Goodbudget - Detailed Review

Frequently Asked Questions about Goodbudget

Q: Can I start using Goodbudget in the middle of the month?

If you want to start using Goodbudget in the middle of the month, you absolutely can. There’s no need to wait until the end of the month. For budgets based on income, start by creating your Envelopes and funding them from your last paycheck. Record transactions that have occurred since your last paycheck and continue to do so as the month progresses. When your next paycheck arrives, allocate it to your Envelopes again.

Q: How do I set up my budget using existing money?

To budget with the money you already have, start by entering all of your Accounts into Goodbudget. This will adjust your Available money to match. Then, create your Envelopes to represent your budget categories. Fund these Envelopes from your Available money. As you receive more income, keep it in your Available money and refill your Envelopes at the beginning of the next month.

Q: What are the differences between Goodbudget’s free and paid plans?

Goodbudget offers a free plan and several paid plans. The free plan allows you to manage one financial account, access the app from up to two devices, and use up to 10 regular envelopes and 10 goal/annual expense envelopes. It also stores a year’s worth of transaction history and provides community support. The paid Plus plan, now supplemented by the Premium plan, allows unlimited accounts, access from up to five devices, unlimited envelopes, seven years of transaction history, and email support. The Premium plan specifically adds the feature to sync with your banks.

Q: How do I fund my Envelopes in Goodbudget?

To fund your Envelopes, go to the Fill Envelopes page. If you are budgeting based on income, choose “New Income” to fund your Envelopes from your last paycheck amount. If you are budgeting with existing money, fund your Envelopes from your Available money. You can also set up remembered refills to automate the process of allocating funds to your Envelopes.

Q: How do I handle transactions in Goodbudget?

You can log transactions manually or, if you have the Premium plan, sync them directly from your bank accounts. For manual entry, record each transaction as it occurs and assign it to the appropriate Envelope. If your bank transactions stop syncing, you can import them from your latest statement. It’s also helpful to set up notifications from your bank to ensure you capture all transactions accurately.

Q: What is the difference between Accounts and Envelopes in Goodbudget?

Accounts in Goodbudget represent your real-life bank accounts, credit cards, and loans, along with their balances. Envelopes, on the other hand, are budget categories where you allocate your money. All the money from your Accounts is aggregated into an Available envelope, which you then distribute into your various budget Envelopes to manage your spending.

Q: How do I manage biweekly or irregular income in Goodbudget?

For biweekly or irregular income, it’s best to budget based on the most recent paycheck date. Create your Envelopes and fund them from the last paycheck amount. Record transactions since the last paycheck and continue to do so. When the next paycheck arrives, allocate it to your Envelopes again. You can also consider budgeting monthly to simplify the process.

Q: Why are my Envelopes showing negative balances?

If your Envelopes are showing negative balances, it could be because you have spent more than the allocated amount in that category. Ensure that you have accurately recorded all transactions and that your Available money is correctly distributed among your Envelopes. You can also check if there are any discrepancies between your Goodbudget balances and your actual account balances.

Q: Can I set up recurring income in Goodbudget?

Currently, Goodbudget does not automatically refresh Envelopes with new funds, but you can set up remembered refills to simplify the process of allocating funds to your Envelopes each time you receive income. You need to manually add money to your Envelopes using the “Add Money” feature.

Q: How does Goodbudget handle credit card purchases?

For credit card purchases, you should create an Envelope for your credit card account and track your spending within that Envelope. When you make a purchase, log the transaction in Goodbudget and assign it to the appropriate Envelope. This helps you keep track of your credit card spending and ensure it aligns with your budget.