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YNAB vs Mint vs EveryDollar: What's the BEST Budgeting App? - YouTube
Channel: Influential Finance
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If you're looking to start budgeting
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there are many apps that can help you.
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But which one is right for you?
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Out of the hundreds available,
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Mint, YNAB and EveryDollar
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are some of the most popular.
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I've used all three of these apps,
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and in this video, I'm going
to break them down for you.
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Let's go.
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Hey, this is Carlos
with InfluentialFinance.
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And on this channel, I make weekly videos
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to help you improve
your personal finances.
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So if you're new here,
consider subscribing.
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Before I break down each
one of these apps for you,
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I just wanted to let you know
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that all three of these
budgeting tools are very good.
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You will not go wrong with
whichever one you choose.
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I'm first going to give you
a brief overview of each app.
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Then I'll go over each apps top features,
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then move on to pricing comparisons
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and talk briefly about
their customer service.
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And lastly, I will help you decide
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which one is right for you.
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So, let's jump into it.
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Let's start off with Mint.
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Mint was one of the first
budgeting apps available
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and it's now owned by Intuit,
the makers of QuickBooks
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and TurboTax.
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Mint has always been free
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and it still is today.
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They are supported by ads,
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which means that they will frequently
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recommend new financial products to you.
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When you sign up for
any financial products
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suggested by Mint, they make money
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which is how they can keep the app free.
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Mint tracks your income and expenses
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as well as your investments.
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It links all of your bank
accounts, so that any spending
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or account activity it's
automatically synced
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with your budget.
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It's a pretty good app overall
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to help you track your expenses
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and meet your financial goals.
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Let's now talk about YNAB.
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You Need A Budget
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or YNAB is a budgeting app that works
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with the zero-based budget.
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In the zero-based budgeting system,
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you give every dollar a job.
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The idea is to have $0 left
at the end of the month
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and not because you're broke
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but because you gave every
dollar a job for that month.
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In other words, you
assigned every single dollar
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that you earned to a
category in your budget
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whether that be for a spending
category, savings category
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or investing.
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YNAB isn't free like Mint.
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Although they do have a
free program for students.
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Because YNAB isn't free,
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this means that it is
not supported by ads.
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So you won't get any
of the frustrating ads
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you get with Mint.
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Also, if you follow the zero-based budget
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which is the budget that I
follow and highly recommend
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it makes it very easy to stay on track
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and make sure you give every dollar a job.
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Lastly, EveryDollar.
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EveryDollar is Dave
Ramsey's budgeting app.
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Dave Ramsey is a personal finance expert
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and it's most popular
for his seven baby steps
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of personal finance and
helping you get out of debt.
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EveryDollar is free
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and makes budgeting very simple and easy.
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Like Ynab, it works with
a zero-based budget.
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Although the app itself is free
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and you can create a budget
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and track your expenses for free,
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you will have to pay to
link your bank accounts.
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In reality, all three
apps are great for anyone.
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They help you budget, track
your spending and save money.
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But what makes each app
stand out from the others?
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If you've never budgeted before
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and don't know which
budget is right for you,
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starting with Mint is a great option.
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It's free and it links your bank accounts,
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credit cards and even investment accounts.
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So you don't have to
manually track your expenses.
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If you want the best free app
that will track your expenses
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and don't mind seeing
ads all over the place,
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then Mint is the app for you.
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Personally, when I use
Mint, I did my ID ads
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which is what caused me to leave it
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for another budgeting app.
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If you want to give every dollar a job
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and utilize the zero-based budget,
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YNAB certainly takes us to the next level.
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It includes goal-tracking,
debt payoff tools,
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and syncs to your bank accounts
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so you never have to
manually enter your spending.
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YNAB'S budgeting philosophy focuses
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on breaking down your expenses,
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even annual expenses on a monthly basis,
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so you're never caught by surprise
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even by expenses that only
come around once a year.
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YNAB's philosophy and budgeting method
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will help you get out of the
paycheck to paycheck lifestyle
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and we'll help you save
for a large expenses
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so that you can avoid getting into debt.
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EveryDollar is the simplest
app out of the three
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and the only one that has a
free version and a paid version.
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Although I call it a simple app,
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it's minimalism makes
it perfect for people
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who are new to budgeting.
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With the free version,
you can create a budget
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and manually enter your
expenses to update your budget.
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The paid version will
allow you to automatically
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sync your spending with your budget
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so that you don't have to
manually enter your expenses.
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While you have to pay for the subscription
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to link your bank accounts,
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the automation feature is pretty awesome
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If you're going through
Dave Ramsey's baby steps.
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EveryDollar is very simplistic,
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which isn't surprising since Dave Ramsey
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is all about simplifying your finances.
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I used EveryDollar for over two years
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and I really enjoyed it.
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Let's now go over pricing.
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Of course, when talking
about budgeting apps
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it's natural to talk about pricing.
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Mint, as we said before, is free.
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There's no option to upgrade
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so you never have to pay to use Mint.
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But you'll get a lot of ads.
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YNAB has two pricing options.
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$11.99 a month or $84 a
year, which is a $59 savings
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If you choose to pay annually.
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YNAB also has a free version
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If you are a student.
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EveryDollar is free
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If you don't want it to automatically sync
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to your bank accounts.
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If you'd rather automate your budgeting,
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it costs $130 a year.
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Although personally, I
would not pay that much
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for EveryDollar's automation,
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this would only be worth it
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If you're going through
Dave Ramsey's baby steps.
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If you are not going through
Dave Ramsey's program
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I would rather go with YNAB,
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since it's way cheaper than EveryDollar
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and has a lot more features.
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Let's now talk about each
apps customer service.
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Customer service is important
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when you're dealing with your budget,
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whether you need help with the app itself,
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or you made a mistake
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and don't know how to undo it.
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A good support team
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and a good customer service
team, can really come in handy.
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It's no surprise that Mint
has mediocre customer service
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since it's a free service.
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They only offer a chat option
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between certain hours of
the day during the week.
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YNAB offers many customer support options.
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They encourage you to use
their self-help guides.
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They have videos, any frequently
asked questions section.
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But if you need more help,
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you can contact their support
team via their online chat.
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The thing that sets a YNAB
apart in customer service
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is that they host multiple
live sessions every single week
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on their Facebook group, teaching people
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how to best utilize all of their tools.
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In these sessions,
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they also answer any
questions you may have.
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If you use the free
version of EveryDollar,
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you get email customer service only.
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But if you upgrade to the paid version,
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you get phone support too.
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So which app is right for you?
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Like I said at the
beginning of this video,
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all three of these apps are great.
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But here's how you can figure out
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which one is the best app for you.
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If you're looking for
a completely free app
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that tracks your budget
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and automatically syncs
to your bank accounts,
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Mint is that right app for you.
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Mint gets the job done,
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especially if you're new to budgeting.
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You will get a lot of ads,
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but as long as you don't mind the ads,
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you will be getting a
really good budgeting tool
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for no money at all.
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If you follow Dave Ramsey's baby steps
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or you just want to simplify your finances
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as much as possible,
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EveryDollar is the best option for you.
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I do not recommend you
pay for EveryDollar.
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If you want the app connectivity,
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I highly recommend YNAB and Mint
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because they are much better options.
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YNAB is cheaper than
paying for EveryDollar
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and has a lot more features.
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Lastly, if you're serious
about your financial future
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and you want the budgeting tool
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that will have the greatest
number of features possible,
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YNAB is the option for you.
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YNAB's budgeting philosophy prevents you
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from overspending
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and at a glance
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lets you see you whether or
not you can afford something.
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YNAB's tools will help you
reach your financial goals.
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Budgeting isn't fun for most people,
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but in my opinion
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it's the only way to stay
on track financially.
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If you haven't set yourself
up on a budget yet,
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it's time to pick one of
the budgeting softwares
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that I just went over.
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I personally use Ynab
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and I think is the best one out there.
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If you'd like to give YNAB a try,
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I'm going to leave my referral link
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in the description of this video below,
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so that you can get a free 34 day trial
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plus a free month
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If you choose to sign
up for a subscription
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once your trial's over.
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After you sign up for your YNAB trial,
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check out this video right here,
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where I walk you through how
you can get started with YNAB.
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That's been it.
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I'll see you in the next one.
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