Online Budget Tools
Use a State-of-the-Art Budget System to Control Your Debt
As I have said before budgeting is the roadmap to financial freedom. Without knowing what you are spending, there is really no way to pay off your debts and save your money.
Most People Spend 10% More Than They Make
You probably know how much money you made last month, but do you know how much money you spent? Or do you know how much money you have left to spend this month?
If you don't you're not alone, most people have no idea. The fact is most of us spend 10% more per month than we make. That comes out to $431 per month based on the average American income. No wonder the average credit card debt is now at $8,500.
So why is it so difficult to track your spending? One reason is that we live in a near "cashless" society. Using debit cards, credit cards, automatic deposits, and wire transfers we rarely even see our money. It's easier than ever to overspend.
Traditionally, many people managed their money by dividing their cash into several paper envelopes. An envelope for food, entertainment, utilities etc. They then spent their money from these envelopes on its intended purpose. They always knew how much money they had left to spend, and how long it had to last.
Mvelopes PersonalBy knowing where your money is going and setting up spending envelopes beforehand, Mvelopes users have been able to save 10-20% of their income each month, by eliminating hidden spending from all those little purchases that add up to more than you think.
With better tracking and forecasting, you can recover an extra 10% or more each month. Over the year that really adds up. If you make $40,000 a year that's $4,000 dollars you could save and put to better use.
Many personal financial software programs use after-the-fact budget reconciliation. This means that you don't know how much you have spent until it's too late. They simply do not help you manage your spending or teach you how to effectively use a budget.
Mvelopes provides you critical balance information for each spending category at all times. You always know how much money you have left to spend and how long it has to last, enabling you to make well informed spending decisions.
With Mvelopes, you get all your transactions from all your accounts at once. The program simultaneously retrieves all your checking, savings, and credit card transactions from your financial institutions.
You decide which envelope budget category to assign each transaction to without having to type in any of the information. Getting all this information automatically saves you time and money. No other personal finance program does this.
Mvelopes has a credit card spending tracker that knows every time you have used a credit card to make a purchase. It sets aside money from your spending envelopes into a credit card payment envelope. This enables you to pay off your purchases in full each month. This is the only sensible way to handle credit card debt.
As I have suggested before, with minor changes in spending habits and allocating just a few dollars more each week to debt, you can save thousands in interest and pay off your debt years in advance. People who have used Mvelopes have found that many of their spending envelopes have money left over in them at the end of the month. By applying this money to debt reduction they eliminate debt at a much faster rate, often in less than half the time. Once one debt is paid in full, they roll that amount over into the next debt and continue to pay them off at an accelerated rate.
Mvelopes includes a full-featured bill pay service, which helps you easily create and manage payments online. You will never miss a payment again. You'll never have another late fee. Payments can be made to any company or person - up to 20 per month.
This system is fully online so you don't have to worry about losing data or upgrading software. Plus you get personal help and coaching to keep you on track to meet your goals.
For the time being, you can try Mvelopes for free for one month with no obligation. If you have trouble controlling debt or saving money, this is certainly worth a try.
For more on budgeting and debt control, please download this free e-book, Money4Life .
You will not have to give any information about yourself to get your copy of this very helpful book. (This requires a copy of Adobe Reader which is available for free download.)
So take control of your life! Pay off those bills and start saving for a change. You will be surprised at how good you will feel.