The importance of having a solid budget cannot be overstated when it comes to managing your finances effectively. One useful tool for budgeting is the EveryDollar app, which offers a meticulous approach to tracking your income and expenses.
The EveryDollar app, developed by Ramsey Solutions, is designed to help you stay on top of your spending using a zero-based budgeting method. This approach ensures that every dollar you earn is allocated to a specific category, such as wants, needs, savings, or debt repayment. By accounting for every dollar, you aim to achieve a zero balance at the end of each month.
The app is available in two versions: free and premium. While the free version has limited features and requires manual input of transactions, the premium version offers additional benefits like bank connectivity, paycheck planning, budget insights, group coaching, and more. The premium version costs $17.99 per month or $79.99 annually, with a 14-day free trial available for testing.
EveryDollar simplifies the budgeting process by dividing your budget into planned, spent, and remaining categories. You can customize your budget by adding income and expenses under various categories like housing, transportation, food, and more. The app also provides a “learn” section to guide you through setting up your budget.
Tracking expenses with EveryDollar can be done manually in the free version or automatically by linking your financial accounts in the premium version. The app offers features like due date reminders, sinking funds, and savings goals to help you stay on track with your budget.
Overall, EveryDollar is a user-friendly budgeting tool that can be beneficial for beginner budgeters looking to gain control over their finances. However, it may lack some features found in other budgeting apps like credit-score monitoring or retirement planning.
If EveryDollar doesn’t meet your needs, there are alternative budgeting apps like PocketGuard, YNAB, and Goodbudget to consider. Each app offers unique features and pricing plans to suit different budgeting preferences.