Everydollar Tutorial // How to Setup and Use Everydollar
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- Опубликовано: 14 окт 2024
- Everydollar is a simple, but very effective budgeting app. In this tutorial I show you how to use everydollar on the web as well as on the app. I show you how to create a zero based budget and customize the budget to your needs. I also show you how to import and categorize transactions.
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Let me know if you've tried EveryDollar or if there's a different budgeting app you prefer.
I'm new to ED. I'm trying to figure out how to use it. I'm starting in the middle of the month
It takes a little while to get the hang of it, and starting in the middle of the month complicates things. But just do the best you can. On average it takes 3 months to get in the habit and get the hang of budgeting.
If you have any questions let me know.
I’m planning on doing some videos on how to use the paycheck planner (great for weekly/biweekly pay options) and funds.
@@BrittanyFlammerI don't see any videos on the paycheck planner 🤷🏽♂️
@@evaristourbaez9906 I've filmed it and it will be posted on Thursday!!
@@BrittanyFlammer can't wait to see it. Appreciate you 🙌🏽
I started budgeting 3 years ago in April 2020. This is the first and only budgeting app I have ever used and I love it. I have no syncing issues as I manually input all my transactions with the free version. Just don’t tell Dave Ramsey that all my transaction are made using a credit card haha.
Haha!!! I love this app and am glad you’ve had a good experience with it too!
Your secret is safe with me! 😂😂
So the free version dosent sink up to your bank then, just premium? Is there any other differences?
@@Cass6 That’s the main difference. Also, the paycheck planning feature is only available with the premium.
Thank you for this tutorial! I like EveryDollar but it is not at all intuitive so your tutorial is really helpful.
I'm glad it was helpful for you!
very helpful video! once you categorize something, does the app remember what it's categorized as or do you have to do that monthly?
There is a 1 click setting, so it will pop up the suggested category and you just have to click on it.
The most daunting part that hold me back is getting started! Tracking and coming up with amounts for those things that don't occur every month, such as auto insurance, home insurance, auto care, gifting, events... any advise? Also, is there some type of realistic grocery budgeting tool by city or area code? I spend way too much on groceries. Thank you
Getting started is the hardest part!!
Irregular expenses can mess up your budget. My favorite thing to do is to create sinking funds. This is where you set aside some money each month for those irregular expenses, so you've got the money when it's time to pay those bills. For example...if your auto insurance is $600 every month, then I would set aside $100 each month. This way it's part of your monthly budget and you'll have the money when you need to pay the bill. You just want to make sure you've got another savings account to transfer the money into. If you leave it in your checking account odds are it will get spent. 😬. Expenses where you don't know the exact amount are trickier. Like home maintenance/car maintenance, etc.. I just do my best guess and we set money aside each month.
Here's a video of me sharing how I do our budget: ruclips.net/video/dn86nxDjazU/видео.htmlsi=lE7VtNC9463C3CcM
Also - I'm doing a budgeting webinar soon where I show you how to setup your budget/organize your finances and do a Q&A to answer questions. It'll be $15. Let me know if you're interested in joining!
This was very helpful thank you
Glad it was helpful!
So very helpful! Thank you!!
I'm so glad!
Thank you for the detailed video. Very helpful.
Any advice or suggestions related to including side business expenses in your main household budget? Not seeing anything on the Ramsey website talking about it. I have a couple consulting gigs that bring in a good amount each month. I added them to my monthly income and set up a main business category with a list of subcategories listed detailing the expenses related to the business. Is this the correct way? Sometimes I don't get reimbursed for a couple weeks for hotel, meals, etc. A perfect world, I would have a 2nd ED account however I prefer to keep it all under one roof.
Again thank you for a great video.
That is a really good question. I'm not aware of a good way to incorporate them both into 1 ED account. I personally keep them completely separate. I include my business take home pay as my income in my personal account. Not sure if that makes sense or not.
For my business I have my gross income- taxes (I set aside) - $ I set aside for my business growth. The rest of it is my 'take home pay'. That number is what I transfer from my business account into our personal account. This is the amount I actually get to spend. I personally use a spreadsheet for my business stuff...but it's pretty simple.
Life you said, you could do a completely separate ED account for your business. Or, include your business income and all your business expenses into your personal budget. The way you said you're doing it makes the most sense to me. If you don't always get reimbursed right away, you could just budget for less income in the month and for the following month budget or higher income. You could also plan your budget based on your average business income/expenses.
I'm not really sure I helped at all. If I just raised more questions let me know and I'll try to answer better!!
@@BrittanyFlammer Thanks for the reply, Brittany. That does make sense and keeping it separate is what I figured I would need to do. Was hoping for a magical easy way to have them all under one. I will likely be setting up a 2nd ED account as I move forward.
Again, thank you for the followup and great video.
@kl4385 😃 Goos luck with your business!!
Hey Brittany question. I had an unexpected expense that cost me $160. With that I had to take it out of savings and put it in my regular checking account so I could make the transaction on my debit card.
My question is how would i put this in my budget sheet?
I know I would use the expense category in the emergency fund for the $160 but do I need to add the $160 also into the income category and now put the $160 as a transaction under the personal category because I gained income from my savings account and doing a transaction?
I’m confused and if you can assist me that would be great. Thank you in advanced.
That’s a great question.
Do you have your savings account as a fund in your every dollar budget?
For example…if it’s from your emergency fund you could just enter that transaction of $160 and have it come out of your emergency fund.
If this savings is not in your EveryDollar budget, then you can do what you said…
Add 160 as additional income, add that 160 to your budget category and then subtract the transaction from that budget category.
I personally think using it as a fund is simpler, but use whatever works best for you. Here’s a video with more details on funds: ruclips.net/video/BGnv9wSnMZg/видео.htmlsi=qi27RZhSEAVZQN63
@@BrittanyFlammer awesome! Yes I have my savings account as the emergency fund. So I’ll go ahead and just put in an expense from my emergency fund and that does make it a lot easier compared to what I was going to do lol. Thank you so much for taking your time and answering my dorky question. Love the videos and the information. I made sure to subscribe to your channel.
How do you add money already in your account and then what about making transfers between different accounts? Such as two different funds or banks. Are transfers able to be done in the app and/or web based program.
You can’t actually transfer money with the web or app…you’d have to do that through your bank. If you want to actually add money to an account you also have to do that with your bank. If you’re just wanting to add money to an EveryDollar fund, you open up the fund, edit, and adjust the original balance
Hi. I'm just starting to use Every Dollar. I'm wondering how you categorize it when you move money from a savings account or other bank fund just to help cover expenses if you go over budget? Not really sure how that works. Sometimes the money transfer is not going to anything specific, but just to keep the balance in the checking account from getting too low...as a buffer... to prevent an overdraft.
That's a really good question. There are a couple of different ways you could categorize it depending on how your budget is set up. And if you're using the free version or have the premium version.
If it's from a savings account that you don't have included in your budget for EveryDollar, you could just include it as income for that month.
If it's a fund in EveryDollar (like a sinking fund you're already putting money into each month in your budget) I would just categorize it as coming out of that fund.
For example...say I'm short $200 for the month and need to pull $200 out of my savings account from my emergency fund. If I have the free version, I would just manually enter a $200 expense from my emergency fund in the budget.
If I had the premium version it will automatically categorize me withdrawing the transaction from my savings and depositing it into my checking account. In that case I would categorize the withdrawal as coming from the emergency fund and then delete the incoming deposit.
Sorry that's kind of a long explanation. I hope that helps. I really like using EveryDollar's funds feature for sinking funds/savings. Here's a video on how they work: ruclips.net/video/BGnv9wSnMZg/видео.html
Hello. Thank you for sharing this video. I tried to sign up to every dollar on my phone. However I was told that I haven’t been invited yet, so I want to find out if I need an invitation to sign up indeed, if yes, how to I get that invitation. Thank you.
You shouldn't need any invitation to sign up. Here's the website: www.ramseysolutions.com/ramseyplus/everydollar/home. If you click 'create your free account' it should let you sign up with your email address.
Thank you for the video! Can you split a transaction between multiple budget categories on EveryDollar?
Yes you can. When you add a transaction (or have one automatically imported) you will choose which category it comes out of. It gives you the option to add a split.
@@BrittanyFlammer thank you!!
A question about EveryDollar: when I receive income on say Sept 29th and intend to use that money for Octobers budget, do I enter it as income in September? If so, I’d then need to add whatever was left onto Octobers budget I suspect…
That's what I do. My husband gets paid at the end of the month as well. His income comes in September 29th, but I budget that for our October budget.
How does it work if you want to have the app with 2 users? It seems that (thinking on Dave's family-oriented mind set) if you purchased the premium, you should be able to add at least one other user. Budget items can be tracked by each person and the budget data is visible while being updated in Realtime. Example scenario: One spouse is at home paying utilities, buying groceries, while the other is on a work-trip, making souvenir or other 'fun' purchases.
2 different users can share an account. You can download the app on two different devices but use the same login info.
Does that make sense?
@@BrittanyFlammer Thank you for the reply... we've taken the steps you mentioned... and We're Off and runnin!!!💰💰
please trying to download the everydollar app both on my phone and on my laptop via playstore and saying "This app is not available for your device" please what do i do to get he app downloaded and i reside in the United Kingdom
The EveryDollar app doesn’t work outside of the US. You can use the free version on a computer.
Is it possible to have 2 budgets on 1 account?? Like personal and small business
No- it’s not. You could create an additional account with your business email, but you can’t have 2 in one account
Someone somewhere here on RUclips said that while charges are not automatically categorized at first, after it "learns" where that goes in your budget, it does automatically classify them. Is that not true? It seems like you are saying you ALWAYS must put then in the right category.
You “always” have to categorize if you are using the free version as it doesn’t import transactions automatically. I believe is what she meant.
Good question. If you're using the free version you'll have to manually enter each time. With the paid version it does 'learn' and offer you a 1 click option. When a transaction comes through it will automatically give you a recommended category and you just click it to categorize it. I hope that makes sense.
Can you create video how to share every dollar with your spouse so the accounts are sync and both of us can stay on the same page.
They way everydollar is set up requires you to share the same username/password. At this time, they don't let you create different sign-ins for a spouse.
Hi, how do I actually keep track/see how much I am saving month to month?
The best way to do this is to set up funds. Any category that is a fund will rollover your money month to month. I mention it in this video, but here's a detailed tutorial on funds specifically: ruclips.net/video/BGnv9wSnMZg/видео.htmlsi=R4v4NZ-mdJ5BNKfw
Thank you
You're welcome
in general, if you are over buget this month should you pull the over spending out of the next months budget ??
That's a great question. There are a few different ways you could handle it.
First of all, I like to keep a buffer in our checking account - just so I don't have to be stressed if a bill is higher than expected or comes out of my account earlier than I planned.
- If I'm over budget by just a few dollars for the month, I don't worry about it. My buffer will cover a few dollars.
- If I'm over by a lot I will have to get money from somewhere to cover it. I would pull out money from my other sinking funds (or emergency fund) to cover the overage. (I did this just last month. We spend money on a gym membership for our family and had to pull some money out of our Christmas fund to cover it).
-If I'm over budget and don't have any money in a sinking fund/emergency fund then I would try to cut my costs as much as possible and do any extra work to make more money as soon as possible.
** That being said....I would probably adjust the following month's budget in any of these situations. (For example, if I went over $50 on groceries. I'd try to increase my grocery budget by $50 for the following month - or just try to cut back on groceries).
I hope that answers your question...
@@BrittanyFlammer your reply was excellent. June was the first time I budget using everydollar. way better than my spreadsheets because it is in your hand. but wow this is tough. Now i realize why I don't have enough in my retirement funds even though i made good salaries. I am pissing it away on "life" instead of planning for my future. I am determined to live under budget. thank you so much for the youtube and replying so quickly to my question.
@barbaraderossi7 It sounds like you’re moving in the right direction!!
It takes (on average) 3 months for you to get the kinks worked out of the budget when getting started. After that it seems to get a lot easier.
Good luck!!
Helpful video. It would be nice if it just focused on the free version.
I'll have to add that to my list of videos to create. A lot of the features shown here are the same with the free version. The major difference is you have to manually enter the transactions and you can't access the paycheck planning feature.
Do the free apps categorize your spending if you attach your account
If we're talking about EveryDollar - it doesn't categorize for you at all. If you upgrade you can link your accounts. It still won't categorize for you - you have to click on the category you want.
When you “deposit” into your emergency fund, is it an expense or income?? Sorry just trying to figure this out
Don't be sorry....that's a great question. It's kind of confusing at first. I'll try to explain it, but I'll also include a video for Funds with EveryDollar at the end.
The emergency fund should be a fund (which means it's going to rollover each month instead of starting over fresh). Whatever you have planned for your emergency fund for the month will automatically be subtracted from your budget. You do not need to enter in a transaction for it. Let's say you have $50 planned for your emergency fund and then transfer that $50 from your checking account to a savings account. If you have the free version of everydollar you don't do anything - you don't need to manually enter the transaction. If you have the premium version and it's linked to your bank accounts you will have 2 transactions pop up. 1 removing the $50 from your checking account and 1 depositing the $50 into your savings account. You can delete these. You only need to categorize a transaction if you spend money from your emergency fund (then it would be an expense).
I hope that makes sense...it's hard to explain, easier to show.
Here's a video explaining them with EveryDollar: ruclips.net/video/BGnv9wSnMZg/видео.html
Can you set up Every Dollar with a spouse- so the app works the same for both of you?
You just use the same login. You can each download the app to your own phone and share the login info. I hope that makes sense.
My main problem with this is that I'm not used to budgeting.. so this is very confusing to me.
You have to start somewhere. It will get easier.
Let me know if you have specific questions. I do free group coaching once a month of you’re interested
I love every dollar. If only they would let us link credit cards and automatically categorize expenses.
Yes! My credit card actually does link, but I know a lot don't. I know they intentionally force you to categorize and I understand the psychology behind it...but automatic categorization would make it easier. Have you turned on your 1 click? That helps some.
If I am behind on a bill. How do I list it in EveryDollar?
If you owe money, I would probably list it as a debt that has to be paid off.
Great video!
Thanks! I hope it was helpful!
Looking for an app that will itemize a receipt.
Hmm..none of the apps I've tested out do that. But, after a quick google search, I found several that could. Here's the website I found: www.forbes.com/advisor/business/best-receipt-scanner-apps/
Why would you want a credit card? Pay cash!
That's a good point. Studies show you spend less when you pay cash. Although actual cash is becoming harder and harder to pay with. Studies show you will also spend less with a debit card than you would with a credit card (although there's not nearly as much of a difference). I know lots of people that prefer credit to debit because of their rewards...
We pay everything with credit card for rewards.
If you determine to stick to your budget then a cc is fine. I had $600 of cash back this year.
I thought it was free!!! It's not free!!! Will not allow you to print the information you uploaded! Dave screams ... Its free ... that's a false statement!
What are you trying to print? Your transactions? You're right, you can't download your transactions with the free version...only the paid version.
No where did anyone ever say it was free. Not sure where you got that idea. 😂
You could take a screenshot and print that?
It's two tears, the first level is free.