Cash Stuffing But Make It Virtual With Goodbudget (2024)

FAQs

Cash Stuffing But Make It Virtual With Goodbudget? ›

Since Goodbudget allows you to track the money in your accounts via an app, you're able to utilize the cash stuffing method virtually. For some, using real cash in physical envelopes helps to keep them aware of their spending.

The cash stuffing process can also work by using your debit card for purchases or using an app with digital envelopes. You'll want to monitor your spending to see how much you have in each category throughout the month. That way, if you're at risk of overspending, you can course correct before it's too late.

“If you want to use a digital version of cash stuffing, you can open a separate bank account and only transfer the amount you plan to spend,” she says.

Free vs.

The free version allows only one financial account, and the Plus version allows unlimited accounts. So those who want to monitor their spending from checking or savings accounts, as well as from a credit card, can do so only if they pay for the Plus plan.

Track cash virtually

Since Goodbudget allows you to track the money in your accounts via an app, you're able to utilize the cash stuffing method virtually. For some, using real cash in physical envelopes helps to keep them aware of their spending.

Using digital cash envelopes instead of physically carrying around wads of cash allows you to see your spending in real-time, including any online purchases or automated bills. Using the digital envelope system is also recommended if you struggle with overspending, as you can see how much you spend.

As an alternative to cash stuffing, many banking services and apps offer “savings pot” features that can help with budgeting in a similar way.

Advantages of cash stuffing include flexibility, easy goal-setting, and cutting back on impulsive spending. Be sure to use opportunities to build credit with your monthly payments, and earn interest on your savings.

What is the difference between mint and Goodbudget? ›

You enter your income and categorize your expenses into virtual envelopes within the app. Then, you set aside a certain amount of money in each envelope to help you budget. Unlike Mint, Goodbudget doesn't link to your financial accounts for real-time tracking of your finances.

Its paid version, Goodbudget Premium, allows unlimited envelopes and accounts, up to five devices and other perks. Why you may want to think twice: Because you can't sync financial accounts, you must enter every expense. If you're not up for that work, the app probably won't be effective. Cost: Goodbudget is free.

With Goodbudget's automatic bank syncing feature offered with the Premium plan, you're able to connect your real-life banks with your Goodbudget ones. When you link Accounts, your transactions are automatically imported into Goodbudget for easier tracking.

Sign Up for Free

We're proud to offer a fully functional free version of Goodbudget. Just register your Household and you'll have access to: 10 Regular Envelopes.

Target Audience: GoodBudget is aimed at anyone wishing to improve their money management skills.

Fortunately, you can get all the upsides of this budgeting method without the cash downsides by digitizing the envelope system. It takes just four steps to create and use the digital envelope budgeting system.

Venmo, Cash App, Google Pay, Zelle, PayPal, and wire transfer are some of the safest way to send money digitally. Money transfer apps are inexpensive and convenient options for paying family and friends. Wire transfers at a bank are ideal for securely sending large amounts domestically or internationally.

Electronic money or eMoney is currency stored in banking computer systems and backed by fiat currency. Individuals process and receive electronic money through paycheck direct deposits, electronic fund transfers, or online payments and purchases.