If you’re looking for a simple way to keep track of your money, EveryDollar might be the right choice for you.
Budgeting software that’s easy to use can help people take charge of their money, get out of debt, and save a lot of cash!
Having money problems can cause a lot of stress in your life. Using credit cards to get by every month or having a hard time paying your bills is a bad sign.
It’s time to make some big changes in your life! And that starts with figuring out how much money you have to spend each month.
There are only a few small steps you need to take to become a good money manager.
Dave Ramsey, a well-known financial expert, has the exact steps you need to take laid out for you in his budgeting tool EveryDollar.
People who don’t want to keep track of their expenses in an Excel spreadsheet can use EveryDollar, which is budgeting software.
There are both good and bad things about EveryDollar, and this article will look at them more closely on how to use it.
What is EveryDollar?
EveryDollar is a simple budgeting app that was made by Dave Ramsey, a personal finance expert.
In a zero-based budget, every dollar you make is put into a category, like bills, entertainment, or savings.
You account for every dollar you make by putting it into that category.
At the end of each month, the goal is to have no money left.
When you’re using EveryDollar, you can also see where you are in Ramsey’s personal method for becoming financially healthy.
The “Baby Steps” are:
- Save $1,000 in an emergency fund
- The debt snowball method is used to pay off all debt except for the mortgage
- Save money for three to six months’ worth of bills
- Invest 15% of your income for your retirement now
- For your kids’ college, start a savings account
- Then, pay off your house
- Build money and give more
How to Use EveryDollar App
EveryDollar is only for people in the United States and Canada. Once you’ve signed up, you can start making your first budget.
You can do this right away. You can set up as many custom categories as you want on EveryDollar.
There are eight pre-made categories, but you can also make your own.
Each category will have a budget amount next to it that you’ll set for each month.
In the next month, this is how much money you think you’ll spend in that type of thing Notes can be made
and transactions can be tracked individually in each of the categories.
It will show you how much money you’ve spent in each area as the month goes on.
If you use the free version of EveryDollar, you’ll have to keep track of your expenses on your own.
In the paid version, EveryDollar Plus, your transactions are uploaded for you.
All you have to do is drag and drop them into the right place.
If you want to get the Plus version, it costs $129.99 a year.
If you’re interested in EveryDollar Plus but aren’t sure if you want to pay the membership fee, you can try that version for free for 15 days to make sure.
If you sign up for Dave Ramsey’s Financial Peace University, you’ll get a year’s worth of EveryDollar Plus for free.
The Pros of EveryDollar App
Starting a budget is the first step in the Baby Steps method, so EveryDollar can be a good way to start working toward your financial goals,
even if you don’t think you’re very good at money.
All you have to do is enter how much you spend, the date, and the store where you bought it before assigning the transaction to a budget category.
This makes it very easy to track and budget your money.
If you want to split up your transactions, EveryDollar lets you do that, too. For example, let’s say you went to Sam’s Club and spent $140.
$120 of that was for food, and $20 was for clothes. If you want, you can split the transaction into two separate groups.
The app can also be used by more than one person, so it’s easy for couples to keep track of their money at the same time.
At the start of a new month, you have the option to copy last month’s budget and change your planned spending if you think it needs to.
If you buy the paid version, EveryDollar will connect to your bank account and upload all of your transactions for you.
You’ll just have to give each item a group.
The Cons of EveryDollar App
Using the free version of EveryDollar means you’ll have to keep track of how much you spend on your own instead of using the app.
There is a paid service that will upload your transactions for you, but it costs $129.99 a year.
People who want to save money might not want to spend so much money on a little extra convenience.
Plus, some people don’t like the software in certain ways. It won’t keep track of your investments for you, like EveryDollar will not.
If you want more powerful software that includes this category, you might want to look at Mint or YNAB (You Need a Budget).
How to download Everydollar App?
To Download Everydollar Budgeting App, You can click here to get the Everydollar app to your device.
In the end
If you have any long-term financial goals or just want to see how you spend your money in general, you might want to use a program like EveryDollar.
EveryDollar is a good choice for someone who needs to get their finances in order and wants a simple way to use adaptive technology to do it.
The free version is also pretty easy to use.
It’s important to look at your options and choose the tool that gives you the best and most convenient view of your money.