I am thrilled to have had the chance to partner with Ramsey Solutions to bring this sponsored to you! All opinions are my own and were not influenced by any parties.
Anyone who has followed my site for any time knows that I am a stickler about budgets. I don’t care if you use good old paper and pencil or a spreadsheet. The point is that you absolutely must have a budget. There is no denying that.
The thing is that I also understand traditional budgets do not work for everyone. We are all different. That is also true when it comes to your budget. What works for one person doesn’t work for the next.
While many are good with the budget methods mentioned above, I know that is not always the case for everyone. Many people would much rather have an app to help them out.
If this is the way you would best budget, then you should do so. But, don’t use just any app. You should check out EveryDollar.
While I am a spreadsheet gal by nature, I actually tried out this app for a month and really loved it! It was super easy to use and really helped us make sure that we were on track (which we found were off on a few of our budget amounts).
WHAT IS EVERYDOLLAR?
This is an awesome on-line app which was created by the Dave Ramsey team. If you know Dave, you know he has this budget and money thing figured out.
EveryDollar is an app which is accessible via desktop, iPhone and Android. This app is based upon Dave’s proven plan to help millions of Americans not only get out of debt, but also save.
The reason it works is that it allows you to track every penny you spend, every month. It also helps you see if your spending behavior aligns with the budget you’ve created. You will find where you are overspending and additional ways you might be able to save.
The app also helps anyone who is getting started with the baby steps to help you build your emergency fund, get out of debt, and live the financial life you want.
HOW DOES IT WORK?
EveryDollar is probably one of the simplest apps I’ve seen so far (and I’ve tried many of them over the years). You can create your account in just a few minutes. Once that is done, you will want to create your first budget.
You will enter your paychecks into the income section. Then, start filling out the rest of the budget form. I love that they provide you with the basic categories, so you do not forget to include items. You can easily edit, move and even add additional items to the budget. You can even remove some of the defaults they have included!
Once your budget is created, it will show you how much of your money goes to each budget item. You can quickly see what percentage of your income is for your housing, your food, etc. This is very helpful if you notice you are spending a large portion of your pay in a specific area. You can then investigate to find out if there is something you can do to reduce your spending in this category.
Then, when you are at the store, you can instantly enter your transaction. The minute you are done shopping, just swipe open the app and enter the transaction. Your budgeted amount for that category is updated accordingly.
For example, let’s say you have $500 budgeted for groceries. You stop by the store and spend $47.23. You will enter that transaction into the app and find out that you now have only $452.77 left to spend on food for the month.
This app really keeps your spending and financial picture right at your fingertips – no matter where you go.
IS THIS FOR CASH USERS ONLY?
Absolutely not! That is part of the appeal, in my opinion. It truly works for both the cash and even the debt or credit budget. It is always updated in real time for you to see where you spend your money.
I actually recommend EveryDollar to anyone who does not use cash. The reason is that it really helps you better track your spending. As you use your debit card at any location, you just take a minute and enter the transaction into your app. You always know how much you have left to spend in each category.
FINAL THOUGHTS
The EveryDollar app can be eye opening as it shows you exactly where your money goes every month. No more wondering if you are really following your budget. It helps ensure that you do – no matter what.
The other reason I love it is because it really helps you with your baby steps. If you are just trying to get started using the Dave Ramsey method or have completed some of the steps, you will be given the blueprint to help you achieve financial success.
Hurry on over and try out EveryDollar. I’d love to know your thoughts too!
Tracie is a stay at home mom to three young children; ages 8, 9 and 12. In November 2007, she and her husband decided to eliminate their debt and made many changes in their lifestyle to do just that.
