Goodbudget

Author: Kaitlyn Short

Goodbudget was founded in 2009. What originally started out as an experiment by a web and mobile development firm, Dayspring Technologies, ultimately turned into a success. When it was founded, Goodbudget aimed to create virtual envelopes. While Goodbudget continues to serve this purpose, over time they added additional services. These included: checkbook reconciliation, accounts, and recurring transactions. Today. the Goodbudget service and values continues to help their consumers. 

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The Good

• Great budgeting features
• Check and balance system

Sticking to a budget is half the battle when it comes to personally managing finances. For those looking to grow their savings and keep spending to a minimum, a tool like Goodbudget can help in those efforts. There are aspects of the Goodbudget platform specifically that benefit those hoping to reach savings goals and milestones without deviating off track. Goodbudget has implemented the "envelope system." This is where users can see specifically how much money they have in each "envelope" or category of spending (ie: Groceries, Transport, Entertainment, etc). Goodbudget is always current so users are never caught off-guard by going over their expected budget. Each month, users can set aside specifically what is needed each month and its designated purpose. After identifying how much can/will be spent in each category/envelope users can:

• Sync budgets: Goodbudget allows users to sync their budget between mobile devices and the web to make sure all participating parties (like a couple or family) is all on the same page.
• Prioritize: Goodbudget provides a way for users to see exactly what they want to spend in certain areas of their life and limit their spending in other areas. The budget, in essence, reflects the values of the user. Set aside what is needed each month and then use the remainder on what is deemed most important.

There are a number of budgeting tools out there available to consumers to help control spending and savings. However, there are features integrated into the Goodbudget platform that truly help users stay on track and keep from spending on unnecessary items and saving for what is really important. These unique abilities include the following:

• Envelope budgeting method: Goodbudget is budgeting software based on the envelope method. Users make envelopes for all your budgeting categories whether it be things like rent, groceries, eating out, date night, etc. After that, participating users set aside money up front in each envelope to spend based on categories and not your account balance.
• Share budgets: Goodbudget keeps everyone in the family on the same page by syncing your household budget across all your Androids and iPhones. When a user deducts money from an envelope, the person they are sharing with knows what's spent, where, and when in real time.
• Save for big expenses: Making payments on cars, that dream vacation, and other large purchases drain a bank account faster than one might expect. Having the money to save and actually saving are two very different things. With Goodbudget, users can plan ahead and save for big expenses months in advance.

Goodbudget essentially provides a check and balance system since everyone in a household can see where the money is going at all times and they can see exactly what it is being spent on. After using the system for a few weeks, users will also be able to alter their budget to best implement savings plans.

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The Bad

• No investing tools
• No export feature

While Goodbudget is a quality program for those specifically looking to stay on budget, it is not necessarily ideal for those hoping to see their money grow. There are no investing tools available through the Goodbudget platform at this time, but it is rather a way to see where money is being spent. It is not meant for users to see where money can be made. Missing investing tools include the following:

• Investing/portfolio tracking
• Comparison of portfolio to market
• Retirement goals/tracking

Users will also not be able to export their budget findings into other programs. That means if there are other financial management tools available to a user, they will need to manually input budget information because Goodbudget is not necessarily compatible with other tools.

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The Bottom Line

Users looking to maximize their budgeting capabilities or just start a basic budgeting tracker service will find Goodbudget to be extremely helpful. However, users hoping to incorporate investing into their personal finance management software may want to look elsewhere. Those that use Goodbudget will be able to enjoy the following as part of the service:

1. Up-to-date spending reports
2. Syncing between devices
3. Ability to see remaining balance
4. Goal tracker
5. Lack of investing tools