Do you want to save your money, but you do not know how? If so, check out EveryDollar by personal finance guru Dave Ramsey. EveryDollar is a budgeting software that does most of the work for you. This tool and Ramsey’s Baby Steps method will help you get a head start on your financial future.
How EveryDollar Works
EveryDollar is a budgeting tool that is almost like the envelope system or most commonly known as zero-based budgeting. With EveryDollar, you can plan for the future and create budgeting categories. It allows you to plan your entire month’s expenses ahead of time.
Dave Ramsey’s Baby Steps Method
EveryDollar and the Baby Steps method work hand in hand and are both essential for learning how to save. The seven goals of Baby Steps are:
- Have $1,000 saved up as an emergency fund.
- Eliminate debt by paying it off using the snowball method.
- Have 3 to 6 months worth of expenses saved up
- Save 15% for retirement.
- Begin a college fund for the kids.
- Pay off any remaining house payments
- Build wealth and give
You can track how much you’ve saved or paid off every time you complete a step.
EveryDollar Features
EveryDollar is a user-friendly software due to its simplicity and aesthetic. EveryDollar only goal is to help you budget, so it has made it accesible anywhere. EveryDollar syncs across devices so whether you are budgeting from your desktop or phone, your budget is always up to date.
Easy to Use:
Starting a budget is easy peasy. Just follow the steps below:
- Start your budget by adding the income you expect to make this month.
- Next, make a plan for your income. EveryDollar provides you with a customizable template for budgeting your monthly expenses.
- Follow your plan by keeping track of your spending throughout the month. Each time you spend money, create a transaction and track it to your budget.
Enjoy additional features, such as:
- Multiple Users: Sync with multiple users to help keep your close one on track with their saving goals
- Fund Creation: Make separate funds to start saving for different categories.
- Detailed Categories: Make subcategories to really know where exactly your finances are going and see what you can cut out.
EveryDollar Pricing
EveryDollar is free to use for the basic level, but you’ll need to manually add transactions. If you want to upgrade for $99 a year, the Plus Plan allows you to easily connect to your bank accounts and credit cards, and automatically sync your transactions to EveryDollar.
Plan | FREE | PLUS |
Annual cost | $0 | $99 |
Create unlimited budgets | X | X |
Keep your budget up to date with the app | X | X |
Eliminate debt using Debt Snowball | X | X |
Connect your bank to your budget with FastTrack | – | X |
Keep your bank accounts and credit cards in one place | – | X |
Get full access to support staff | – | X |
Conclusion
EveryDollar is a great tool if you are struggling with debt and trying to pay it off. It allows for you to have a simple solution in managing your money and saving it for new goals. The software allows for lots of personalization and for only $99, you can get full access to all of it’s features.