Mvelopes Combines Budgeting and Online Bill Pay
In the "old days" if your parents were budgeting their income chances are good that they used the "envelope system". A number of envelopes were titled or earmarked for certain expenses, such as the mortgage, utilities, or dining out. Whenever a paycheck was cashed the appropriate pro-rata portion was placed in each envelope and the family knew exactly how much money was available for each expense until the next paycheck arrived. It was a good system and in fact many people still use it today. However, as technology has advanced new computer-based budgeting systems arose that are more accurate and also include forecasting features.
Intuit's Quicken Software was the pioneer and is now the most popular Personal Finance software on the market. Microsoft is a strong second contender with their Microsoft Money Software.
A new entry that combines the old envelope system and the internet is called Mvelopes. Mvelopes Personal was developed by In2M Corporation, a Draper, Utah based company whose mission is to "empower people with easy, automated access to meaningful, real-time financial information and services".
Mvelopes is unique in that it is entirely web based with no software to purchase and install, and the monthly subscription fee also includes unlimited LIVE customer support and coaching. Now there isn't any excuse for not budgeting.
Mvelopes bills themselves as an Online Spending Management System. Similar to the previously mentioned envelope system, a new user first sets up their "spending envelopes" and from there on everything is mostly automated. Mvelopes currently links to over 11,000 banks and financial institutions. Whenever a user spends money by check, debit or credit card, or online billpay the appropriate amount is debited from the appropriate digital envelope. The user can see in real time their monthly income and expenses as well as their family net worth. It is Mvelopes opinion that the secret to building wealth is simply spending less than you earn.
In our automated society however, it is easy to spend without really knowing where the money is going. Their system tries to address that problem with the real time data. Users can even access their account with their cell phones. Mvelopes claims that the avarage user "recovers" as much as 10% of their income by being made more aware of their "hidden" expenses. Like we said earlier, now there definitely is no excuse for not budgeting.
To purchase the Mvelopes Personal system as well as other Personal Finance titles, visit the ManagingMoney.com Banking Center or the ManagingMoney.com Software Center.
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