I personally use YNAB - and am a big advocate of that style of budgeting (“envelope” or “zero based”).
With Monzo’s API release and YNAB’s API - you can get one to sync with the other automatically (though needs a bit of set up).
If you have more than one bank account (or credit cards) YNAB works well - as it is your TOTAL budget of all money you earn, spend, or save. (Where as in Monzo you are only categorising what you spend within Monzo).
Things I like about YNAB:
- You can set categories to align with your priorities (vs preset categorisation). If you’re like me and are trying to cut down your Coffee Habit - you can track that more closely.,…
- The system makes you budget the £ you actually have, not what you think you’ll have
- I can see trends month to month more easily.
- It captures credit card spending, and credit card debt easily.
- Captures multi-accounts.
Cons of YNAB:
- It is a subscription service (but you’ll likely save the money by using YNAB effectively).
- Manual Entry if you can’t get your bank to sync (although this connects you more with your money…)
- There are a few bugs in the software.