Why Do You Need Personal Budget Software?
4 Concepts Of A Personal Budget Software Program That You Need
We mentioned a personal budget software program in our previous post that we recommend to our clients. The program is not only inexpensive, but the name really says it all…You Need A Budget. The developer of the program could not have found a better name for it, because the truth of the matter is, we all need a budget.
There are some individuals who shudder at the idea of creating a budget, and then to live within the terms of the budget, is just too much to deal with. However, you can look just about anywhere in the world today and see that the day of reckoning has arrived. For many, many years, every country, including the USA, has spent foolishly and recklessly. If the cash wasn’t there, it didn’t matter, just borrow and worry about paying it back at a later date. Well the later date is here and countries and individuals are teetering on the edge of bankruptcy.
This personal budget software program, YNAB for short, was developed with a four point philosophy as its basic rules for creating a budget. The four points in this concept are:
- No more living from paycheck to paycheck. You will be taught to overcome that.
- Every dollar of your income will have a job
- The future brings the unexpected and you will learn to save for known fixed expenses and to allocate funds for the unforeseen.
- You will learn how to adapt when changes occur and also how to properly manage a budget.
Most personal budget software programs leave you stranded as soon as the sale is made, and let you figure it out for yourself. Not with You Need A Budget! After the sale is made, the tutorials and live training classes begin. One of the best features here is that all of this training is Free. I’ve yet to find another program that offers this type of Free service, or to this extent. This fine program also has another unusual feature that you won’t find in other programs. Your expenses that are budgeted are based on the previous month’s income that was received. There’s no question or guessing as to the amount of money available to spend. Other personal budget software programs “forecast” (guess) the amount of income and base spending on that. What happens if the income number decreases, such as in the case of a commissioned individual? Disaster!
You Need A Budget has a major emphasis on getting back to the basics in budgeting. That is to create a workable budget that is realistic and one that you can live with. If you can accomplish this, the budget will work as it is intended, you will get your bills paid on time, and you will see a reduction in debt. This will be true especially of that dreaded credit card debt that never seems to decrease.
For over thirty years, I’ve been a financial adviser, accountant, and tax preparer, and I can’t emphasize strongly enough how important it is to prepare a workable budget and eliminate credit card debt as quickly as possible Stress is one of the primary factors that causes many marriages to fail, and excess debt can cause stress big time. I’ve seen young couples with seven or more credit cards with total outstanding debt exceeding $80,000. When you add that to a large mortgage, and perhaps a couple of car payments, what is left for them to do? Paying the minimum payment on the credit cards would probably take a few hundred years, if ever, to repay them. This is not a position that I would like to see anyone in, and personal budget software can help immensely.
Married couples aren’t the only ones that can get caught in that debt trap – it happens to single individuals as well. This personal budget planner software will benefit anyone by helping them to set up a budget and offering advice as to how much to pay and save. YNAB uses the basic philosophy that I have been teaching for many years, and that is to control your spending and don’t spend more than you earn.
I can list the many benefits of this fine personal budget software program, but the bottom line is, you need to give it a trial spin to see for yourself. These fine folks at YNAB will let you try it free so that you can enter some accounts and see just what the program can do for you. If you like it, and realize that you need to setup a workable budget, the low cost of the program is another key feature. It’s also a one time purchase and not a monthly recurring fee like a couple of other programs.
You owe it to yourself to see just what a personal budget software program can do for you, and You Need A Budget does it very well. You’ll be glad you did.
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Budgeting is a really tough job. It is not easy to generate one, much more to live with it. The YNAB would surely be a great help.
Thanks for your comment, Sarah. Yes, setting up a budget can be a little difficult, but if you follow the software recommendations, you’ll find it easier than you think.
Yeah before reading this article I never would’ve known that buying a budgeting software could be so helpful. I would have probably thought it’s a waste of money but I now see how it can help you actually save money so that you HAVE more. Brilliant idea. Thanks for sharing!
Yes, this program practically leads you right through the process, and the Free classes are a big plus.
I totally have trouble with budgeting and sorting out my finances. It sounds like YNAB would actually help me. I’ll give it a whirl :).
You’ll like it. The program will lead you right through, plus they offer FREE training classes if you need help.
Great review. I just looked into the software and it looks like just what I need. I’m terrible with numbers and this simplifies it so much. Thanks for the tip.
Try it with the free trial, you’ll like it.
I am not sure if I am the first reader to say this but, budgets suck! They are hard to live with and hard to stick to. Thankfully they do have a good side to them in the long run and this software should make it even easier to manage. Thank you for taking the time to write this post for us.
Thanks for the information. I’m old school so I struggle with pen, calculator and a spread sheet. Now I’m going to make the change to using software. I guess you could say I joined the 20th century now that it’s the 21st. This article helped me get an understanding of them.
I have to admit that sometimes I have more month left at the end of my money. Hopefully I can incorporate this finance software into my spending solution. I will definitely be giving YNAB a try. God knows I need a budget!