About This App
EveryDollar is a budgeting app created by Ramsey Solutions, the company founded by personal finance expert Dave Ramsey. Known for his “7 Baby Steps” approach to managing debt and saving for the future, Ramsey now offers this intuitive budgeting tool to help users track expenses, manage cash flow, and achieve their financial goals.
Headquartered in Franklin, Tennessee, the EveryDollar app is available on mobile, desktop, and tablet, utilizing the zero-based budgeting method. If you’re considering whether it’s the right fit for your financial situation, read on for an in-depth look.
Current Rates and Fees (as of September 20, 2024):
- Monthly fee: $17.99
- Other potential fees: Ramsey+ includes Financial Peace University, livestream events, audiobooks, and Ramsey SmartTax.
- Free services: Custom budgeting and savings funds.
- Premium services: Paycheck planning, goal setting, group financial coaching, bank syncing, and more.
How EveryDollar Works
EveryDollar employs the zero-based budgeting method, allowing users to sync bank accounts, plan paychecks, and track net worth while customizing budgets with unlimited categories. There are both free and premium versions available, detailed below.
Bank Connect:
Automatic bank syncing is available only with the Premium version, which supports over 13,000 banks. If your bank isn’t compatible, you can manually upload transactions using either version.
Paycheck Planning:
This premium feature helps allocate your budget across paychecks, making it easier to manage cash flow, especially with irregular income.
Custom Budgets and Categories:
Even with a free account, you can create unlimited custom categories for your budget, allowing you to tailor your financial planning to meet even the most unique needs.
Spending Insights:
With the Premium feature, Insights allows you to view spending totals, breakdowns, and monthly income comparisons at a glance, with data available for the past year and other specified time frames.
Bill Reminders:
Set due dates for your bills for free by adding reminders to your budget categories.
Getting Started with EveryDollar
The sign-up process is straightforward, although some users may encounter issues. For example, when creating a password, the mobile app didn’t specify the requirement for 12 characters, which could lead to errors.
After setting up your username and password and confirming your email, EveryDollar asks about your financial priorities. Understanding your home ownership status and budgeting needs is crucial for customizing your experience.
You’ll have the option for a free 14-day trial, but note that the app doesn’t specify post-trial pricing. The Premium plan is available for $17.99 per month or $79.99 per year, while Ramsey+ offers additional features for $59.99 for three months, $99.99 for six months, and $129.99 for a year.
If your bank is supported and you opt for Premium, you can sync transactions automatically; otherwise, manual entry is available. Begin by entering your income and then your housing and food expenses.
Cost and Usability
EveryDollar is free for basic budgeting and manual transaction entry. The Premium version costs $17.99 per month or $79.99 annually, unlocking features like paycheck planning. Ramsey+ provides additional resources for $59.99, $99.99, or $129.99 for three, six, or twelve months, respectively.
In terms of usability, aside from the initial password issue, EveryDollar is user-friendly. The interface is clean and intuitive, though in-app promotions for Ramsey products may be distracting.
Customer Support
EveryDollar offers a ticketing system for support, a knowledge base, and an in-app chatbot. Users can also leave voicemails with the Ramsey Concierge line for callbacks.
Safety and Security
EveryDollar has not reported any data breaches and employs 256-bit SSL encryption, a standard for financial applications. Your banking information is not stored on Ramsey Solutions’ servers.
User Reviews
The app has nearly 65,000 iOS reviews with a rating of 4.7 out of 5 stars, while its Google Play rating stands at 3.6 out of 5 stars from over 11,500 reviews. Users appreciate EveryDollar’s simplicity, customization options, and clean design, although some report synchronization issues and bugs. Many Google Play users also express frustration with ads and difficulties in canceling subscriptions.