YNAB worth it with 1 account & Monzo love?


Since getting Monzo & becoming geeky about my spending/budgeting, I keep seeing YNAB recommendations.
But I only have one bank account, and I’m really happy with the categories, targets & pots in Monzo & have started to stay in the black for the first time ever.
Those of you who use YNAB, does it sound like I’d get much out of it since I already have Monzo & don’t need to aggregate anything?
YNAB looks intimidatingly complex & the web interface makes me squint at all the info, but I’m willing to try it if it can offer more than what monzo’s already giving me. Would love to hear your thoughts.


I dabbled with YNAB a few years ago (pre monzo) but couldn’t be doing with the extra admin.

After using Monzo a while I realised that I had unwittingly adopted YNAB’s key tenet - “give every pound a job” - but Monzo makes it frictionless.

(Keri) #3

Not sure you’d get much out of it if you’re happy with pots etc. on Monzo.
I use it as I have multiple accounts and it helps keep track of what money is saved for what. I used to use a spreadsheet but it was far too easy for me to just spend the money I had in my current account!
I am giving it a go for a year, and then going to decide whether I need ynab for longer. It’s helpful with knowing how much I need to put a side for savings goals / how much to pay off on credit cards each month so I never pay any interest.


YNAB felt like it demanded too much interaction from me to be worth it.

I feel like that’s a huge bonus for a few specific people though. Mainly:

  • people on extremely tight budgets
  • people working their way out of debt
  • people who have fairly complex finances, multiple accounts, credit cards, loans etc

It’s no where near worth the hassle for me with my debit card and credit card and savings account. :woman_shrugging:

(Michael) #5

I have monzo and another bank account, a credit card and a car loan so it helps me manage where the money goes. When I’ve finished repaying I’ll cancel and just use monzo for budgeting instead


Thank you, everyone. Much obliged.
I took another peek at YNAB yesterday, recoiled when i couldn’t figure it out, & decided this advice plus my gut feeling means I’ll stick to my current ways. Monzo + Excel FTW! :fist:


Update: I couldn’t quite drop the urge to get YNAB working, & eventually found enough info in the support docs & forums to get going.
If the support documentation had been more clearly signposted from within the budget itself I might have found & used it earlier!
It also helped to see posts in various places from other people struggling. My ego felt better knowing it wasn’t just me
Verdict so far: it is worth it even with one account, because it lets me plan ahead (eg see what my Savings balance will be if I stick to my budget for 6 months) & have tweaked budgets/goals for different months (eg move cash around for the month I have lots of gigs to pay for).
I also like having more categories & mentally setting up more ‘pots’.
Tip: don’t import loads of transactions in at once. It’s too overwhelming when you don’t know what you’re doing yet. Start with today as Day Zero, & budget with the funds & payments between now & next payday. Once you’re comfy with that you can go back & import historical transactions if you want.