The Envelopes system - How does it work?

[Staceyy]

Re: The Envelopes system - How does it work?

Thanks!

[lillyb]

Re: The Envelopes system - How does it work?

I write checks to pay the 'bills' but put cash in my envelopes for things I do need money for between paydays. Currently I have an envelope for groceries, gas, and spending money. I withdraw cash every payday and fund them. Along with this, if I know we'll be needing some clothing or car maintenance, I'll withdraw cash for these envelopes, as well.

It is much easier to pay with a debit card, and painful to spend cash. I spend less when having to hand over actual money, it hurts more. Thus, I reduce my spending. And nothings more embarrassing than not having enough cash on hand at the grocery line, so I REALLY watch my grocery prices (and no, I've never went over, I watch prices closely). Can't begin to add up how much money we've saved since going to cash on these things. Gas envelope is empty and my tanks getting low, I cut down my driving. Spending envelope empty? No magazine this time. You really watch your spending when you have a set amount you can spend.

[pearlieq]

Re: The Envelopes system - How does it work?

(I don't get sick very often, been to doctor twice in life)

Ack! I'm sorry for the completely unsolicited PSA, but I really hope you mean you've only had to go to the doctor twice because you were ill, not that you've really only gone twice in your life!

What about basic health screenings? Vaccinations? Pap exams? Mammograms?

I don't mean to stick my nose in where it doesn't belong, but my mom is a breast cancer survivor and I thank God they were able to find it relatively early. Early detection is key to survival for most diseases.

All you've saved and everything you've worked for won't be worth much if you find out you've got late stage cancer and there isn't much that can be done.

[jmjj215]

Re: The Envelopes system - How does it work?

Criteria to use when selecting a money management method (IMHO) is that it's

1. Flexible
2. Simple to learn
3. Not time consuming to use

If it doesn't meet all three, chances are you'll throw in the towel in short order.

[boefixepa]

Re: The Envelopes system - How does it work?

I know there are a few people on here who simply cringe that Mvelopes charges a monthly fee, but it's soooo worth it IMHO. It's made a HUGE difference for me. The mvelope system electronically pulles all transactions, from savings, checking, CC, MM, everywhere! You simply drop the transaction into the 'cyper envelope' and you can split a transaction if needed. It comes with free on-line bill pay, so you can pay all your bills and get e-bill for most major CC, utilities, and mortages. I don't have to write but one check a month! It keeps your net worth statement current and with a little time and getting accustome to it I've never looked back!

They have great customer service, so it you get stuck on something all you have to do it call or IM them and they will step you through it. I know there are alot of 'free' products, or similar self-regulated ones out there. What makes this worth the money is you never have to worry about 'forgetting' to enter a transaction, or lose it because you forgot to back up and you computer got sick! (Been there!!!) Plus if someone uses or makes an unathroized transaction you know within a day, not when the bill shows up in the mail!

I know I am a walking adverstisement, but for me this system was the key for me being able to turn around my financial problems and retrain myself. I just make a 'mvelopes' envelope and stick $10 a month in it....the money's there when needed and sooooo worth it!

[Mathew Green]

Re: The Envelopes system - How does it work?

I know there are a few people on here who simply cringe that Mvelopes charges a monthly fee, but it's soooo worth it IMHO. It's made a HUGE difference for me. The mvelope system electronically pulles all transactions, from savings, checking, CC, MM, everywhere! You simply drop the transaction into the 'cyper envelope' and you can split a transaction if needed. It comes with free on-line bill pay, so you can pay all your bills and get e-bill for most major CC, utilities, and mortages.

I don't exactly cringe at paying a monthly fee, though I personally would never do it, but I do CRINGE at the thought of entrusting all my account information to any third party and trusting them to make my payments on time. Nobody gets my passwords except me! And I pay all bills by dealing directly with the company that's going to get the money so I'll have a confirmation number as proof of when the payment or deposit was made. YMMV but I'm perfectly happy cringing and keeping control of my own money. KWIM?

[Fidu.Ciary]

Re: The Envelopes system - How does it work?


I am trying out mvelopes currently and do like it. But following on the preceeding post, how secure is mVelopes?

Have any mVelopers have had any concerns at all, regarding the safety and security of sharing important, secure information with a 'Third Party'??

[LuxLiving]

Re: The Envelopes system - How does it work?

Fidu.Ciary, love your name!!

[Fidu.Ciary]

Re: The Envelopes system - How does it work?

LOL!
Thank you Lux.

[boefixepa]

Re: The Envelopes system - How does it work?

I have never had, nor heard of anyone who has had problems. The company is based here in Utah and a personal friend of mine (one of the self made millionaries I know) is a big financial backer of Mvelopes. He's the one that suggested it to me a few years back. Everytime I talk to him he askes me how it's going and I give him my honest assesment of the system and he tells how they are doing and what their furture plans are. I've never had one of my bills not paid on time and I get confirmation numbers for each bill I schedule. So I guess each has to decide their comfort level and it took a few months for me to trust the system completely. Little by little I added things until eveything was on there. So to each their own. All I know is when I was trying to do it 'my way' it was a lost cause. Their way has worked WONDERS for me!

[Fidu.Ciary]

Re: The Envelopes system - How does it work?

boefixepa,

Thank you for that. It is indeed reassuring to read your post.
I am quite tech orientated and would mostly lean towards any system that would allow me to work on the computer!! (I hand-write so less now, that I can't even recognise my own writing!!!) and hence was attracted to mVelopes as a good, simple, ONLINE (computer) based finance control system.

I will see how mVelopes fares in my 30 day trial.

[boefixepa]

Re: The Envelopes system - How does it work?

Don't be afraid to click on that on line chat link and ask questions. They are really helpful teaching you how to do things. I messed it all up big time once, and they were very patient helping me figure it all out.

A common on is when you make a payment on a CC. You have to a transfer from checking to the CC and then match the transactions. I kept trying to drop the transaction from my bank into the CC envelope, the system wouldn't let me They have them set up to transfer, little things like that just take a little getting use to. I love not having to worry about bills and when things get paid and such. If you like computers you will love this system. Just check it every day or two, depending on how much/how often, you spend and you'll do fine.

[Mathew Green]

Re: The Envelopes system - How does it work?

I have never had, nor heard of anyone who has had problems.

Just for the record: I know nothing about that company and have not heard anything pro or con about them except what has been said in these forums.

When I said, "I cringe at the thought of entrusting all my account information to any third party and trusting them to make my payments on time," I'm speaking on general principles and from painful personal experience with my former bank's bill-paying service, which cost me over $70 in late fees by not making my payments till a week after the specified date. Never again will I let any third party pay a bill for me. And as a general security belief I trust no one with my passwords or account information except on a strict need-to-know basis. YMMV and probably does.

Far as "never had or heard of".... I do business with a financial company I trust explicity. Never had any problems or concerns about them. A few months back, their customer email list was somehow compromised by spammers and all of us got a bunch of spam. Lesson: Never say 'never'. Errors, malfunctions, and intrusions can happen with even the best of companies.