EveryDollar - Detailed Review
Finance Tools
EveryDollar - Product Overview
Introduction to EveryDollar
EveryDollar is a budgeting app developed by Ramsey Solutions, a company founded by personal finance expert Dave Ramsey. This app is designed to help users manage their finances effectively using the principles of zero-based budgeting.
Primary Function
The primary function of EveryDollar is to enable users to create and manage a monthly budget where every dollar is assigned to a specific category. This approach ensures that all income is accounted for, helping users avoid overspending and achieve financial goals such as saving, debt repayment, and building wealth.
Target Audience
EveryDollar is particularly suited for several types of users:
- Dave Ramsey loyalists: Those who follow Dave Ramsey’s Financial Peace University and the “7 Baby Steps” will find the app aligns well with these principles.
- Beginners in budgeting: Individuals new to budgeting will appreciate the app’s simplicity and ease of use.
- People with steady income: Those with predictable income can benefit from the app’s structured budgeting approach.
Key Features
Free Version
- Customizable budget categories: Users can set up and track various budget categories such as housing, transportation, food, and savings.
- Manual transaction entry: Users must manually enter each transaction.
- Due date reminders for bills: Helps users stay on track with their bill payments.
- Savings goals and sinking funds: Allows users to set and track savings goals and sinking funds.
- Live customer support: Provides support for users.
Premium Version
- Bank account connectivity: Automatically imports transactions from linked bank accounts.
- Paycheck planning: Helps users budget for irregular income.
- Goal planning: Includes features for saving for specific purchases or paying off debt.
- Custom budget reports: Provides insights into spending within each category.
- Financial coaching: Offers access to free financial coaching by Ramsey’s in-house certified coaches.
- Spending insights and trends: Tracks and analyzes spending patterns.
- Export transactions to Excel: Allows users to export their transactions for further analysis.
Additional Benefits
- Zero-based budgeting: Ensures every dollar is allocated to a category, helping users avoid overspending.
- User-friendly interface: The app is easy to use, especially for those starting out with budgeting.
- Educational resources: Includes budgeting resources such as educational videos and live Q&As with financial coaches.
Overall, EveryDollar is a straightforward and user-friendly budgeting tool that can be particularly beneficial for those looking to adopt a structured approach to managing their finances.
EveryDollar - User Interface and Experience
User Interface Overview
The user interface of EveryDollar is crafted with a focus on simplicity, clarity, and user-friendliness, making it an accessible tool for individuals managing their finances.Visual Aesthetic and Layout
EveryDollar features a clear, large type and distinct color design, which enhances visual engagement and makes the app easy to use on both mobile and desktop platforms. The page layout is centered, ensuring a responsive design that adapts well to different screen sizes.Onboarding Process
The onboarding process is straightforward and methodical. After signing up, users are greeted with a welcome screen that previews the budgeting process, helping to alleviate any initial anxiety about using a budgeting tool. The welcome screen includes ghosted preview images of budget groups, which helps users understand the system before they start.Setting Up Your Budget
Setting up a budget on EveryDollar involves a logical and step-by-step process. Users start by entering their income sources, including both planned and received income, and can add additional income sources. The app then guides users through categorizing their expenses into high-level categories such as mortgage/rent, utilities, transportation, food, and personal expenses. Users can easily edit labels, add items, and enter data, making the process of customizing their budget straightforward.Ease of Use
The app is highly user-friendly, especially for those new to budgeting. The interface is consistent and easy to navigate, with clear signifiers for other features and settings. The manual entry of transactions in the free version, while time-consuming, encourages mindfulness about spending habits. For those who upgrade to the premium version, the ability to connect bank accounts and automatically import transactions significantly streamlines the process.Goal Setting and Tracking
EveryDollar allows users to set multiple financial goals, such as paying off debt, saving for retirement, or saving for a home. The app helps users align their budget with these goals and provides tools for tracking progress. The premium version includes features for generating custom budget reports and setting financial goals, along with visual progress tracking through charts and graphs.User Experience
The overall user experience is positive, with many users appreciating the app’s simplicity and effectiveness in implementing zero-based budgeting. The manual tracking option in the free version fosters financial awareness and discipline, while the premium version’s automated features save time and effort. Users have reported that the app is easy to set up and use, with the desktop version offering a larger interface that is easier to view and edit budgets.Conclusion
In summary, EveryDollar’s user interface is designed to be intuitive and easy to use, making it an excellent choice for individuals looking to manage their finances effectively without feeling overwhelmed. EveryDollar - Key Features and Functionality
EveryDollar Overview
The EveryDollar app, developed by Dave Ramsey’s company Ramsey Solutions, offers a range of features that help users manage their finances effectively through a zero-based budgeting approach. Here are the main features and how they work:Budget Creation and Management
EveryDollar allows users to create a personalized budget by categorizing their income and expenses into three main categories: planned, spent, and remaining. Users enter their income and then allocate it to various expense categories such as housing, transportation, food, and savings. This ensures that every dollar is assigned a job, helping users avoid overspending and achieve a zero-based budget.Expense Tracking
The app offers two ways to track expenses:Manual Tracking
In the free version, users must manually enter each transaction and categorize it under the appropriate budget line. This can be time-consuming but helps users monitor their spending closely.Automatic Tracking
The premium version allows users to link their financial accounts, enabling automatic transaction logging. However, users still need to group these transactions into the correct budget categories.Due Date Reminders and Bill Management
EveryDollar provides due date reminders for bills, helping users stay on track with their payments. This feature is available in both the free and premium versions.Savings Goals and Sinking Funds
Users can set up and track savings goals and sinking funds, which are funds set aside for specific expenses or savings targets. This feature helps users work towards their financial objectives.Paycheck Planning
Available in the premium version, paycheck planning allows users to anticipate and manage their income more effectively by planning their budget around their paychecks.Financial Insights and Reports
The premium version offers custom budget reports and spending insights, providing users with a clear picture of their spending habits within each category. This helps in making better financial decisions.Group Coaching and Q&A Sessions
Premium users have access to group financial coaching and live Q&A sessions with financial experts, which can be invaluable for getting personalized advice and staying motivated.Integration with Financial Institutions
The premium version allows users to connect their bank accounts, enabling automatic synchronization of transactions and account balances. This feature makes tracking expenses and managing finances more efficient.Goal Setting and Progress Monitoring
Users can define specific financial goals, such as saving for a vacation or paying off debt. The app provides visual progress tracking, including charts and graphs, to help users monitor their achievements and stay motivated.User-Friendly Interface and Educational Resources
EveryDollar is known for its user-friendly interface, making it accessible to beginners. The app also offers educational resources, such as a “learn” section and videos, to help users set up and manage their budgets effectively.AI Integration
While the primary features of EveryDollar are based on manual input and zero-based budgeting principles, there is no explicit mention of AI integration in the core functionalities of the app. However, advanced features like automatic transaction categorization, which could potentially use AI, are not highlighted as part of the current version of EveryDollar.Conclusion
In summary, EveryDollar is a straightforward and effective budgeting tool that helps users manage their finances through a structured and personalized approach, although it does not currently leverage AI in its core features. EveryDollar - Performance and Accuracy
Evaluating EveryDollar: Performance and Accuracy
Ease of Use and Basic Functionality
EveryDollar is praised for its ease of use, particularly for those new to budgeting. It follows the zero-based budgeting philosophy, where every dollar is assigned a job. The app makes it simple to allocate income into different budget categories, and the interface is user-friendly, especially for those already familiar with Dave Ramsey’s Baby Steps.Limitations with Credit Cards
One significant limitation is its handling of credit cards. Given Dave Ramsey’s anti-credit card stance, the app does not provide robust support for credit card users. You cannot link certain credit cards, such as American Express, and the app’s help files offer limited guidance on using credit cards.Irregular Income and Real-Time Budgeting
For individuals with irregular incomes, EveryDollar can be less effective. The app advises budgeting based on the lowest typical paycheck, which can lead to financial mismanagement if actual income varies significantly. It does not account for the money you have currently in your bank account, instead focusing on planned future income. This can lead to overspending issues if not managed carefully.Budget Adjustments and Overspending
Adjusting the budget in response to overspending is not as streamlined as in other budgeting apps. If you overspend in a category, you need to manually adjust the allocations, which can be clunky and time-consuming. The app does not provide clear warnings or notifications for overspending, making it easy to miss budget category limits.Syncing with Banks and Transaction Tracking
EveryDollar has issues with syncing bank accounts, which can be glitchy and may stop working when banks update their security protocols. This can disrupt the user experience and make it difficult to keep track of transactions accurately. Additionally, the app does not automatically match transactions, leading to potential duplicates and inaccuracies.Goal Setting and Progress Monitoring
While EveryDollar allows users to set financial goals, it lacks in providing real-time financial insights and progress tracking. The app does not automatically track debt or investment accounts, which is a significant motivator for many users. Visual progress tracking and notifications for reaching milestones are also limited.User Experience and Accountability
The app’s simplicity, while beneficial for some, can be a drawback for others who prefer more detailed financial information. It lacks in providing bank balances and does not enforce adjustments if estimated income is incorrect. Notifications for new transactions are available, but there is no alert for overspending, which reduces accountability.Areas for Improvement
- Real-Time Budgeting: The app should focus on budgeting the money users actually have, rather than planned future income.
- Bank Syncing: Improving the stability and reliability of bank account syncing is crucial.
- Overspending Alerts: Implementing clear warnings and notifications for overspending would enhance user accountability.
- Credit Card Support: Better support for credit card users, even if it goes against Dave Ramsey’s philosophy, would make the app more versatile.
- Transaction Matching: Automating transaction matching to avoid duplicates would improve accuracy.
- Goal Tracking: Enhancing visual progress tracking and including automatic tracking of debt and investment accounts would be beneficial.
EveryDollar - Pricing and Plans
The Pricing Structure of EveryDollar
The pricing structure of EveryDollar, a budgeting app from Dave Ramsey’s Ramsey Solutions, is straightforward and includes two main tiers: a free version and a premium subscription.
Free Version
The free version of EveryDollar offers several basic but useful features:
- Set due dates for bills
- Live customer support
- Share your budget with others
- Manually enter transactions
- Create savings goals and sinking funds
- Use unlimited customizable budget categories
This version is ideal for those who want to start with a simple, manual budgeting approach and do not need advanced features.
Premium Version
EveryDollar Premium comes with additional features that enhance the budgeting experience:
- Paycheck planning
- Calculate net worth
- Custom budget reports
- Group financial coaching
- Goal planning and setting
- Set bill due date reminders
- Connect your bank account to automatically import transactions
- Spending insights and trends
- Export transactions into Excel
- Automatic transaction entering
- Live Q&As with financial coaches
The Premium version is available for $17.99 per month or $79.99 per year.
Additional Options
You can also get a year of EveryDollar Premium for free if you subscribe to Ramsey , a membership that includes exclusive offers for EveryDollar, Financial Peace University, and SmartTax tax filing software. Ramsey subscriptions cost $59.99 for three months, $99.99 for six months, or $129.99 for 12 months.
Trial Period
EveryDollar offers a 14-day free trial for the Premium version, allowing you to test the advanced features before committing to a subscription.
This structure makes it easy to choose between a basic, free option and a more feature-rich premium option, depending on your budgeting needs.
EveryDollar - Integration and Compatibility
Integration with Financial Institutions
EveryDollar allows users to connect their bank accounts and other financial institutions directly within the app. This is done through secure API integrations that enable automatic synchronization of transactions and account balances. Users can select their bank from a list of icons or search for it, then log in using their bank credentials to grant permission for the connection. Once connected, users can choose which accounts to sync with their budget, ensuring that all transactions are automatically streamed into the app.
Compatibility Across Devices
EveryDollar is highly compatible across various devices and platforms. It is available for download on iPhones, iPads, iPod touches, and Macs. The app requires iOS 14.0 or later for mobile devices and macOS 12.0 or later with an Apple M1 chip or later for Macs. This ensures that users can access and manage their budgets seamlessly across different Apple devices.
Multi-Platform Access
In addition to mobile and desktop apps, EveryDollar can also be accessed via a web interface. This allows users to manage their budgets from any device with an internet connection, providing flexibility and convenience. Whether you are using a computer, phone, or tablet, you can stay on top of your finances with ease.
Feature Integration
The app integrates several key features to enhance user experience:
- Expense Tracking: Users can log their expenditures in real time, and the app categorizes these expenses to provide insights into spending habits.
- Budget Creation and Management: Personalized budget templates can be customized based on income, expenses, and financial goals. The app also offers dynamic budget adjustments and alerts for upcoming bills or budget limits.
- Goal Setting and Progress Monitoring: Users can set specific financial goals, track their progress visually, and receive notifications for reaching milestones.
Security and Data Management
EveryDollar ensures user data security through effective authentication systems, such as Auth0, and industry-standard security practices like encryption (AES-256) and secure communication protocols (HTTPS). The app also conducts regular security audits to identify and mitigate vulnerabilities.
In summary, EveryDollar integrates well with various financial institutions, offers broad compatibility across Apple devices, and provides a user-friendly interface accessible from multiple platforms. These features make it an effective tool for managing personal finances.
EveryDollar - Customer Support and Resources
Customer Support Options
Phone Support
The primary and most commonly used method to contact Ramsey Solutions, the company behind EveryDollar, is through their toll-free customer service number: (888) 227-3223. This number is available for US clients and operates on specific hours: Mondays and Wednesdays from 9:30 AM to 5:00 PM Central Time, and Tuesdays, Thursdays, and Fridays from 8:00 AM to 5:00 PM Central Time.Email Support
Users can also reach out via email. The most commonly used email address for addressing issues and concerns is privacy@ramseysolutions.com, although other specific email addresses like dcemails@ramseysolutions.com for legal matters are also available.Website Support
For those who prefer online support, the official Ramsey Solutions website offers a “Support” link at the bottom of the homepage. Here, users can submit a request by selecting the relevant category for their inquiry, filling out the required fields with their contact details and issue specifics, and then submitting the form. This prompts a member of the support team to provide further assistance.Additional Resources
EveryDollar App Features
The EveryDollar app itself is designed with user-friendliness in mind, focusing on zero-based budgeting. Key features include:- Expense Tracking: Users can log their expenditures, either manually or automatically through account syncing with the EveryDollar Plus version.
- Budget Creation and Management: The app allows users to create and manage budgets based on their income, expenses, and financial goals. It also offers customizable budget templates and dynamic adjustments.
- Transaction Syncing: Automatic synchronization of transactions and account balances through integration with financial institutions.
- Goal Setting and Progress Monitoring: Users can set specific financial goals and track their progress through visual aids like charts and graphs.
Educational Resources
The EveryDollar Plus version provides access to the Financial Peace website, which includes tools, education, and a community to help users start budgeting effectively. This resource is part of Dave Ramsey’s broader financial education platform.Community Support
Users of EveryDollar can also benefit from a community of like-minded individuals working towards financial freedom. This community support is accessible through the Financial Peace website and other resources provided by Ramsey Solutions. By leveraging these support options and resources, users of the EveryDollar app can effectively manage their finances, address any issues they encounter, and stay on track with their financial goals. EveryDollar - Pros and Cons
Pros of EveryDollar
EveryDollar, a budgeting app developed by Dave Ramsey, offers several key advantages that make it a useful tool for managing finances.
User-Friendly Interface
The app is known for its simple and easy-to-use interface, making it accessible to everyone, especially beginners who might be intimidated by complex financial tools.
Zero-Based Budgeting
EveryDollar is built on the principle of zero-based budgeting, where every dollar of your income is assigned to a specific category before the month begins. This method helps ensure you are living within your means and avoids overspending.
Real-Time Tracking
The app allows for real-time tracking of spending, providing users with a clear picture of where their money is going. This feature helps in making better financial decisions.
Budget Creation and Management
Users can create and manage budgets easily, with customizable budget categories that can be adjusted based on their income, expenses, and financial goals.
Goal Setting and Progress Monitoring
EveryDollar enables users to set and track financial goals, such as saving for a down payment on a house or paying off debt. Visual progress tracking and notifications help keep users motivated.
Free Version Available
The app has a free version, making it accessible to most users, although some advanced features require a subscription.
Cons of EveryDollar
Despite its advantages, EveryDollar also has several drawbacks that users should consider.
Syncing with Bank Accounts
Syncing the app with your bank account requires a paid subscription ($99 per year), which can be expensive. Additionally, there have been issues with the app’s ability to sync with all banks, and it may stop working when banks update their security protocols.
Limited Functionality for Variable Income
The zero-based budgeting model can be challenging for users with variable incomes, as it assumes a steady paycheck each month.
No Investment Tracking
EveryDollar does not include features for tracking investments or other advanced financial tools, which might be a limitation for some users.
Budgeting Based on Future Income
The app focuses on budgeting based on future income rather than the money you currently have in your bank account, which can lead to unrealistic budgeting scenarios.
Limited Support for Real-Life Scenarios
The app assumes users are not living paycheck-to-paycheck and does not adequately support scenarios involving credit card use or overspending. It also lacks features for tracking debt and investment accounts.
Short Free Trial
The free trial for the paid version is only 14 days, which may not be enough time to fully test the app’s features and determine if it is suitable for your needs.
Overall, EveryDollar is a straightforward and user-friendly budgeting app that excels in zero-based budgeting but may lack the advanced features and flexibility that some users require.
EveryDollar - Comparison with Competitors
When Comparing EveryDollar to Other Budgeting Apps
When comparing EveryDollar to other budgeting apps in its category, several key differences and unique features emerge.
Pricing and Plans
EveryDollar offers both a free and a premium version. The free version allows you to set due dates for bills, share your budget with others, and manually enter transactions, but it lacks automatic transaction tracking and other advanced features.
- EveryDollar Premium costs $17.99 per month or $79.99 per year, which includes features like bank account linking, paycheck planning, and custom budget reports.
- In contrast, You Need A Budget (YNAB) does not have a free version but offers a 34-day free trial. YNAB costs $14.99 per month or $109 per year, making it slightly more expensive on an annual basis but cheaper on a monthly basis if not opting for the annual plan.
Features and Functionality
- Bank Connections and Transaction Tracking: EveryDollar Premium allows you to link your bank account for automatic transaction tracking, but it does not support linking American Express accounts. YNAB, however, supports linking a wide range of bank accounts without such restrictions.
- Credit Card Spending: EveryDollar discourages the use of credit cards and does not have a good system for tracking credit card spending. YNAB, on the other hand, allows for comprehensive tracking of all types of transactions, including credit card spending.
- Multiple Budgets: YNAB allows you to create multiple budgets under one account, which is useful for managing different financial scenarios (e.g., personal and business budgets). EveryDollar only allows one budget per account.
User Experience and Target Audience
- Beginner-Friendly: EveryDollar is often recommended for those new to budgeting, especially those following Dave Ramsey’s financial principles. It is straightforward to use and aligns with the “7 Baby Steps” from Financial Peace University.
- Advanced Budgeters: YNAB is more suited for experienced budgeters who need more comprehensive features. It offers advanced budgeting tools and better handles complex financial situations.
Additional Features
- EveryDollar includes features like paycheck planning, goal planning, and live Q&As with financial coaches in its premium version. However, it lacks features such as credit-score monitoring or retirement planning.
- YNAB provides detailed spending and income reports, net worth tracking, and the ability to export transactions to CSV files. It also offers a more flexible approach to budgeting, allowing users to adjust their budgets based on actual income rather than anticipated income.
Alternatives
If you’re looking for alternatives that offer more advanced AI-driven financial tools, you might consider other categories of financial management apps, though these may not be direct competitors in the budgeting app space:
- Planful and Vena Solutions are more focused on financial planning and analysis (FP&A) with AI capabilities, which are geared towards businesses rather than individual budgeting.
- Workday, Anaplan, and Pigment offer comprehensive financial management tools with AI, but these are generally more suited for large enterprises rather than individual users.
Conclusion
In summary, EveryDollar is a solid choice for those new to budgeting or aligned with Dave Ramsey’s financial principles, while YNAB is better for those who need more advanced budgeting features and flexibility. If you’re seeking more AI-driven financial tools, you may need to look into different categories of financial management software.
EveryDollar - Frequently Asked Questions
Frequently Asked Questions about EveryDollar
1. How does EveryDollar work?
EveryDollar uses a zero-based budgeting method, which means you allocate every dollar of your income to specific budget categories, either for spending or saving. You start by entering your monthly income and then list your expenses, categorizing them into pre-set or custom categories. The app separates your budget into planned, spent, and remaining amounts to help you achieve a zero-based budget.2. What are the differences between the free and premium versions of EveryDollar?
The free version of EveryDollar allows you to create a customized budget and manually track your expenses, but it does not link to your financial accounts. The premium version, which costs $17.99 a month or $79.99 a year, offers additional features such as bank connectivity, paycheck planning, budget insights, and access to financial coaching. With the premium version, you can automatically stream transactions into your budget and get notified when expenses are ready to track.3. Can I link my financial accounts to EveryDollar?
Yes, but only with the premium version of EveryDollar. The premium version allows you to connect multiple financial accounts, which automatically logs your transactions into the app. The free version requires manual entry of each transaction.4. How do I set up and track my budget on EveryDollar?
Setting up your budget on EveryDollar is straightforward. You start by inputting your monthly income sources and then list your expenses, using pre-set categories or creating custom ones. You can track your expenses manually in the free version or automatically with the premium version. The app also provides features like due date reminders for bills and the ability to split transactions across multiple budget lines.5. Can multiple users access and manage the same budget on EveryDollar?
No, you cannot have two separate accounts linked together. If you and your spouse want to manage the same budget, you will need to use the same account. However, the app does allow you to share your household budget with others, but it will not be synchronized in real-time across different accounts.6. How do I start over completely with my budget on EveryDollar?
Starting over completely with your budget on EveryDollar is not straightforward. You cannot simply wipe out all your data and start fresh. To do this, you would need to either create a brand new account with a new email address (which might not be ideal if you’re a premium user) or manually delete all your existing budget items month by month from the first month you started using the app.7. What kind of budgeting categories and goals can I set up on EveryDollar?
EveryDollar allows you to create custom budget categories and set specific goals, such as savings funds for emergencies, vacations, or big purchases. You can mark specific budget categories as “funds” and link them to your goals. The app also provides a financial roadmap feature to help you see a timeline of when you will hit your goals.8. Is EveryDollar available on multiple devices?
Yes, EveryDollar is available on your computer, phone, and tablet. It is recommended to use a computer for setting up your monthly budget and the app for tracking and engaging with your budget throughout the month.9. Does EveryDollar offer any educational resources or support?
Yes, EveryDollar provides several educational resources and support options. The app has a “learn” section that walks you through setting up your budget. Premium users also have access to live Q&A sessions with professional financial coaches and group coaching calls.10. Can I get a free trial of the premium features on EveryDollar?
Yes, you can sign up for a 14-day free trial of the premium version of EveryDollar. This allows you to test the additional features before deciding whether to subscribe.