Goodbudget: The Best Tool for Creating and Living on a Budget
Like most Americans, we have struggled with budgeting. There have been times when we have overspent our budget. There have been times our eyes led us to buy items we simply could not afford. We have been crippled by consumer debt, and slowly worked our way out of that debt.
A few years ago we said, "No More!" We had had enough of the roller coaster ride and took action. We decided to live within our means, spending only what we earned. It was not an easy decision. We really had to lean into it, and tripped some along the way. Today we can say say that we do live within our means. It's still a struggle (and we always long to make more money so that we don't have to cinch our belts so much).
The most helpful tool we have found to help us live on a budget is Goodbudget.
Goodbudget is a website and mobile phone app and tool for budgeting. No matter where we go, we are able to enter purchases into the app from our mobile phone. So, there are no more surprises when we open our monthly bank statement (O.K. so we don't get a printed bank statement anymore. We check it online like the rest of you do, but you get my point).
The tool allows us to set up virtual envelopes and load those envelopes with a monthly sum. Those of you who use a cash envelope system will be familiar with this. We, too, have envelopes, but they are virtual ones. The concept however is the same. When we make a purchase or pay a bill, we enter the transaction in Goodbudget, which automatically deducts that amount from our envelope.
Of course, it took us a couple of months to organize an envelope system that worked for us. We have divided our cash flow into ten or so envelopes, including categories like Groceries, Car, Utilities, House, and Miscellaneous. Each month, we fill our envelopes with a agreed upon designated sum (for example, we set aside $250 monthly for the Utilities envelope). Any additional money goes into the miscellaneous envelope and becomes our "free" spend money.
Goodbudget also provides spending reports. You can look at your spending versus income on one report. I really like the "Spending by Envelope" Report. I can look at a color-coded pie chart graph showing the percentage of spending by each envelope. I have used this tool to look at our yearly spending in categories. While I did not enjoy seeing how much money we spent eating out, it was helpful to see in order to set spending goals for a new year.
Interested in getting started with Goodbudget? Check out the Goodbudget website for sign up. We do not receive any compensation if you use this link or sign up with this link. We are simply passing along a tool we have found extremely helpful to us.
A few years ago we said, "No More!" We had had enough of the roller coaster ride and took action. We decided to live within our means, spending only what we earned. It was not an easy decision. We really had to lean into it, and tripped some along the way. Today we can say say that we do live within our means. It's still a struggle (and we always long to make more money so that we don't have to cinch our belts so much).
The most helpful tool we have found to help us live on a budget is Goodbudget.
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| The Goodbudget Logo |
Goodbudget is a website and mobile phone app and tool for budgeting. No matter where we go, we are able to enter purchases into the app from our mobile phone. So, there are no more surprises when we open our monthly bank statement (O.K. so we don't get a printed bank statement anymore. We check it online like the rest of you do, but you get my point).
The tool allows us to set up virtual envelopes and load those envelopes with a monthly sum. Those of you who use a cash envelope system will be familiar with this. We, too, have envelopes, but they are virtual ones. The concept however is the same. When we make a purchase or pay a bill, we enter the transaction in Goodbudget, which automatically deducts that amount from our envelope.
Of course, it took us a couple of months to organize an envelope system that worked for us. We have divided our cash flow into ten or so envelopes, including categories like Groceries, Car, Utilities, House, and Miscellaneous. Each month, we fill our envelopes with a agreed upon designated sum (for example, we set aside $250 monthly for the Utilities envelope). Any additional money goes into the miscellaneous envelope and becomes our "free" spend money.
Goodbudget also provides spending reports. You can look at your spending versus income on one report. I really like the "Spending by Envelope" Report. I can look at a color-coded pie chart graph showing the percentage of spending by each envelope. I have used this tool to look at our yearly spending in categories. While I did not enjoy seeing how much money we spent eating out, it was helpful to see in order to set spending goals for a new year.
Interested in getting started with Goodbudget? Check out the Goodbudget website for sign up. We do not receive any compensation if you use this link or sign up with this link. We are simply passing along a tool we have found extremely helpful to us.
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