Traditionally, the envelope budgeting system has been one of the simplest, yet most effective budgeting methods. Cash was divided among separate envelopes designated for specific spending categories like groceries, mortgage, entertainment, and other expenses. Purchases in those categories were paid for using the correlating envelopes. It was simple to track where money was going, how much was left, and how long it needed to last.
However, in this high-tech society, most people use a cashless system for their expenditures. This has led to many different types of available budgeting software. But the old methodology is still vital to successful budgeting.
With this in mind, YNAB (You Need A Budget) personal finance software has become one of the most widely accepted software for this purpose. The latest member of the YNAB family, YNAB4 has gained a notable following proclaiming all the benefits that this software has and what it can do for you. Probably the best reason that many people choose it is the fact that is does use a virtual envelope budgeting system. It combines the best from the past with the innovation of the future.
Cloud Sync Tool
One of the features on YNAB 4 is the cloud sync tool. Cloud Sync keeps your YNAB budget up to date in real time across multiple devices. YNAB 4 allows you to know up-to-date information before making purchases no matter where you are. For example, if you are out shopping and want to know your balance before making a purchase, YNAB has all the update information available. The Cloud sync tool you can share information from YNAB to another computer or other devices. Here are some of the things you can do with the Cloud Sync tool:
- Sync information between two computers that share the same budget file.
- Enter a transaction on your mobile phone and have it immediately appear on your desktop and other mobile devices.
- Add a transaction on your PC at work and have it show up on your Mac at home.
- Edit the same budget simultaneously between multiple computers.
- See the latest changes made by a spouse, whether it was a purchase or a budget adjustment.
- Always have an up to date backup of your budget somewhere other than your computer. This means if your hard drive crashes your budget data won’t be lost.
There are a lot of budgeting software programs available and the best of those use the envelope budgeting system. Among that type of software, the YNAB personal finance system is one of the most efficient. It is simple, fast, and effective; and it’s sure to save you loads of money.