Many people have tried the old envelope budgeting trick. This is done by divvying out expenses into envelopes. The user sticks to the money in the envelope when shopping and paying bills so they never go over or tap into funds intended for something else. This method works, but may seem a little archaic in today’s modern society. Mvelopes takes this concept and adds it to innovative financial software to create a functional system that works for many people. Users do not have to download or install software because Mvelopes is available online, making it accessible from home, work or anywhere. Mvelopes also offers users online bill pay features that allow them to schedule recurring payments automatically. Users can also track their net worth and access Mvelopes with their mobile device.
Mvelopes was created by the Finicity Corporation which was established in 1999. The company is based out of Draper, Utah. The team behind Finicity focuses on creating applications that empower the user through automated technology. Today, Finicity helps users through its Mvelopes application, which earned a PC World 2006 World Class Award. It was also ranked among the 100 Best Products of the Year by the same magazine.
Mvelopes helps users budget better by living within their means. Implementing the old envelope approach in a modern application makes it an ideal option for many users. Mvelopes also removes the need to carry cash, which can be easily lost or stolen, around while shopping. Instead, users can pay without cash and Mvelopes will record purchases and update each online envelope accordingly.
The Mvelopes website welcomes new users with year and includes branding features and commercial licensing. The Reseller account costs around colorful, stylish images and an explanatory video that goes into depth through four different sections to educate users on what Mvelopes can do for them. The application is very easy to use, based on an old school budgeting method (using envelopes). This simplifies the budgeting process and presents information in a way that anyone can understand easily.
A new user can begin their free trial of Mvelopes by clicking on the “start your free trial” button at the top, right hand corner of the homepage. The registration form requires a username, password, secret question and answer, email address and optional promotional code. After entering the information and clicking the gold “Continue” button at the bottom of the form, the user can choose from three payment options. The user is advised that they are not charged anything during the free trial period. The next page asks for billing information, including the name on the user’s card, billing address, card number, type and expiration date. Users who do not wish to pay for the service can contact customer support to cancel before being charged.
Mvelopes provides users with a 14 day free trial. After that, the user must begin paying for the service. Mvelopes offers users three payment plan options. The first is a quarterly plan that costs around $40 per quarter (which works out to a little more than $13 per month). An annual plan is available for around $130 (or around $11 per month) while the two year plan costs just under $190 (which comes to just under $8 per month). Users must select their preferred plan when registering for the free trial.
Mvelopes can help almost anyone budget funds each month. The system is easy to use and can help many families save a great deal of money and learn to live within their means. The downside is that Mvelopes is not free so those on a very tight budget may be a bit turned off by the payment requirement.