Mvelopes Updates, News, and Announcements – Mobile Bill Pay is Here For iOS!

Hello Mvelopes Members,


We’re thrilled to announce that Mobile Bill Pay is now available for our iPhone app!  Now you can make payments right from your iPhone or other iOS device.  Mvelopes is the only budgeting app that lets you pay bills from your mobile device, so staying up to date on your bills is easier than ever before.

We know that many of our members bank at more than one financial institution, and for various reasons, want or need to pay bills and handle other household expenses from different accounts.  Our Bill Pay system lets you transfer money from one bank to another, quickly and easily.  With Mobile Bill Pay, you can immediately schedule a bill payment for as early as the next business day, right from your phone.

Mobile Bill Pay will be available for our Android app in the fall, so stay tuned for updates.

This feature is one of many valuable features available with an Mvelopes Premier membership. Not yet a Premier member?  Log into Mvelopes and upgrade today, it’s only $9.95 per month.

Here is an overview of our latest enhancement:  Mobile Bill Pay

If you’ve never used Bill Pay before, Mvelopes Premier members simply need to:

1.  Click on the “More” tab on the Home screen
2.  Select “Bill Pay” from the drop down menu

Have your statements ready, you’ll need to enter the contact information and specifics for your billers, and you’ll be ready to go!

Once you have Bill Pay setup from the online app, you’ll be ready to start using Mobile Bill Pay:

1.  Tap on the new Bill Pay icon which appears in the navigation bar within the Mvelopes App
2.  For security, a screen will appear, allowing you to request authorization for your device
3.  Once you have requested authorization, you will need to login to Mvelopes from your computer, click on My Account → Preferences → Device Authorization
4. You will see the authorization request from your device. Click the check box to approve the request and click Save
5. Re-launch the Mvelopes App from your iPhone and begin paying bills. You will be required to enter your Bill Pay PIN, just as you do when you access Mvelopes from your computer

Sometimes life gets hectic.  Keeping track of different bills, due dates, etc. on top of everything else life throws at you can be a challenge.  We hope you’ll find that this latest enhancement makes it even easier to make sure you never miss another payment due date.

FAQs

Is Bill Pay/Mobile Bill Pay available on the free version of Mvelopes?

No, Bill Pay and Mobile Bill Pay are only available with Mvelopes Premier.  Mvelopes Premier members can make 15 payments each month.  Additional payments are only $0.50 each (about the cost of a stamp) but we find that most members are able to meet their needs with 15 payments per month.

It is Thursday and I have a bill due on Friday! Will it get there in time?

Yes! You may schedule a payment for as early as the next business day.  When you attempt to schedule your bill, the application will display a list of acceptable payment dates.  If you have a bill that is due the same day or before the next business day, we recommend you contact that biller directly to make a payment in order to avoid any fees they may charge for late payment.

When will Mobile Bill Pay be available for Android?

We are working as quickly as we can to make this available for our Android users and anticipate it will be ready this fall.  As we are able to provide updates or changes to that timeline, we will be sure to notify you.  We appreciate your patience.

Updates in the pipeline:

  • Comprehensive “Undo” option – coming Summer 2012

Thanks again for your membership and input.  We will continue to bring more enhancements in the months ahead.  Have a safe and enjoyable summer!

Mvelopes Team

30% of Americans Not Prepared for a Financial Emergency: Here’s How to Start Saving

How prepared are you for a financial emergency? We recently had the opportunity to discuss this with The Daily Ticker.

Check out and share the article, along with our 5-step plan to help those you love be prepared:

  1. Define “emergency” and determine how much you need to set aside
  2. Stop overspending by using an envelope budgeting system
  3. Cut back on discretionary spending (like those daily $4 dollar lattes)
  4. Eliminate late payments and overdraft fees
  5. Reallocate extra debt payments and 401K funding to emergency fund

Yahoo!Finance, The Daily Ticker

Yahoo! Finance talks with Finicity™ CEO, Steve Smith


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Nearly three in ten Americans have no money saved for a financial emergency, according to a recent survey by Bankrate.com. Twenty percent of people polled said they have less than three months salary saved up for an unexpected financial crisis. That leaves only 42 percent of Americans financially prepared for the proverbial rainy day.

While it seems like common sense to have money saved for a financial crisis, the biggest issue holding people back from saving more is that the majority of Americans live “pay check to pay check,” says budgeting expert Steven Smith, adding that the recession and bleak jobs market has exacerbated the problem.

Smith is also the CEO of Mvelopes, a free online budgeting tool, and joins The Daily Ticker in the accompanying interview to offer his advice on how to be better prepared for emergency situations.

The ideal size for an emergency savings fund varies widely. But Smith suggests people have at least three months of “total living expenses” saved for surprise expenses that do not occur on a routine basis. Ideally, he says people should allocate 80 percent of their income for reoccurring expenditures and 20 percent for a “rainy day,” or what he calls “periodic expenses.”

For those looking to build savings quickly, Smith offers the following 5-step plan:

  1. Define “emergency” and determine how much you need to set aside
  2. Stop overspending by using an envelope budgeting system
  3. Cut back on discretionary spending (like those daily $4 dollar lattes)
  4. Eliminate late payments and overdraft fees
  5. Reallocate extra debt payments and 401K funding to emergency fund

If you’re not familiar with the envelope system of budgeting, Smith says, “it’s very straight forward.”

First, create “envelopes” or categories for all your expenditures. Smith says there are two types of categories to think about: month-to-month expenses (including utilities, housing and food related costs) and periodic expenses (including home and auto repairs or back-to-school shopping) that you don’t necessarily plan for. Second, determine how much to set aside each month for each area of spending and try not to spend more than the amount you’ve set aside.

Mvelopes also allows users to automatically track transactions made via electronic payment tools or sites.