Mvelopes Review – Millennial Money

    0
    13



    This article contains links that we may receive compensation if you click on them at no cost to you.

    Mvelopes is a budgeting app that will help you with this. Keep reading this Mvelopes review for our full analysis, including how it works, cost, and competition.

    Bottom line

    Mvelopes is a budgeting app that will help you with this. If putting money aside every month isn’t your forte, you’re in luck. Thanks to the technology, there are many digital saving tools at your disposal that can automatically save you money.

    advantages

    • Easy to use
    • Highly rated iPhone app
    • Intuitive budgeting tools
    • Thirty days free trial

    disadvantage

    • Inevitable Fees
    • Badly rated Android app
    • Limited customer support for the Basic plan

    or jump directly to the section on how to register with Mvelopes

    What is Mvelopes?

    Mvelopes is a budgeting service that has helped more than 750,000 people save money and pay off debts. The platform, for which a small fee is charged, is based on the envelope budgeting system.

    In short, the envelope system involves allocating certain amounts of money to certain categories of expenditure (e.g. food, housing and transportation). Each category has its own envelope and a predetermined monthly spending amount (e.g., $ 500 for groceries, $ 100 for vacation pay, and $ 80 for clothing).

    The main benefit of the envelope system is that it lets you see exactly how much you are spending each month and prevents you from over-spending. In this way, you can curb overspending and find new ways to save.

    Now that you have a better idea of ​​what Mvelopes is, let’s see how it works.

    Mvelopes functions

    Here are the top features of Mvelopes.

    App

    Mvelopes’ money management platform is completely digital. You can access your account on the company’s website or on your smartphone.

    The Mvelopes app has a solid rating of 4.4 stars (out of 5) on iOS. But Android users are less enthusiastic; The app is rated 3.3 stars (out of 5) in the Google Play Store.

    Digital envelopes

    The first step to getting started with Mvelopes is to create an spending plan and assign specific dollar amounts to the spending categories (digital envelopes) of your choice.

    Digital envelopes can help you identify which expenses are important and which can be avoided. There is no limit to the number of envelopes you can make, so you really can tailor your plan to suit your individual financial situation.

    Budgeting tools

    Once your spending plan is set, Mvelopes budgeting tools will help you stick to it.

    When you synchronize your bank and credit card accounts with Mvelopes, the app can monitor your checking account balance in real time. Mvelopes will also keep track of where every dollar is going and warn you if you are trending in the wrong direction.

    In addition, Mvelopes creates interactive reports based on your financial data. It’s almost like having a budget coach in hand.

    Learning center

    Mvelopes Premier and Plus members have access to its online learning center, which offers courses on topics such as financial awareness, deleveraging and building an emergency fund.

    The Mvelopes Learning Center aims to help customers use its platform more effectively. To illustrate, if you don’t know how much to save in your emergency fund, it will be difficult to allocate a dollar amount to that envelope.

    Debt Reduction Center

    A primary focus of the Mvelopes platform is to help people reduce and avoid debt. The Debt Reduction Center makes it easy for you to take a close look at your current debts and develop a plan to pay them off while on budget.

    Once you are out of debt, there are tools to help you keep it that way too.

    Financial coaching

    When you sign up for Mvelopes Plus you have full access to a dedicated personal finance trainer and quarterly coaching sessions.

    While budget apps can help you save money, sometimes it’s just nice to ask questions and get advice from a real person.

    Whether your financial goals include paying off debt, buying a home, or saving $ 1 million, your coach will get you on the right track with a personalized plan.

    Mvelopes prices

    Mvelopes offers its product in three levels: Basic, Premier and Plus. Here’s what is included in all three versions:

    • Unlimited envelopes
    • Transaction import and balance monitoring
    • Live chat support
    • Interactive reports

    Mvelopes Basic

    The Mvelopes Basic plan contains the most important functions of the budgeting software. You can create a plan, link your credit and debit cards, and keep track of your expenses.

    The missing functions here are personal coaching sessions and access to the learning center. The good news is that you can always start with Basic and upgrade to Premier or Plus if you need additional assistance.

    Mvelopes Basic costs $ 5.97 monthly or $ 69 annually.

    Mvelopes Premier

    With a Premier plan, you get everything that’s in Basic, plus the following features:

    • Access to the learning center
    • Access to the debt relief center
    • Support with the initial setup
    • Preferred customer support

    Premier is also the only plan that comes with a 30-day free trial. When signing up for a new account, it is with this in mind that you should start with Premier.

    After the trial, Mvelopes Premier costs $ 9.97 monthly or $ 99 annually.

    Mvelopes Plus

    Mvelopes Plus is the platform’s top tier offering and comes with all of the bells and whistles you could possibly need. Here’s what you’ll get in addition to everything in Premier:

    • Dedicated personal coach
    • Quarterly coaching sessions
    • Personalized financial plan
    • Mvelopes Plus costs $ 19.97 monthly or $ 199 annually.

    Sign up and get started

    When you’re ready to sign up for Mvelopes, just go to the website and click the “Sign Up For Free” button. Then choose your plan, create your login and add your payment information. If you’d rather do all of this in the app, download it first.

    From there, you can link your financial accounts and set up your spending plan. Once your budget is in place, you can take advantage of all of the features included in your plan.

    Unlike some other personal budget apps, Mvelopes doesn’t offer a sign-up bonus. However, there is a free 30-day trial for new Premier Plan customers. This makes signing up with Premier a breeze. Even if you don’t need the extra features, you can try it for a month and then switch to Basic when it suits you better.

    Mvelopes also offers a 30 day money back guarantee on all of its products. If you sign up for Basic or Plus and don’t want to stay registered, you can get a full refund if you cancel within the first thirty days.

    Mvelopes security

    As with any good app, security is a primary concern for Mvelopes.

    The app uses the same level of encryption as online banking platforms, and your sensitive information is protected by Secure Socket Layer (SSL) encryption.

    Mvelopes and its parent company Finicity also use industry leading firewall technology to protect their servers.

    Customer service and support

    To access the Mvelopes online help center, you need to create a free login that is separate from your Mvelopes login. Once inside, you can use live chat to speak to or message an agent and wait for a response.

    Although Mvelopes has a phone line, it is only available to Premier and Plus members and you must make an appointment in advance.

    If you need a quick answer, you can also browse the most common FAQs on the main website.

    It’s also worth noting that Finicity (a Mastercard subsidiary) has an A + rating from the Better Business Bureau (BBB).

    Mvelopes pros and cons

    advantages

    • Easy to use
    • Highly rated iPhone app
    • Intuitive budgeting tools
    • Thirty days free trial

    disadvantage

    • Inevitable Fees
    • Badly rated Android app
    • Limited customer support for the Basic plan

    Alternatives to Mvelopes

    If you like the sound of Mvelopes but want to know what else is out there, here are some similar budgeting apps.

    mint

    Mint connects to your financial accounts and tracks your transactions. Mint also keeps track of your bills with payment reminders and has a credit monitoring service.

    Unlike Mvelopes, Mint is free to use. That’s because it generates revenue by connecting you to financial products and monetizing your data.

    Good budget

    Goodbudget is a budgeting app that is also based on the envelope budgeting method. The added value is that Goodbudget allows multiple devices to log into the same account – making it a better option for couples and families.

    The downside is that the app doesn’t sync with your bank accounts, so you have to manually enter all of your transactions and envelope balances.

    Goodbudget offers a free version with limited envelopes and a maximum of two devices. If you want unlimited envelopes and devices, upgrade to Plus for $ 7 a month or $ 60 a year.

    Honeydue

    Honeydue is a free budgeting app for couples. You and your partner can keep track of all of your accounts, coordinate bills and even chat about transactions right in the app.

    Honeydue also offers its own FDIC insured shared bank account that has no monthly fees or minimum deposit requirements.

    Frequently asked questions about the Mvelopes review

    Here are the most frequently asked questions about Mvelopes.

    Who Owns Mvelopes?

    Mvelopes is owned by Finicity, a software company based in Utah. Finicity is a subsidiary of Mastercard.

    Which financial institutions does Mvelopes work with?

    Mvelopes provides integrations for more than 16,000 financial institutions in the United States. If yours is not supported, you can always contact the Mvelopes team and submit a request to add.

    Note that some banks or credit unions may not be available due to technological or contractual restrictions.

    Does Mvelopes Really Work?

    Mvelopes is simply a tool, and like any budgeting tool, whether it works or not is entirely up to you. While Mvelopes can certainly help you get on track, it’s not a magical app that automatically fixes your financial troubles.

    When using a paid service like Mvelopes, it’s important to make sure you’re open to changes. If you’re not ready to put the job on your side, then it probably won’t be worth the investment.

    The bottom line

    Personal finances can be confusing and at times overwhelming. If you are struggling with debt or are tired of living from paycheck to paycheck, Mvelopes can help clear the path a little.

    The downside is the cost. There are plenty of free budgeting apps out there, so it is important to make sure that you can take advantage of Mvelopes’ features before you shop. Either way, you can’t go wrong by taking a spin with the free trial.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here