Ash The Great | Oct 31, 2017 | 0
Mvelopes Review – A Paid Budgeting System
The Mvelopes system is not going to help you save money if you are not already geared up to save money and stick to a budget. Like most budgeting systems, it is up to you to put money aside for saving, and it is up to you to ensure you do not spend the money you save. There are some apps and saving systems that help you save passively or help you budget without having to think about it, but this is not one of those types of apps. The Mvelopes software is only suitable for people who are looking for a reliable saving and budgeting method. If you are looking for a piece of software to swoop down and save you from your bad spending/budgeting habits, then Mvelopes is not going to work that miracle.
Here is a link to their online Mvelopes service that operates completely online where you do not have to download their software. This is the link to their iOS version of Mvelopes. Are you having a hard time finding their Android version of Mvelopes? That is because the Android version is a mess and is loaded with negative reviews, but here is a link to the Android version of Mvelopes if you are interested.
What Does Mvelopes Do?
Mvelopes is a budgeting app that works in a similar fashion to the envelopes system you may use at home. For example, you may put the money for your rent into an envelope, and the money for your water bill in another envelope. The idea behind Mvelopes is that you do the same thing with your budget. The Mvelopes tool has different envelopes that you designate in order to make up your budget.
Track Your Bank Balances, Savings Balances And Credit Card Balances In One Place
The Mvelopes tool allows you to track your bank balances and your credit card balances. You can track your balances from one place rather than having to sign in to your various different accounts in order to see your balances.
It Makes Budgeting Easier For People Who Are Not “Numbers” People
An envelope budgeting system is used by the Mvelopes software. It allows you to plan your household and your personal budget in a simple manner. You may assign and manage your own budget, and the higher subscriptions allow you to receive feedback on how you spend and how much you have left to spend.
View Your Planned Budget Balances Alongside Your Actual Budget Balances
Set up a budget and then see if your planned budget is similar to your actual balances. The Mvelopes app and online tool allows you to see if your bank balance reflects what you planned, and much of it is done automatically. The Mvelopes budget app has access to over 16,000 financial institutions, which means it can enter elements into your budget automatically. For example, if you just paid $X amount to your power utilities company, the budget may be able to recognize the transaction and mark it off your budget so that you do not have to mark it off manually.
Will Mvelopes Help You Save Money?
To be as clear as possible, allow me to answer that question with a story.
I was told from a young age that if you are in debt, then every penny you earn that is spare should be put into your debt to pay it off. I was told that if you pay off your debt then you save interest, and that I shouldn’t save money or invest money when I am in debt.
Turns out that this is terrible advice because when I put money back into my credit cards, I ended up “Needing” the money again and ended up spending on the credit cards.
What I actually learned was that I needed to lock my money away by drawing it out and stashing it in a very private and inconvenient place, or I needed to lock it away in an investment that would let me get to it for months. Only by saving in this manner could I gather enough money to pay off a credit card and then cancel the credit card so that I couldn’t spend on it again.
What Is The Point Of My Little Credit Card Story?
Commonsense says you should create a budget with a free app and stick to it through your own force of will. Commonsense also suggests you should not pay for a budgeting app if you are using it with the expressed desire to save money. It would be like paying somebody to wash your car with dirty water. However, there are times when commonsense is not your friend. If we abided by commonsense our entire lives, then nobody would ever have addictions, nobody would be out of shape, and nobody would have kids by accident.
If you are going to create a budget and stick to it, then you need a budgeting system that works for you, and the Mvelopes system may be the one that works for you. If it fits you right, then paying for it may be necessary.
If you pay for something, then you are more likely to commit. If you bought a rabbit for $16,000, you would probably take very good care of that rabbit. If you were given a rabbit for free, then it would probably sit in a cage its entire life wishing it were dead because you have very little invested in it. You are more likely to commit to the budget app and subsequently stick to your budget if you are paying a monthly fee for it.
A Free Trial That Could Still Charge You Money
Mvelopes pull the same trick that credit bureaus pull, except that Mvelopes are not quite as sleazy with it. Mvelopes say that you should join their program and pay their monthly fee. They say that you should pay your monthly fee up front, and try the system free for two months. If you do not like the system, then they refund your money.
Sounds like a pretty good deal with very little risk…until you start reading a few of their negative reviews and you realize that it is very difficult to cancel your account. Some people have had customer service department staff members hang up on them, others have tried the chat system and were unable to get their accounts canceled. There are people who have tried the email method, only to be told they need to cancel their account via chat or over the phone.
In addition, it takes time for your subscription to actually cancel, which means you may put in your cancellation request just before your free trial period ends, but you are still charged for two weeks after the free trial is over because that is how long it took for your account to be canceled.
Mvelopes – Pros
- Track your bank balances and your credit card balances with the app.
- The fact they charge you for your account means they have incentive to keep your financial information safe.
- The categorization method used by this budgeting app may suit people who are not comfortable with a number-driven system.
- Track your actual balances alongside your planned/budgeted balances
Mvelopes has links with over 16,000 financial institutions which allows the Mvelopes app/tool to auto-update many of your budget entries and balances.
- There are in-app security settings that include a password or a four-digit PIN.
- Creating a budget and adjusting your budget is not difficult with the Mvelopes tool.
- There are money-saving tips, money-saving e-books and videos both in the app and available online.
Mvelopes – Cons
- Giving out the passwords to your main financial accounts will always come with a risk.
- The apps have numerous glitches, some of which are serious deal breakers.
- They say the free trial is free, but it is hard to cancel, and you will not receive your money back if you do not cancel before the end of the free trial period.
- You will have to enter a few things manually on a routine basis because the app is unable to automate all of your transactions.
- The app is only worth its money if you commit to it on a full-time basis.
Fees And/Or Charges
There are three pricing plans. Both I and our research team read quite a few online reviews about there being a free account where you may monitor four bank balances and use a limited number of envelopes, but we couldn’t find that deal no matter which operating system or device we used.
There is a free trial where you are refunded your money if you cancel within 60 days. Here is the small print that alludes to agreeing to pay for the service and then having your payment returned if you do not wish to continue within the first 60 days.
The sad part is that when you email them at the email address given in the image above, they simply tell you to make contact via the phone or via live chat. You then have to convince the customer support agent to cancel your account. Not only do you have to convince them, but you also have to keep them on the phone or chat line because they are penalized in their call center if they allow too money people to cancel their accounts. The staff are penalized if they let you cancel your account because the staff are told to convince customers to stay with Mvelopes. That is why some people have complained online about how Mvelopes customer support agents hang up on them or shut down live chats when customers mention the word “Cancel” or “Delete account.”
How Do You Get The Free Trial? There Is A 30-Day Trial And A 60-Day Trial
It is not as easy as it seems. You have to sign up for one of their package deals and then pay for a full year in advance. If you do not like your subscription within two months, then you may have your money returned to you. This means that you had two months of free service without having to pay.
If you continue with your annual subscription, then you get two months for free. If you cancel within the first two months, then you get your annual fee back.
You may not wish to buy the annual subscription. In this case, you may get a 30-day free trial and then cancel it before the month is over. If you do not cancel it in time, then they will charge you on a monthly basis until you finally get your account canceled.
Prices For Mvelopes Accounts
At the time of writing, the prices are $4 per month, $19 per month, and $59 per month. Annually, the $4/month deal is $40 for the first year and $48 each year after until the prices change.
The $19/month plan costs $190 for the first year and $228 each year after until the prices change. The $59/month plan costs $590 for the first year and $708 each year after until the prices change.
You Will Have To Give Your Payment Details
You have to select a plan, create your account, give them your payment details, and then verify your payment and account information before you are able to start using your account. Verifying your information usually means putting your bank, credit card and savings information and passwords into the app so that it may access your accounts and show you your balances.
Whether you pick the annual subscription and take your first two months free, or if you pick the free trial that rolls over into a paid subscription, you will still have to give them access to your payment information so that they may charge you when needed.
Conclusion – Are We Suggesting You Try Mvelopes Or Not? Here Is Where The Signals Are Unmixed
Are we saying you should or shouldn’t try Mvelopes? Our review has mixed signals because it this is a tough one to call. If you like the software, if you have seen it work on YouTube and you have read articles like this and you are still happy with it, then Mvelopes is the one for you. If you are looking to try the service first with a free trial, then things become more tricky.
If you are looking for a free trial, then be very careful and very diligent in the way you manage your account because they will do all they can to make it difficult for you to cancel.
You get two months free if you buy a yearly subscription. Users may cancel within the first two months and receive their money back (that is method one for getting your free trial). You can get one month for free if you sign up for their 30-day free trial, but they will start charging you if you do not cancel within a month. Stay on the ball and be diligent when it comes to canceling. Make sure you have some sort of confirmation that your account has been canceled, do not simply trust your customer support adviser. Make sure the customer service adviser sends some sort of confirmation.
The Mvelopes service is not a bad one, and it may be perfect for some people who do not like their budgets to blind them with numbers. There is a security risk because you are handing over your bank information and passwords, and you may have a hard time getting out of paying for their free trial. Nevertheless, it is a good budgeting system and may be worth the money you spend if you actually put it to good use.