Product Overview: Goodbudget
Goodbudget is a budgeting service that leverages the traditional envelope budgeting system in a modern, digital format. This app helps users log, allocate, and manage their finances effectively through a simple and intuitive interface.
What Goodbudget Does
Goodbudget allows users to divide their money into digital “envelopes” or categories, each designated for specific expenses such as rent, groceries, entertainment, and more. This approach helps users plan their spending rather than just tracking it, ensuring they stay within their budgeted amounts for each category.
Key Features and Functionality
Envelope System
- Users create digital envelopes for various expense categories, including regular expenses like groceries and gas, as well as envelopes for annual expenses (e.g., holiday shopping, property taxes) and savings goals (e.g., saving for a new car).
Manual Transaction Logging
- Unlike many other budgeting apps, Goodbudget does not automatically sync with bank accounts. Instead, users manually log their transactions, which helps in maintaining a hands-on approach to budgeting. Users can upload transaction histories from their bank statements to compare and ensure accuracy.
Budget Management
- Users can set aside money in each envelope based on their income and financial goals. The app displays the balance of each envelope, using colorful bars to indicate whether the budget has been exceeded (red) or if funds are still available (green).
Sharing and Syncing
- Goodbudget allows users to sync their budget across multiple devices, making it ideal for household budgeting. Partners can share the same account, ensuring both are aware of the spending and remaining balances in real-time.
Additional Features
- Splits and Transfers: Users can split transactions across multiple envelopes and transfer money between envelopes if necessary.
- Remembered Refills: This feature allows users to refill their envelopes in the same way each time, such as allocating paychecks to specific envelopes.
- Reports and Charts: Goodbudget provides reports on income vs. expenses and breaks down spending by envelope, helping users identify trends and evaluate their financial progress. It also includes basic charts like pie charts and bar graphs to visualize spending.
Debt Management
- Goodbudget offers tools to help users pay off debt by creating debt accounts, tracking payoff progress, and sending notifications when milestones are reached.
Security
- The app uses 256-bit bank-grade encryption to protect user data and does not share this data with other parties. Since it does not connect to financial accounts, users do not have to worry about their financial credentials being compromised.
Pricing and Plans
- Goodbudget offers two plans:
- Free Plan: Allows one financial account, access from up to two devices, up to 10 regular envelopes and 10 goal/annual expense envelopes, and one year of transaction history. Support is limited to community forums.
- Plus Plan: Costs $8 per month or $70 per year, allows unlimited accounts, access from up to five devices, unlimited envelopes, and seven years of transaction history. Plus members also receive email support.
Resources and Support
- Goodbudget provides various resources, including courses, a podcast, and articles to help users improve their financial management skills. The app also has a community forum where users can ask questions and share tips.
In summary, Goodbudget is a user-friendly budgeting app that employs the envelope system to help users manage their finances effectively, with features tailored for both individual and household budgeting needs.