Financial Tools: The Pros & Cons of EveryDollar

WHAT IS EVERYDOLLAR?

EveryDollar is a zero-based budgeting app that helps users create and stick to a budget. The app, which was created by Ramsey Solutions, is available for both iOS and Android devices and offers a range of features to help users track their income and expenses and stay on top of their finances. Some of the key features of EveryDollar include the ability to create and manage a budget, track your spending in real-time, and set and track financial goals. The app also offers the ability to connect to bank accounts and credit cards to automatically import transactions, which can save users time and effort when it comes to tracking their spending. Additionally, EveryDollar offers a premium subscription called EveryDollar Plus which gives access to more advanced features such as access to personalized financial advisors, credit monitoring, and more.

The budgeting method used in EveryDollar is Zero-based Budgeting, which is a budgeting method where you allocate every dollar you earn to specific budget categories and expenses until you reach zero. This method can help ensure that you are spending within your means and saving enough money to reach your financial goals.

WHO IS EVERYDOLLAR GOOD FOR?

EveryDollar can be beneficial for a wide range of users, but it may be particularly well-suited for people who want to:

  • Gain a better understanding of their spending habits and identify areas where they can cut back.
  • Create a budget and stick to it.
  • Set and track financial goals, such as saving for a down payment on a house or paying off debt.
  • Use a zero-based budgeting method to ensure they are living within their means.
  • Automate the budgeting process and minimize the need for manual data entry.
  • See the real-time view of their spending and also connect to their bank account and credit card to automatically import transactions.
  • Track their budget in a easy and simple way.
  • Have access to personalized financial advisors and credit monitoring, they can subscribe to EveryDollar Plus.


WHAT ARE THE PROS?

Some of the pros of using EveryDollar include:

  • Easy to use interface that makes it simple to create and manage a budget.
  • The zero-based budgeting method that can help users ensure they are living within their means.
  • Automatic syncing with bank accounts and credit cards, which can save users time and effort.
  • Real-time tracking of spending, so users can see exactly where their money is going.
  • The ability to set and track financial goals, such as saving for a down payment on a house or paying off debt.
  • Customizable budget categories, which allows users to tailor the app to their specific needs and spending habits.
  • Availability of EveryDollar Plus which gives access to more advanced features such as access to personalized financial advisors, credit monitoring, and more.
  • Simple and minimalistic design which makes it easy to understand and to use it daily.
  • Mobile App which makes it easy to track and manage budget on the go.
  • Has a free version which makes it accessible to most users.


WHAT ARE THE CONS?

Like any budgeting app, EveryDollar has some cons that are worth considering. Some of the cons of using EveryDollar include:

  • The app’s user interface can take a bit of time to learn, which may be challenging for some users.
  • Limited account options available for tracking investments, net worth and other assets.
  • The app does not have an automatic bill pay option, which might be important for some users.
  • The Free version does not have all the features and options which are offered in paid versions.
  • It does not offer the ability to collaborate on a budget with a partner or spouse, which could be helpful for some users.
  • It is not available for desktops or laptops and it can be used only on mobile devices.
  • It may not be as useful for people with complex financial situations, or who need more advanced features such as forecasting, forecasting, and investment tracking.
  • Users with a large amount of bills and expenses to track may find the process to be tedious and time-consuming.
  • Some users have reported issues with syncing bank accounts and tracking transactions, which can make it difficult to get an accurate picture of their spending.


CONCLUSION

Overall, EveryDollar is a budgeting app that can be helpful for many people, but it may not be the best fit for everyone. It’s a great tool for someone who wants to track and control their spending, but for those who want a more detailed and advanced budgeting app it may not be the best choice. It’s important to weigh the pros and cons of EveryDollar and compare it to other budgeting apps before deciding to use it.

OTHER RELATED ARTICLES YOU MAY BE INTERESTED IN:

Financial Tools: The Pros & Cons of GoodBudget

Get Your Information – for Free! [Free Tools and Resources]

A Journey to Personal Financial Success

At Morgan Franklin Fellowship (MFF), we support the concept of financial freedom – by teaching participants how to save by paying themselves first, invest for their future and grow their net worth.

Learning how money works and how to talk about money with others are the first steps towards recognizing an individual’s lifelong financial goals. Our online programs, podcasts, blogs, and book reviews and resources are designed to help you learn the concepts, rules and vocabulary of money, finance and investing.

Becoming an MFF Fellow

Our Standards of Financial LiteracyLearning about money series is engaging, full of interesting information, and easy to navigate. Adapted from the National Standards for Personal Financial Education developed by the Council for Economic Education (CEE), this robust curriculum features six short lessons on such important topics as earning income, understanding the value of saving and using credit. When completed, this program lays the foundation for becoming an MFF Fellow.

Becoming an MFF Fellow is the ticket to access additional MFF programs and opportunities for mentoring, networking, internships and real-world opportunities. Hear from the MFF Fellow themselves on how these opportunities encourage them to continue their journey to personal financial success.

Learn More about Money

Begin the journey towards personal financial independence today. START LEARNING TODAY

Like this article?

Share on Facebook
Share on Twitter
Share on Linkdin
Share on Pinterest