Available: Android, Apple
Description: Goodbudget is a modern take on the classic envelope budget system. Users can make a virtual envelope for any type of expense, such as groceries or gas, and then fill that envelope with an amount of money that they choose.
As users input expenses, they can see instantly how much they have left in each envelope and the overall budget.
Pros: Budgets can be synced from phone to phone or from phone to the website and vice versa. This allows couples or families to stay alert to others’ spending and how it affects the overall budget.
As the users spend and track their budget, the app has a handy calculation of what rate they should be spending for the rest of the month.
For example, if you had $100 in your grocery budget and you suddenly spent $50 before you were halfway through the month, the app would alert you to slow down on spending.
Another great feature of the app is the reports function. The app can generate a pie chart that shows spending by each envelope or a bar graph that compares spending vs income. Each can be accessed at anytime and continually update with each transaction.
Cons: The free version of the app limits the user to 10 envelopes. However, 10 can be plenty for someone on their own who doesn’t have a lot of expenses, such as a college student or even a family just starting out.
Another con is that the app seems to be a bit stubborn when it comes to changing the amount in each envelope, and it won’t let you fill the envelope higher than the original budget. This can usually be solved by deleting the envelope and recreating it with the higher/lower amount needed.
Overall: This app is an easy way to track spending and overall budgeting habits. The app has a user friendly interface that allows for simple navigation and cuts down on the confusion that come along with other budgeting apps.
The app is a good tool for any level of budgeter. It can be a useful tool for someone just starting out who wants to begin to track their spending or for someone who has been budgeting for years on paper and wants to try a more modern version.