Goodbudget Review: Budgeting Made Simpler

4.5
Quick Take: Goodbudget is a straightforward budgeting app with the key features that individuals and families alike need to stay on track. With free and paid plans available, Goodbudget brings the benefits of simplified budgeting to as many people as possible.
  • Cost
    4.0
  • Tier Features
    4.0
  • Security
    5.0
  • App Store Ratings
    5.0
How did we calculate this?

Pros

  • A free version with several useful features
  • Easy budgeting sync for couples and families
  • Very straightforward to use

Cons

  • Only 10 spending categories with free accounts
  • Lack of investing and saving tools

What Is Goodbudget?

Goodbudget is one of the best budgeting apps available today. The app makes tracking expenses incredibly straightforward with a system derived from the old-fashioned practice of splitting paychecks up into envelopes for different uses.

It’s an effective tool for people who need to monitor their spending a bit more closely, whether to avoid overspending or simply to better understand where their money is really going.

Goodbudget’s simple system and its accessibility through mobile apps make it a great choice for budgeting on the go. Users won’t have any trouble entering spending into the app to track their budgets accurately.

Who Is Goodbudget Right For?

Goodbudget is a great choice for people with relatively simple financial needs who just need a little help managing money more responsibly. The app makes it easy to categorize and track spending for individuals and families but wouldn’t likely be a great fit for small businesses or people with complex investments or savings.

How to Sign Up for Goodbudget

The Goodbudget app is very easy to sign up for. It’s available for iPhone and Android devices, and it can be accessed directly through the company’s website — so users who prefer to do budgeting on their desktop or laptop computer can enjoy Goodbudget without having to use mobile apps. All you need to get started with the free plan is an email address, with sign-up taking just seconds.

Goodbudget Features

Goodbudget is a versatile budgeting app with a wide range of features. At the core of the app’s appeal is its straightforward envelope budgeting method. This method lets users input their monthly income and sort it into dedicated virtual envelopes for bills, savings, recreation, or any other category they choose.

The user then tracks their spending through the app, always able to see exactly how much is left in each envelope. This makes it easy to avoid going over their budget and helps identify potential sources of both waste and savings.

The Goodbudget app also includes tools for tracking savings and debt. Users can sync budgets across multiple devices to set and track budgets for their entire family. Goodbudget is a very straightforward budgeting app with the core features that people need to make responsible financial decisions every day.

How the Goodbudget App Earned Its Scores

Goodbudget’s score comes from evaluating the key criteria outlined below.

Cost

The good news is that Goodbudget has an entirely free plan. Even though it’s free, this version provides a wealth of features along with access for up to two devices.

Key features like debt tracking are available without any cost to the user. The one major stipulation is that the free account restricts users to 10 regular envelopes and 10 additional envelopes. The Goodbudget Plus plan costs $8 per month, or $70 for an annual plan, and adds a number of benefits.

Tier Features

The additional features that come with the Plus plan can add increased utility for many users. The higher tier account allows for unlimited envelopes, giving users even more versatile control over their budgeting. They can also apply their Plus plan to multiple devices, allowing household members to share an already great deal.

The Goodbudget App Plus plan extends budget history from one year to seven years, allowing users to better track their long-term finances. They can access the app through five devices, up from the free plan’s two.

Security

The app features 256-bit encryption, the same level of protection used for personal information by banks.

Goodbudget doesn’t sell any personal information to third parties, which is a tactic often used by less reputable apps to generate revenue. User information is shared with third parties only for a few specific reasons — like the need to comply with law enforcement, for example. 

App Store Ratings

Goodbudget has generally received favorable reviews on both major app stores. It has a rating of 4.7 out of 5 stars on the Apple App Store and 4.4 out of 5 stars on the Google Play Store. In both cases, the reviews are dominated almost entirely by 5-star ratings.

Some of the key areas that users point out as highlights are:

  • Ease of use
  • Presentation
  • Positive impact on their budgeting

Many of the lower-rated reviews indicated that the 10 envelopes provided by the free plan weren’t enough but that the cost of the Plus plan didn’t justify the upgrade.

Goodbudget App vs. Competitors

Goodbudget is just one of many budgeting apps that consumers have access to today. It’s a great choice for certain users but not necessarily the right app for everyone. While Goodbudget may be among the best, many users could find some of its competitors more suitable to their unique needs. 

Budgeting App Description
Goodbudget Straightforward and reliable budgeting app for individuals, couples, or families
Mint Convenient option that automatically links to bank accounts to track spending
You Need A Budget A premium budgeting app option with a great presentation but a higher price tag

Goodbudget vs. Mint

Mint is the budgeting app developed by Intuit, the company behind TurboTax and other financial products. One key advantage is that it can link directly to bank accounts to automatically update spending. However, it doesn’t have the syncing feature that makes Goodbudget great for families.

Goodbudget vs. You Need A Budget

You Need A Budget, typically shortened to YNAB, is a budgeting app with excellent presentation. The app’s visual style makes budgeting very intuitive. However, there is no free account — just a free trial for 34 days before the $14.99 monthly fee applies.

Final Take

The Goodbudget app is a solid budgeting tool that could be right for a wide range of people. While it lacks advanced investing and saving tools, easy syncing between devices makes it an excellent choice for tracking the whole family’s budget.

FAQ

Here are some of the most frequently asked questions about the Goodbudget app.
  • What does the Goodbudget app do?
    • The Goodbudget app makes it easy to organize spending by letting users sort expenses into custom envelopes. The app also syncs across devices, making it great for couples and families.
  • Is Goodbudget a free app?
    • Goodbudget has a free plan that can be accessed through iPhone or Android apps or the company's website. However, there's also an upgraded paid plan.
  • How much does Goodbudget cost?
    • Goodbudget has a free plan that costs nothing for users, along with a Plus plan that costs $8 per month or $70 per year.
  • Does Goodbudget link to bank accounts?
    • Goodbudget does not connect to bank accounts. Users track spending manually, which makes it easier to account for cash spending and makes customers more aware of their spending.

Editorial Note: This content is not provided by Goodbudget. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Goodbudget.

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About the Author

Teddy Garcia is an experienced freelance writer who develops a wide range of content across many industries. He has a B.Sc. in Chemical Engineering and has created blog posts, website copy, use cases, and more for a variety of chemical industry and manufacturing organizations. 

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