Better way to Format Currency Input editText?

I have an editText, starting value is $0.00. When you press 1, it changes to $0.01. Press 4, it goes to $0.14. Press 8, $1.48. Press backspace, $0.14, etc. That works, the problem is, if somebody manually positions the cursor, problems occur in the formatting. If they were to delete the decimal, it won't come back. If they put the cursor in front of the decimal and type 2, it will display $02.00 i