Covely vs YNAB: The Best Budgeting App for Privacy-Focused Users
Two different ideas of where your budget should live. Here’s how they compare, including where YNAB is the better fit.
YNAB (You Need A Budget) is one of the best-known budgeting apps, built around a clear method: give every dollar a job. Covely is a desktop app that keeps all your data on your computer. They suit different people, so this comparison tries to be fair to both.
1. Where your data lives
YNAB stores your budget on its servers, which is what lets you use it on the web, on your phone and with a partner.
Covely stores everything in a database file on your computer. There’s no account and no sync, so there’s also no phone app and no shared budget across devices.
2. Getting transactions in
YNAB offers Direct Import, which connects to your bank through a third-party connection provider, and also file-based import.
Covely only imports files: CSV, OFX or QIF from your bank. It never asks for your bank login. Automation rules then categorise the imported rows, and from version 1.6.7 you can test a rule against past transactions before saving it.
3. How budgeting works
YNAB asks you to assign the money you have today to categories until nothing is left unassigned.
Covely uses a monthly spending plan: you set a budget per category, sub-categories roll up into their group, and each row shows how much is spent and left. Unspent money can roll over to the next month (with an optional cap), and a separate tab tracks savings goals and sinking funds.
4. Reports
YNAB’s reports cover spending, income vs expense and net worth. Covely has a Reports hub with an income statement (P&L), net worth balance sheet, cash flow, asset allocation, tax deductions and investment reports, each exportable to PDF or CSV.
5. Cost
YNAB is a subscription; check its site for the current price. Covely is free with no time limit; PRO is an optional one-time $9.90 that adds unlimited dashboard history, unlimited rules and a 90-day forecast.
Which one should you choose?
- Choose YNAB if you want to budget on your phone, share a budget with a partner, or have transactions come in from your bank automatically.
- Choose Covely if you don’t want your financial history on anyone’s server, you’re happy to import a bank file once a week or month, and you want reconciliation, investment tracking and printable reports in the same app.