Additionally, Mvelopes can help you boost your personal finance knowledge via online courses or pay down debt with a tailored payoff plan.
You can download the Mvelopes app for your Apple or Android mobile device â or you can create an account and manage your money straight from your computer.
Although there is no free version of Mvelopes, you can sign up for a 30-day free trial of Mvelopes Premier â the appâs most popular option â to test out the service with no financial commitment.
The premise is simple. You come up with spending limits for your variable expenses, like groceries, eating out or entertainment. Next, you fill up envelopes with cash to match what youâve budgeted for each category.
Once you assign the transaction to its appropriate envelope, youâll automatically see how much money you have left to spend in that category. And if you do happen to use cash for something, you can manually enter that info in the app.
What Is Mvelopes?
Nicole Dow is a senior writer at The Penny Hoarder.
One disadvantage of this app, however, is that itâs not free, like the budgeting apps Mint or Clarity Money. Also, if youâre looking for a tool that tracks more aspects of your financial life, such as your net worth and where you stand with your investments, you might want to consider an app like Personal Capital.
By signing up for the free 30-day trial, youâll have a month to decide whether Mvelopes is the right choice for you.
Thereâs one significant flaw in this budgeting method though: What if you donât shop with cash? Many people opt for online shopping or use a debit or credit card rather than dollars and coins.
How to Get Started with Mvelopes
Fortunately, there are ways to adapt the cash envelope budget for cashless shoppers. One of the solutions is to use a budgeting app, like Mvelopes.
Mvelopes offers three tiers of service. Mvelopes Basic costs .97 per month or per year and lets you set up your budget by syncing to all your financial accounts. The next step up is Mvelopes Premier, which costs .97 per month or per year and includes access to the Mvelopes Learning Center and Debt Reduction Center.
It is also a good choice for people looking to nix overspending, because the app keeps you up-to-date with how much funds you have left to spend in each budget category.
The Mvelopes Learning Center has online video lessons on topics like mastering your spending, creating an emergency fund, insuring your future, home buying and how to have stress-free holidays. With the Debt Reduction Center, you get support to create a tailor-made debt payoff plan.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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The Pros and Cons of Mvelopes
The Mvelopes app is a great option for fans of the cash envelope method who are looking to digitize their money management.
The cash envelope budgeting method can be a very effective way to control your spending.
In this Mvelopes review, weâll explain how this app works to help you keep your spending in check.
Who Is Mvelopes For?
According to the company, Mvelopes has helped users save an average of ,175 and pay off an average of ,425 of debt.
The appâs top tier of service is Mvelopes Plus. This plan connects you with a real-live personal finance trainer for one-on-one virtual sessions four times a year. Youâll also get higher priority customer service support. Mvelopes Plus costs .97 a month or 9 a year.
New to cash envelope budgeting? Hereâs how the cash envelope system works.
Mvelopes is a budgeting app from Finicity, a fintech company owned by Mastercard. Itâs based on the cash envelope system, so all of the categories you set up in your budget are essentially your digital envelopes.
Mvelopes syncs to your financial accounts, so whenever you pay a bill, shop online or swipe your debit card, that transaction shows up in the app. The app uses bank-level encryption to keep your information safe.
As you shop throughout the month, you can only spend the amount of money in your envelopes. Once youâve run out of cash, youâve got to freeze spending until itâs time to fill the envelopes again.
Mvelopes can sync with over 16,000 financial institutions, so most users can track their spending with minimal effort. Keeping your spending in check means you can free up more money to go toward saving or debt.