Budgets’ mission is to help people develop a healthier relationship with money. We at Budgets see a “healthy” relationship with money as having an empowered mindset that allows you to live between the extremes of saving and spending. Living this way means a user is not obsessed with saving every penny to grow massive wealth, just as they’re equally not obsessed with spending every penny. An intentional focus too far in either direction creates a lack of financial freedom and we believe no one should be tied down by their money. The goal is to create a balance, and we want to empower people to put their money towards the things that matter to them most and be knowledgeable about their spending patterns so they can live financially free.
Founded by Jake Ruesink and Derek Wene, Budgets is a budgeting app that syncs to your bank account and helps you track where you money is going each month based on custom categories. Budgets launched its first public version in January 2019, gaining several users right out of the gate. Six months later, Budgets has grown quite a bit with dedicated users all tracking where their money is going on a regular basis. As Budgets continues to grow in success, they have started expanding their team and resources, with an end-goal to be a fully-functioning company with full-time employees.
Budgets plans to expand into the local community, as well. Budgeting requires an educational aspect, and the team wants to expand on this and provide classes and a community to anyone who wants to learn more about money management.
Budgets was created to be simple to the user. With a sleek design and minimal pages, Budgets’ users are able to easily navigate the app for stress-free use. This is a testament to the strategy of Budgets; it provides you with exactly what you need to budget each month and does not provide you with an overwhelming amount of information like other financial apps do.
Additionally, Budgets is based on the power of habit. In manually sorting your transactions into categories as they occur, users are able to better understand the affects of their spending habits and how, for instance, a single cup of coffee on a regular basis might take money away from other important goals. Having such a close eye on transactions helps users better understand how each dollar is a step towards to away from financial freedom.
When creating the app, Jake and Derek wanted to create an app that didn’t break the bank. Many budgeting apps are expensive, and this was counterintuitive to the team. There is a free version of Budgets, as well as a paid version. The free version requires users to manually input transactions and does not sync to the user’s bank account. The paid version allows bank syncing through the use of Plaid, a fin-tech company that enables applications to connect with users’ bank accounts.
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Written by Hannah Wilson