EveryDollar excels in its simplicity and adaptability. However, accessing premium features comes at a cost.
A robust budget is the cornerstone of sound financial management. Fortunately, various methods exist to craft a budget that suits your lifestyle and financial objectives. Utilizing an application like EveryDollar to oversee your income and expenditures is one such approach.
This application is particularly suited for individuals who frequently find themselves puzzled about their spending at month’s end, as it advocates a meticulous budgeting method.
Before you start, it’s important to understand how the app functions and whether it fits your budgeting requirements. We evaluated both the iOS app and the web version to grasp better the features, advantages, and drawbacks of EveryDollar.
What is the EveryDollar app?
EveryDollar is a budget tracking app created by Ramsey Solutions. It employs a zero-based budgeting approach, where every dollar is allocated to categories like wants, needs, savings, and debt repayment, ensuring your income minus expenses equals zero at the end of the month.
This method is perfect for those who wish to meticulously monitor where their money goes and spend each dollar with intention.
How much does the EveryDollar app cost?
EveryDollar offers both a free and a premium version. The free version is basic and could make tracking your budget somewhat cumbersome.
Free version
You can download the free version from the Apple App Store or Google Play Store. It offers limited features, which might render budget tracking a bit tedious. For example, you can customize your budget categories and set savings goals, but each transaction must be manually entered. You cannot link your financial accounts with the free version, which might lead to lost track of your spending.
Premium version
The premium version costs $17.99 per month or $79.99 annually. Opting for an annual payment saves you $135.89 over the monthly rate. The premium app includes additional features such as bank connectivity, paycheck planning, budget insights, group coaching, and a financial roadmap. If uncertain, you can start with a 14-day free trial to see if the app meets your needs and is worth the investment.
How does EveryDollar work?
The EveryDollar app organizes your budget into three main categories: planned, spent, and remaining.
– **Planned**: This category includes all expected income.
– **Spent**: This tracks the money you spend throughout the month.
– **Remaining**: This shows what is left after your expenses.
The objective is to have zero dollars remaining at the end of the month by assigning every dollar to a specific purpose. For example, if your income is $3,000 (planned) and you spend $2,900, the $100 left (remaining) would be allocated to savings or another category to achieve a zero-based budget.
Create your budget
The app allows you to tailor a budgeting framework. You start by entering your income and then detailing your expenses across various categories such as housing, transportation, food, and more. You can further personalize your budget by adding specific line items under each category.
If you need guidance, EveryDollar includes a learning section that provides instructions on setting up your budget within the app.
Track your expenses
With the free version, you will need to manually enter and categorize each transaction since it does not link to your financial accounts. The premium version does allow for account linking, which simplifies tracking by aggregating transactions in one place, though you still need to categorize them.
Tracking expenses in EveryDollar can be demanding and time-consuming, but this manual entry can also help you better manage and reflect on your spending habits.
App features
EveryDollar includes several features to help you manage your budget effectively, from custom budgets and manual tracking to due date reminders and savings goals.
The premium version offers additional tools like custom insights, professional Q&A sessions, and net worth tracking.
Pros and cons of EveryDollar
**Pros**:
– User-friendly with customizable budget options.
– Access to coaching calls with finance experts for premium users.
– Ideal for beginners needing to curb overspending.
– Provides educational resources for budgeting.
**Cons**:
– Manual categorization of expenses can be laborious.
– Limited features in the free version.
– Financial account linking only available for premium users.
– Lacks some features offered by competitors, like credit score monitoring or retirement planning.
EveryDollar alternatives
If EveryDollar doesn’t meet your needs, several other budgeting apps are available.
**PocketGuard**: This app simplifies the budgeting process by allowing you to link your bank accounts, credit cards, loans, and investments. It costs $12.99 per month or $74.99 annually and offers a seven-day free trial.
**YNAB (You Need A Budget)**: YNAB is another great option for fans of zero-based budgeting, costing $14.99 monthly or $109 annually. It offers a 34-day free trial but does not have a free version.
**Goodbudget**: This app is based on the envelope budgeting system, which might suit those who prefer planning over tracking. Goodbudget has both a free version and a paid version costing $10 per month or $80 annually.
Whether you choose EveryDollar or an alternative, selecting the right budgeting tool is crucial for managing your finances effectively and achieving your financial goals.
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