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EveryDollar review

We may be a little late on the bandwagon but a little while ago we decided to give Everydollar (which is Dave Ramsey's newish budgeting tool) a proper try. Previously we had used it on and off, but quickly reverted back to the comfort of our trusty spreadsheet. We quickly realised that it is not designed to be used in the UK and so that hindered our experience. We were unable to download the app, nor could we change the currency so this hindered our experience to an extent. However, will do our best to fair review of it as a product.

What it EveryDollar?
It is an online budgeting tool that is linked to the concepts of Dave Ramsey's baby step program. There is a free basic option where you have to enter all transactions in manually. There is also a premier version which comes with a fee where it is all connected to your bank account. Due to being in the UK we were only able to try the free version. It is based on the concept that every dollar should be assigned a value, be it being spent or saved.

How to use?
Using EveryDollar is very simple. Sign up for an account (its advised that you do this on a desktop). Then add the categories in your monthly budget. As you spend throughout the month, add these transactions into the budget to track your spending. You can use either the desktop version or the app to track expenses during the month. The premier version through linking the bank cuts out some of the steps for adding transactions into the budget.

The positives
- Accountability. Having the budget linked to the baby steps (albeit only the first three) holds you accountable to where you are financially and the progress you are making. I love that it is linked into the baby steps programme and it really helps to keep you motivated on your personal finance journey. For us this is by far the best benefit from EveryDollar.

-Easy to use. We found the whole system very easy to use, edit and customise. This meant we were keen to integrate it into our routine and found ourself reviewing any purchases we had made during the day and tracking them. For those just starting out budgeting it provides a great foundation by guiding you to the categories that would be good to include in a budget. The help guides are clear and comprehensive if you do find yourself having any queries about how to use EveryDollar. 

- Visually attractive. Each category has a countdown tracker (the line reduces as you spend more of the monthly allowance and turns red if you go over). There is also a handy pie chart on the right hand side that allows you to see where your money is going into the various different categories.

- Accessible. Unlike the spreadsheet we were previously using we are both able to access the budget remotely without having to be on my laptop. Because everything is store on a cloud based system, this makes it super easy to access and great if there are several people using the same budget. 

The negatives
- Inflexible. It feels very much that it is designed for a regular income. Our income are very sporadic (being students) and as it doesn't allow for amount to be carried over month to month (because its not in line with the Dave Ramsey methodology). For us it would work better if we could carry over income, instead we had to create a 'checking account fund' and carry money over that way (making it a bit convoluted). Though we recognise that the majority of users will have far more regular incomes than most students.

- Incompatible. The app doesn't work in the UK (and many other countries), and the page can't be accessed on mobile (your just predicted to app store). This is frustrating as we are unable to update on the go.

- Incomplete. The latter baby steps (3-7) are not fully integrated into the system like the first three are. It would be nice for them to be more integrated for example seeing if you are saving on average 15% for retirement. As we are in the latter baby-steps it was therefore quite disappointing to us.

Do you use EveryDollar? How do you find it as a budgeting tool?


  1. This was an excellent review! I had thought about trying EveryDollar out, but for a few reasons you stated (like not having regular income) I probably won't. I do like that it is linked to the baby steps though (at least the 3).

  2. We are also Ramsey converts and I really like that app but we are past the first babysteps. That was a great review. You aren't late I wish we were budgeting at your age!

  3. I think you did a great job reviewing the product. I wish some of the cool finance apps/tools were compatible for where I live. I use a spreadsheet for everything from tracking my spending to tracking my net worth.

  4. Great review - I don't have a regular income either, so it's helpful to know this is a tool I can probably pass on.