The Goodbudget app is based on using the envelope system, known as Kakeibo, which means “household account book” in Japanese. The envelope system is designed to let you know how much money is allocated to each expense, along with how much is saved each month.
The rise of cashless payments presents a new obstacle to the envelope system. Consumers carry less physical cash, and some businesses no longer accept cash. That doesn’t mean the old-school envelope system is unusable—to mimic the physical envelope filled with currency, Goodbudget came up with digital envelopes.
By using the envelope system, you can achieve financial milestones, such as paying off debt or saving up for a large expense—like a down payment on a home.
Goodbudget provides excellent reporting tools to show your income against your spending, and how it varies month to month. In the app, there are easy-to-read graphs that can help you understand your spending habits.
Security
Goodbudget is secured using 256-bit encryption, which is a similar encryption level to other financial institutions.
When shopping for a budgeting app, digital security measures are essential because of the sensitive financial information used within the app.
Pricing
Goodbudget offers two different plans: a free version and a paid subscription known as Goodbudget Plus.
You can use the app entirely for free, and be able to access nearly all of the same functions without paying for them. Paying for Goodbudget Plus provides expanded capabilities, compared to the free version. Here is a breakdown of the available features, and the differences between the free and paid versions:
| Goodbudget | Goodbudget Plus |
|---|---|
20 envelopes | Unlimited envelopes |
1 account | Unlimited accounts |
2 devices | 5 devices |
1 year of transaction tracking | 7 years of transaction tracking |
Community support | Email support |
Goodbudget Plus has two payment options: $10 per month or $80 per year, plus tax. Using a budgeting app for free may suit your needs, but if you find that the extra capabilities will benefit you, the paid plan may be worth the investment. If you decide to purchase the app subscription and you aren’t satisfied, you can contact Goodbudget within 30 days for a full refund.
