Brooke and Ryan, from eastern Utah, had a lot of reasons to celebrate on New Year’s Eve. In fact, for them, 2008 was an amazing year! On January 1, 2008, their total debt (besides their mortgage) was $30,482.52. Just 12 months later, on December 31, 2008, their mortgage is their only debt! In addition to clearing up all that consumer debt, their assets now total over $22,000!
Brooke cheerfully states, “There’s no more guessing about what we can afford! The spending plan offered by Mvelopes Envelopes Budgeting is invaluable. Now we can make sure we are paying ourselves first EVERY paycheck. To go from the anxiety of debt to the security we feel from watching our savings grow has been incredible. Thank you so much for helping us to achieve so many of our goals!”
During a delightful telephone interview, Brooke also provided the following insights into their use of Mvelopes and how it has helped them accomplish such extraordinary financial success.
Q: How long have you been using Mvelopes?
A: Just about a year.
Q: How has the Mvelopes Money Management Software assisted you in living within your income?
A: It lets me know–immediately–what I can afford and what I cannot.
Q: How much consumer debt have you been able to eliminate during that time?
A: As mentioned, exactly $30,482.52.
Q: How much have you been able to save while using Mvelopes?
A: Approximately $20,000.
Q: How much has your average checking account balance increased while using Mvelopes?
A: I used to try and never let our checking account balance go below $500, and we averaged a balance of approximately $1,000. Now our average checking account balance is between $7,000-$8,000.
Q: What financial goals have you achieved while using Mvelopes?
A: We paid off all our consumer debt. We have also started putting money away for retirement, we’re saving money for college for our children, and we save ahead for medical and dental expenses and even furniture purchases. Now we make sure we have the money before we spend it (as opposed to making a purchase and then trying to pay for it).
Q: What are your next financial goals?
A: To pay off our mortgage.
Q: How many envelopes have you created?
A: We have about 30 envelopes.
Q: How has Mvelopes helped to reduce financial stress?
A: To go from owing everybody money to watching our savings increase is indescribable. I don’t worry about whether I’m going to be able to afford Christmas, because I know I’ll have money put away. The decision is already made by the time our paychecks arrive. We don’t have to wonder what we’re going to do with each paycheck–we already know.
Q: If married, how has Mvelopes helped you better collaborate with your spouse?
A: Because we’ve already made decisions about where our money will go, there’s no arguing about it. My husband is also using Mvelopes for his business. We don’t have to discuss money much, because we know it’s there, and we’ve already planned where it will go. Prior to having Mvelopes, we never really argued, but there was fear and stress. Now we don’t have that fear and stress.
Q: What advice would you give to new Mvelopes users?
A: Give it some time to work out the kinks. Anytime you start a new budget, it will take awhile to get into the flow–to determine what envelopes you’re going to need, and which ones you won’t need. Don’t be afraid of changing. And don’t lie to yourself. In other words, don’t get into the habit of simply borrowing from one envelope to cover a negative balance in another envelope. Be honest about your money and your spending.
Brooke, we sincerely hope that 2009 will bring you, Ryan, and your family even more financial success and peace of mind. We’re confident that you’ll continue to reach the goals you’ve set. You’ve definitely proven that you’ve got what it takes! Thank you for taking time to share your phenomenal success story with us.