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EveryDollar is an amazing program that has a lot of potential, in my opinion, and it’s one that I’ve utilized on a personal level. When it comes to meeting the requirements of a variety of budgets, it performs exceptionally well. If you’re just getting started with budgeting, you’ll appreciate how straightforward the app is to use and how many useful tools it provides for financial planning. The app gives you access to a variety of materials. Even if you are a seasoned budgeter who is seeking for a new way to manage your finances,
EveryDollar will feel like a return to territory that you are already comfortable with. However, I feel obligated to point you that EveryDollar does contain some services that are only accessible after paying a certain fee, which may be a drawback for some users. Despite this, the free edition still has sufficient features to serve as a useful budgeting tool on its own.
When it comes to managing your money, picking the appropriate budgeting tool can make all the difference in the world. It’s easy to feel overwhelmed when there are so many different alternatives to choose from. It would be disheartening to make a commitment to an application, only to find out later that it doesn’t support your desired level of financial success. Because of this, I would want to offer some personal insights I have regarding the benefits and drawbacks of using EveryDollar.
EveryDollar Specifications
EveryDollar is, all things considered, a comprehensive budgeting tool that can assist you in regaining control of your personal finances and achieving your monetary objectives. You have the flexibility to select the version that meets your needs the most, as it comes in both a free and a paid premium option.
| Feature | Description |
|---|---|
| Zero-based budgeting | EveryDollar uses a zero-based budgeting system, which means that every dollar of your income is assigned to a category. This helps you to ensure that you are not overspending and that your money is going towards your financial goals. |
| Expense tracking | EveryDollar allows you to track your spending by category. This can help you to identify areas where you can cut back and to make sure that your budget is realistic. |
| Financial dashboard | EveryDollar provides a financial dashboard that gives you a snapshot of your financial situation. This includes your income, expenses, and net worth. |
| Custom budget categories | EveryDollar allows you to create custom budget categories to meet your specific needs. This is helpful for things like saving for a down payment on a house or paying off debt. |
| Mobile app | EveryDollar has a mobile app that allows you to budget and track your spending on the go. |
| Bill reminders | EveryDollar can send you reminders about upcoming bills. This can help you to avoid late fees and to stay on top of your finances. |
| Goal setting | EveryDollar allows you to set financial goals and track your progress towards them. This can help you to stay motivated and to reach your financial goals faster. |
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What is EveryDollar?
EveryDollar is a mobile application for managing your finances that functions similarly to Empower, Mint, and YNAB. It was developed by personal finance expert Dave Ramsey with the intention of assisting users in simplifying the process of creating budgets and achieving the desired level of financial independence.
The software, which adheres to the principles of the zero-sum budget, strives to “give every dollar a job” in order to ensure that everything is accounted for and that you are aware of the precise whereabouts of your money at all times.
EveryDollar review: Ease of Use
EveryDollar is basic and simple to use, as indicated by the reviews provided by previous customers. However, due to the fact that it contains many more features, the paid version is significantly simpler to use than the free version. It can, for instance, establish a connection to your bank so that transactions can automatically be added to your budget. If you choose for the free version of the software, you will be required to manually enter all of your expenditures.
EveryDollar review: Features
EveryDollar’s free tier is minimalism at its best—or worst. You may manage debt payments, make a unique budget, and create virtual savings funds. It offers more than Personal Capital, but it lacks the automated and real-time feature of YNAB, Simplifi, and Mint. EveryDollar subscription adds bank account sync, custom budget reports, transaction spreadsheet downloads, and tracking tips and reminders (iOS only). Premium EveryDollar is part of Ramsey+.
Financial Peace University offers nine lessons: four on Ramsey’s seven Baby Steps and five on spending, creating money, real estate, insurance, and donating. Each course contains games and worksheets to help you learn financial concepts and lasts around an hour. Join a nine-week virtual class lead by a coach who explains the videos.
“Budgeting That Actually Works,” a nine-lesson, 50-minute mini-course on demand, introduces EveryDollar’s zero-based budgeting strategy and offers budgeting ideas. Rachel Cruze, an author, hosts the videos and teaches money concepts. Ramsey+ members receive a free 1:1 coaching session with a Ramsey Preferred Coach, trained and certified by Ramsey’s financial experts.
EveryDollar review: Pricing
This app’s most basic version can be downloaded for free. However, it will require you to manually enter all of your transactions. However, if you are just starting out with budgeting, this may actually be something that works out for the best. There is something energizing and reawakening about entering all of your spending as you do it, as well as something that gives you power. It can assist you in accurately determining how much money you are spending, which can prevent you from going overboard with your expenditures.
If, on the other hand, you want to import transactions straight from your bank account, you’ll need to upgrade to EveryDollar Plus, which costs money. You can join up for the program to receive a free trial for the first 15 days, but after that, it will cost you $99 each year.
EveryDollar review: Customer Support
Free users of EveryDollar get access to the chat widget and bot by going through the EveryDollar help center, which features articles that address frequently asked questions and provide instructions on how to get started. Users who subscribe to EveryDollar Premium or Ramsey+ get access to a live chat agent.
There is a question mark located at the very bottom of the page, which can be used to access the virtual bot. Ask the bot a question to receive relevant links; alternatively, you can leave a message or request a live chat, which is available Monday through Friday between the hours of 9:30 am and 5 pm Central Time (beginning at 8 am on Tuesdays, Thursdays, and Fridays).
Final Words
Users who are searching for straightforward, no-frills budgeting software with a minimum of extra features may find EveryDollar to be a suitable choice. It does not seek to engage in wealth management or investment activities.
People who are new to budgeting and need to get their finances sorted are the ones who will benefit the most from using this method. The Baby Steps are an excellent method for introducing consumers to the fundamentals of establishing and maintaining financial security.
EveryDollar review: The Good and Bad
Budgeting is a personal financial fundamental. A budget can help you plan your spending so you can track every dollar. EveryDollar budgeting software helps you use every dollar and set financial objectives.
The Good
- Easily create, track, and manage your budget.
- Create and reach your personal financial goals.
- Automatic expense tracking for premium members.
The Bad
- Free version is extremely limited.
- No credit score monitoring.
- No investment tracking.
Questions and Answers
EveryDollar is the way to go if you want a straightforward and well-organized budget. YNAB is the way to go if you want a complicated and comprehensive budget. Choose Mint if all you need is a solution that functions properly and you don’t want to spend any money on it. In any event, you will see an improvement in your financial situation if you use a budgeting tool and continue using it.
If you do not want to attach anything directly to your bank account, the YNAB app is the most effective budgeting program that you can use. You are not required to automatically sync your accounts with YNAB, despite the fact that the program gives you the option to do so and the fact that many individuals find it more convenient to do so. In this scenario, you would need to manually enter each of your expenses, one line item at a time.