The Goodbudget app has default envelopes for regular expenses like rent and groceries. Users can then create digital envelopes and allocate money from their bank account into these “envelopes.” This allows users to quickly and easily keep track of their expenses without having to pull cash out of the bank. Instead of using cash, Goodbudget allows users to link their bank accounts to the app. Goodbudget uses the principles of the envelope method but eliminates the physical envelopes. Formerly known as EEBA (Easy Envelope Budget Aid), Goodbudget is an expense tracker that makes budgeting a snap. The Goodbudget app is well-reviewed and recommended by finance experts from Forbes, Lifehacker and more. The envelope method is an easy-to-understand system that allows people to keep tabs on how much money they’re spending. If there is money left over in any envelope at the end of the month, you can roll it over or pop it in your savings account. That money goes into the envelope labeled “groceries” and can only be used for groceries. If you get paid every two weeks, you have to set aside $250 of every paycheck for groceries. For example, let’s say you spend $500 a month on groceries. Typical expenses include things like groceries, gasoline, entertainment, dining, etc. The gist of it is that you keep cash for different expenses in separate envelopes. It allows people to budget effectively while avoiding any serious number crunching. The envelope budget allows people to easily compartmentalize and track their spending.
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