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One of the most well-known figures in personal finance is Dave Ramsey. He has undoubtedly assisted innumerable people in overcoming harmful money habits and achieving financial stability, although some specialists disagree with his strategies. EveryDollar Budgeting App

Ramsey and his colleagues created the Ramsey Solutions suite of financial solutions, which includes EveryDollar, to help the typical American better manage their finances and create a budget.

If you’re ready to spend $9.99 a month or $99.99 a year for the premium version, the budgeting software is a great tool. Users may easily become premium members, which will unlock a variety of tools and possibilities.

forget or occasionally skip the manual expenditure tracking required by the very limited free program. You will truly get what you pay for if you are prepared to pay to become a

EveryDollar Plans and Pricing (EveryDollar Budgeting App)

EveryDollar itself has two plans, either Free or Premium. You can also unlock the premium features by enrolling in Ramsey+, a broader package of Ramsey Solutions products and services.

Free

The free version of EveryDollar is a basic budgeting tool. When we tested this version, we were constantly hit with paywalls for features that other budgeting apps offer for free.

The Free plan does manage to offer some value:

• Customise Your Budget Categories. You can choose from several preloaded budgeting categories and customise the rest. If parts of your spending don’t fit into the general categories most people use, just make a custom category.
• Build a Budget Based on Your Income. When you sign up, the app first asks you to outline your monthly income. You can include several different sources of income.
• Quickly Pay Off Your Debt With the Debt Snowball Method. Dave Ramsey has long preached the power of the debt snowball method, and it’s one we can’t argue with. Even the free version of the EveryDollar app simplifies this process by allocating excess funds to lower balances instead of higher interest rates.
• Set and Track Financial Goals. EveryDollar makes it easy to set, track, manage, and ultimately accomplish savings goals: building an emergency fund, saving for a down payment, or creating an education fund for your children.

Premium (EveryDollar Budgeting App)

The paid version of EveryDollar is EveryDollar Premium, but you might see it referred to as EveryDollar Plus elsewhere.

No matter what you call it, EveryDollar Premium is a powerful budgeting tool. It costs $9.99 per month or $99.99 per year and comes with everything above, plus:

• Link Your Accounts. You can link your bank accounts and credit cards for easy money management. Depending on the account, you may need to enter your login information in the EveryDollar app.
• Automatic Expense Tracking. EveryDollar tracks where your money goes every time you swipe your linked debit card, credit card, or write a cheque that is cashed against your account. This eliminates the need for traditional pen and pad or spreadsheet tracking methods.
• Automatic Account Balance Tracking. EveryDollar also keeps tabs on your account balances, including your checking account, savings account, credit cards, student loans, and other lending accounts, though there are no investment tracking features to speak of.
• Customizable Reports. As a premium member, you can customise your reports to meet your needs. Since the reports are colourful depictions of your income, customising them to fit your needs makes it easier to visualise what’s important to you.
• Spreadsheet Exporting. You’ll love this feature if you’re a spreadsheet budgeting enthusiast. EveryDollar makes it easy to export your budget and other financial data in CSV format.
• Tracking Recommendations Based on Spending History. EveryDollar gets to know your spending habits as it tracks your activity. When you manually track expenses, the app recommends how those expenses should be categorised based on the expense itself and your spending history.

Ramsey+

Ramsey+ gives you everything from EveryDollar Premium as well as two additional services. The service costs $59.99 for three months, $99.99 for six months, or $129.99 per year. With an annual subscription, the fee works out to under $11 per month.

• Financial Peace University. Financial Peace University has nine lessons that help you budget, save, and build wealth over time. Four of the lessons reiterate financial education in the Dave Ramsey Baby Steps series. The other five lessons cover spending, real estate, insurance, building wealth, and charitable giving.
• Group Coaching. The Group Coaching events are live webinars where you learn more about money management and have the opportunity to ask a coach questions. The Coaching service brings community and mentorship to centre stage, two concepts that can help you take control of your money.

Additional Features of EveryDollar (EveryDollar Budgeting App)

EveryDollar’s core features are compelling, but they’re not the benefits to enjoy when you become an EveryDollar subscriber.

Easy-to-Digest Expense Breakdowns

Have you ever logged into your online banking service and said to yourself, “Where’d it all go?” Don’t worry. I’m sure most of us have had to ask that uncomfortable question.

EveryDollar’s expense breakdown is built to answer that question for you.

The breakdown is colour-coded and very easy to digest. It starts with expense categories. When you click on a category, you get a list of your expenses in that area, so it’s easy to see where your money’s going.

That’s the hardest part.

Now that you know where all your money’s going, look for little changes you can make that have a big impact on your bottom line.

Debt Payoff Strategy

Dave Ramsey has been a major promoter of the debt snowball method. This method lets you pay the least on most debts and put all extra funds toward the smallest balance. Once you pay the first lender off, you focus your efforts on the next smallest balance.

As you pay off each balance, your overpayments become larger — like a snowball rolling down a hill. Countless people use the debt snowball method to pay off credit card debt, auto loans, student loans, mortgages, and any other form of debt.

The best part is that EveryDollar does the work for you. It tracks your balances, minimum payments, and due dates. Then, it tells you when and how much to pay to each lender to follow the debt snowball method based on your income, budget, and debts.

A note of caution: Ramsey’s snowball method is more engaging and exciting than traditional debt payoff methods. However, paying your highest-interest debts first saves you time and money in the long run. Carefully consider this tradeoff before you decide which snowball you want rolling down the figurative hill.

Goal Tracking (EveryDollar Budgeting App)

EveryDollar’s goal-tracking capabilities are worth reiterating here. One of the biggest differences between those who retire early and those who work the rest of their lives is the discipline to set and track long-range financial goals.

EveryDollar makes it easy to create realistic savings goals, like saving for a down payment or college fund. The app also tracks your progress and encourages you to meet the goals you set.

Free Trial

There’s no need for a free trial of the free version of EveryDollar, but the app’s premium version gives you 14 days to try it out for free.

Useful Mobile App

It’s nice to have access to your finances anytime and anywhere you need it. The free EveryDollar mobile app is available on Android and iOS. It includes all features available on the desktop version, including premium features.

Advantages of EveryDollar (EveryDollar Budgeting App)

EveryDollar is a popular product, one that likely got a major boost in popularity simply because it was created by a personal finance celebrity. But the fact that Dave Ramsey created EveryDollar isn’t the only reason to be excited about it.

Some of the biggest advantages of EveryDollar include:

• Ease of Use. The EveryDollar platform is user-friendly. The platform uses colours and graphics that are visually appealing, and it’s easy to navigate. Upon logging in, the platform displays the most important information, ensuring you find what you’re looking for easily.
• Educational Features. EveryDollar is part of a wide product umbrella known as Ramsey+. If you take advantage of the full suite of services, you get access to multiple educational features, including group coaching from Ramsey-vetted financial professionals.
• Free Trial. It’s nice to try something before you buy it. Unfortunately, some competing budgeting apps don’t offer free trials.
• Budgeting Tools. There’s no question that EveryDollar makes budgeting efficient. Easily create a budget that works with your unique lifestyle and take advantage of tools that help you stay on track.
• Financial Goals. EveryDollar helps you create reasonable financial goals, puts you on a path toward achieving them, and allows you to track your progress along the way.
• Automatic Expense Tracking. As an EveryDollar Premium user, you can keep tabs on how much money you’re spending in each category with automatic expense tracking. However, this part of the service is only available for premium members.

Disadvantages of EveryDollar (EveryDollar Budgeting App)

While EveryDollar is impressive, it does have some imperfections. There are a few disadvantages you should consider before you sign up:

• Price Prohibitive. Many of the premium budgeting and goal-setting tools are available on free apps like Empower. Sure, EveryDollar has a free version, but it’s very limited. The $99.99 annual price tag can be prohibitive, especially when you’re trying to save money.
• No Credit Score Monitoring. Ramsey advises consumers to avoid credit if possible. While that’s a nice concept in theory, most people can’t live by it, at least early in their financial journeys. For them—and maybe you—a good credit score is important. Unfortunately, EveryDollar doesn’t offer credit score monitoring.
• No Investment Tracking. Investing is a crucial part of building wealth that lasts a lifetime. Unfortunately, EveryDollar doesn’t track your investments or even the balances of your investment accounts.

How EveryDollar Stacks Up (EveryDollar Budgeting App)

Empower is one of EveryDollar’s largest competitors. It’s a popular personal finance app that connects to your bank accounts and guides you through budgeting and building financial independence. The chart below shows how EveryDollar stacks up against Empower.

Final Word (EveryDollar Budgeting App)

The real question here is whether or not the EveryDollar budget app is worth it. The answer is “maybe”.

EveryDollar’s free version is so limited you’re better off using other options. But for $99 per year, the premium version is definitely worth it for the right person.

You should strongly consider this app if you’d like a tool to help guide you through paying your debts off, rather than just showing you what you owe and what you’ve been paying. And it’s tempting to upgrade to the broader Ramsey+ service to take part in regular group financial coaching sessions or to get your hands on Dave Ramsey’s Financial Peace lessons.

However, if you have a pretty strong grip on your finances as they stand and just want an easy way to track your spending and manage your budget, you’re probably better served by another budgeting app.