EveryDollar by Dave Ramsey: A Budgeting App Review

Table of Contents


Introduction

Managing personal finances is a crucial aspect of our lives. Whether you're saving for a dream vacation, paying off debts, or planning for retirement, budgeting plays a vital role in achieving your financial goals. In today's digital age, numerous budgeting apps have emerged to simplify this process, and one of the prominent names in the industry is EveryDollar by Dave Ramsey.

In this in-depth review, we will explore EveryDollar's features, functionality, pricing, and user experiences. By the end of this article, you'll have a comprehensive understanding of whether EveryDollar is the right budgeting tool for you.


Dave Ramsey Budgeting App
What is EveryDollar Budget App?

EveryDollar is a budgeting app developed by renowned financial expert Dave Ramsey. With over 30 years of experience in the finance industry, Ramsey created this app to help individuals and families take control of their finances, get out of debt, and build wealth. EveryDollar follows Ramsey's principles of budgeting, known as the Baby Steps, which have helped millions of people achieve financial freedom.

The app is available for both web and mobile platforms, making it convenient for users to track their finances on the go. It offers a range of features designed to simplify budget creation, expense tracking, and financial goal setting.


How Does EveryDollar Budget App Work?

EveryDollar operates on a zero-based budgeting system, which means every dollar you earn is assigned a specific purpose. The app helps you create a monthly budget by categorizing your income and expenses. Here's how it works:


Step 1: Income Entry

You start by entering your monthly income, including your salary, bonuses, and any other sources of revenue. EveryDollar provides a clear overview of your total income, ensuring you know exactly how much money you have to work with.


Step 2: Expense Categorization

Once your income is established, you'll categorize your expenses. EveryDollar offers a wide range of predefined categories, such as housing, groceries, transportation, and entertainment. You can also create custom categories to fit your specific needs. For each category, you allocate a portion of your income, ensuring that every dollar is assigned a purpose.


Step 3: Expense Tracking

As you go through the month, you'll record your expenses in EveryDollar. This can be done manually by entering each expense or by linking your bank accounts for automatic transaction imports. The app provides real-time updates on your spending, helping you stay on track with your budget.


Step 4: Adjustments and Monitoring

Budgets are not set in stone, and unexpected expenses can arise. EveryDollar allows you to make adjustments to your budget as needed. If you overspend in one category, you can move funds from another to cover the difference. The app's monitoring features ensure that you're always aware of your financial status.


Key Features of EveryDollar App

EveryDollar offers a robust set of features to make budgeting as effective and convenient as possible. Here are some of the standout features:


1. Zero-Based Budgeting

EveryDollar follows the zero-based budgeting approach, which encourages you to give every dollar a job. This ensures that you allocate your income wisely and avoid overspending.


2. Expense Tracking

The app makes it easy to track your expenses in real time. You can manually enter transactions or connect your bank accounts for automatic tracking, saving you time and effort.


3. Customizable Categories

EveryDollar allows you to create custom categories to tailor your budget to your unique financial situation. This flexibility ensures that you can account for all your expenses.


4. Goal Setting

Setting financial goals is crucial, and EveryDollar helps you do just that. Whether you're saving for an emergency fund, paying off debt, or planning a vacation, you can set and track your goals within the app.


Pros and Cons

Like any budgeting tool, EveryDollar has its strengths and weaknesses. Let's explore the pros and cons:

Pros:

  • Simplicity: EveryDollar's user-friendly interface makes budgeting accessible to everyone, regardless of their financial expertise.
  • Zero-Based Budgeting: The app's adherence to zero-based budgeting principles helps users take full control of their finances.
  • Goal Tracking: Setting and tracking financial goals is made easy with EveryDollar's goal-setting feature.


Cons:

  • Manual Data Entry: Some users may find the need to manually enter transactions time-consuming, especially if they have many daily expenses.
  • Paid Version: While there is a free version of EveryDollar, some of the more advanced features are only available in the paid version, which may not be suitable for everyone.


User Experiences

It's always insightful to hear from real users of a budgeting app. Here are a few scenarios that showcase how EveryDollar has helped individuals manage their finances:


Scenario 1: Debt Freedom

John, a 35-year-old professional, was drowning in credit card debt. He started using EveryDollar to create a budget and track his expenses meticulously. Over time, he managed to pay off his credit card debt completely, thanks to the app's goal tracking and budgeting features.


Scenario 2: Saving for a Dream Vacation

Sarah and Mike had always dreamed of taking a luxurious vacation but never thought it was financially possible. With EveryDollar, they set a savings goal and allocated a portion of their income to it each month. After a year of disciplined budgeting, they were able to enjoy their dream vacation stress-free.


Scenario 3: Retirement Planning

Tom and Lisa, a couple in their late 40s, used EveryDollar to take a closer look at their retirement savings. They realized they were not saving enough and made adjustments to their budget to increase their retirement contributions. EveryDollar's long-term goal tracking kept them motivated to save for their golden years.


Pricing Plans

EveryDollar offers both free and paid versions. Here's a breakdown of the pricing plans:

EveryDollar Free:

The free version of EveryDollar provides essential budgeting features, including income and expense tracking, goal setting, and customizable categories. It's a great option for individuals looking to get started with budgeting without committing to a paid plan.

EveryDollar Plus:

EveryDollar Plus is the premium version of the app, priced at $129.99 per year. With EveryDollar Plus, you get access to additional features, such as automatic bank transaction imports, priority customer support, and custom reporting. This plan is ideal for those who want a more automated budgeting experience.


Dave Ramsey Budgeting App prices

Security and Privacy

When it comes to financial apps, security is paramount. EveryDollar takes several measures to ensure the security and privacy of its users' financial data:

  • Encryption: EveryDollar uses bank-grade encryption to protect your data during transmission and storage.
  • Secure Servers: User data is stored on secure servers, and access is strictly controlled to prevent unauthorized access.
  • Privacy Policy: EveryDollar has a clear and transparent privacy policy that outlines how user data is handled and protected.


Is EveryDollar Worth It?

Whether EveryDollar is worth it depends on your financial goals and preferences. If you're new to budgeting and want a simple, user-friendly tool, the free version may be sufficient. However, if you value automation and additional features, EveryDollar Plus can be a worthwhile investment.

Ultimately, the value of EveryDollar lies in its ability to help you achieve your financial objectives. If it helps you save, pay off debt, and build wealth, then it's certainly worth considering.


Conclusion

EveryDollar by Dave Ramsey is a powerful budgeting app that empowers individuals and families to take control of their finances. With its zero-based budgeting approach, expense tracking, goal setting, and user-friendly interface, it has garnered a loyal user base.

While the free version offers essential budgeting tools, the premium EveryDollar Plus plan provides added convenience and automation. It's essential to evaluate your budgeting needs and preferences to determine which plan is right for you.

Ultimately, EveryDollar can be a valuable tool on your journey to financial freedom, helping you achieve your financial goals and secure a brighter financial future.


FAQ


Q1: Is EveryDollar suitable for small business budgeting?

A1: EveryDollar is primarily designed for personal budgeting. While it can be used for small business budgeting, it may lack some features required for complex business finances. Small business owners may want to consider dedicated accounting software.


Q2: Can I sync EveryDollar with my bank accounts?

A2: Yes, with the EveryDollar Plus plan, you can sync your bank accounts for automatic transaction imports. The free version requires manual transaction entry.


Q3: Is EveryDollar available for international users?

A3: EveryDollar is primarily designed for users in the United States, but it can be used internationally. However, some features may be more relevant to U.S. users, such as linking to U.S. banks and institutions.


Q4: How secure is my financial data with EveryDollar?

A4: EveryDollar takes security seriously and uses encryption and secure servers to protect your financial data. Be sure to review their privacy policy for more details on data handling.


Q5: Can I use EveryDollar for investment tracking?

A5: EveryDollar is primarily a budgeting tool and may not provide the detailed investment tracking capabilities found in dedicated investment apps or platforms.


Feature Comparison

Feature EveryDollar Free   EveryDollar Plus
Zero-Based Budgeting ✔️         ✔️
Expense Tracking ✔️         ✔️
Customizable Categories ✔️         ✔️
Goal Setting ✔️         ✔️
Automatic Transaction Imports ❌         ✔️
Custom Reporting ❌         ✔️


Key Takeaways

EveryDollar is a budgeting app that can help you take control of your finances, pay off debt, and work towards your financial goals. Whether you choose the free version or opt for EveryDollar Plus, it provides valuable tools for budgeting and managing your money. Remember to evaluate your budgeting needs and preferences to determine which plan is right for you.

By following the principles of zero-based budgeting, tracking your expenses, and setting financial goals, you can use EveryDollar as a powerful tool on your journey to financial success.

Tags: