YNAB Verses Mevelopes


ynab reviewsThere are so many different budgeting software packages available. Some offer great reporting aspects. Others offer fancy systems of keeping you informed about spending trends. Still others are just basic budgeting practices that are just above a spreadsheet-type system. To get an idea of some of the pros and cons of different software, let’s look at two: YNAB and Mvelopes. Let’s compare the benefits and drawbacks of each. Through this, you will be able to judge which one would better serve your budgeting purposes.


Here are some of major benefits by using Mevelopes.

  • Mvelopes uses an envelope type system of budgeting
  • Automatic upload of financial transactions and category assignment – Mvelopes promises to automatically upload all financial transactions each day
  • It is web based so you have anytime anywhere access
  • It has Bill Pay functionality – In addition to managing your budget when you visit Mvelopes, you can also pay all your bills.
  • Net value reporting – Mvelopes offers a net value report that is automatically updated each night and refreshed with the latest balance on all your accounts.
  • It offers a free version but without all the bells and whistles of the paid subscription.

Here are some of the drawbacks of Mevelopes

  • The subscription amount in Mvelopes is impractical
  • The loading speed of the program will depend on your internet connection
  • Cancellation of bills and free trial will need customer service assistance. It is important to use your own laptop or pc to secure encrypted data to prevent hacked accounts in the system.

YNAB (You Need A Budget)

Benefits of YNAB

  • It uses four basic budgeting rules that really help users stay on track and actually get out of debt.
  • It is a “living” budget – In other words, YNAB’s fourth rule promotes saving to the point where the user is eventually living off of last month’s income. That is awesome budgeting!
  • YNAB tells you where you are going in your budgeting instead of where you have been.
  • It features cloud synchronization so you can keep track of your budget anywhere and anytime you want, even right before you make a purchase on the go.
  • All currency is treated the same whether it is cash, credit card, or debit (checking account)
  • The freedom and flexibility of being able to adjust and change the budget mid-month, mid-week, or mid-day on the fly is fantastic.
  • You can install it on as many computers as needed.

Drawbacks of YNAB

  • It is software you have to download onto your computer and it runs about $60
  • It does not track investments and assets – YNAB is budgeting software at its best, plain and simple.

Whether Mvelopes and YNAB suits your budgeting needs will be up to you to decide.


Is Mvelopes For You?


best personal finance softwareThere 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.



Mvelopes – Leveraging Envelope Budgeting Electronically

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Dave Ramsey

Image from https://www.daveramsey.com/

With the popularity of budget guru Dave Ramsey at an all time high, it’s hard to live in the information age without at least hearing of the envelope budgeting system.  But in the event you’ve lived outside the reach of this ingenious brainchild, let’s spend a minute to recap it.

The envelope budgeting system is based upon a simple, if not impractical idea of taking one’s paycheck and turning it into cash.  The budgeter takes these dollars and distributes all of it into multiple basic envelopes that have been hand labeled with customized categories such as “food”, “entertainment”, “household products”, “clothing” and “savings”.  This method’s undeniably effective results are produced from the visual, tangible reminder that there is only so much money to put towards those expenses.  If you have to spend more, you are required to dip into another envelope for the money.  Countless sites online that recite this approach in varying degrees of supporting detail, but you get the idea.  And why is this method getting so very much attention from all the online frugal bloggers?  The answer is easy, because it works.

But in a world that is constantly moving further away from using cash, is there a way to still benefit from the powerful message this seemingly archaic, cash-based system delivers?

The answer is yes.

Mvelopes is one of those products.  Mvelopes has developed an online tool (no download required, accessible from home, work or mobile phone) that replaces the need for the manual handling of cash by creating virtual envelopesmvelopes that convey the same perception altering results that as their physical counterpart.  In addition, Mvelopes inherent another budgeting tactic by employing this approach; zero-based budgeting.  Zero-based budgeting is named such due to it requiring one to spend all income first “on paper.”  Giving every dollar a task is another eloquent and proven way to take financial control.

When searching for ways to make ends meet, keep focused on what is important.  And that is:

  1. Living on what you earn
  2. Getting yourself off the paycheck to paycheck cycle

Once you cut through all the marketing, the most effective personal finance software tools are ALL built upon this concept.  Resist the urge to be unduly influenced by flashy interfaces and less critical functionality.  Remember there is nothing special about a screen that display the results of your prior month’s spending compared to what was budgeted (even an Excel spreadsheet can do that).  The budgeting software you want is the one that will actually help you succeed at those two objectives.

And Mvelopes is a great tool that can do just that. Read my complete review of Mvelopes.

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