The Cons Of YNAB

roll-with-the-punchesThe personal finance software, YNAB (You Need A Budget), is an outstanding product. The reviews and customer feedback are largely supportive and positive. Most of the YNAB customer base is satisfied with the outcome of their purchase because YNAB is budgeting software, nothing more but nothing less than excellent in its field. However, as with any product, there is always room for improvement, and YNAB is no different. Although its benefits far out-weigh its limitations, these still need to be addressed for clarification sake.

Tax Options

This personal finance software does not have a section dedicated to taxes and does not provide financial calculators. However, it will be helpful when it comes time to prepare tax returns and compile other information. YNAB gives access to detailed pie charts and line graphs illustrating your yearly expenditures. Within the personal finance software, YNAB has an excellent tagging system that categorizes expenditures into deductibles, business expenses, and other tax-related categories.

Person Investing Tools

Although heralded for its many benefits, this personal finance software, unfortunately, does not have any features dedicated to importing investment account data, downloading stock quotes or stock history, or maintaining a portfolio manager (which includes all investments, such as a 401K). It is believed that specific features such as accounts, budgets, and financial goals pertaining to these topics would be simple to setup and maintain, and should be added to the software in the future. But YNAB, after all, is budgeting software and its main function is to provide a way for anyone to start, stay, and prosper from a budget. That is does very well.

Archiving and security Tools

While YNAB has an archiving and security tools section, there are a few other software products on the market that provide better tools in this area: Quicken Starter Edition, MoneyDance, and Simple Home Money. On a scale of 1 to 10, these rate a 10 whereas YNAB rates a 9.4; still not a bad score when compared to the rest of the personal finance software on the market.

So there you have it. Compared to its benefits, these limitations are very small. However, it would behoove the creators of the YNAB software program to pay attention to and address these few limitations so that their software continues to stand out from the rest of personal finance software. With budgeting, however, YNAB is one of the best in helping people overcome this daunting task of financial budgeting.

 

SitemapEntries RSS Log in