The Only Budget App You Need

As much as I aspire to be, I am not a personal finance guru.  However, I do enjoy giving unsolicited advice (who doesn’t?). In this post, you will read about how I categorize each income/expense in our joint monthly budget, but not the numbers in each item.

A few years ago when I got confused by Mint and grew tired of spreadsheets, a good friend who happened to be a CPA told me that he tracked every dollar spent using the EveryDollar app developed by Dave Ramsey’s team. I gave it try and the rest was history.

Everydollar
The App/Website View

The EveryDollar app worked for us for the following reasons:

  1. It’s free
  2. We can name our own categories and subcategories
  3. We can split up a receipt into several categories and still keep track of the total amount (have five, if tacking fixed and flex spending is also important to you).
  4. We can favorite the subcategories that are used most frequently so they conveniently show up on top when we open the app
  5. We can both log into the app at the same time (no excuses)

The downside of the app is that we do have to enter every expense manually, which is a plus if you ask me because we practice to be more mindful and to have an accurate picture of our spending habits. It really just takes a few seconds each time. Here is the most recent version of our budget:

Income:

  • Mine
  • Chef B
  • Side-hustles
  • Giftcards

Favorites:

  • Groceries
  • Gas/Parking
  • Eating Out
  • My Hobby
  • Chef B’s Hobby

Fixed Expenses:

  • Groceries
  • Gas/Parking
  • Rent
  • Cell Phone
  • Car Insurance
  • Internet/Entertainment
  • Utilities

Savings:

  • Emergency Fund
  • Travel Fund
  • Roth
  • Pretax 401K for tracking purpose

Flex Spending

  • Eating Out
  • Personal Care
  • Home
  • Gift/Charity
  • My Hobby
  • Chef B’s Hobby
  • Gym
  • Car Maintenance

Debt

  • Student Loan Repayment

I am aware that we are a DINK family in our late 20s with no pet, no car or mortgage payments, which makes us somewhat privileged and a little weird (acknowledged but still tracking every dollar).  I would love to know what you prioritize in your budget?  How do you budget with your partner?

For more $ tips, I wrote about some stellar personal finance resources and how to score workout classes on a budget.

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