There are many choices for personal finance software and choosing the right one for you can be difficult. You need to base your choice on what you really want your budget software to do for you. Many software packages seem to have little to do with helping people get out of debt and save more money, but rather seem more focused on forced upgrades.
With this in mind, let’s explore one of the budgeting systems out there, Mvelopes. Deemed one of the best budgeting systems, Mvelopes is an on-line system that uses the effective “envelope” budgeting system. In other words, it helps you to proactively manage your money and have a plan for your spending. Mvelopes was created by In2M, a privately held company. On October 18, 2007 In2M was renamed to Finicity. With this system, you place your money in envelopes such as ‘groceries’, ‘rent’, and ‘entertainment’ and then spend as appropriate from those envelopes.
About The Application
When you first start with Mvelopes, the screen is rather straight-forward and has a quick and painless approach as far as integration with the banks is concerned. Accounts seem fairly easy to add and professional. There are a few quirks but nothing major.
The envelope philosophy is great because it makes people much more forward-looking with their finances, and helps them plan better and reach their goals easier. The way Mvelopes uses this philosophy is impressive. Most of the envelopes are pretty standard with these few exceptions; Income Cash Pool, Money For -> Credit Card, Credit Card Payments, and the Accounts Transfer.
Benefits Using Mvelopes
- With Mvelopes, you can create a funding profile and you can fund based on a percentage instead of an actual amount.
- Most people are interested in the present and the future. With Mvelopes, there is no need to categorize a bunch of useless historical transactions. This saves a lot of time and keeps the user in the driver seat, going in a forward motion.
- In this system, your envelopes are like mini check registers. This is very user friendly.
- You can also customize your envelopes by creating groups of envelopes. This is for organizational purposes only but is very convenient for the user, straight-forward, and fairly intuitive.
- Mvelopes’ spending plan can be set up quickly and easily and offers options for the income since not all people’s income is fixed.
These and other benefits make Mvelopes definitely a personal finance system well worth looking into. They offer a 14 day free trial so you can try it without fear of commitment to buying access to the system. Along with other budget software, Mvelopes deserves your perusal.