Today’s success story comes from Jamie who lives in Franklin, North Carolina. Jamie has been using Mvelopes for a number of years. Not long after Jamie discovered Mvelopes, she wrote the following comments:
Our finances were out of control. All of the bills were paid but it was so stressful each month just trying to juggle the money. I knew there had to be a better way so I started researching debt reduction solutions and found Mvelopes. What a blessing! I handle all of our family’s finances and I knew a budget was needed but I didn’t know where to start.
After a few weeks I decided to give Mvelopes a try. It worked great for us. I had no idea we were wasting so much money. We don’t always follow the plan as closely as we should but we are in much better shape now than we were a couple of years ago. We’ve paid off quite a bit of debt and increased our savings significantly. I only wish I knew about Mvelopes 10 years ago. We are working to pay off one more small debt and then we plan to aggressively tackle our mortgage.
I can’t wait till the day I can say, “We are debt free.” The freedom we already feel just getting organized with Mvelopes has been wonderful.
It has now been a few years since Jamie shared those comments, so I recently contacted her to check in and see how she’s doing and if she’s still finding success using Mvelopes. I had a wonderful telephone conversation with Jamie and found out the following information:
Q: How long have you been using Mvelopes?
A: It has been about 3 or 3½ years.
Q: How has Mvelopes assisted you in living within your income?
A: It has helped me realize where my money is going. It helps me spend the money where it is supposed to be spent.
Q: How much consumer debt have you been able to eliminate during that time?
A: About $30,000-$35,000. When we had extra funds, we were able to apply those funds to our debt and were able to decrease it significantly.
Q: How much have you been able to save while using Mvelopes?
A: This past year, we have had a lot of unforeseen expenses, and have had to use some of our savings, but overall we’ve been able to save approximately $10,000.
Q: How much has your average checking account balance increased while using Mvelopes?
A: We now maintain a balance of about $1,000-$1,500 and, before using Mvelopes, we were lucky if we’d break even.
Q: What financial goals have you achieved while using Mvelopes?
A: We have managed to pay off all our debt, with the exception of our mortgage. We have attacked our debt very aggressively the past year or so. Each month, we always add a significant extra portion to our mortgage (sometimes making double mortgage payments). It’s just built in to our budget and I don’t even have to think about it.
Q: What are your next financial goals?
A: We want to pay our house off. We had a 30-year mortgage and we’re hoping to have it paid off in the next five years. It may take us 10 years, but we’re aiming for five.
Q: How many envelopes have you created?
A: I have 26 envelopes.
Q: How has Mvelopes helped to reduce financial stress?
A: I just don’t have to worry about it. I know that when a bill arrives, the money is there, so it’s not even an issue anymore.
Q: If married, how has Mvelopes helped you better collaborate with your spouse?
A: I manage most of the finances in our family, and it has given me a tool to show my husband where the money is going and how it’s being spent. It provides me with a tool to better communicate with him. It’s not only easier for him, but it’s easier for me to manage, too.
Q: What advice would you give to new Mvelopes users?
A: Be patient. It takes a little bit to get going with it, but once you grasp the concept, it’s really worth it in the end.
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: From a financial standpoint, Mvelopes has changed our lives completely.
Mvelopes is the best budgeting tool you could ever use. I tried for many years to find just the right program and, after I checked it out, it just worked for us.
Jamie, thank you so much for taking time to speak with me. Congratulations on the success you are having reducing your debt and working to pay off your mortgage. We wish you and your family continued financial success and much happiness.