Product Overview of EveryDollar
EveryDollar is a budgeting app developed by Ramsey Solutions, a company founded by personal finance guru Dave Ramsey. This app is designed to simplify and streamline the budgeting process, particularly for those following Dave Ramsey’s financial management principles, including the “7 Baby Steps.”
What EveryDollar Does
EveryDollar is built around the zero-based budgeting (ZBB) method, which requires users to assign every dollar of their income to a specific category, ensuring that every dollar has a designated purpose. This approach helps users manage their finances effectively by eliminating wasteful spending and promoting financial discipline.
Key Features
- Zero-Based Budgeting: Users allocate their entire income into various budget categories, such as housing, utilities, groceries, and discretionary spending, to ensure every dollar is accounted for.
- Expense Tracking: The app allows users to track their expenses either manually or automatically by linking their bank and credit card accounts. The premium version enables automatic transaction import, saving time and effort compared to manual entry.
- Customizable Categories: Users can add, delete, or rearrange budget categories to fit their specific financial needs. This flexibility helps in creating personalized budget plans.
- Goal Setting and Reporting: The premium version of EveryDollar includes tools for setting financial goals and generating detailed reports, providing insights into spending habits and progress towards financial objectives.
- Bank Syncing: With the premium version, users can connect their bank accounts to automatically import transactions, making it easier to keep the budget up-to-date.
- Mobile and Desktop Access: EveryDollar is accessible on both mobile devices (iOS and Android) and desktop, allowing users to manage their budgets from any platform.
- Shared Budgets: The app supports shared budgets, enabling multiple users to collaborate on a single budget, which is particularly useful for households or businesses.
- Bill Reminders and Recurring Transactions: EveryDollar includes features to set reminders for bills and track recurring transactions, helping users stay on top of their financial obligations.
- Savings Goals and Debt Tracking: The app helps users set savings goals and track debt, aligning with Dave Ramsey’s debt snowball method and other financial management strategies.
Functionality
- Ease of Use: EveryDollar is designed to be user-friendly, especially for beginners. The setup process guides users through a series of questions to establish initial budget categories, making budgeting less intimidating.
- Manual and Automated Options: The free version requires manual entry of transactions, which can foster greater financial awareness. The premium version offers automated transaction import, streamlining the budgeting process.
- Integration with Financial Peace University: While not necessary, EveryDollar integrates well with Dave Ramsey’s Financial Peace University and the “7 Baby Steps” program, providing additional resources and support for users following these principles.
Pricing
EveryDollar offers both a free and a premium version. The free version includes basic budgeting features but requires manual transaction entry. The premium version, available for $17.99/month or $79.99/year, or as part of the Ramsey bundle, adds features like automatic transaction import, goal setting, and detailed reporting.
In summary, EveryDollar is a robust budgeting tool that simplifies financial management through its zero-based budgeting approach, customizable categories, and automated transaction tracking. It is particularly beneficial for those adhering to Dave Ramsey’s financial management methodologies but can also be useful for anyone looking to gain better control over their finances.