DIY mvelopes

Hi, is anyone doing their own mvelopes? I can't see myself spending up to $13/month for a system that is supposed to be saving me money.

Does it work like an accounting system with debits and credits? Inquiring minds want to know.

[skydivingchic]

Hi, is anyone doing their own mvelopes? I can't see myself spending up to $13/month for a system that is supposed to be saving me money.

Does it work like an accounting system with debits and credits? Inquiring minds want to know.

At the end of January, I got serious about paying off my CC once and for all. In the past, I would run up several $1000 worth of debt over a year or so, then give up and pay it off using money from what should have been my EF. But I never solved the root problem of spending management, so within a year or so I’d be carrying a balance on my CC again. So I transferred my outstanding balance (around $4000) to a 0% CC, signed up for Mvelopes, read this forum regularly, and am now in a much better position.

Since the end of January, I've paid off all my CC debt and have managed to save a month's worth of expenses (separate from my EF) so that I now am able to fund all my envelopes at the beginning of the month instead of certain paychecks being used to fund particular envelopes. I now have a workable budget in place and I understand where my money goes. This program was exactly what I had been looking for. In the past I had one savings account for everything - EF, travel, car repairs, etc. Now my EF has its own little envelope, so I am able to keep my paws off that and allocate money to the other stuff separately.

For me, the cost has most definitely been saved in CC interest and hidden spending. Now it is a challenge for me to see how much extra I can "sweep" out of my envelopes every month and into my savings. The program has made saving for a new (to me) car, vet bills, vehicle registration, etc extremely easy for me. I also love, love, love the way Mvelopes handles CC transactions. Because the money is set aside in a separate envelope, I'm able to pay my bill in full every month and receive cash back rewards without paying interest!

I understand people's initial response of "why would I spend money on a program in order to save money?" but I'd highly recommend giving it a try (which you can do for free for 30 days).

All that said, I think I remember seeing someone on here who said they had put together a spreadsheet that worked similar to Mvelopes, so apparently it can be done. I'd guess you could just make separate worksheets in the same overall spreadsheet - each one for a different category of spending and an overall one for all transactions. However, for the $8/mo (biannual renewal), I'll stick with Mvelopes. I know I sound like an Mvelopes company officer, but this program is without a doubt the best thing that’s happened to my personal finances.

[Aleta]

That's great that it has worked for you. Some people spend that much a year on one program and if it helped you, it actually saved you money. It's a little like some people needing to go to weight watchers for the support and accountability. If it works, it is probably saving your life.

[boefixepa]

My storu pretty much mirrors sky, only I did it three years or so back. back then I was making prettu much what I am now with about 6-8K in CC debt, 6K in car debt....today I am debt free, and have over 12K in cash savings!!! Yes the system costs you a little money....get over it!!! If you know how to spend and manage your money wisely you will know it is money well spent. They are constanly having to work to keep up with the changes it technology and no hand made spread sheet is going to pull your tranactions every day, pay all your bills for you, and allow you the freedom this system offers. It's brainless....once set up it takes me less then two minutes everyday or two and I know how much money I have where for what. Try it and you will see it saves you many, many, times what it costs.

[Aleta]

I would imagine if money is the issue, that one could look for ways in the budget to replace the cost of the program (monthly). Sometimes, people are deep in debt and would see this as just another debt to pay. If it were me, I'd find the $8. or $13.) in other ways rather it be through coupons, rebates, surveys, money found in street.

If this program saves you that much, it reasons that the cost would be nothing compared to how much interest it saved you or the savings you were to make following the program.

[Hypersion]

I think you can make a beter mvelopes just using an excel spreadsheet.

I agree with you Hypersion, I'd like to use Excel. I cannot justify paying $8-$13 a month if I can do this myself.

So back to the original question... How does mvelopes do this so I can emulate it myself (using Excel)? Thanks.

[minnie1928]

I do the same thing using my Quicken 2000 version. I just create dummy accounts and allocate my money accordingly.

[DayByDay]

I do the same thing using my Quicken 2000 version. I just create dummy accounts and allocate my money accordingly.

What a great idea! I want to give this a try.