgeting/cashflow solution than an investment tracking solution.

For me, YNAB is a great budgeting alternative (I currently use my own spreadsheet to budget -- Quicken's budgeting section is too clunky for me) and use Quicken to track expenses/investments. From now on, I plan to use YNAB for budgeting and Quicken for expense tracking/investments.

FMF

And what about a free solution?
An open source solution?
And you can import Money files.
Look here:
http://www.grisbi.org/

I print my checks from w/i money, so I won't be using an excel solution any time soon.

I have used everything from Quicken and MS Money to building my own excel files. I like YNAB. I have used it for a year now and I see a huge difference in my attitude towards money. My money.

What the YNAB system does is create an envelope system for spending your money. Which means you have the money before you spend it, and it makes it easier to make sure you dont over spend in a category. An envelope system is very effective. If you want something that can be incorporated with your online accounts and automatically pull in your transactions for you there is a online program at www.mvelopes.com. It incorporates the envelope idea and adds the ability to pull transactions from your online checking/savings accounts and credit card accounts as well.

I have been using it for around 6 months now and it has totally revolutionized how I manage money.

Let me know if you have any questions about it. There are fee's invloved and no I do not make money to talk about it.

Pete

here's a good household budget worksheet too that can be downloaded in an excel file http://www.moneysavingfreetips.com/household-budget-worksheet.html

it has break downs of mortgage, car, debt and other miscellaneous expenses

I'm expert excel user and uses excel regularly for budgeting and cashflow management - MS Money for Credit Card Transactions and Asset\Liabilities Management. MS Money can do things that YNAB can never achieve, however for budgeting and cashflow management it sucks big time. My suggestion use both, YNAB for day to day cashflow management and MS Money or Quicken for all the other transactions.

YNAB is a spreadsheet, therefor is has significant limitations. For all of its many flaws, Quicken has a database backend, making infinitely more flexible/capable. While YNAB may be a good program, it is certainly not a replacement for Quicken.

Sigh - the search continues.

YNAB needs to work with Quicken/Microsoft Money. See this piece for details:

http://www.freemoneyfinance.com/2006/08/quicken_andor_m.html

You can't compare YNAB to Money or Quicken. These are two very different products! YNAB is a good simple cash management program, and an over priced one at that. If your finances are more complex, need investment transactions, historical account data, check printing, online banking, and credit card transactions, customized reporting then YNAB is not for you. Money and Quicken are in a different league. BTW it's really easy to create and use an envelope budgeting system using QUICKEN. YNAB is a zero based budeting envelope system which is a methodology and system, not a piece of software. You can get the same results with Quicken, Excel, or a tablet and pen if your really determined. Since the idea is save money and get the most from your dollar, I would be hard pressed to shell out 59 bucks for YNAB when I could get Quicken which is a full featured personal finance package for the same money. Neither package is perfect so it's a matter of personal choice in the end. Quicken gets the thumbs up here!

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