An every dollar budget is tracking your household income and assigning every dollar of income to a purpose. That purpose may be groceries, mortgage, paying off debt, saving an emergency fund, investing, etc… Utilizing the EveryDollar app provides my wife and I full-transparency and real-time information about our budget.
Since we got married 10-years ago, Kayla and I have searched high and low for a budget app. We’ve tried pretty much everything on the market and discontinued use for various reasons including; lack of customization, inability to connect to our bank accounts, lack of desktop, AND app support, among other reasons.
This is not a paid sponsorship and the fine people at Dave Ramsey HQ did not put me up to this. I am endorsing this product under my own free will because it has helped Kayla and I get our family on track to financial independence retire early (FIRE).
I work in Software as a Service (SaaS) for a living and I can tell you, EveryDollar is a quality software product and has a great user experience.
EveryDollar Has Saved Us Thousands
We have literally saved thousands of dollars using the EveryDollar app. Being able to see exactly how much money is coming into our bank and exactly where that money is going is so empowering. This is critical data that you need at your fingertips if you want to maximize your financial efficiency.
The first month we installed the EveryDollar budget app we took our budget down to bare-bones. We cut everything out. We literally saved hundreds of dollars that first month. Since then, we’ve saved thousands of more dollars than we would have had we not used EveryDollar.
That extra savings is money we can apply to our needs, bills, debts, and investments.
EveryDollar is Simple
Have you ever heard of the KISS acronym? It stands for Keep It Simple Stupid! That’s exactly what Dave Ramsey’s company has done with the EveryDollar budget app.
The user experience is modern and easy. It does budget well without all the bells and whistles of other bloated budget apps. It’s a point solution, not a jack of all trades.
Kayla and I like simple. We don’t need a million gadgets, widgets, bells, and whistles. We simply want the product to work as advertised and all too often these apps tend to over-complicate a simple budget.
EveryDollar is Customizable
You have full control over your budget categories. You can create groups to group like categories together. You can even create “fund categories” where instead of an expense it acts as a sinking fund.
Track your Household Income
The EveryDollar interface makes it super easy to go back and look at past budgets as well as planning ahead. I like to go back and check my income for months past and track my income trajectory. Obviously it’s post-tax and deductions, but I prefer dealing with that number. That’s the money you have available to make decisions with.
Take a look at the image below. This is a snapshot of what your income category could look like in your EveryDollar budget. If you have passive income, you can track that here as well:
Track your Housing Expenses
I love that you can create your own budget categories. They can drop down and include multiple budget items. Take a look at the image below. You can see this mock budget includes mortgage, electricity, and water bills.
This is nice because when you're looking at your overview, you can see how much your house is ACTUALLY costing you. You can include other expenses like lawn care too.
Easily Check your Savings Rate
The EveryDollar app tracks income after tax. This is because the transaction is triggered when money enters or exits your bank account.
Because of this, we don’t include our company 401k direct deposit as a budget item. This money is taken out beforehand as will taxes and health insurance.
This is important as it gives you a picture of the available money which is the most accurate for a monthly budget.
You can check your savings rate as well as the other percentages that your categories make up.
In this mock budget, you can see a savings rate of 20% (not including 401k), a housing rate of 21%, etc…
Connected to your Accounts
Kayla and I have tried nearly every budget app on the market. We have tried the free and paid-for versions of most of these apps. The number one problem we had was our accounts not staying connected or synced to the app.
Logging into a budget app for real-time budget information but getting an error message with one of our bank accounts is super frustrating.
With the EveryDollar app and website, we have only had this issue a couple of times and it was due to an error on our bank’s end. Once we granted the proper permissions, the issue disappeared. The site is fast, accurate, and easy to navigate.
EveryDollar Improved our Financial Communication
Kayla and I have an accurate picture of our monthly budget anytime we want. Nothing is hidden from one another. When we got married, we completely combined all of our finances.
This has allowed us to put all of our money to work for a unified goal. There is no resentment for one making more than the other, there is no worry about what the other is doing with their income or arguments over who will cover what bills. It works for us!
If you’re having difficulties with your own financial communication, download our Money Marriage Checklist (FREE).
EveryDollar Keeps Us Honest
We’ve all been there. We see our income drop into our bank account on payday. Only to watch it slowly go away as the month progresses. By the end of the month, we’re counting the days until the next payday and trying to ration what’s left of our checking account. Where did all that money go?
I bet if you tried a budget for one month, and you actually saw where all that money was going that you would be disgusted. I know I was, we had subscriptions that were long forgotten. $5 here, $12 there. It adds up so quickly. Think if you could save or invest that money instead or at least put it to something you need.
Track your Baby Steps Progress
EveryDollar is not just an easy to use budgeting app, it has other personal finances tools as well. Kayla and I like the Baby Steps tab.
This actively tracks your progress on the proven Dave Ramsey Baby Steps. You will feel so accomplished when you save up that emergency fund and pay down your debt. This tool will help guide you along the way.
I’ve Never Felt Pressure to Buy More
One of my favorite features in the EveryDollar app is not actually a feature at all. I have never felt the need to purchase any additional service that Dave Ramsey offers.
He has many other products and services at his disposal, but there is very little (if any) advertising. I’ve never felt pressured to buy his books, hire his coaches, or really do anything but utilize the budget app.
This is the one caveat that many of you will dislike. A budget app that has an annual fee. I felt icky about this at first too. The annual fee for the EveryDollar Plus is $129. This is our third year of using the EveryDollar App and I can tell you that it’s saved us a lot more than $129.
It’s crazy that a personal finance website would recommend a premium budget service when there are so many free budget templates and tools. The reason I stand behind this product is that it’s the first budget app that my wife and I have both used to its full potential and continue to use month after month.
We have tried many others and there was always some reason why we didn’t stick with it. Maybe ponying up the $129 each year makes us feel pressured to use it… If so then I’m happy to pay the annual fee.
EveryDollar Plus allows you to do the following:
Utilizing Financial Peace University will more than makeup for that annual fee by the way. Kayla and I haven’t done that, but it’s on our to-do list.
The Dave Ramsey EveryDollar budget app has taken our finances to new levels. It’s provided Kayla and me the ability to communicate more openly about our finances and better plan for the future.
I don’t foresee trying or moving to a new platform anytime soon. Finding an app that we can both use without issue was the key and the EveryDollar app fulfills our need for an automated budget tool.
If you’re looking for a quality budgeting platform that you can use to track every dollar of your income, then Dave Ramsey’s EveryDollar budget app is worth a try!