Mvelopes Budgeting Software

Have you ever heard of people actually using envelopes to set their budget? The concept of putting your money into envelopes just so you can turn around and spend it again may sound good in theory. Unfortunately, it can also be a lot of work and a pain to keep track of. Instead of using physical envelopes wouldn't it be great if you could get the same effect without all the hassle?

Well, thats pretty much what Mvelopes does.

With Quicken, you can track your expenses to a certain degree, but the software is really only available on one computer, and you track the expenses and compare them to your total budget - after everything is said and done.

Instead of looking behind you to see how you did, Mvelopes updates your budget Automatically and in real time!

• You "fund" each category of spending 'envelope' as money comes in.
• When you spend money, money is removed from your virtual envelope.
• You know not only how much you spent, but how much you have left to spend that day, week, or month.

Although the difference between looking behind and ahead can be small, it is very powerful. You can adjust your actions over the course of the month and track towards financial success rather than looking back on the past month and feeling guilty.


Make it Fun!

My fiancee and I have made it almost a game. We don't want any of the envelopes to display negative numbers, and in fact, we try to keep as much in them as possible.

Compare to Quicken

One of my favorite things about Mvelopes is the fact that the program does not double count credit card expenses.

Other financial tracking programs I've used in the past count anything you spend on a credit card twice -

• once when you make the purchase,
  
• then a second time when you pay the credit card.

Since Mvelopes is linked to your credit card account, if you make a purchase on your card, it automatically shows up in the transaction list. All you have to do is drop it into its respective envelope, and then Mvelopes takes the purchase amount and adds it to a separate envelope called "Money for X Credit Card."

At the end of the month, you just look at the number in the 'Money For' Credit Card envelope, and you know how much to pay the credit card company. This amount will be all of your purchases for the month plus whatever you have budgeted to pay the cards down. Mvelopes does the heavy lifting (and Math) so you don't have to!

Think you've Got what it takes to be Financially Fit?

Financial Fitness Quiz

It took several times resetting the software before I finally figured out how in the world to handle a credit card payment - I mean, who actually reads the help manual anyways?

Here's the Play by Play:

1. Wait for the transaction (The payment you made on your Card) to show up in your "New Transactions"
2. Drag the transaction down to its account (either to the checking account it came from, or the credit card it went to.) The account window is in the lower left hand corner of your Mvelopes Screen
   
3. An account transfer window will pop up. Fill out the proper accounts, and click okay.
   

Note:You will have to match the second half of the transfer to the pending transaction that will appear after you have completed the transfer.