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.

Mevelopes

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.

 

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