A few months ago, noticing that we were massively overspending, my husband and I decided that it was time to start setting a monthly budget, and most importantly – sticking to it. We decided the best way to track how much we were spending would be via an app, as we always have our phones with us therefore there would be no excuses for not inputting each expense. I can’t tell you how difficult it was to find a (free) budgeting app for couples i.e. not just for individual users. We wanted to be able to keep track of our budget in real time, not have to add together each others’ spending.
Finally, after downloading a few apps that were not suitable we found Goodbudget (available on iOS and Android), which I have written before about. You can use the same logon details across two devices, which makes it ideal for couples – as soon as you make a change in the app like adding in an expenditure, it syncs to the web which means your partner will immediately see the change. The idea of it is the ‘envelope system’. At the beginning of each month, we allocate money to each envelope. The free version has 10 envelopes, but if you upgrade to the paid version you can have as many as you want.
Here are some of our envelopes for the month of November – nice and full since it is the beginning of the month:
As you input each transaction, the green line depletes so you get an instant idea of how you are doing each month in each category – if say my green line for groceries is only a quarter full but I still have two weeks of the month left, then I know it’s time to really rein in my spending.
Let me know if you get Goodbudget and find it useful, or comment below if you have any other finance apps that you find help you with budgeting, especially if you have encountered another budgeting app for couples.