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 since your last paycheck and continue as the month goes on. For budgets using existing money, enter all your Accounts, create Envelopes, and fund them from your Available money.

Q: How does the envelope budgeting system work in Goodbudget?

The envelope budgeting system in Goodbudget involves dividing your income into virtual envelopes for different expense categories, such as groceries, gas, and savings. You put your income into these envelopes, spend from them, and stop once the envelope is empty. This helps you plan your spending beforehand and avoid overspending.

Q: How do I set up my accounts in Goodbudget?

To set up your accounts in Goodbudget, start by entering all of your real-life bank accounts, credit cards, and loans along with their balances. Goodbudget will adjust your Available money to match these balances. You can then create Envelopes to represent your budget categories and fund them from your Available money.

Q: Can I keep certain accounts off my budget in Goodbudget?

Yes, you can keep certain accounts off your budget. For example, if you have a Savings Account that you don’t want to include in your budget, you can create an Annual or Irregular Envelope called “Savings” with a budget of “0” and distribute the Savings Account funds to this envelope. This way, the Savings Account funds are set aside and not included in your active budget.

Q: How do I handle multiple or irregular incomes in Goodbudget?

If you have multiple or irregular incomes, you can still use Goodbudget effectively. Start by funding your Envelopes from your last paycheck or available income. When your next paycheck or income arrives, go back to the Fill Envelopes page to allocate it to your Envelopes. Goodbudget provides guides for managing multiple or irregular incomes to help you stay on track.

Q: What are the main screens and features of Goodbudget?

Goodbudget has four main screens: Envelopes, Transactions, Accounts, and Reports. The Envelopes screen lets you manage and fund your budget categories. The Transactions screen is for recording and managing your transactions. The Accounts screen shows your total net worth and allows you to adjust your account balances. The Reports screen provides a breakdown of your spending history and helps you track your expenses.

Q: Can I share my budget with others using Goodbudget?

Yes, Goodbudget offers a budget sync feature that allows you to share your budget goals with household members or partners. This feature helps ensure you are both meeting your budget goals and can be used to create a joint budget for shared expenses like bills and utilities.

Q: How do I track transactions and automatic transfers in Goodbudget?

You can track transactions by manually adding them in the Transactions tab. For automatic transfers and subscriptions, you can set email reminders to ensure you record these transactions accurately. It’s also helpful to compare your bank notifications with your Goodbudget entries to avoid duplicates.

Q: Can I access Goodbudget on multiple devices?

Yes, Goodbudget is accessible on the Web, iPhone, and Android devices. You can also hide certain envelopes on specific devices if you want to keep them out of sight but still have access to them when needed.

Q: How do I use the location-based transaction feature in Goodbudget?

Goodbudget allows you to set payee reminders based on your location. For example, if you frequently visit a particular business, Goodbudget can remind you how much you usually spend there and automatically add it to your expenses. This feature helps you track spending at specific locations and make more cost-efficient choices.