Goodbudget is necessary because, for the fifth year in a row, New Zealand households have spent more than they’ve earned. Capitalism has driven the citizen of all countries into debts like mortgage loans, car loans, and more due to extravagant spending habits.
It’s no wonder that meticulous budgeting has become the need of the hour. To assist people all over the world with tax budget monitoring, there are several applications that come to your rescue. Goodbudget is one of them.
It has home budgeting tools that enable you to log as well as manage your money. Goodbudget helps you manage your life by regulating your expenses and leaving more room for saving with smart spending. Let’s delve deep into how Goodbudget simplifies your budget struggles.
How to Use Goodbudget
To formulate a budget for yourself, you need to add envelopes that are separated into the two categories of monthly and annual. While monthly envelopes are for your daily recurring expenditure, annual envelopes are for long-term saving goals and for unexpected expenses like gifts, etc.
Now, put down your income in the ‘Fill Envelopes’ section and commence organizing your expenditure by allocating desired funds into these envelopes. For starters, you can allocate estimated amounts to each envelope and change them when you understand your categories.
Budgeting Made Easier
Goodbudget doesn’t get synced to the banks you’re associated with. So, you’ll have to enter transactions manually into envelopes as you spend money from them. Let’s say you eat out at a restaurant and the bill is 50$, you’ll have to manually deduct the amount from the respective ‘food’ envelope.
That’s not all! Goodbudget has recently added a novel feature to further enable ease of usage. This lets you shift money from one envelope to another depending upon the circumstance. It can be useful to new users who might not know their expenditures
The colored bars beside your designated envelopes will provide status updates on the balance available in the envelope. If it’s green, then it’s good news for you as you still have money. But, the red-colored bar symbolizes danger which means you’ve depleted that particular envelope.
The Envelope Method For Savings
Goodbudget uses the envelope budgeting system where you fabricate digital envelopes on the app. These envelopes represent one aspect of each of your expenditures like groceries or mortgage payments, among others.
You allocate funds out of your monthly income into these envelopes. Suppose you go grocery shopping, you take out money only out of the envelope designated for groceries. This way you don’t end up overspending your allocated funds to a particular category.
Sync With Your Partners
Goodbudget keeps you and your partner updated on your monthly budget. This is enabled as this app syncs across all devices. The app is available for Android and iOS devices and you can also access it from the web.
This way you can sync it to your spouse’s phone by pressing on ‘Register’ and filling out a form with the same household name and password. Also, you can keep an eye on your partner’s activity for dual monitoring of the budget.
Smash Your Saving Goals With GoodBudget
Has this inflation made saving a complete myth for you? Well, no more because Goodbudget brings Goal envelopes. Now, set a due date for your goals, and then let Goodbudget take over the steering wheel.
Once you’ve set the due date then Goodbudget will teach you how much to put in these goal envelopes from each month to achieve your goal. So, plan that Europe trip or get started on looking at a Rolls Royce by denouncing overspending
Debt Accounts For Peace of Mind
Do you ever sit back and wonder if you’ll ever be able to escape the pangs of your pending debts? Utilize the debt accounts of Goodbudget judiciously to swipe off this financial burden.
Make a debt account by putting the current balance of the loan and then track your progress easily. The red bar on your debt account will decrease every time you pay off and then, finally, it’ll vanish away. This can be made for anything like an education loan or a car loan.
Analyze Your Spending Trends With Reports
Goodbudget lets you get customized reports about your spending patterns in the form of basic charts. The app presents you with pie charts so that you can easily gawk at the categories where you tend to spend the most.
You also get bar graphs displaying your expenditure over time through which you can analyze if it has skyrocketed or dwindled. With all of this information, there is no way you can’t get your budgeting goals in order.