Sneak Peek : Targets on Android!

(Jack Donovan) #21

Like all things good in life my man, it doesn’t come free!

I don’t care if I’m paying or not. I simply could not live without it

(also, I pay yearly and have a lifetime 25% discount because I’ve used it for so long)

YNAB defeats the need for Chip, Yolt, Emma, Pots, 1p saving challenge. Anything you can think of regarding managing your finances. YNAB has it

(Wayne Simpson) #22

Except for integration with UK banks! :wink:

(Jack Donovan) #23

Alot of people don’t use the integration even if they can… For the reasons I said above :sunglasses:

If the option was there… I wouldn’t use it. And I know alot of others that wouldn’t. In fact even a lot of YNAB staff don’t use it.

Defeats the whole point of YNAB

It’s fine mate, if targets work for you, happy days :ok_hand:

You have always had the option of manually importing a csv file which you can export from within monzo then to YNAB, again. Don’t use it. I’d rather keep on top of it myself. No errors :yum:

(Adam Kendrew) #24

I prefer to do everything manually too, although I just use an expense iPhone app and a spreadsheet. Never used the targets on Monzo as it’s simple too restricted in terms of categories. At least with a spreadsheet I can assign everything myself, rather than having items like health and fitness squashed into entertainment for example! :roll_eyes:

(Wayne Simpson) #25

I’m technology freak, I want everything in sync and working in conjunction with each other, automatically! Can’t live without it! No way I’d remember all the drinks I buy on an average weekend, and no way do I have time to sift through a statement and add it all into another app, can’t even be bothered downloading a CSV when it should work! If you beloved YNAB decided to sync with UK banks, I’ll give it a shot! But until then, I hope Monzo short this shizz quickly.

(Jack Donovan) #26

I’d definitely use a spreadsheet if I wasn’t so lazy. I love the fact that you can input transactions on the go with ynab though. I generally input the transaction in to YNAB while I’m stood waiting for my receipt that I no longer need, thanks to Monzo

(Wayne Simpson) #27

Right now Money Dashboard allows you to set custom cats etc, it’s the most flexible tool around, with bank sync. Issue is its buggy and breaks now and then, hence looking for an alternative, and I’ve tried them all! Excluding YNAB.


Like a Siamese/Manx cross breed?

(Jack Donovan) #29

I love the fact that you are going on about trying them all apart from ynab but have not settled on one that you like.

Maybe that is telling you something? :kissing::rofl:

(Wayne Simpson) #30

Yep, tells me they need to integrate with UK banks better :wink: :joy:

(Jack Donovan) #31

You lazy bugger :joy:

(Wayne Simpson) #32

Actually I use Yolt and Money Dashboard in conjunction, both have pros and cons but work well together for me.

(Jack Donovan) #33

Use what works best mate. I’m all for new things. YNAB is probably the one thing in life I will never replace… Maybe I’m getting old, I don’t know :joy:

I don’t understand how people can function without it though, I genuinely don’t. If I have £1300 in my account, before YNAB, I had £1300 to spend. When realistically I only have £50. Litteraly nothing else can tell me that. Apart from Microsoft Money which no longer exists… And excel I guess

Deprecated software you loved
(Adam Kendrew) #34

It does definitely take some work to setup, but now it’s done it’s just a day a week updating. I have mine predicting my spending and net worth etc for the next six months. Plus lots of other info, like my total credit balances and limits.

Back on topic anyhow, great to see Android catching up in feature parity, but I still think targets has a lot left to be desired. I know Monzo have stated their reasons for not wanting to offer custom categories (and thus custom category targets) due to being able to gather insights and see our spending in relation to other users (and make recommendations). However those insights will always be flawed if I’m having to fudge transactions into a category it has nothing to do with it or lumping everything into ‘general’.

(Jack Donovan) #35

Another place where I feel YNAB does better. How can you predict 6 months time, what if you get made redundant etc…

Just work with the money you have :rofl:

Argh. I need to stop.

On topic: I agree. It’s honestly honestly awesome. I am going to use it, but my targets will be set to what I have set up in YNAB for food etc. If YNAB tells me I can spend £50 on food, my target will be set to £50

We’ll see where it goes from there :smiley:

(Adam Kendrew) #36

That’s like saying how can you predict for a month ahead? :wink:

I like to see a snapshot of where I could potentially be in the future, if I stick with my budgets, my income stays consistent and I put away my savings each month.

I don’t like to budget and live month to month (but some might!), but it’s each to their own and that’s why Monzo has such a hard job in designing the perfect financial experience. We all treat money different and we all have different ways of managing our finances, so they’ll never be a one size fits all model! :raised_hands:t3:

I am going to take a look at YNAB though and see where it could fit into my finance workflow! :eyes:

(Jack Donovan) #37

Yes you budget month to month, but you still budget for the future. Just using money you already have. So even if you get made redundant. You already have backup money, because it’s money already in the account, you know? You could literally have a Redundancy category. If it had 5k in it, and you get made redundant, you still have that 5k if that makes sense?

Infact one of the big rules of YNAB is having the amount you earn in a month saved in categories so you are always living on last months income rather than month to month.

(Adam Kendrew) #38

Yup I get that. No harm (in my opinion though) of looking six months into the future to see what my total savings balance and net worth could be. I find it quite interesting :raised_hands:t3:

I mean it’s all based on predictions and as the months come along, budgets change which then changes the outcome of your finances in the month ahead.

(Wayne Simpson) #39

Can plan very accurately with MD, they have an excellent tool with both bank sync and allows you to add manual prediction also, this is why I use it. And Yolt for day to day budgeting. I’m hoping Monzo will take me away from Yolt however

(Jack Donovan) #40