What happens in the budget is 6 of one, half-dozen of the other kind of thing. If I do that, won’t a balance become available in the category when the payment is recorded? Learn more about this company and what people are saying about it. David Johansen in YNAB, the mobile apps, while doing many of the features of the budget, really are still mainly meant for on-the-go category maintenance and spending decisions rather than full budgeting. EveryDollar is a very basic budgeting tool created by the team behind Dave Ramsey, using his principles for managing money. How do I need to best populate my categories to match my current envelope balances in Mvelopes. Quicken vs. YNAB. We easily have 50+ envelopes but without an actual funding plan page, it is hard to see how exactly that envelope is going to be funded each month. The equivalent to this in YNAB is setting a monthly goal for each category. $19 /mo. All information is stored on your hard drive. This allows you to always maintain TBB at $0 as recommended but avoids all the problems that are associated with budgeting into the future - the stealing from the future issue, having to flit between different months, having to make too many changes if plans change, etc. I scheduled an inflow transaction that splits my check by how much I want to fund each category when it comes in. We've also taken a closer look at Mint vs. YNAB.. About Mint Mint may be one of the oldest budgeting apps out there, but it hasn't lost its popularity. I often tweak it as the year rolls on too and then adjust the funding plan. It has a horribly flash interface, is ridiculously … Betterment does a cool thing where they generate special passwords for each unique software that hooks up with it. Related, this post explained the search abilities that replaced the reports I was looking for: https://support.youneedabudget.com/t/q5warf/feature-request-share. Your Bills, Your Spouse's Bills). UPDATE on Sweeping: I discovered that is really not necessary to "Sweep" like I used to do in Mvelopes. I understand this can defeat the purpose of the budget but it fits the way we live and has worked well for us. Our You Need a Budget review goes deeper into the app and the company if you wish to learn more. Mvelopes vs. EveryDollar March 31, 2015 / 0 Comments / in Envelope Budgeting With so many different personal finance management tools all vying for your time and attention, it can be difficult to choose the best for your situation, income, and budget. Plus. I think Mvelopes is dying. It is helpful to put categories in groups that are funded in the same way (e.g. I will say that mvelopes takes a month or so to figure out some of its odd behaviors, but once cruising, I think there is no going back. I recall when I first starting using YNAB, the first month was tricky. And best of all I saved a step - no need to "sweep". It will then automatically fund each envelope based upon your goal. I would be nice if the system could automatically create this scheduled transaction, but this doesn't happen that often so its not a big deal for us. YNAB is so much smoother and never seems to have the glitches that are daily in Mvelopes. This paid plan costs $83.99 per year, which amounts to just $6.99 per month. Mvelopes convert- YNAB is so much better but I miss some features. Then you can reorganize the category groups more appropriately. Mvelopes Personal Finance Trainer: Quarterly Sessions *Risk Free Guarantee: Mvelopes Complete has helped thousands of people fix their finances. I liked the ability to shift things around and see how much I had left to play with. (Side note, I have my "envelopes" sorted by the time of the month they are due, instead of alphabetically. Reimbursable Expenses: I had to handle reimbursable expenses differently in YNAB (i.e. I would love YNAB and Capital One to figure something out so this isn’t necessary every time you wish to import transactions, but I’ll take this annoyance any day as I feel YNAB overall is a much better product. Until March 5, your budgeted amounts will be $0, even though you have available balances. I thought I was following along with most of this but now I am confused. It's a wonderful thing to shift money from a lower priority category to one of higher priority (encouraged, actually -- see Rule 3). Creekside Simplicity I think the one feature I miss most (mostly because I've gotten to the point where I'm a month ahead, so I don't need multiple funding plans) is the "sweep" feature, where you could pick a bunch of envelopes and say "Sweep all remaining balances from these into envelope X". It’s so nice being able to reconcile and delete things if you want. You then have check-specific categories in each check group. That can lead to some pretty serious problems with your finances. Nice summary. Today I use a product called “Personal Capital” to track retirement accounts and investments but if I can do this in YNAB, or at least see the balances, that would be great. Pros: YNAB is geared toward teaching users how to budget and make managing their finances a habit. It is software you have to download onto your computer and it runs about $60; It does not track investments and assets – YNAB is budgeting software at its best, plain and simple. If you don't receive your paycheck until March 5, then from March 1 to March 5, you can only spend what you have in your available categories. This saved me a at least a month and who knows how much time!!! 5. YNAB is about double the price if you pay annually, but the added features and more importantly incredible support from YNAB justified the price for me. I am a couple weeks into my trial so I need to know if it can work before I have to decide whether to make the move or not. What I have done so far to try and mimic a funding plan... 1. dakinemaui My “savings” category is really my emergency fund. Credit Card Category: The credit card category took a little bit to get used to. If you know how much you spend each month on Groceries, that should be your budget for the month. I really think you have to take the approach "what cash do I have" and "how do I want to budget what I have today", and then when your next paycheck comes in, then budget that money again. It's not that you don't plan based on your income and based on what you know is coming in, but it's that going "I make x therefore I will budget y" is often the wrong road to start going down. I immediately assign any new income that shows up in the “To Be Budgeted” category to next month’s budget. With YNAB, users go to their financial institution and download the transactions in a compatible format (OFX, QFX, QIF, or CSV). Once you complete a full month and start a new month fresh, it should be okay. Quicken is a more robust money management tool than YNAB. Scheduled Phone Support. Personally, I like seeing the “To Be Budgeted” amount at 0 - it just feels good. I love it. Wonderful guide. I get that there aren't any funding plans - do I really need to enter all of these amounts every month manually? Everything you get with Premier. The fully functional app is $4.99 through iTunes or Android. It's a nice knock-on to the new software that technically you can do that now if you have goals set on every cateogry, but the YNAB method is "Here's the money I have right now, and here's how much of that money I can afford to set aside for each of these things I care about being able to spend on." Mvelopes Personal Finance Trainer: Quarterly Sessions *Risk Free Guarantee: Mvelopes Complete has helped thousands of people fix their finances. Support is wonderful, and when they say they typically reply in a day, they really do. I will check out the videos, I just can't watch them right now while at work. Honestly I haven’t tried this yet (waiting until Nov 1 to try) but if this works I may not even have to sweep (ie use the option “set available amounts to 0”) to reclaim unused budgeted funds. By then it may be too late, having spent money after being mislead by inflated category balances. when I populate the budgeted columns with the underbudgeted tool, how do I keep my available amounts looking like more than I actually have. When you use the quick budget feature, and choose "underfunded", the system will calculate the difference and add another $420 to that category (e.g. I am writing this post because I wanted to share my experience with everyone and let them know how I transitioned and adjusted from Mvelopes to YNAB. Then when the next set of paychecks come in later in the month, I fund the rest. You've just saved my life! Usually these balances always match because I link my bank and CC accounts directly and import all the transactions. When you receive new income, instead of letting income accumulate in the “Unallocated Money” envelope in Mvelopes, I immediately assign any new income that shows up in the “To Be Budgeted” category to next month’s budget. If any one has a question about Mvelopes, please feel free to reply to this thread and I will gladly answer any questions I can. When I see a number or a total or a calculation, I need to know exactly how that number is being derived. That way you won't have to manually split things. I used to do this with vacation, paying myself back a little each month after going on vacation. We reviewed EveryDollar and found that it's claim of being able to set up a budget in 10 minutes to be accurate – it's super simple, very easy to navigate, and follows the overall structure of Dave Ramsey's Baby Steps. However, not everyone has the cash to front reimbursements (especially large ones), and therefore use temporary CC debt instead of budgeting to the reimbursement category. Most of what my wife does on her phone is little maintenance things and the ability to quickly make sure that it all "still makes sense" was what I was going for and Vibrant gave me the trick I was looking for. I’m listing the sections below in the order that I did them/discovered them. For instance, if we are adding funds to an envelope to carry over so we can pay a quarterly bill, it would be there next month. Expand. Mvelopes disabled this feature at some point in Mvelopes 4 (even though you could still setup rules, they just stopped working and never told anyone), and then in Mvelopes 5 there were completely removed, never to return. If you have a category called "Groceries" and at the end of Feb (Feb 29) you have $40 available, then on March 1, when you QuickBudget and choose "underfunded", the system will calculate the difference between the available balance and the monthly spending goal. The program guides you through the process of budgeting, setting goals and sticking to them, and reconciling accounts. Those available balances will remain in Feb. (Taking money from "savings" doesn't have any concrete consequences, but taking from Vacation does.) When my husband or I get paid, I go down the line and choose which categories get money, out of whatever's available in TBB. So much easier and user friendly than the other one was, at least for me. For example, my HOA fees are $150 every 6 months, due in June and December, so I budget $25/month and let the envelope accumulate over time. I even get replies over the weekend. As with any business software solutions, it’s important to consider the features & functionality. Bottom line: Mvelopes cost is around the same cost of Mint. However, "will my goals fit in my income" is, despite them having created a blog post about it, not really how YNAB's method functions best. However, lately I've been reading up more on budgeting ideas. I wouldn't run nYNAB without it. The nice thing about YNAB is that the rules automatically set themselves up as you start assigning categories (you don’t have to set them up yourself like you did in Mvelopes 4), and the next time a transaction comes in, the category is automatically assigned and you just need to approve the transaction. 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