You're looking at each category as you spend the money so that you don't over spend. As you spend your actual money, you log the transactions against the assigned categories. Each category has dollars assigned on where your income is SUPPOSED to go the next month. If you had $1,000 in income, you'd say $200 is going to student loans, $300 to groceries, etc. You then assign every dollar you input a job. You would create different budget categories for student loans and any other bills. You would track your income coming in from the various sources. In principal, here's how I would see it working: Regarding your goal of tracking where your "money is spent, cash flow, balances, student loans and to maximize deductions at tax time", you can absolutely do this in YNAB. I'd give it a shot first, but make sure you watch the training videos and get your spouse 100% on board otherwise it won't work. I'm an active YNAB user and it works, but it takes discipline. Would it be redundant to use quickbooks AND expensify to keep track of biz expenses? I would be seeing these expenses anyways if a credit card or bank account is being used.Īny thoughts on what would best fit our situation? Correct?Įxpensify seems great as it can keep track of all the receipts. YNAB seems like a straight budgeting tool and don't think it can all I'm looking for. I was looking at quickbooks, but everywhere I read it is not recommended for personal finances and would require two separate books. I want a program that allows us to get an overall idea of how our money is being spent, cash flow, balances, student loans and to maximize deductions at tax time. Each one also has their own bank accounts and credit cards. We are both sole proprietors and try best to keep our business and personal incomes separate. Each one of us has a 401k x 2, and one 403a. Spouse and I both have regular W2 salaries and each one also has additional income coming in as 1099. I am in the process of trying to get more organized.
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