Goodbudget vs Honeydue: What’s the best personal budgeting app for you?

Sync across devices
Track & Compare Spending Habits
Detailed, based on envelope method for categorization
Broad overview only, no specific categorisation
Online spending analysis
Provides detailed reports for online shopping by category
Provides overall picture of online shopping spending
Collaborative Budgeting
Available, but not specifically designed for partners
Designed for couples, with option to control how much info is shared
Link multiple bank accounts
Savings for big expenses
Bills & Loan reminders
Link investments

In the modern digital era, where the convenience of online shopping can often inflate our spending habits, budgeting is more critical than ever. Successfully managing finances necessitates a solid understanding of both income and expenditure. Fortunately, several apps are specifically designed to help control compulsive overspending. In this blog post, we’ll compare the budgeting apps Goodbudget and HoneyDue and how they aid in understanding online shopping habits.

Goodbudget: An Envelope System Reimagined

Goodbudget, previously known as Easy Envelope Budget Aid (EEBA), is a modern software-based version of the envelope system of budgeting. The envelope system encourages you to allocate specific amounts to different categories (or envelopes) such as groceries, dining out, or online shopping. Once an envelope is empty, you’ve spent your budget for that category for the period.

The app:

  • Syncs across multiple devices: This feature allows all members of a household to share and update the same budget.
  • Tracks and compares spending habits: You can visualize and understand your spending patterns, particularly beneficial for online shopping, as it categorizes all your transactions.
  • Saves for big expenses: Goodbudget provides a feature to save over time for larger expenses or purchases.
  • Provides reports: These reports are very detailed and can show your spending and saving over time, giving a clear overview of your online shopping habits.

HoneyDue: A Collaborative Approach to Budgeting

HoneyDue takes a slightly different approach by focusing on budgeting within relationships. It aims to reduce money-related disagreements between partners by promoting transparency and collaborative financial management.

The app:

  • Connects multiple accounts: Allows you to link various bank accounts, credit cards, loans, and investments.
  • Tracks spending: Similar to Goodbudget, HoneyDue provides an easy-to-understand analysis of your spending, including online shopping habits.
  • Bills & debts reminder: It notifies you of upcoming bills or loan payments.
  • Shares information with partners: This feature allows you to decide how much information you share with your partner.

Goodbudget and HoneyDue: A Comparison

While both apps are powerful tools for controlling compulsive spending, they offer different approaches:

  1. Spending Analysis: Both apps identify online shopping habits, but Goodbudget uses the envelope method, dividing your income into different categories. HoneyDue, on the other hand, provides an overall picture of your spending without necessarily dividing it into categories.
  2. Collaboration: HoneyDue is designed for couples, making it easier for partners to manage and discuss their finances transparently. Goodbudget, while it allows syncing across multiple devices, does not specifically cater to couples and their unique financial dynamics.
  3. Expense Tracking: Both apps track expenditure, but Goodbudget offers more detailed reports that give insight into spending and saving over time.
  4. Linking Accounts: HoneyDue provides the functionality to link and monitor various accounts, including investments, which is a feature Goodbudget lacks.

In conclusion, Goodbudget and HoneyDue both provide useful tools to curb compulsive spending and understand online shopping habits. Your choice between the two will likely depend on your specific needs, whether you prefer the categorization approach of Goodbudget or the partner-focused design of HoneyDue. 

What Else? Are these not the perfect fit?

Curious what else is out there in the land of personal budgeting apps? Not convinced that this is right for you? No worries! We’ve analyzed and compared 42 (!) different pairs of personal budgeting apps and you can check out our main jumping-off point for the set of reviews here: Choosing a Personal Budgeting App – What’s Right for You?

Have a personal budgeting app that you’d like our thoughts on? Drop us a line and we’d love to add it in. 🙂