EveryDollar Budgeting Review | Dave Ramsey Budgeting App Explained

Every Dollar Budgeting Review:

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So if you're familiar with other budgeting platforms then you probably know that many of them have their guiding philosophy that is really the groundwork for their platform. For example, YNAB or you need a budget is built upon the idea that you should be living on last month's income and the EveryDollar platform is very similar. The idea here is that you are giving every single dollar a purpose hence the name every dollar and I know keeping track of every single dollar might sound a little extreme to some of you, but if you are at all familiar with Dave Ramsey and the seven baby steps that he teaches, then you know that with that system giving every dollar a purpose is really a necessity. So the EveryDollar platform is going to teach you to use what's called a zero-based budget which is essentially where you have nothing left over at the end of the month but not in the way that you think. What this means is instead of spending all that extra money on overpriced coffee at Starbucks and other crap you don't need, you're essentially going to be using what's called pay yourself first which is where you get your paycheck and before doing anything, you set money aside in investments or savings before dividing up the rest into your monthly expenses.

There is a web-based platform but they also have a pretty great mobile app as well which makes this a great option for couples who might want to both keep a close eye on their budget if you're working towards financial goals together. So with the basic version of the EveryDollar platform which is completely free, you're going to have access to all of those basic budgeting features that allow you to input all of your external accounts and track all of your expenses under one platform. That being said, with the free version you do have to manually input these transactions which is kind of a bummer in my opinion and if you aren't willing to shell out any cash for a budgeting platform then I think there are definitely some better options out there like mint which will allow you to sync everything together automatically for absolutely free. I'm sure you're all wondering the big question so I'll tell you right now, every dollar plus is $130 per year. Once you connect all of your external bank accounts and cards and import all of those transactions, one really nice thing that I love is you're able to create your own budgeting categories as well which really allows you to create a flexible budget that you can specifically cater towards you.

So at the end of the day, I really like the EveryDollar platform and the zero-based budgeting principle behind it. Now truthfully it is a huge bummer that you have to pay $130 per year in order for everything to sync automatically considering there are competitors out there who offer this for free but I definitely don't see anything wrong with paying for a platform that is ultimately going to save you money in the long term. Now if you are brand new you can just start with something as simple as an Excel spreadsheet or the envelope method. If you're looking for a more comprehensive and higher level budgeting platform then I would also check out Personal Capital which also has a free service but ventures more into the investing side of your monthly budget which again is really important if you want to build long term wealth.

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[MagnifiedMoney]

Thanks so much for checking out the video! Let me know what your favorite budgeting platform currently is!

[ellexusse]

Love this platform. Been using it 2 years. It’s amazing when you keep a budget—like Dave says it feels like you got a raise.

[ethanpenn]

One thing I really appreciate about your videos (that isn't said enough) is that you talk about couples improving their financial situation together. The vast majority of the internet just assumes divorce is on the horizon. They get into marriages expecting to leave them. Separate accounts, separate spending, separate lives.

I've only been married for a year now, and following the example of my parents, grandparents, relatives, friends, and so many others, we combined our finances and work problems out together. Marriage is a team game, and your advocacy for it means a lot for those of us who still believe in fixing things instead if going to the store and buying something new.

[TruthfulOnly]

How long does it take to track transactions? I know some apps take so long and then you are spending money you thought you had but turns out you didn’t have have and the apps just didn’t update your transaction from 2-3 days ago yet?

[TH-TravelingTales]

I am currently using this app. Loving it! thanks for the review! As always great work!

[FrankChouFinance]

I'm a big fan of Personal Capital but the spreadsheet nerd in me still keeps a manual Excel file 💪🏼

[BobBridgesbob]

Great video with great content. But dude, you need to SLOW DOWN! Its hard to understand and follow along when you're talking so fast! I've been using Mint for a while, but I really don't use the budgeting aspect of it, because I found it so confusing. So looking to make the move to YNAB or EveryDollar. Great overview. Thanks!

[ProbstfeldCreative]

My man said, "making $5k a month with $4k a month of side hustle"

I wouldnt be here if I made that much. :P

[desireahart]

I’m sorry don’t take this as an offense but I think your math is a little bit off for knowing how much this app cost a per month.

[kevinhartmanjr]

It costs $129.99 Annually current as of 15 August 2021…

[aco]

Concise and so informative thanks for this video! In the paid version is their a way to extract the information for tax purposes?

[Azamotee]

I've been waiting on your review for this app. Appreciate it my guy!

[jonboy]

Does the app allow you to merge expenses? For example, I manually put in $200 for grocery. Then 2 days later that same expense shows up in my account again. The app will say I've spent $400 in grocery, bc it recorded the same expense twice. Does the app make it easy to merge that expense so that it shows $200 instead of $400?

[BrianJoslyn]

I don't trust any of the budgeting assistance available. Whenever I find out about another, I end up not trusting it. I have my own budgeting plan that I'm considering including within my planned ORG membership website - and there would be no additional money out-of-pocket needed.

[cryptosig]

I don't think its laughable that it cost money to use everydollar, I think its laughable that they don't charge monthly