What is Goodbudget?
Goodbudget is a budget tracker software that keeps you on track with family and friends with the time-tested envelope budgeting method. The “envelope method” allows users to track their household’s spending by allocating a certain amount of their income into categories labeled things like groceries, rent, and debt repayment each month using the Goodbudget app. It’s much easier to plan and prioritize your spending due to this. It’s a first step in learning how and where to spend money for people new to budgeting in general. Users are only allowed to pay the amount allocated to each envelope. If they spend more than they have budgeted, the envelope will turn red, indicating that they have exceeded their budget. Goodbudget does not connect to users’ bank accounts or credit cards, unlike most other budgeting and expense tracking apps. Instead, you create “envelopes” and enter your transactions manually. You can customize the categories according to your needs, but the app will categorize your expenses for you.
Goodbudget’s most appealing feature, by far, is its hands-on approach to expense tracking. It allows you to analyze your spending habits rather than having it all automated by requiring you to enter your data manually. If they want, they can also download their recent transactions from their bank’s website and import them into Goodbudget. Users can also use the envelope feature to visualize their spending habits and prioritize setting different goals as their spending habits change. You might want to cut back on, for example, subscription fees and put the money toward your emergency fund. Goodbudget is also useful for people who are new to money management because it gives users real-time updates on how their transactions affect their budget and customized reports. Users can take advantage of various educational resources, including a blog, a podcast, and free online courses. A pandemic-inspired feature will allow people to prioritize “envelopes” based on their most urgent expenses, such as housing, utility bills, and so on, in light of the economic consequences of the coronavirus. High-level bank data encryption, which sends you codes to access your information in a secure data center, is one of Goodbudget’s security features.
For creating 20 envelopes, having one account user on up to two devices, tracking one year of transaction history, debt tracking, and community support, the Goodbudget app is free to use. You can upgrade to Goodbudget Plus for $7 per month or $60 per year for unlimited envelopes. In addition, Goodbudget Plus includes total account users on up to five devices, seven years of transaction history, debt tracking, and email support, as well as several other features. The iPhone, iPad, and iPod touch are all compatible with the Goodbudget app, available in the App Store (for iOS). It also has a web-based version available on Google Play (for Android). The Goodbudget app is ideal for those new to budgeting because it allows you to categorize your expenses, set spending limits for each category, and prioritize where your money goes in general. Another reason why Goodbudget is a great choice if you want to learn more about personal finance is the app’s variety of educational tools, such as the blog, podcast, and free online courses, which sets it apart from other apps. Many people seem to find Goodbudget to be a useful budgeting tool, with 4.7 out of 5 stars in the App Store as of this writing, but it’s also a high-maintenance tool. Because it doesn’t sync with your bank accounts or credit cards automatically, you’ll have to manually enter all of your transactions to keep track of them. It’s a useful tool for those who want to get their hands dirty with budgeting.View Website
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