New Personal Finance Software Review – Weekly Envelope

weekly-envelope1A great thing has been happening lately — I’ve been receiving at least one email per week requesting that review a particular personal finance software application.  Some I’ve had on my ‘to-do’ list for a while, others I hadn’t yet heard of.

Being, however, that I’m getting more requests than I have time to do (I want to make sure I spend enough time on each review so as to do it justice), I can’t get to them all in the time frame that I’d like.  Such was the case with this week’s review of Weekly Envelope.  I was quite excited to be able to review it for two reasons: 1.  it uses the envelope methodology of budgeting (in a different kind of way) and 2. I received the request to review it quite a while ago.

Weekly Envelope

Weekly Envelope is an online personal finance software program that takes the envelope budgeting methodology in a little bit of a different direction.  Essentially you put in your scheduled income, your budgeted expenses, and make some goals and Weekly Envelope spits out a set amount that you can spend on each day.  It gives you “weekly envelope” of allotted funds.

While there certainly may be some out there that will appreciate this approach, I found two main things that didn’t quite sit well with me when using the program.

For one, I often had the feeling that the program was running me and my budget, rather than the opposite.  While it’s not difficult to see where the numbers come from (e.g. the amount that you can spend that day), it was given to me without me helping to find it.  Great, work less for me right?  Yes, but I believe that being handed a daily figure is actually counterproductive when trying to set forth a real financial plan and budget for yourself.  I believe the more you can take part in creating that number, the more likely you are to stick to it (you take ownership if it).  Ok, I’ll get off my soapbox.

The other main complaint I had about the program was the user interface.  It was quite cluttered and unclear of what was what.  This isn’t that big of a deal, but one that I hope will definitely be revisited by the creators/designers.

The best thing about Weekly Envelope?  It’s free.  So if you’d like, give a whirl to see what you think of it.  Just because I didn’t quite catch the vision doesn’t mean that it won’t work for you.

Be sure to check out the full Weekly Envelope Review here.

*Update:  The Weekly Envelope review was featured on the 219th Carnival of Personal Finance at Your Money Relationship.

This Weekly Envelope review summary was also featured on The Paycheck Chronicles.

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