Goodbudget Review 2023

If you’re somebody who swears by monthly budgeting, chances are you are always on the lookout for new tools and philosophies to try. After all, many of us find that there is only so far an Excel document can go. In many cases, a budgeting app can handle our cash more effectively than we can!

There are many apps on the market, offering their unique approaches, advantages, and perks. Goodbudget has been around since 2009 and has been a helpful tool used by cost-conscious consumers ever since.

In this review, WealthRocket provides an overview of the popular budgeting app so that you can make an informed decision about whether or not it’s a good fit for you and your financial planning.

Goodbudget is a budgeting application that allows its users to build and manage their budgets. Before diving into how the Goodbudget works, it’s important that we first explain the app’s philosophy on personal finance.

Goodbudget’s approach is known as the “envelope method.” This is a tried-and-true approach to money management that involves placing your money in a collection of envelopes designated for different purposes.

The idea is that, when you get paid, you allocate a predetermined amount of money in each envelope. This way you are less likely to go over budget by accident, as doing so would involve adding more cash to the envelope.

Aside from the practical aspect of the envelope method, there is a psychological element to it as well.

Since many of us handle our budget digitally, it can be harder than ever to visualize where our money goes, which sometimes leads to a detachment between the money and the spender.

While ignorance can sometimes be bliss, this isn’t always the healthiest of approaches, as the whole point of budgeting is to track your spending more effectively.

There are two versions of the Goodbudget app: one that is free to use and one that costs a cool $5 a month or $45 a year.

In the free version of Goodbudget, users can designate up to ten envelopes, which allows you to connect with one account on a maximum of two devices.

The app’s free version will also keep you from spending history on hand for up to one year.

In the paid version of Goodbudget, users can create an unlimited number of envelopes and track them from up to five devices with unlimited accounts.

The app saves your financial history for up to five years. As an additional bonus, paid users also have access to comprehensive customer support.

While the free version may suit the needs of individuals who have a limited number of savings goals and a simple fiscal life, those who prefer to have a broad range of spending categories may find that premium is more accessible.

Overall, some users may find the lack of ability to sync to a financial account to be bothersome.

It can be difficult to remember to input every transaction immediately after it occurs.

It can be especially difficult to account for any transaction automatically deducted from your bank.

However, Goodbudget is a great fit for any loyal fan of the envelope system and for anyone who has felt disillusioned by sophisticated budgeting apps with superfluous features.

Some users with privacy concerns may not even lament the loss of the ability to sync transactions with your bank account. Automatically, its absence may make the app all the more enticing.