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Mvelopes is a web-based personal finance software. Playing off of the idea of using envelopes to budget your money, Mvelopes allows users to use a similar practice but in the digital age. Mvelopes promises to help you:
Mvelopes hopes to help users erase debt, add to their savings, and stress less about money without the hassle of manually monitoring a budget.
Mvelopes wants you to "become a budgeting superhero." They promise that with 9 minutes, they can change your financial life. They try to accomplish this with four main features:
Where many competitors may just offer a free trial, Mvelopes offers an entirely free package. While you may not get as many features, the free package allows up to 4 bank accounts and 25 spending envelopes. If you try this out and decide you need more features, you can upgrade to the $95 per year plan. If this isn't enough for you, the customizable plan offers even more potential features including 1-on-1 coaching with creating a budget, maximizing retirement, or general coaching on your finances.
Mvelopes can be viewed on your smartphone and tablet with specially designed tablet apps with optimized view. When you're on the go, you can even access detailed merchant information like locations and customer reviews. In the web view, you'll get a more detailed vision of your envelope budgets and bank accounts. Graphs and charts give users a visual of where money is going.
Most user reviews echo what PC Magazine had to say: "Navigation and usability design need improvement." Reviewers have found the platform to be buggy and often confusing. Others describe it as cumbersome and "not that user-friendly or intuitive." That means that even if Mvelopes offers a number of helpful and powerfultools, users can't always understand how to use those tools or where to find them rendering them useless.
Another negative is that the software doesn't track or manage investment accounts. Since Mvelopes often talks about getting out of debt and saving for the future, this may be a big let down for users who want to do so by investing a portion of their finances and want to see these numbers in their monthly budgeting reports.
While there is a free package, the paying packages are generally quite a bit more expensive their competitors' for similar features. In fact, many competitors offer free packages that include the features only offered in Mvelope's paying packages.
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