Stop questioning where all your money has gone by the end of the month. Download an app that’ll give you the answers.
EveryDollar is a sleek budgeting app that helps you keep track of all your greenbacks.
We’ve researched this app and what it has to offer. This EveryDollar app review will lay out its best features and point out where it falls short, so you can decide if it’s a good option for you.
What Is EveryDollar?
EveryDollar is the budgeting app created by Dave Ramsey, the notable personal finance expert, best-selling author and host of “The Dave Ramsey Show.”
The app follows the zero-based budgeting method, a granular plan that determines how your income is spent — down to the last dollar.
You can download the EveryDollar app from the App Store or Google Play, or you can create an account and just use the desktop version of the app.
This app keeps your information secure with a multi-layered approach that includes encryption, firewall barriers and authentication procedures.
How Does EveryDollar Work?
When creating your budget in EveryDollar, first you’ll be asked to enter your monthly income. After that, you’ll be prompted to add your planned spending (or saving) amounts until you’ve reached zero, accounting for each dollar you earn.
With the EveryDollar app, you can completely customize your budget. If you want to budget a certain amount of money specifically for pet toys, salon visits or for sports team paraphernalia, you can do that. You don’t have to stick with generic budget categories such as “groceries” and “clothing.”
You can create as many budget categories as you’d like.
After you’ve logged in your monthly income and planned expenses, you’ll use the app to track your spending as it occurs throughout the month. When you make a purchase that spans multiple budget categories, you can split that transaction.
In the app, you can toggle between planned spending, what has been spent and what’s remaining to get an overarching view of your financial situation.
If you have the free version of EveryDollar, you’ll need to enter your transactions manually. However, if you pony up $129.99 a year for Ramsey+, the app’s premium version, you can sync your bank accounts — but you’ll still need to manually categorize your spending.
Other features include the ability to set reminders and create sinking funds to meet savings goals.
Perks of Ramsey+ include access to Financial Peace University and the new BabySteps app, which tracks your progress through Dave Ramsey’s seven-step financial plan.
The paid version of EveryDollar (which was previously known as EveryDollar Plus) also comes with visual reports so you can see which budget categories account for the bulk of your spending, how your spending changes month-to-month, how your side gigs contribute to your overall income and how much of your income you’ve actually spent.
The Pros and Cons of EveryDollar
EveryDollar is a useful tool if you want an app that allows you to customize your budget. The free version is also a good option if you’re looking for a simple expense tracking app without spending any money.
If you’re a fan of zero-based budgeting or Dave Ramsey, you’ll probably want to give this app a try.
Still looking for the perfect app? Here’s our roundup of the best expense tracking apps.
EveryDollar earns good reviews from users with a 4.8 rating in the App Store and a 4.3 rating on Google Play.
However, if you’re looking for a budgeting app that embraces automation, this isn’t the tool for you. You have to pay for the premium version to link your bank accounts, but you’re still stuck with the task of manually assigning each transaction to a budget category. And the cost is more expensive than other apps like YNAB or Goodbudget.
Another downside: You’re limited to where you can use it. EveryDollar only works for users in the United States and Canada, and Canadian users can’t upgrade to the premium version.
Who Is EveryDollar For?
Like the name implies, this app is geared toward budgeters who want to track where every dollar of their income goes.
Try EveryDollar if you want to design your budget as you wish instead of plugging numbers into a predetermined template.
You can drill down into your spending without investing any money, or you can pay for an upgraded experience designed to make you a better money manager.
Nicole Dow is a senior writer at The Penny Hoarder.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.