Bottom line: Goodbudget is excellent for beginners who want to learn how to budget their money with a simple app.
Best budgeting app for simplicityGoodBudget
Full Goodbudget review
Pros
- Affordable
- Intuitive
- Supports multiple devices
- Provides reports
- Supports multiple users
- Can import bank transaction files
Cons
- Limited free plan
- Requires manual logging
- Takes time to use
- Limited features
At a glance
| iOS app rating | 4.7/5 stars |
| Android app rating | 4.4/5 stars |
| Cost | Has a free and a paid plan. The paid version is $7/month or $60/year. |
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 kind of system ensures that you don't spend more than you make, and stay on budget for each category of spending. For many users, this system helps limit impulse buying.
Within Goodbudget, you label each of your digital envelopes by category, and then set a maximum amount you can spend. The app includes envelopes for regular expenses and expenses that occur less frequently, 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, Goodbudget requires you to manually input each transaction, including money you bring in and money you spend. There is no way to sync your bank account to the app for automatic updates. That means you have to update the app frequently.
This is a great 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 does have 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 a long time to figure out, which is not the case for a lot of its competitors. Goodbudget is intuitive and straightforward, so if you want to dive in right away, this is a good app 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 you're on the go. That said, the free plan only supports two devices, while the paid plan allows up to five.
Provides reports
If you like reports and graphs, you're probably going to enjoy Goodbudget. Its reports give you a clear view of how you're spending your money and your progress toward your goals. The reports can also serve as motivation 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 as a 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 also 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 their app, it has limitations that may require a paid subscription for most people. We dive into more detail further 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 manually track every purchase. If you easily forget, your app may not be an accurate representation of your financial situation.
It takes time to use
Although this is a simple app, it takes time and effort to manually input expenses and income. Some other apps do this automatically.
Few extra features
If you're looking for a personal finance app with a lot of 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 and little more.
Alternatives to consider
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.
What are the costs?
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 $7 per month or $60 per year. Here's a breakdown comparing the free plan to the paid membership:
| Feature | Free | Paid |
|---|---|---|
| Total envelopes | 10 regular envelopes and 10 extra envelopes | Unlimited |
| Financial accounts | 1 | Unlimited |
| Stores account history | 1 year | 7 years |
| Devices | 2 | Unlimited |
| Support | Community support | Email support |
This app is right for:
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.
About the Author
Natasha has been a freelance writer since 2015. She specializes in credit card and credit card rewards content. When not busy writing, she's either dreaming up her next credit card rewards redemption or traveling the globe. Her goal is to encourage more people to experience the world around them while making smart financial choices.
Share This Page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. The Motley Fool has a Disclosure Policy. The Author and/or The Motley Fool may have an interest in companies mentioned.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 - 2022 The Ascent. All rights reserved.
About The Ascent
Legal