Buxfer is a personal budgeting application that allows users to monitor all of their credit card and bank accounts through a single place. In addition, Buxfer allows its users to track their IOU's to and from friends. Transactions are updated every night and categorized. Buxfer’s spending reports lets users look at past spending, drill down into different categories and analyze spending trends. To plan future spending, users can create budgets and billing alerts. This tool also integrates with mobile devices, giving users the ability to check account balances or add cash expenses while on the go. Buxfer does work on many mobile devices as well, so budgeting on the go is possible. Users can also setup reminders to keep their finances in line.
Buxfer was developed by two Carnegie Mellon University students, Ashwin Bharambe and Shashank Pandit and was intended to replace all of the post-its needed to keep track of IOU's amongst friends. Since then it has developed into a full personal finance application. The company launched in April 2007. In 2008 and 2009 both co-founders left Buxfer for Facebook. The company is based in Mountain View, CA.
Similar to its competitor Mint.com, Buxfer allows users to consolidate all of their personal finance information together so it is accessible in one place. Buxfer seems to go a step further by allowing users to track personal debts and loans that they make to their friends. So, even if the transaction is not from a major financial institution, it can still be accommodated nicely by this program. Overall, the appearance and functionality of other personal budgeting applications is cleaner and more advanced than Buxfer's.
Buxfer is pretty straight-forward and simple. Unfortunately there have been issues with certain buttons and functions not working and users report on GetSatisfaction.com that support is slow to respond. The stability of the site is in questions by many of its users based on the fact that both founders have stopped supporting the site and now work for Facebook. Some feel that it is only a matter of time before the app shuts down completely.
Registering with Buxfer is simple for those with a Facebook, Open ID, Google, AOL, Yahoo or Windows Live login since they can use those credentials to access the application. Registering without one of those accounts is fairly easy too. One only needs to provide and verify their email address and a password. From there, users can input their bank account and credit card information or track transactions amongst friends.
Basic services at Buxfer are free. One can upgrade to their PLUS plan for $3.99/ month unlimited accounts, unlimited budgets and unlimited bill reminders. There is also a PRO plan for $4.99/ month which also provides balance projections and is ad-free.
Buxfer may find its place among those who deal in cash transactions amongst friends and needs to keep track of those. However, since the website support is lacking and its co-founders have left the company, any users should probably begin use another budgeting application for their needs. Therefore it's really hard to recommend this app to anyone.