Summary

EveryDollar is a budget-planning app, based on Dave Ramsey’s principles of a zero-based budget and paying off debt using the debt snowball method, that allows users to easily track their income and expenses, set savings goals, and work to pay down debt. The app is designed for adults and gives them the ability to easily see where they spend their money each month.

Short How To

The app is free do download and users are prompted to create an account when they open it for the first time. Users must have a valid email address, as this is required to verify the account. It is free to create an account, however there is also the option to upgrade to EveryDollar Plus. This option gives users a more personal experience with the app. It allows the user to connect the app with their bank account to automatically stream transactions into their budget, view custom budget reports, set due date reminders for bills, and join live Q&A sessions with professional financial coaches. At the time of this review (May 2024), EveryDollar Plus is $17.99/month with a 14-day free trial.

Regardless of whether users use the free version or the premium version, setting up a budget is quick and easy. Users can create a budget in the main screen and edit all the categories within it under the Planned tab. The goal is to give every dollar a job so that you have nothing left to budget. Users can view the remaining amount they have in each category in the Remaining tab. In this tab they can input manual transactions or view automatic ones from their bank. The Transaction screen shows them a list of all their transactions, the Account screen allows premium users to link their bank accounts, the Insight screen allows premium users to view custom budget reports, and the Profile screen allows users to set reminders to track, adjust settings, and view videos on how to create a budget in the app.

There is a short and clear video tutorial that is available and easy to locate when you click on “Learn to Budget.” This not only walks the user through the basics of budgeting, but it lets you know exactly how to budget using the app and using the zero-based method. Overall, the app is very straightforward and easy to use. There are a number of video tutorials and articles available, as well as premium features at a cost, but these are clearly notated using a green star. Not only can the user request a feature, but you can view other suggestions from other users and notate how important this is to you. This creates the feeling that the users are being listened to and that they genuinely care about the user's experience.

Reviewer Experience

Our reviewer was impressed with the simplicity of the app. Creating a monthly budget was quick and easy. After entering your monthly income, the app displays the amount left to budget for the month. Users can track their money based on their planned income and expenses, actual money spent, and then see what their remaining balance is for the month. Planning expenses for the month is also simple, as the app breaks them down into categories. These include; giving, savings, housing, transportation, food, lifestyle, insurance and tax, and debt. Within each of these categories are subcategories which allows the user to break down their dollar even more. These subcategories are customizable and there is no limit to how many you can add. With each added expense, the app counts down the remaining money left in the budget for the month.

To manually add a transaction, users just tap on a subcategory then tap on the + button. Our reviewer enjoyed the flexibility she had in creating her budget and having a clear vision of where every dollar was being spent. She felt like this was a great way to manage her debt and using the debt snowball method, she was able to pay off a credit card in just a few months. While the premium version would make managing transactions much easier by linking her bank account, our reviewer liked not having to link anything in order to use the app as she felt safer this way. Her experience using EveryDollar was great as it let her take control over her money and make herself accountable for her spending habits. She has been using the app for over a year and has felt more financially prepared for unexpected expenses.

A favorite feature for our reviewer is the ability to create a sinking fund category and easily incorporate it into her budget. With a sinking fund, she was able to save for her anniversary trip by setting aside small amounts each month instead of having to come up with the lump sum all at once. This was a tip she learned from the newsletter EveryDollar sends every month and has really changed the way she looks at saving for planned expenses. The difficulty lies in the follow-through of sticking to the plan that you budgeted for. The user found it helpful to set these budgeting goals and know that there was a plan for every dollar, but it is such a detailed method that you need to be very dedicated for it to be successful.

Benefits

EveryDollar is an excellent app for young adults who may be transitioning from high school to college as well as households who may be looking for an easy way to start planning a monthly budget. This app is helpful to budget with because it is very simple and easy to. EveryDollar is a great way for users to budget for not only the monthly expenses, but also for upcoming expenses that may not be monthly that still need to be saved for and considered, like oil changes and HOA fees. Using the “fund” feature helped to break down these sporadic expenses so that they are part of the monthly plan, and not a surprise when due.

We believe this app would be beneficial for young adults, older adults and seniors, and some adults with autism. 

Additional Comments

The app is compatible with VoiceOver.