YNAB vs EveryDollar 2024: Which budgeting app is worthwhile?

Financial management is the cornerstone of financial freedom. YNAB and EveryDollar are two popular budgeting apps that promise to help users achieve their financial goals. In this comparison, we’ll explore how both apps approach budgeting, the features they offer, and their pricing structures.

For more detailed analysis of YNAB check out our full YNAB review.

Understanding YNAB and EveryDollar

YNAB, short for “You Need A Budget,” and EveryDollar are budgeting tools designed to help you track your monthly income, spending, and savings goals. Both apps have similar goals –– to help users follow a zero-based budgeting system where every dollar has a purpose.

YNAB’s approach to budgeting emphasizes forward planning. The app aims to help users “age their money,” encouraging them to live off of last month’s income. YNAB offers a 34-day free trial, allowing users to test its capabilities.

EveryDollar, created by personal finance guru Dave Ramsey, also uses the zero-based budgeting approach. It prompts users to allocate every dollar of their income towards expenditure, savings, or debt repayment. The app offers a free version, but for automatic transaction import from bank accounts and credit cards –– users need to upgrade to EveryDollar Premium.

Service Type	Personal finance management and budgeting	Personal finance management and budgeting
Fees	34-day free trial then $11.99/month or $84/year	Free basic version and premium version at $79.99/year
Customer Support	Email and live chat support for all members	Email support for all members
Best Use	Individuals seeking an intuitive budgeting tool to plan their monthly budget effectively	Dave Ramsey followers and users preferring a simple approach to budgeting
Current Promotion	More Info	More Info
Modest Money Overall Rating	4.5 rating based on 5 ratings	4.0 rating based on 5 ratings

Factor 1: Usability and Interface

When it comes to budgeting apps, both YNAB and EveryDollar offer unique experiences. The usability and interface of a budgeting tool are significant, as this factor can influence how seamlessly a user can manage their finances.

YNAB: Superior User Experience

YNAB shines with its intuitive design and user-friendly interface. Even if you’re new to budgeting software, YNAB guides you with helpful pop-up explanations –– making it easier to get started. The platform allows you to seamlessly import financial data from your bank and credit card accounts, facilitating real-time tracking of your spending and budgeting progress.

EveryDollar: Simplicity with Limitations

EveryDollar offers a clean and simple interface that follows Dave Ramsey’s zero-based budgeting approach. It allows easy budgeting by directly entering income and expenses, but lacks the automatic transaction import in its free version, which can be a time-consuming process.

Factor 2: Features and Functionality

A popular budgeting app should offer robust features that help users manage their financial goals efficiently.

YNAB: Comprehensive Budgeting Tools and Features

YNAB is more than just a budgeting app –– it’s a comprehensive platform for managing your personal finances. It encourages users to “give every dollar a job,” helping them account for every penny earned and spent. With its custom categories, users can tailor their budgets to fit their needs and spending habits. Plus, the ability to track bills and savings goals offers a detailed picture of your financial health.

EveryDollar: Basic Budgeting with Emphasis on Debt Reduction

EveryDollar offers a straightforward approach to budgeting, focusing primarily on debt reduction. Its simplicity can be an advantage for those who are new to budgeting, but it may lack the depth in features for more experienced users. One key feature that sets it apart is its integration with Ramsey Solutions, providing users with access to a wealth of financial advice and resources.

Factor 3: Pricing and Subscription Plans

The cost of a budgeting tool can be a decisive factor for many users.

YNAB: Reasonable Pricing with Extensive Features

YNAB requires a subscription, but it offers a 34-day free trial to help users get familiar with the platform. After the trial period, YNAB costs $11.99 per month, or $84 annually, which is a reasonable price considering the array of features and tools it offers for effective budget management.

EveryDollar: Free Version with Limited Features, Premium Version Available

EveryDollar follows a freemium model. The basic version is free, but it lacks automatic transaction imports. For this feature, you’d have to upgrade to EveryDollar Premium, which costs $17.99/month or $79.99 per year. While the premium version offers additional features such as phone support and integration with the Ramsey+ suite of tools –– its cost is notably higher than YNAB’s.

By considering these factors, it’s easier to determine which platform fits your budgeting needs and style better. The final decision will always hinge on personal preferences and specific financial goals.

YNAB vs EveryDollar: Our Verdict

Both YNAB and EveryDollar are popular budgeting tools, each with their own set of strengths. EveryDollar follows Dave Ramsey’s approach to budgeting –– making it an excellent choice for his followers. Its simple interface is easy for beginners to navigate.

However, YNAB takes the lead with its comprehensive approach to budgeting. Its real-time updates, detailed reports, and goal tracking features offer more control over your financial accounts. Plus, YNAB’s lower price point and robust feature set make it a better value for the money.

Sign Up for YNAB

Ultimately, the best budgeting tool depends on your personal financial goals and budgeting style. If you’re looking for a comprehensive, feature-rich tool to help you achieve your financial goals, YNAB might be the right choice for you –– click here to get started.

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