Goodbudget Review: A Simple Digital Budgeting App

Bottom line: Goodbudget is excellent for beginners who want to learn how to budget their money with a simple app.

At a glance

What is Goodbudget and how does it work?

Goodbudget is a simple budgeting app that works as a digital envelope system.

The envelope system divides your income into specific spending categories -- like rent, groceries, dining expenses, household purchases, health costs, and gas expenses. This system ensures that you don't spend more than you make and stay on budget for each spending category. For many users, this system helps limit impulse buying.

Within Goodbudget, you label each digital envelope by category, and then set the maximum amount you can spend. The app includes envelopes for regular expenses and less frequent expenses, like property taxes. You can also use envelopes to track your saving goals. Goodbudget shows your progress with colorful graphs.

Unlike some other budgeting apps, Goodbudgetrequires you to manually input each transaction, including money you bring in and money you spend. There is no way to sync your checking account to the app for automatic updates. That means you have to update the app frequently.

This is an ideal app for anyone who wants to better manage and track spending. Since the company offers a free plan, it's a good choice for people who don't want to pay for an app. Our Goodbudget review will help you decide if this is the right app for you.

Top perks

It's affordable

Goodbudget has a free plan. While it has limited capabilities, the free version lets you test the app's features without having to spend any money. If you want to invest in the paid plan, it's still more affordable when compared to many other budgeting apps.

It's intuitive

This budgeting app doesn't take long to figure out, which is not the case for many of its competitors. Goodbudget is intuitive and straightforward, so if you want to dive in immediately, this app is for you.

Supports multiple devices

Goodbudget works on Android and iOS devices. The app seamlessly syncs across platforms, making it easy to stay on top of your budget while on the go. However, the free plan only supports two devices, while the paid plan allows up to five.

Provides reports

If you like reports and graphs, you'll probably enjoy Goodbudget. Its reports give you a clear view of how you spend your money and progress toward your goals. The reports can also motivate you to stay on track toward those goals.

Supports multiple users

Goodbudget's paid plan supports multiple users, making it easier to budget as a couple or household. When one partner spends money and marks it in the app, the changes sync with the other partner's device.

Lets you import bank transaction files

Though you can't sync your bank account to the app for automatic updates, you can upload bank transaction files. If you manually add transactions, this is an excellent way to avoid mistakes, catch all your transactions, and ensure accurate numbers.

What could be improved

Limited free plan

While Goodbudget does offer a free version of its app, it has limitations that may require a paid subscription for most people. We dive into further detail below on the features offered in the free and paid version.

You must manually log expenses

Unlike competitor apps, Goodbudget doesn't provide automatic syncing for an up-to-date view of your bank accounts. You have to track every purchase manually. If you easily forget, your app may not accurately represent your financial situation.

It takes time to use

Although this app is simple, manually inputting expenses and income requires time and effort. Some other apps do this automatically.

Few extra features

If you're looking for a personal finance app with many features, this isn't it. You don't get credit score monitoring, suggestions for financial products based on your needs, or a view of your net worth. It's a simple budgeting tool without bells and whistles.

If you want a free budgeting app with more features: Mint does more than Goodbudget. You can view your spending, keep track of your savings goals, and get a real-time look at your accounts. You can sync your financial accounts, making for less manual work. Mint also suggests financial products that may work for you.

If you want an automated app: Consider You Need a Budget. This app has a monthly or yearly fee after the trial period, but it is feature-packed and uses a method similar to the envelope method, which aims to put every dollar to good use. You Need a Budget also offers some excellent personal finance resources to help you take budgeting and money management skills to the next level.

Goodbudget offers a free version of the app. Depending on your budgeting needs, a free plan may not work for you. If you want more functionality and need more envelopes, the paid plan is a must. If you want more features, you need a subscription for $8 per month or $70 per year. Here's a breakdown comparing the free plan to the paid membership:

Goodbudget is perfect for beginners with the time and desire to learn to budget effectively. It's a simple app with nice features, but isn't unnecessarily complex or confusing.