YNAB vs. Everydollar: What’s the best personal budgeting app for you?

FeatureYNABEveryDollarHelps With Online Spending
Budgeting Method
Gives every dollar a job via categories
Zero-based budgeting
Both systems encourage proactive budgeting and aiming for zero balance by the end of every month
Online Shopping Tracking
Categorizes online shopping and tracks how much you're spending in each category
Needs manual entry for each shopping transaction
YNAB categorizes automatically, making it easier to track online spending. EveryDollar's manual entry might lead to more awareness around spending habits
Goals Setting
Allows you to set spending goals for each category
No specific goal-setting feature
YNAB's goals can be used to limit online shopping. EveryDollar's lack of this feature may require user discipline
Synchronization with Banks
Yes
Only with premium EveryDollar Plus
Direct import in YNAB makes tracking easier, while manual entry in EveryDollar may increase awareness
Price
$11.99/month or $84/year
Free for basic version, EveryDollar Plus is $129.99/year
Higher cost of YNAB could be offset with financial savings from controlled spending
Reporting
Comprehensive visual reports
Limited reporting
YNAB's reports give detailed insights into spending habits, which can help with understanding online spending
Free Trial
34-day free trial
Free version available
Allows testing the apps without initial financial commitment
Age of Money
Calculates 'age of money' to provide additional financial insight
No such feature
YNAB's 'age of money' feature can help users understand their spending patterns

In this digitized era, managing your hard-earned money needn’t be a tribulation. Fortunately, technology has given us advanced tools to control our spending habits, and two of the leading apps in budgeting are You Need A Budget (YNAB) and EveryDollar. This post will compare and contrast these platforms and specifically evaluate how they assist in understanding and curbing online shopping habits.

Budgeting Focus: YNAB

YNAB is built around a simple principle: Give every dollar a job. It encourages users to plan for every penny in their account, assigning it to an expense category before even spending it. This budgeting method is proactive, educating you to only spend what you actually have. A dollar in YNAB’s system can be assigned to necessities, goals, or even future spendings.

Budgeting Focus: EveryDollar

EveryDollar, created by financial guru Dave Ramsey, also follows a zero-based budgeting technique. This app urges users to assign “every dollar” a purpose whether it’s for paying bills, savings, or investments. This is to ensure that you’re making the most of your income.

Online Shopping Understanding & Control: YNAB

YNAB is excellent at helping you comprehend your online shopping habits. When you spend money on shopping websites, YNAB categorizes this expenditure, and it will provide you with insight on how much you’re spending and where exactly your money is going.

Moreover, YNAB allows you to set up goals for each category, which can also be used to control compulsive online shopping. If you’ve set up a ‘clothing’ category with a $100 limit, getting close to or exceeding that limit will make you reconsider your shopping habits.

Online Shopping Understanding & Control: EveryDollar

EveryDollar doesn’t specifically analyze online shopping habits. However, it does assist in monitoring your general spending habits. You can make a ‘shopping’ category and manually enter each transaction made. It provides a visual representation of your spending which can be helpful in identifying any excessive trends.

EveryDollar’s budgeting method can be slightly more manual than YNAB, but this might be helpful for compulsive spenders. The act of manually entering each transaction can bring more awareness to your spending habits, helping you to think twice before clicking “add to cart”.

Price: YNAB vs EveryDollar

YNAB’s standard cost is $11.99/month or $84/year. However, it offers a 34-day free trial to get you started. On the other hand, EveryDollar offers a basic version for free. But to take full advantage of its automatic transaction import and other features, you’ll have to pay $129.99/year for EveryDollar Plus.

Reporting and Tracking

YNAB provides comprehensive reports, including a colorful pie chart to see where your money is going. It also shows your ‘age of money’ – an interesting metric describing the time between earning and spending your money. EveryDollar, however, has more limited reporting capabilities.

In conclusion, both YNAB and EveryDollar can be effective tools for managing your budget and controlling compulsive online spending. They both follow similar principles but implement them in slightly different ways. Your choice will depend on your personal financial management style, the degree of automation you prefer, and how much you are willing to spend on a budgeting tool.

What Else? Are these not the perfect fit?

Curious what else is out there in the land of personal budgeting apps? Not convinced that this is right for you? No worries! We’ve analyzed and compared 42 (!) different pairs of personal budgeting apps and you can check out our main jumping-off point for the set of reviews here: Choosing a Personal Budgeting App – What’s Right for You?

Have a personal budgeting app that you’d like our thoughts on? Drop us a line and we’d love to add it in. 🙂