We love budgeting. We live it. We breathe it. And we believe it shows in the work we do and the solution we provide. We were very excited to have the FinTech Breakthrough Awards select Mvelopes as the Best Personal Budgeting Service in 2018.
The FinTech Breakthrough Awards recognize the top companies and products in the financial services and technology industry. To be among other notable winners like Experian, Chase, Quicken, PayPal and TD Ameritrade lets us know that we’re on track with Mvelopes. It’s important to us to provide a solution that can have a meaningful impact in people’s lives.
Mvelopes is breaking the stereotype that budgeting has to be hard. With our award-winning budget app and innovative Budget Makeover program, we’re dedicated to ensuring anyone can take back control of their spending.
One thing that sets us apart? Coaching. We love the use of a ‘personal finance trainer’ to help people strengthen their budgeting muscles. The budgeting journey doesn’t need to be done alone. Great budgeting involves honesty, transparency, and open communication. We understand that many people fear money problems. And that’s where a coach can help you overcome any reservations and achieve your financial goals. We use time-tested technology and a dedicated team of coaches to help with your finances, no matter what you need.
We have a variety of models that suit each budgeting situation or goal. We have a little something for everyone. But what if you felt so in over your head you just needed a total reset? What if your habits had landed you in some serious financial trouble and you needed a fast, effective way to climb out?
Enter a coach-led Budget Makeover. This unique 10-week program is a remarkable solution to improve your spending habits — almost like a bootcamp for your budget. This program was designed with the idea in mind that reaching personal finance goals doesn’t have to be any different than how you might go about working with a fitness trainer to reach personal health and wellness goals. And to make sure it works, we’ve run an extensive trial with a major consumer lender and their customers.
Each user is paired with an individual coach, or personal finance trainer, who works closely with them over the course of the 10-week program. They offer a personal touch to enhance your financial life, while guiding you through a process that can cause confusion and frustration when done on your own.
The duration of the program was calculated to roughly match the 66-day period that research out of University College London has shown is essential to permanently develop new habits. Over the course of 10 weeks, Budget Makeover clients receive an initial assessment, seven financial training sessions, daily check-in texts, bi-weekly budget reviews and a weekly challenge from an Mvelopes-certified financial trainer. They will also use the award-winning Mvelopes app daily so they have real-time insights into their customized budgets.
Budget Makeover is unlike anything else in the personal finance space. It allows users to get down to the core issues of financial habits, resets those habits with proper guidance and practice, and educates them on how to achieve personal financial growth – all while having an expert – and did we mention friendly – financial coach by their side every step of the way.
And it works. After just four weeks, participants have seen an average increase in their account balances of 28 percent! After 10 weeks, most users could have saved a $1,000 emergency fund, if that was their first priority. The best part of the Budget Makeover is that you can decide what your finances need to look like after those 10 weeks. Need a plan to pay off debt? Want to start saving as much money as you can? Budget Makeover can make that happen.
Our digital solution for personal finances and budgets, alongside our coaching, makes for a potent combination of opportunity and discipline that can change your life. The 2018 FinTech Breakthrough Award for Best Personal Budgeting Service reminds us that we’re on the right track and that there’s still ways we can impact people’s lives through their finances using the latest technology and a friendly, personal approach.