I recently had the privilege of speaking with Jason (from Highland, Utah). Jason discovered Mvelopes a few months ago and it was clear from speaking with him that Mvelopes has already had a very positive impact. Portions of our discussion follow.
Q: How long have you been using Mvelopes?
A: I’ve been using Mvelopes for about four months now.
Q: How has Mvelopes assisted you in living within your income?
A: It has been great. It is how I’ve always tried to budget-keeping expenses in separate columns in my check register. Now I can simply look at my envelope balance and make decisions based on that.
Q: How much consumer debt have you been able to eliminate during that time?
A: I don’t currently have credit card debt, but I do have a car loan. Since using Mvelopes, I have been able to add $100 extra to my car payment each month and that’s making a big difference.
Q: How much have you been able to save while using Mvelopes?
A: I have been working on building an emergency fund and also saving money for school. So far, I have $500 in the emergency fund and I’ve got $300-$400 saved for school.
Q: How much has your average checking account balance increased while using Mvelopes?
A: Probably by about $500 (due to having envelopes that are holding funds for future use).
Q: What financial goals have you achieved while using Mvelopes?
A: I set a goal to find a budgeting program that I can actually use that is similar to the method I’ve been using. I searched forever and was so glad I finally found a program that does what I want it to do. So finding Mvelopes was, in itself, the achievement of a goal. I also set a goal to create an emergency fund, and I’ve met that goal, too. Additionally, I set a goal to save money for school and I’ve saved enough to take a class now.
Q: What are your next financial goals?
A: I plan to pay off my car, and save a year of college tuition.
Q: How many envelopes have you created?
A: I have modified most of the standard envelopes and I currently have 45 envelopes.
Q: How has Mvelopes helped to reduce financial stress?
A: I think one of the main things is that I no longer have to keep of all my receipts because I trust the computer to download purchases for me. Another way it relieves stress is that when I make a purchase, I know the money is there when I need it and I don’t have to worry that I’m taking money from somewhere else.
Q: If married, how has Mvelopes helped you better collaborate with your spouse?
A: I’m not married yet, but I anticipate Mvelopes will be a great blessing to my marriage (chuckles).
Q: What advice would you give to new Mvelopes users?
A: It takes a little while to get used to the program, especially when you create new envelopes and figure out how everything works. So my advice to new users is this–don’t get frustrated during the trial period because it takes awhile to get comfortable using the program.
Q: If you could create a “tag line” for Mvelopes-keeping in mind what it’s done for you-what would the tag line be?
A: Mvelopes helps me manage my money the way I want to manage my money. I work with computers every day and it has been so great to be able to find a company that I can trust with my financial information and that helps me manage my money the way I want to manage it. Thanks, Mvelopes!
Jason, thank you so much for taking time to speak with me. You’re moving in a great direction and you have set some great goals–to pay off your car, go to college, etc. Best of luck with those things. And, as always, we wish you continued financial success.