What is EveryDollar?
EveryDollar is a budgeting app developed by Ramsey Solutions, a company founded by personal finance expert Dave Ramsey. The app is designed to simplify the budgeting process using the zero-based budgeting method, where every dollar of your income is assigned to a specific purpose, such as expenses, savings, or debt payments.
Key Features and Functionality
Budgeting Methodology
EveryDollar implements Dave Ramsey’s zero-based budgeting framework, which ensures that every dollar has a designated job, helping users eliminate wasteful spending and gain control over their finances.
Ease of Use
The app is user-friendly, making it easy for beginners to start budgeting. Upon signing up, users are guided through a series of questions to set up initial budget categories such as housing, utilities, groceries, and discretionary spending.
Tracking and Automation
- Manual Tracking: The free version of EveryDollar requires users to manually input their financial transactions, which can be time-intensive but encourages financial awareness and discipline.
- Automated Tracking: The premium version allows users to link their bank and credit card accounts, automatically importing transactions into the platform. This feature streamlines the budgeting process and saves time.
Customization
- Custom Categories: Users can add, delete, and rearrange budget categories to suit their specific needs.
- Goal Setting: The premium version includes tools for setting financial goals and generating detailed reports, providing insights into spending habits and progress.
Additional Features
- Expense Tracking: Users can track their expenses and categorize them accordingly.
- Budget Templates: Pre-set templates help users get started quickly.
- Bill Reminders: The app sends reminders for upcoming bills to ensure timely payments.
- Shared Budgets: Users can share budgets with their significant others or financial partners.
- Transaction History: A comprehensive record of all transactions is available.
- Savings Goals: Users can set and track savings goals.
- Envelope Budgeting: A traditional budgeting method where expenses are divided into categories using virtual envelopes.
Platforms and Accessibility
EveryDollar is accessible on multiple platforms, including desktop, iPhone, iPad, and Android devices, making it convenient for users to manage their finances from anywhere.
Pricing
- Free Version: Offers basic features with manual transaction entry.
- Premium Version: Available for $17.99/month or $79.99/year, or as part of the Ramsey subscription for $129.99/year. The premium version includes automated transaction tracking, goal setting, and detailed reporting.
Customer Support
EveryDollar provides customer support to help users troubleshoot issues, such as bank connectivity problems, and ensure a smooth user experience.
In summary, EveryDollar is a robust budgeting tool that simplifies financial management through its intuitive interface, customizable categories, and automated transaction tracking features, making it an excellent choice for individuals and businesses looking to implement effective budgeting practices.