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EveryDollar App Review: A Budgeting Tool To Get Back On Track

EveryDollar App Review: A Budgeting Tool To Get Back On Track
Norm Tedford Dec 17, 2019
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Years ago, I stood by the banks of the Cape Cod Canal.

I was there with a resident of the community residence for the mentally ill I managed who was on vacation with me.

As I stood there basking in the delicious afternoon sun and breathing in the heady aroma of the salty air, I suddenly saw something that was astonishing beyond belief: The World cruise ship.

This is the vessel where those with obscene amounts of money give up living on land and spend the rest of their existence living on the boat.

I was intrigued by the amount of wealth one would need to book passage on that boat and read everything I could find on the Internet about the mind-boggling luxuries on the ship.

At that moment, I desperately wanted to be rich—with every fiber of my body so I could live on that boat for the rest of my days.

I was living paycheck to paycheck at the time, and the idea of having so much money squirreled away that I would never have to lift a finger and work again was quite appealing.

Financial Security Vs. Being Rich

So, for a time, I made being rich my goal.

Every waking moment, that’s all I ever thought about.

I absorbed every book on the subject and talked to others about how they made their way to the top of the financial mountain.

However, after a time, this dream lost its luster.

That’s because I realized being obscenely wealthy wouldn’t make me necessarily happy.

When I carefully looked at my desires, I realized what I really wanted was financial security—not to have insane piles of cash.

So, from that day on, I gave up my wealth obsession and took steps so I would never live paycheck to paycheck again.

A more uncomplicated, more realistic desire.

I stumbled across a few systems that helped me accomplish this.

Back then, if I had something like EveryDollar to assist me on this journey, I might have achieved my objective even more quickly…

The EveryDollar App

That’s because the EveryDollar app, a simple technological solution to your inability to create and stick to a budget, can help give you financial security.

Look—if you want to be responsible with your money, the first thing you’re going to have to do is create a budget.

But one thing you certainly don’t want to do is to needlessly struggle with a budgetary system that’s way more complicated than it needs to be.

Budgeting apps can solve this problem because they’re designed only to give you the bare bones of what you need to reassert control over your messy financial life.

One of the most popular of these kinds of apps is EveryDollar.

If you’ve been desperately searching for a killer app that dramatically simplifies budgeting, look no further than EveryDollar.

It’s an intuitive and easy to use tool to help you achieve mastery over your financial life.

And, it’s a welcome antidote to all those tedious systems that are WAY more time-intensive than they need to be.

From the Mind of Dave Ramsey

The app sprang from the endlessly fertile mind of Dave Ramsey, the most popular of all the financial gurus.

It’s meant to accompany Ramsey’s most life-changing book, “The Total Money Makeover.”

In this book, Dave powerfully outlines his seven “baby steps” to total financial independence.

Budgeting is a HUGE part of these steps.

To help people really internalize his ideas so they could be financially secure, he collaborated with his army of app developers to create this wondrously pragmatic system.

Get Rid of Debt

It’s easy to use, even if you’re not the techie type.

It incorporates his time-tested financial precepts including the baby steps.

Thousands of people over the years have harnessed these principles to dig themselves out from underneath a crushing mountain of debt.

He must be doing something right if he can change so many lives!

If your financial ship is hopelessly adrift and you can’t seem to get back to the shores of fiscal responsibility no matter how hard you try, download the EveryDollar app today!

Create Your Financial Master Plan

It makes it super easy to track EVERY DOLLAR (hence the name) so that you can create a killer financial blueprint that will make all your frugal dreams come true. 

If you give it a whirl, I can practically guarantee that it will soon become your go-to-system to whip your financial life into tip-top shape.

Using this powerful tool, you’ll create a master plan that will keep your financial ship right on course. 

Syncs Across All Your Devices

It will be there for you if an idea on how to save hundreds of dollars a year suddenly leaps into your brain while you’re enjoying a deliciously refreshing Nitro Cold Brew at your local Starbucks.

It will also be there for you if you’re at home when you’re adding the final touches to your plan for holiday shopping just before braving the Black Friday crowds.

That because it seamlessly syncs across all your devices so you can effortlessly access its fantastic functionality!

Make Course Corrections in Real-Time

So, track all your spending as you go, and make subtle course corrections in real-time.

This will help you avert the kind of cataclysmic fiscal disaster that can arise during a mindless orgy of spending if you don’t have a financial tool to help keep your desires in check.

You can put all your expenses in one convenient place and track your spending as you go!

EveryDollar can be just the thing you need to make you an undisputed master of your financial destiny.

It Uncomplicates Your Life

EveryDollar takes the mind-crushing tedium out of budgeting and makes it OH SO EASY to accomplish your financial goals.

So many budgeting systems make the process way too complicated.

EveryDollar goes in the other direction, making budgeting effortless and straightforward.

This will make your existence a tad less crazy—and in this insane world where every other thing seems to unnecessarily complicate your life, I’m sure this something you will greatly appreciate!

Make All Your Financial Dreams Come True

By using the app, you’ll demolish every one of your money worries so you can finally start enjoying your life.

Then, you can set up a plan to make all your financial dreams come true.

If you’ve always wanted to take a cruise around the world to see all the exotic ports of calls you’ve been fantasizing about since you were a kid, the app can help you JUSt that.

You’re Still Going to Have to Do SOME Work

But it’s not going to do everything for you.

You still must meticulously record all your spending before the app can do its magic.

But EveryDollar is so quick and easy, it’s a breeze to do this!

Create Your First Budget Within Minutes

It’s so easy that after you boot up the app, you can create your first budget within minutes.

Start by adding your estimated monthly income.

Then, the app will expertly shepherd you through the process of making a detailed plan for your scarce financial resources, so you don’t fritter it all away.

The Principles Behind the App

As I already mentioned, the app incorporates Dave Ramsey’s powerful financial principles.

The most important one is zero-based budgeting, which is a way of budgeting where you make sure every dollar of your income is accounted for.

This is so that all the money comes in minus your expenses equals zero.

If you’re familiar with Dave’s cash envelope system, it’s very similar to that.

Free Vs. Paid Version

There are two versions of this app—a free one and a paid one.

90% of the features are the same in both versions.

However, there is one crucial difference.

If the free iteration, you’ll have to manually enter all your purchases instead of it being done automatically.

Some people prefer the free version.

Sometimes, just knowing that they have to enter an expenditure into the app that could bust their budget is enough to stop impulse buying dead in its tracks.

But if manual entering of data isn’t your cup of tea and you prefer the ease of it being automatically done, splurge for the paid version.

This will cost you $129 a year.

If you’re a paying user, the app will automatically download all your financial data from your bank.

Then, you can access this information from the right sidebar.

From there, drag and drop each transaction into its appropriate category.

As you do that, it will automatically show you how much money you have left in that category.

However, even if you’ve paid for automatic data entering, you can still add transactions manually at any time.

So, try out this version free for 15 days to see if you like it.

But keep in mind that the service doesn’t let you pay with a credit card.

You can only use a debit card.

That’s because Ramsey doesn’t think paying for things with one is a sound financial strategy.

But if you can get past this hurdle, automatic entering of data can save you lots of time and improve the accuracy of your budgeting efforts.

However, make sure that automatic entering doesn’t make you lazy.

Nothing in your life should be on automatic pilot—most notably your finances!

Signing Up

To sign up for the app, go to the home page and fill out the sign-up form.

Click on the verification link in the email they send

Make sure you click on the verification link before it expires.

Otherwise,  it will expire.

After doing this, you’ll be whisked off to a landing page containing a “TAKE ME TO MY BUDGET” box on it.

Once you click on this box, you’re ready to start your exciting budgeting adventure.

Then, you can start using all the terrific features of the app to get your financial house in order.

Now it’s time to visit EveryDollar’s dashboard to dive into its eminently practical features.

The dashboard is not only functional, but it’s attractive as can be.

But before you can do that, you’ll have to select some goals.

You can choose from the following:

  •  Pay off debt
  • Save for retirement
  •  Stop living pay-to-pay
  •  Pay for kid’s college
  •  Save for a home 
  •  Travel

Pick as few or as many as you want!

After you choose your goals, the app will ask you other questions such as whether you own or rent your home, if you own a car, if you’re married, and if you have kids or pets.

Entering Your Monthly Income

Continue the setup process by adding all your income.

Then, you’ll have to allocate money to different spending categories.

The boxes all have names already, but you can change the names to whatever makes the most sense for you.

For example, one of the boxes is for your water bill.

But if you get your water from a well and don’t have a bill, just delete it.

You can even split a transaction across more than one category.

For example, if you go to your favorite vegan restaurant, you can split it between “DINING OUT” and “FUN MONEY.”

The Transportation Category

If you spend any money on transportation, you’ll need a category for it on the app.

However, if you have a car payment, you won’t add it here.

Save it for the debt category.

Budget for things like gas, automotive maintenance, and bus fare in this category.

Food Category

Next up is setting up some limits as to how much you’re going to spend on food.

You’ll need to set a budgetary amount for groceries.

And if you want to eat out in restaurants, you’ll need a subcategory for this.

Insurance Expense

Now it’s time to add your insurance expenses, including health, life, auto, and homeowners.

Most insurance is taken out by employers, so you probably don’t even need this section.

The same goes for your homeowner’s insurance if it’s already escrowed in with your mortgage.

In the health category, record all your health-related expenditures such as gym memberships, doctors’ copays, and prescriptions.

If you have a Health Savings Account, you can skip this section.

Adding Your Debt

Next, add in all your debt balances. 

After you’ve done this, you have an option to sort the debts from smallest to largest.

This is a terrific feature if you’re using the debt snowball method to pay down your debt.

Other Categories

If you got more month than money, it would prompt you to add in more income or modify your expenses.

If you got leftover bucks, the app will prompt you to give that cash a category to live in.

Once you zeroed down all your income, you’re done.

Stick a fork into it.

You’ve got your first budget under your belt.

Isn’t that a great feeling?

Amazingly Customizable Template

EveryDollar gives you a customizable template you can use to budget your monthly expenses.

This lets you completely personalize the app so that it’s tailored to your own unique circumstances.

The app even groups your expenses for you by category.

Set up budgeting categories and then allocate income to these expenses.

Budgeting On-The-Go

You can budget wherever you happen to be with this great app.

Tracking your expenses can be incredibly challenging if you have to try to remember what you purchased after getting back from the grocery store.

But if you have the app downloaded on your phone, this won’t ever be a problem for you.

With this tool, you can update your budget wherever you happen to be in the world.

This way, you’ll be less likely to forget to record a transaction.

Tracking Your Expenses

Once you have your budget firmly in place, you’ll need to keep track of your spending.

By doing this throughout the month, you’ll make sure you follow the plan you created.

So, every time you make a purchase, record this on the app.

As you do so, the app will help you stay disciplined, so you don’t blow your carefully crafted budget.

However, no budget should be set in stone and should change based on your fluctuating circumstances.

The app is flexible enough to let you do that.

Creating a Savings Goal

To be a master of your financial existence, you’re going to have to create savings goals.

With this app, that’s an easy thing to do.

To do this, go to the “Baby Steps” page by clicking on it from the left navigation bar.

Just fill in the “Starting Balance” and “Savings Goal” and click “Save” and VOILA!

You’ve got yourself a savings goal.

On the dashboard, a big green bar will show you your progress towards your goal.

Setting Up Your Emergency Fund

Everyone should have an emergency fund of at least $1,000 because unexpected financial emergencies happen all the time.

The app gives you a particularly easy way of setting up one.

To use the app to create one, go to the central budget page and click on the “Emergency Fund” budget item.

Then on the detail card on the right, click on “fund details.”

There, you’ll see a box pop up where you can enter a starting balance.

Click “Save,” and your account will be instantly updated with your new emergency fund amount.

Paying Down Your Debt

What’s terrific about this app is that it not only helps you to budget, it also helps you to pay down your debt.

You’ll pay off your debt using Ramsey’s debt snowball method.

So, enter the name of each debtor and the monthly payment.

Add everything you owe, such as car payments, credit card debt, and all your student loans.

Once you’ve entered a financial obligation, enter the amount you plan to pay every month for that debt.

After finishing this step, the app will tell you how much money your debt is draining from you each month.

With the paid version of the app, you’ll be able to arrange your debt by current balance.

To do this, simply click on “sort smallest to largest.”

Then, your debts will be sorted with the smallest balance at the top.

EveryDollar Help Center

Even though this app is simplicity itself, you still might get stumped as to how to do something.

If this is the case, use the EveryDollar Help Center to answer any of your questions. 

You can access it here.

Reasons Why It Might Not Be for You

‘Although I happen to ADORE this app, I realize that it might not be everyone’s cup of joe.

One reason not everyone might not be a fan of it is that it’s pretty basic—it doesn’t have a lot of bells and whistles.

So, someone who needs a lot of granular detail in their budgetary plans might not find it all that compelling.

There also isn’t any community to give you moral support.

And, some people find Dave Ramsey’s entire philosophy to be not to their liking.

If you fall into this category, you’re not going to like this app one bit.

Conclusion

EveryDollar is indeed bare-bones basic.

It offers a terrific zero-based budgeting system, but not much more.

But just because it’s stripped to its essentials doesn’t mean it isn’t good.

Look—we’re always overwhelmed by overly complicated junk that makes our lives a living hell.

Don’t you want something that will do the EXACT opposite of that?

For many new to the world of budgeting, using this app has been a life-changing experience.

If you let it, it can do the same for you too.

Download it, and within minutes it will reveal to you, with piercing clarity, where you’re wasting money.

This will allow you to pay off crushing debt so you can build a glorious financial future for yourself.

Norm Tedford

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