La Jolla Mom

How To Keep Your Household Budget In Check Using Online Envelopes

BY La Jolla Mom

My background in finance and my husband’s weak math skills result in me being responsible for reconciling the family budget every month. I dread it and, believe it or not, don’t use software which makes it even more of a hassle.

Budgeting is for everyone, regardless of income. You might be trying to get out of debt, saving for retirement, sending a child to college or thinking about taking a luxury vacation. At some point, you probably think about how much money it will take to meet your goal, whether you track it to the last dollar or think of it rough amounts.

I read about Mvelopes, a software program based on envelope budgeting. I’m happy to share it because though the concept is completely old school, it’s updated for the technologically savvy world we live in today. And, envelope budgeting is an easy way to teach your kids about allocating their allowance.

What Is Envelope Budgeting?

Back in the day, people used paper envelope budgeting to manage money. This was before credit cards, credit lines and other overdraft measures. They divided cash for various monthly expenditures into paper envelopes and spent only that cash each month. If they needed a bit more for groceries, that money would be taken out of the vacation envelope, for example. Or, they would wait until their next paycheck.

Why Mvelopes?


Using paper envelopes to manage a household budget just isn’t realistic in an age of debit and credit cards, not to mention that each family member is likely spending money independently throughout the day.

With Mvelopes you can quickly and easily create an online budget, track all of your spendings, and always know exactly how much you have left to spend. You have online envelopes that are trackable through your smartphone, computer or tablet. You easily record transactions and scan receipt images on the spot.

When you get paid, allocate money into the virtual envelopes. As you spend, Mvelopes automatically collects your transactions and deducts expenses from appropriate envelopes. They also provide coaching sessions to help you reach your goals.

Mvelopes has also received praise from trusted publications including the Wall Street Journal, PC World, and Marketwatch.

Why I’m Sharing Mvelopes

I used to help people manage money for a living and have literally seen it all: people with tons of money spending it to zero, people living outside of their means for one reason or another, and people totally unprepared for emergencies. It’s nice to know that there are neat tools to help and Mvelopes is for people who want to be proactive with their savings.

Mvelopes is free to use on a limited basis including 25 envelopes and 4 online bank accounts. For unlimited envelopes and accounts, plus free live support, bill pay and access to the debt center, a premier membership is $9.95 per month.*Thanks to Mvelopes for sponsoring this post. Opinions and experiences are my own.

Related Posts

6 thoughts on “How To Keep Your Household Budget In Check Using Online Envelopes

  1. I love the net worth tracking! Not that I’ll ever have an opportunity to say ‘my net worth is…’ – but it’s a cool feature.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.