Mvelopes… anyone?

Does anyone use MVELOPES or know of anyone who has and their thoughts and comments on it? Thanks!

Nope, but I did checked it out because I thought you had simply mispelled the word envelopes 😉

Looks very good but a little expensive to me. I just recently switched to Quicken 2006 and I think it has a very good budgeting tool and the online capabilities are very good. I’ve been impressed by how much information I now have control of.

After digging around the Mvelopes site as well as the fact that they are affiliated with ministries it looks like a very good but fairly expensive plan. If I hadn’t just bought Quicken I might be *suckered* into it myself.

I have just been reading posts for a little while. I recently became unemployed and was worried about finances. I have used Quicken but never was happy with the budget part. Currently, Quicken 2006 retails for nearly 60 dollars. I do not have a spare 60 bucks. I just signed up for a 30-day free trial of Mvelopes. Here is my take.

The system is based on the “old fashioned” envelope/cash system. If you got a paycheck of 1200 dollars, you would cash it. Let’s say you had 12 expenses each month like rent, phone, gas, water, rent etc. You would take the 1200 dollars cash and put money into each of 12 envelops (distribute the cash as needed for each bill) Cash today is a cumbersome thing. Can you conveniently pay for rent/mortgage with cash? Mvelopes makes an envelope system online. When the paycheck is deposited into your bank, it registers as “cash pool”. You set up your envelopes/money based on your bills. When you pay bills online, the transactions are matched and deleted from the “envelope”. You always know how much you have in each envelope. If you spend more money than you made for in the budget, you must take it from another envelope. At the bottom of the screen, there is the real-time balance of your bank account. You cannot overspend. For me, finding a tool that is both a one-stop-shop for all my bills (there is an online bill pay option included) and offers real-time tracking of my checking account is well worth the 13 dollars a month.

When my husband and I had two incomes, we never were able to save. I always heard people talk about how a budget helps. In the past, I tried to pretend I used a budget but never was held accountable. With Mvelopes, there is online accountability. Every bank transaction, ATM withdrawal, deposit, and debit is registered. If I spend 75 cents on a Diet Coke, I cannot “forget” about writing it down, as it will show up in my register on line. I must account for all my money and balance it. Since I started the Mvelopes 2 weeks ago, I have managed to create an envelope for vacation and for savings! Now, with less money, we are saving 10 percent and putting some (maybe 3% ) away towards a vacation. I think it is well worth 13 dollars a month. More important, my husband cannot forget to tell me he made an ATM withdrawal or wrote a check! That blew our checking balance on more than one occasion.

I am very fiscally undisciplined. That is why I am having money woes now. I was a slave to the idea that if I could make the monthly payment, I could afford the item. That did not account for job loss or decreased income or car repairs or sick kids/ emergency room visits or anything else that life threw my way. Now, I am learning to live with less, account for more, and really budget my dollars. I feel that this tool is good for those who are undisciplined with money. I have not made my first 13-dollar payment, but I feel it will be well worth my time to make this system work for me. I see it as an investment in my future.

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