Buxfer Review: A Budgeting Tool For The Detail-Oriented (2024)

The ability to seamlessly track all of your financial accounts in one place helps you take control of your current situation.

For some, it’s a game changer and platforms like Buxfer allows you to track your budget, investments, and plan for retirement in one place. The expansive platform operates in more than 150 countries in over 100 currencies.

If you are looking for a new tool to manage your money, Buxfer is a fairly comprehensive option. Let’s explore the details of Buxfer so you can decide if it’s the right fit for your situation.

What Is Buxfer?

Buxfer is a financial app that aims to help users take control of their financial future.

The guiding principles of the product include easy-to-use flexibility, real-time advice, and proactive planning for the future. With an impressive array of analytics, you can glean interesting insights about your money habits.

What Does It Offer?

Here’s a closer look at what Buxfer has to offer.

Visual Spending Tracker

A core component of any financial platform is its budgeting capabilities. Within the Buxfer platform, you can link your bank accounts from a network of 20,000+ financial institutions. Once the accounts are linked, your transaction details are pulled into the platform.

The Buxfer platform makes it easy to see how much you are spending in each category. If you’ve overspent in a category, you’ll easily spot this on the dashboard. You can break down your budget categories into nestled sub-categories. For example, you might break down the main category of food into restaurants and grocery stores.

Beyond your spending, you’ll see how much money is flowing into your accounts from various income streams. All of this information is helpful in determining where your money goes each month.

Forecasted Projections

Through the Buxfer platform, you’ll be able to check in on your current net worth anytime. But Buxfer takes things a step further by offering a forecast of your future net worth.

The projection is based on your current spending behavior. For example, if you are consistently earning more than you spend, Buxfer might map out projections for a growing net worth. If you are spending more than you earn, then the reverse might hold true.

The forecasting tool is helpful to see how long you can stay afloat at your current trajectory. If you are spending less than you earn, this forecasting tool can encourage you to stick to consistent spending. You can see a forecast for up to 12 months into the future.

Precise Controls

If you like to have complete control over your financial platform, Buxfer delivers a nice level of control. You’ll have the ability to set up rules for your spending. This makes for easy categorization of tricky expenses.

For example, if you do your grocery shopping at Walmart, you might tag that as grocery spending within the food category. Once you set up the rule, Buxfer will automatically categorize these transactions.

Monitor Progress Toward Long-Term Goals

Long-term financial goals are a healthy part of a money plan. One of the biggest money goals we all share is the ability to fund a happy and healthy retirement. While saving for this major goal isn’t always easy, Buxfer makes it easy to keep track of your progress.

Within Buxfer, you can see where your net worth stands today. Plus, the platform makes projections for your net worth at retirement and at your life expectancy age. The easy visuals might make it easier to stay on track with your retirement goals.

Are There Any Fees?

Buxfer is a paid platform that offers three different tiers, ranging from $3.99 to $9.99 per month. Before you dive into the paid platform, you can take a test drive in through the free demo. Within the demo, you can zoom around to see if you like the layout.

Unfortunately, the company doesn’t offer a free trial. However, the website claims “We have a very easygoing refund and cancellation policy.”

Buxfer offers support via email. If you need to get in touch, shoot an email to support@buxfer.com.

Currently, the platform has only earned 2.7 out of 5 stars on Trustpilot. While that’s certainly not ideal, only five customers have taken the time to give their feedback.

Buxfer isn’t the only option for monitoring your financial picture. In fact, there are a slew of options out there. Here’s how Buxfer stacks up to two of our favorites.

Longstanding budgeting platform Mint is similar to Buxfer in that it pulls in your transactions across multiple accounts. But unlike Buxfer, Mint makes it difficult to customize your transactions to fit into the right slot of your budget. Keep in mind that Mint is free but comes with ads that Buxfer users can avoid.

Personal Capital is another much-loved financial management platform. While Personal Capital excels at tracking a complete picture of your investments, you should expect to receive a sales pitch for the platform's actively managed accounts.

Buxfer keeps track of your investment balances without trying to sell you anything because you’ve already paid a monthly fee.

How Do I Open An Account?

Creating an account is as simple as adding your email and password. From there, you’ll start connecting your bank account details from Buxfer’s sync providers, Yodlee and SaltEdge.

Once the account is set up, you can make customizations to your heart’s content.

Is It Safe And Secure?

Buxfer puts a big emphasis on keeping your information secure. The site uses 256-bit encryption to protect your information.

Additionally, the company pays for daily scans and audits from independent security firms to pinpoint any network vulnerabilities. All of this work means your information is likely safe with the platform.

Overall

3.3

Pros

• Easy information syncing
• Easy to set up
• Visual platform

Cons

• Reports of integration issues
• The budgeting tool is for the detail-oriented
• Reports of auto-tagging issues