diff --git a/packages/desktop-client/src/components/App.tsx b/packages/desktop-client/src/components/App.tsx
index fa06630ddd4..6135c28b912 100644
--- a/packages/desktop-client/src/components/App.tsx
+++ b/packages/desktop-client/src/components/App.tsx
@@ -116,11 +116,12 @@ function AppInner({ budgetId, cloudFileId }: AppInnerProps) {
       {(initializing || !budgetId) && (
         <AppBackground initializing={initializing} loadingText={loadingText} />
       )}
-      {budgetId ? (
-        <FinancesApp />
-      ) : (
-        <ManagementApp isLoading={loadingText != null} />
-      )}
+      {!initializing &&
+        (budgetId ? (
+          <FinancesApp />
+        ) : (
+          <ManagementApp isLoading={loadingText != null} />
+        ))}
 
       <UpdateNotification />
       <MobileWebMessage />
diff --git a/upcoming-release-notes/2692.md b/upcoming-release-notes/2692.md
new file mode 100644
index 00000000000..9803d8ec1db
--- /dev/null
+++ b/upcoming-release-notes/2692.md
@@ -0,0 +1,6 @@
+---
+category: Bugfix
+authors: [joel-jeremy]
+---
+
+Fix budget list / management app flashing on page init.