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In today’s world, managing finances can be quite a challenge. It’s not just about earning money but also about making the most of it. This is where personal finance websites like EveryDollar.com and YouNeedABudget.com (YNAB) come into play. These websites have become extremely popular among people from all walks of life, including budgeters, financial planners, investors, students, and the general public. They offer a unique approach to personal finance and budgeting and have been instrumental in helping people manage their money more efficiently.
EveryDollar.com is a budgeting app that helps you create a monthly budget and stick to it. It offers a straightforward approach to budgeting and is perfect for those just starting on their financial journey. On the other hand, YNAB is a comprehensive budgeting app offering a more sophisticated personal finance approach. It has been designed to help users understand the connection between their daily spending habits and their overall financial situation.
In this article, we will compare and contrast EveryDollar.com and YNAB, highlighting their key features and benefits. We will also closely examine their user interface, pricing, and customer support. Whether you are a seasoned budgeter or just starting out, this article will provide you with all the information you need to decide which website is right for you.
What is EveryDollar?
EveryDollar is a budgeting app that helps you plan your budget in a simple, easy, and stress-free way. You can check how much money you earned during a given month, how much you saved, and other details. It will simplify your budgeting and help you decide what to spend your money on monthly. You can use the basic budgeting features of EveryDollar for free, but if you want to have access to your bank accounts in real time, it will cost you $129.99 per year for an EveryDollar Plus subscription after a 14-day free trial.
What is YouNeedABudget?
You Need A Budget helps people manage their money better and allows them to make better financial plans for the future. This budgeting software uses a zero-based budgeting approach, where you give each dollar a specific purpose. That purpose could be to pay off debt, save or invest, or many other things. YNAB has a solid user base that absolutely loves the way the service works and how it helps them to manage their money. YNAB costs $84 per year for a two-month trial. There are no free versions of YNAB.
YNAB gives you four simple rules that will help you budget effectively.
Give every penny that you spend a specific purpose. This means you will need to take all the money you receive each paycheck and put every penny you receive in a designated account.
Second, budget the money you actually spend on it. You can set goals for things that cost money and that you need later, like a holiday gift fund or paying for a vacation, or having your credit card refunded. It’s okay to plan out a monthly savings plan to help you save money for a future goal.
Third, be flexible. You can do several things with the money you have, but be flexible. Changing your spending habits is okay by adding or subtracting money to a category in your budget if that enables you to stretch your money further than you make. Do you need to have your car repaired unexpectedly? If your vehicle needs to be repaired, you can put a bigger cushion in your budget by cutting back on restaurant spending, for example.
Fourth, become wise with your money. It’s okay not to spend all of your money the second you receive it, and it’s okay to have some breathing room.
How are they different?
EveryDollar is very easy to use. It takes only a few minutes to set up your budget, assuming you know exactly how much you want to spend in each category. It is entirely ad-free, so you won’t be bombarded with ads like some other free budgeting software.
Creating a budget is easy with EveryDollar. Just click a button, and it’ll take you to a simple form that will tell you how to budget your money. When you first sign up for an account at EveryDollar, you’ll be taken through a step-by-step guide showing you how to budget for some common spending categories. Afterward, you can refine your budget to get the balance in each category down to zero.
Their focus is on budgeting only. It’s not like any other budgeting software that offers all the fancy features that other budgeting software offers. You don’t have to worry because they will only help you to make a better budget.
But, the paid version is very limited and offers very little. You can sync your expenses automatically, but paying $129.99 for a year of use may not seem like much. Its free version is limited as well. You’ll have to manually enter transactions, which could be a problem for some budgeters.
On the other hand, YNAB motivates you because it sets financial goals for you, and the dashboard helps you make financial decisions to reach them. You can see your budget and current spending in one place and create detailed reports showing where you spend money.
When you first sign up for YNAB, you’ll be greeted with a quick tutorial to help you get your finances in order. It’ll walk you through adding all the different accounts that you have (checking, saving, credit card), and showing you what your starting balances are for each account. Similar to budgeting with EveryDollar, you’ll divide your money into different categories to reach zero.
There aren’t any investment features in this app. It might not be a huge deal breaker if you only want budgeting software; people who want to track their investments should look elsewhere.
You might have some difficulties getting started using the app. There are few ways to contact customer service because you can only use the live chat feature or a contact form to get in touch with them.
Who is Each Service Best for?
If you are looking for a personal finance website to help you manage your budget and achieve your financial goals, then EveryDollar.com and YouNeedABudget.com (YNAB) are two popular options. These websites offer different approaches to budgeting and have become household names among budgeters, financial planners, investors, students, and the general public.
For those who prefer a more detail-oriented approach to budgeting, YNAB is the perfect fit. With this website, you can track your expenses and see how much money you have left after each payment. This gives you a clear picture of your finances and helps you determine if you are meeting your financial goals.
On the other hand, EveryDollar is ideal for those new to budgeting who want something simple and straightforward. The app is based on Dave Ramsey’s Baby Steps, making it an excellent choice for those who want to learn more about personal finance and budgeting.
EveryDollar and YNAB are excellent choices for budgeting, with different features that cater to different needs and preferences. Before choosing which platform is right for you, you must consider your budgeting style and the features needed to help you manage your finances effectively.
