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Topic: Mvelopes System - Has anyone tried it?

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Subject: Mvelopes System - Has anyone tried it?
Date Posted: 9/17/2009 10:51 AM ET
Member Since: 2/11/2009
Posts: 475
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I don't know if this is okay to post here or if it should go under CMT.  I was just curious as to whether anyone has used the Mvelopes web-based software?  It's like the old-fashioned envelope system, but it lets you track it in real time even when you're using credit cards/debit cards/direct payments, etc.  I've read the book (Money For Life by Steven B. Smith) and I think it sounds interesting.  I like that you put which envelope the money goes to before you get paid, instead of trying to figure out where it has all gone after the fact.  But it is a paid subscription (almost $40.00 for three months) and I wanted some more information before I signed up for it.  If anyone has tried it, please let me know what you think.  Thanks!

Date Posted: 9/23/2009 6:35 PM ET
Member Since: 7/31/2006
Posts: 14,634
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I haven't tried it but sounds interesting. I always seem to 'intend' to keep track of what amt to spend where but at the end of the month I didn't quite do it! I don't do the envelope system because I don't use cash a lot - mostly one credit card that I keep paid off.
Subject: Going to try it
Date Posted: 9/25/2009 5:28 PM ET
Member Since: 6/15/2009
Posts: 6
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 I have a friend of mine who has tried it and it seems to work.  I am going to try it myself soon.

Date Posted: 9/25/2009 9:54 PM ET
Member Since: 6/11/2006
Posts: 12,826
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what excatly is it.

Date Posted: 9/28/2009 10:42 AM ET
Member Since: 2/11/2009
Posts: 475
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Mvelopes is a internet-based software that links up to your on-line banking and credit cards (kind of like Quicken or Microsoft Money) to track your expenses in real time. The primary difference between this one and the others is that you assign your cash (paychecks) to different "envelopes" (rent, groceries, insurance, etc.) and when transactions get posted to your checking account/credit card you can drag and drop them into the appropriate envelope and it shows you what the remaining balance is. You can also enter transactions manually. It is a little confusing to use at first, but I'm getting better at it day by day and I think it might actually be helpful in the long term. It's based on a book called Money For Life by Steven B. Smith and I highly recommend the book at least, it's quite useful at getting you to really think about your cash and the problems our society in general has with saving and credit card debt (and debt in general).