14th August 2019

These posts were originally posted on the MoneySavingForums (a UK money management site), I am moving my journals across to WordPress to have them in chronological order. I’m not sure how much of other people’s words I’m allowed to copy across from one site to another, so in some sections I may summarise conversations.

Been thinking and comparing YNAB and MSE some more – if any YNAB graduates care to give me their thoughts, I’d be interested

I like YNAB’s “give every dollar a job” approach, but I feel their insistence on keeping it all in one account makes you over reliant on their app… let me explain

Under both systems, you give every dollar a job. For this scenario your budget is £100. £10 is for Christmas, £10 is for social, £20 is for petrol, £20 is for paying off debt, £40 is for groceries. You have already spent £22.63 this week on groceries.

Under YNAB rules, you either need to memorize your spends or check thier app to see how much grocery money you have left. Checking your bank app tells you your entire remaining balance, but not all of that is for groceries. You also need to type in every amount you spend into the app, when you spend it.

Under MSE/piggybanking rules, I just check the balance of my groceries account.

Ok, so I havent personally got it working perfectly yet. But I feel like if I cant make piggybanking work then I have no hope for YNAB. Maybe one day after some practice I can work my way up to YNAB but I feel like it requires more focus and attention to detail than I currently have. Anyone got any thoughts?

Note: Another forum member commented that you don’t need to keep all your money in one account with YNAB, and there was a brief discussion surrounding Monzo as a challenger bank. I’m not sure how much of other people’s words I’m allowed to copy across from one site to another, so in some sections I may summarise conversations.

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