Handling payments to accounts that don’t aggregate

paid2Inevitably there are a few credit cards or store accounts that just won’t aggregate with the Mvelopes system.  It generally has to do with the way the financial institution handles multi-factor authentication (the way they verify that you are, in fact, you when you log into your account online).  It can be a little frustrating yes, but it’s still a pretty easy work around to handle your payments.

So, how do you handle payments to a credit card that isn’t available for aggregation with Mvelopes?  There are a couple different ways to do this, but here is my preferred method.

I have one card, a Banana Republic (BR) card that won’t sync up with Mvelopes.  I don’t use the account very frequently, but when I do, I simply mentally deduct the amount of my purchase from my clothing envelope.  This way I know how much will be left in my clothing envelope after I pay off the BR card. In the event that I have another clothing purchase to make, I now know how much I have left to spend.

When I get home from shopping, I log into Mvelopes Bill Pay and make a payment on my BR card for the amount of my recent purchase.  When the bill payment transaction clears (usually just a couple of days), I simply assign the transaction to the Clothing Envelope.

It’s a little bit of a round-about way to handle it, but it works fairly simply and just take a few extra minutes.   This way I can still use my card and get the points that go along with my purchases, but I am also sure to pay off my balance in full each time I use the account.

– Jennifer Streiff – Money for Life Coach

[photo courtesy of flickr / CC BY 2.0]