Full EveryDollar Review
Modern day living can take a toll on your finances, especially if you don’t know how to budget yourself properly. To help you manage your finances and keep track of your expenses, the EveryDollar app has set up special budgeting tools you can use everywhere. If you are not familiar with the app, now you can learn more about it with our EveryDollar review and overview.
What is EveryDollar?
Built by Ramsey Solutions (formerly Lampo Group), EveryDollar is a freemium budgeting app that allows users to keep track of their finances and plan out a monthly budget. The app is based on Dave Ramsey's money principles, known as the Dave Ramsey Baby Steps, that help people get out of debt, and not get in over their heads. EveryDollar is a personal finance app you can download for free, and use it to keep your expenses under check.
How Does EveryDollar Work?
EveryDollar is representative of the app's purpose – to assign a job to every dollar that comes into your accounts. This method is called zero-based budgeting, and to get the best results, you need to enter all your monthly incomes. Once you enter your monthly income, you will be able to assign expense categories to all your bills and income. Then you will be able to keep track of your daily expenses and plan a budget every month.
With the free version of the EveryDollar app, you will need to enter all your transactions manually. If you download EveryDay plus, you will be able to save yourself time by linking your accounts; then, the app will automatically pull out all your expenses and income data so you won’t have to enter the information manually.
How to Use EveryDollar?
First of all, you need to download the EveryDollar app to your phone or mobile device. Once you have the app, you will need to sign up for the services. Once you are signed in, you will need to pick several money goals, like retirement, paying debts, home, and more. There are 6 money goal categories, and you can choose them all (you need to choose at least 2 categories).
Once you choose the categories, you will be asked several questions to personalize the app for you, like home ownership questions. The setup will then continue, and you will need to enter your expenses, income, debt information, and more. You can enter as many paychecks and expenses as you desire to get the most well-rounded budget for you.
After you enter your income, you will also need to enter all your basic expenses, like transportation, housing expenses, food expenses, and more. The income and expense line items you enter can be edited, and when you are done entering all the data, you will be able to view your financial situation and budget yourself.
EveryDollar Baby Steps
Once all the necessary data is entered into EveryDollar, you will be able to account for everydollar you have. With the app, you can allocate money for every purpose and expense during the month, and stick to your limits. With the baby steps plan, you will be able to see your progress, and find out where you can improve.
There are 7 baby steps to follow, and by viewing your monthly expenses, you can save money for your future. As mentioned before, every dollar needs to be assigned with a "job", so if there is any money left at the end of the month, you can save it.
EveryDollar Vs. EveryDollar Paid Membership
The freemium version of EveryDollar give the user the necessary tools to plan a budget best suited for their lives. The paid-per version of EveryDollar costs $129 a year, and it is automated; this version allows you to connect your accounts, so you don't have to enter your income and expenses manually. The free version of the app is just as good, so if you don't mind manually entering all your financial data, you will get good use out of it.
The bottom line of this EveryDollar review is that it's a great app for those of you who want to plan a smart budget and stick to it. If you like Dave Ramsey's approach to financial management, you will love EveryDollar. To finish the EveryDollar review, here are some user opinions courtesy of play.google.com:
- "Life changing app that helps make your money work for you so that you can use your money to be a blessing for yourself and those around you. This app goes right along with Dave Ramsey's Financial Peace University and when paired, unlocks things you never thought imaginable."
- "Great app for budgeting and tracking where every dollar of your income goes monthly. it helps to start next month's budget about a week before it begins. Do this with your spouse and share the login so you can stay on the same page."
- "I just started on my baby steps plan and this app is so helpful when I do my budget! I have been updating all my purchases and now I am keeping a close eye on what I'm spending! Trying to be debt free by the end of 2020!"
- "every dollar has enabled me to track my budget easily. It does allow me to see my bank balance. What I like most is that my spending is more focused on how I choose to budget rather than my bank balance. I can also see where my money went and adjust my behavior to more accurately follow what I want to be rather than what I want at the moment."