Why EveryDollar is the #1 Budgeting Tool of 2023!

Does EveryDollar work with credit cards? When it comes to selecting the cards, EveryDollar recommends using a debit card instead of a credit card for purchases. If you decide to use a credit card for purchases, you can still track those transactions in the app.

In this article, we will explore why EveryDollar has earned this prestigious title and why it deserves a place in your financial toolbox.

A Brief about EveryDoller

EveryDollar is a popular budgeting app designed to assist users in managing their finances effectively and achieving financial freedom. Created by renowned personal finance expert Dave Ramsey, the app follows the principles of the zero-sum budgeting approach.

Its primary objective is to help individuals allocate every dollar of their income to specific categories, ensuring that each penny has a designated purpose. By giving every dollar a job, users gain full control over their spending, saving, and investments.

Similar to other budgeting apps like Empower, Mint, and YNAB (You Need a Budget), EveryDollar simplifies the budgeting process, making it accessible to users regardless of their financial expertise. It empowers individuals to take charge of their financial situation, eliminate debt, and work towards their financial goals systematically.

Why EveryDollar is the Best Budgeting Tool

EveryDollar stands out as the best budgeting tool for several compelling reasons. It is a comprehensive and user-friendly budgeting platform that caters to individuals and families alike. Here are some key factors that make EveryDollar the top choice:

Simple and Intuitive Interface: EveryDollar is designed with simplicity in mind, making it easy for users of all financial backgrounds to navigate and utilize effectively. Its user-friendly interface allows for quick and hassle-free budget creation and management.

Zero-Based Budgeting Approach: The foundation of EveryDollar’s methodology is zero-based budgeting, a proven technique that ensures every dollar earned is assigned a specific purpose. This approach encourages users to account for every expense and ensures better control over spending habits.

Customizable Budget Categories: EveryDollar recognizes that every individual’s financial situation is unique. Thus, it allows users to create customizable budget categories based on their specific needs and goals, providing a personalized budgeting experience.

Real-time Expense Tracking: The platform offers the option to sync with users’ bank accounts, enabling automatic expense tracking. This real-time tracking keeps users updated on their spending, thus promoting greater financial awareness and accountability.

Goal Setting and Progress Monitoring: Users can set financial goals within the app, such as saving for a vacation or paying off debts. EveryDollar provides visual representations of progress toward these goals, serving as a motivational tool to stay on track.

Debt Snowball Planning: For those working to eliminate debts, EveryDollar incorporates a debt snowball planning feature. This allows users to strategize and prioritize their debt payments, accelerating their journey toward financial freedom.

Collaborative Budgeting (Plus version): EveryDollar Plus, the premium version of the app, offers the added advantage of collaborative budgeting. Users can sync their budgets with their spouse or family members, fostering teamwork and financial transparency.

Expense Splitting (Plus version): Another valuable feature of EveryDollar Plus is expense splitting. This is especially useful for shared expenses within a household or among friends, simplifying cost-sharing and tracking.

Customer Support and Resources: EveryDollar provides excellent customer support and an array of educational resources to help users gain a better understanding of budgeting and personal finance. This ensures that users have access to the assistance they need on their financial journey.

Security and Privacy: EveryDollar employs robust security measures to safeguard users’ financial data and maintains a high level of privacy, adhering to industry standards.

EveryDollar distinguishes itself as the best budgeting tool due to its user-friendly interface, zero-based budgeting approach, customization options, real-time expense tracking, goal setting features, and various other valuable functionalities.

Whether you are just starting your financial journey or seeking to regain control of your finances, EveryDollar provides an all-in-one solution to budgeting needs, making it the top choice for individuals and families striving for financial success.

Who is EveryDollar Intended For?

EveryDollar is for people who are new to budgeting and want a simple tool. It’s perfect for those who haven’t tracked their spending before. The app is great for beginners because it’s free and you need to enter transactions manually.

This might take more time, but it helps you understand your spending habits better. In short, EveryDollar is an excellent way to start managing your finances and improve your budgeting skills.

Frequently Asked Questions:

Is EveryDollar Worth It?

Yes, EveryDollar can be worth it for individuals who benefit from its budgeting features and find it helpful in managing their finances effectively. However, its value depends on the user’s specific financial needs and preferences.

What are the disadvantages of EveryDollar?

EveryDollar has some downsides. In the free version, you have to track spending manually. In the paid version, you need to pay a $99 annual fee to upload transactions. Also, it doesn’t have investment tracking, so it’s not the best choice for complete financial management in that aspect. You might want to look at other options such as Mint or YNAB, as they offer more comprehensive features.

Can I have multiple budgets on EveryDollar?

Yes, you can have multiple budgets on EveryDollar. You can create new budget groups and budget items as needed when using the platform on a computer.

What is the difference between EveryDollar free and plus?

EveryDollar has two versions: free and plus. The free version needs manual expense tracking. The plus version costs $129.99 per year and automatically uploads your transactions, making it easy to drag and drop them into the right categories.

Is EveryDollar good for couples?

Yes, EveryDollar is a good budgeting tool for couples due to its specific feature that allows them to share their budget. Unlike Mint, which is mainly designed for individual users, EveryDollar caters to multiple users on multiple devices, making it an ideal choice for couples to manage their finances together effectively.

Can I link my credit card to EveryDollar?

Yes, you can link your credit card to EveryDollar Plus, allowing you to track all of your spending conveniently. With EveryDollar’s syncing feature across multiple devices, you can confidently keep track of your budget and ensure accurate information.

Why wont my bank connect to EveryDollar?

If your bank is not connecting to EveryDollar, it could be due to a temporary bank outage. Please wait at least 24 hours and try connecting again. If the issue persists or your bank is not listed, contact EveryDollar support to check the status of your bank’s connection.

What banks are compatible with EveryDollar?

EveryDollar is compatible with over 10,000 banks through its 3rd party bank connection service. Some of the most used banks supported by EveryDollar include Wells Fargo, US Bank, Chase Bank, Charles Schwab, Bank of America, BB&T Corp., Capital One, Discover Card, Regions Bank, USAA Bank, and CitiBank.

Can You Use a Credit Card with the EveryDollar App?

No, you cannot use a credit card directly within the EveryDollar app for purchases. The app recommends using a debit card instead of a credit card to avoid accumulating debt. However, if you do choose to use a credit card for purchases, you can still track those transactions in the app.

When the transaction imports from your bank, you can manually drag the transaction into the appropriate Budget Line Item, such as groceries or restaurants. This allows you to keep track of your spending and budgeting, even if you use a credit card for transactions.

Conclusion

EveryDollar is a highly regarded budgeting app that offers an effective and user-friendly solution for individuals and families seeking to manage their finances efficiently.

Its zero-based budgeting approach, customizable categories, and real-time expense tracking provide users with the tools they need to gain control over their spending and achieve their financial goals.

While the app recommends using a debit card to avoid debt, it still allows users to track credit card transactions, providing flexibility for those who prefer using credit cards.

EveryDollar’s value lies in its simplicity and suitability for budgeting beginners, making it an excellent choice for individuals looking to improve their budgeting skills and take charge of their financial future.