Envelope Budgeting Software

Best Budget Software for Financial Freedom

Are you familiar with the traditional envelope budget system? Envelope budgeting software takes this successful method into the 21st century, enabling proactive control of spending in order to achieve financial freedom.

Using an envelope budget system with cash has always been an excellent way to ensure living within one’s means. In the past, when a paycheck was received, it was cashed and the money divided among envelopes marked for various needs such as groceries, rent, gas, etc.

When the money in a particular envelope ran out, the person could either refrain from spending more in that category or use money from a different envelope. There was no option to borrow money for current living needs. This was a simple, yet effective means for staying out of debt and building savings, the foundation blocks of financial freedom.

Envelope Budgeting Software for Today

Fast forward to our current financial environment. Cash transactions are becoming impractical in many situations, if not altogether obsolete. Try renting a car or making an online purchase with cash.

While this new environment is much more convenient, it also makes it easy to overspend and take on credit card debt. The cashless aspect removes spending limits and blurs our awareness of our true financial situation.

Fortunately, two of the best budget software programs available retain the simplicity of the traditional envelope budget system while, at the same time, making it relevant to the cashless age.

One of these programs is called You Need A Budget (YNAB). You can read more about YNAB here.

Mvelopes Personal Budget Program

The other budget envelope software program is called Mvelopes. An advantage of Mvelopes, an online budgeting program, is that you can access it from home, work, or any computer or web-enabled phone in the world.

This allows you to have your budget information with you anytime you need to make a spending decision.

Like the traditional cash envelopes, this envelope budgeting software allows you to assign the categories as soon as you are paid. You can decide immediately how much to allow for each spending category as well as how much to save.

In this way, you can be much more proactive in planning and controlling your spending, rather than just analyzing spending as in the approach taken by most personal money management software programs.

With this software, you plan the purpose for each dollar you receive. In addition, after you spend your money, you can easily account for it because Mvelopes can automatically retrieve your transactions from over 14,000 banks, credit unions, and credit card companies.

This allows you to easily know how much you have left to spend in each virtual envelope.

Mvelopes eliminates the problem of blurry financial vision and keeps you aware of your financial picture at all times.

Why Use Mvelopes?

There are many reasons why people like the Mvelopes system. Some like the ability to pay bills online, both to companies and to individuals. Not only is it convenient, but it can also save money in postage.

Others use it to make small tweaks in spending that pay off big over time.

For instance, if you find you are spending more than you want to for lunches eaten out each month, you can take steps to reduce your cost by making your lunch at home. This savings interest calculator shows you how saving even just a little on a regular basis can really add up.

Mvelopes has helped others in more dramatic ways. Some users have averted family disaster by finally being able to openly discuss finances with their spouse. Mvelopes has enabled others to come out from under a burden of overwhelming debt.

In fact, according to a survey of people who had been successfully using Mvelopes for 12 to 18 months, on average they:

  • eliminated $9,000 in consumer debt.
  • saved $15,000.
  • saw their checking accounts grow by $5000.

Mvelopes is an envelope budgeting software program that can help you easily get out of debt and save money.

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