Is EveryDollar The Right App For Your Budget?

We use our phones for nearly everything.  There is social media, contacts, our schedule and more.  There are apps for everything we need, including budgeting.  One of those apps is EveryDollar.

every dollar app

every dollar app

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 tried out this app for a month and loved it!  It was super easy to use and helped us make sure that we were on track (which we found were off on a few of our budget amounts).  Below you’ll find my full unbiased review of this app, so you can decide if it is right for you or not.

WHAT IS THE EVERYDOLLAR APP?

EveryDollar is an app that was created by the Dave Ramsey team. If you know Dave, you know he has this budget and money thing figured out.

EveryDollar is accessible via desktop, iPhone, and Android.  Every Dollar follows 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 can identify 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 EVERYDOLLAR WORK?

EveryDollar is one of the simplest apps I’ve used (and I’ve tried many of them).  It takes just a couple of minutes to create your account.  Then, you are ready to make your first budget.

First, enter your take-home pay in the income section. Then, start filling out the rest of the budget form.  I love that they provide you with the essential categories, so you do not forget to include items.

You can easily edit, move and even add additional items to the budget.  If some of the categories they list don’t work for you, you can remove them.  It is completely customizable.

budget

budget

Once your budget is ready, EveryDollar will show you how much of your money goes to each line item.  You can then quickly make adjustments to your budget, so it aligns with your budget goals.

TRACKING YOUR SPENDING WITH EVERYDOLLAR

Tracking your spending is one of the best features of the app.  You update it in real time, so you always know how your budget looks.

Once you spend money at the store, restaurant — wherever enter the amount you paid into the app. Your budget updates in real time, so you know how much you have available to spend for each category listed.

Untitled

Untitled

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 keeps your spending and financial picture right at your fingertips – no matter where you go.

IS EVERYDOLLAR ONLY FOR THOSE WHO USE CASH?

Absolutely not!  That is part of the appeal, in my opinion.  It works for both the cash and even the debt or credit budget.  It updates in real time for you to see where you spend your money.

I recommend EveryDollar to anyone who does not use cash.  The reason is that it 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.  You no longer need to worry about whether or not you are following your budget. It helps ensure that you do – no matter what.

If you are just trying to get started using the Dave Ramsey method or have completed some of the steps, this is your blueprint to help you achieve financial success.

Every Dollar App Review

Every Dollar App Review

Source: pennypinchinmom.com

How to Create a Budget for Early Retirement

Retirement is usually associated with older years. But the “certain age” link has a lot more to do with the time it takes to achieve goals than it does with the goals themselves. Financial fitness is the cue for early retirement, not how many years you’ve been in the workforce.

The early 50s is a reasonable age to aim for if you want to retire sooner than the majority. That’s not always possible, but every year that you can shave off your working life leaves more time for enjoying it without punching a time clock or attending board meetings.

Here are 3 budgeting tips to help make your “golden years” happen sooner than you might expect:

Build Retirement Savings

Retirement savings takes the place of steady income from a job. The younger you’ll retire, the more you need to save. If you’re starting in your 20s to save for retirement, CNN Money recommends consistently saving 10 – 15% of your income. The older you start, the more money you’ll need to set aside every month.

Social Security is no guarantee. Although some people with a very modest lifestyle and zero debt can sustain themselves on SS benefits alone, it’s not easy. There is no promise that benefits will even exist when you retire, and retiring early means you’d have to wait for them anyway.

Check out a retirement calculator to see how much you will need, based on your age, current income, and how much you’ve already set aside. Once you know what you need to save every month, you can account for it in your monthly budget.

Get Out of Debt

The less debt you have at retirement, the less money you’ll need to have the lifestyle you want. Getting out of debt doesn’t just mean paying off credit cards, either — your home might be the biggest debt you’ve got. Examine your current budget, and refocus it a bit, if necessary, to paying off debt as quickly as you can. For every payment you don’t make to someone else, you have more money to add to retirement savings.

If getting out of debt and saving for retirement at the same time make it seem like early retirement is an unattainable goal, you’ve discovered why so many people don’t do it. Without a generous income, it’s a real challenge. But every step you take toward eliminating debt makes retirement a little bit easier. And with real discipline, you could decrease the number of years that you’ll have to work to earn a living.

Max Out Your IRA and 401K Contributions

Add money into an IRA and your 401K, and be as generous with yourself as you can. These plans have limits on how much you can contribute, and CNN says your company might impose even lower limits.

If you’re already over 50, you can add more than younger workers are allowed. Take advantage of this “catch-up” opportunity, and stock up on your savings.

Many factors go into determining when you’re ready to retire. Your Social Security benefits might be substantial, and a company pension might also beef up your monthly income. On the flip side, you can’t count on Social Security, and many people don’t have the benefit of a pension. And neither might be available until you’re well into your early retirement.

The bottom line is that you will need a substantial amount of money to retire early, and the only person you can count on to provide it is you. Start making smart choices now, and you could carve out more and more time for retirement in the future.

Mint.com can help you create and maintain a budget for early retirement. With money in / money out in such a critical balance, you’ll want to stay on top of your earnings, savings, and even investments as much as possible. Mint makes it easy.

Sign up for your free account today!

Google+

Learn more about security

Mint Google Play Mint iOS App Store

Source: mint.intuit.com