Take out the hassles of calculating and figuring out your own budget. Budgeting just got a lot easier with financial expert, Dave Ramsey’s EveryDollar app. At first glance, incorporating another method for budgeting might seem intimidating, but this app simplifies everything. Here’s our EveryDollar review to help get you going.
How the EveryDollar App Works
The app breaks down each month, and does all of the adding, subtracting, and savings calculations for you. Whether you need to establish a rainy day fund or a savings to pay off debt, EveryDollar works to help you put money to the side to set yourself up for financial success.
An app that doesn’t include advertisements and gimmicks might surprise you, but EveryDollar is legitimate. It gets straight to the point and it’s an easy process to start. Once the app downloads, it’ll prompt you to identify the reasons you want to start saving. For some people, this means paying off debt, traveling, or simply a cushion, so they aren’t living paycheck to paycheck.
Next Steps for Budgeting With EveryDollar
After identifying your reasons for saving, it’ll then prompt you to enter your income for the month. This can be broken down into your expected income and luckily, with the app, you can continue to include any additional payments you’ll be receiving. You even have the option to link your bank account to get a more accurate calculation of your incoming payments.
Once you’re done with the income section, you’re prompted to enter all of your expenses. This section will vary for each user because everyone is different, but necessities like rent/mortgage, car payments, insurance, utilities, and transportation costs are usually the first expenses you’ll list.
Lastly, you’ll enter your lifestyle expenses in the app. This includes anything ranging from pet care, child care, cosmetics, gym fees, doctor visits, debt, and even food. You will need to list everything in order to get an accurate budget calculation.
Should I Try the EveryDollar App?
There are a couple downsides to the EveryDollar App. For example, you are limited with the free version. For example, you can’t sync your bank accounts with the basic plan, and you’ll have to manually track every transaction.
That said, whether you have the free or paid version, the app is very easy to use and you don’t have to worry about making any complicated calculations. It’s a great alternative to using print out sheets for budgeting. Having your budget and expenses at your fingertips can help you make any last minute changes and stay updated on how you’re saving and what you’re bringing in each month. It’s perfect for anyone who is a beginner to budgeting.
Have you tried budgeting apps? Let us know your thoughts in the comments below!
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