The Mvelopes® Personal Difference

In a recent informal study, former Quicken users discussed why they made the switch to Mvelopes Personal, and what keeps them using the online spending management service. ( Click here to read the full report).

"There were four recurring themes that we kept hearing," said Brian Howell, senior product manager for Mvelopes Personal. "Almost every respondent cited the proactive and forward-thinking approach of Mvelopes' cash allocation method of budgeting as a key factor in their decision to switch to and keep using Mvelopes. Simplicity or ease of use, accessibility and price were also cited as key factors."

Approaches to Budgeting in Quicken and Mvelopes

Both Quicken and Mvelopes are designed to simplify the process of managing one's personal finances, but the programs differ in how they track and categorize expenses, according to the former Quicken users who have switched to Mvelopes.

"Quicken, and pretty much everything else out there, is about tracking spending after the fact," stated Pete, who made the switch to Mvelopes in 2003. "Mvelopes is about allocating your money and planning your spending before the fact. That's what brought me to Mvelopes and what keeps me here."

Quicken's after-the-fact approach focuses on comparing actual spending to budgeted amounts at the end of the month, which is very reactive. This is because Quicken does not treat spending categories like accounts. Income is not allocated to spending categories in advance of spending but instead is tracked in a single account – the checking account! In contrast, Mvelopes allocates money as it is received to virtual envelopes (categories) which function as miniature spending accounts, each with a register and a running balance. This proactive approach encourages users to plan ahead for upcoming expenses and set aside money before they make a purchase. You always know how much money you have to spend in every envelope, and how long it has to last.

In addition, Mvelopes helps users properly manage credit card spending by tracking each credit card purchase and transferring the purchase amount from the corresponding spending envelope to a "Money for Credit Card" envelope. The user isn't tempted to spend the money elsewhere, and when the bill comes due the money is waiting to pay the bill off in full.

Accessibility

Mvelopes functions like online banking, meaning that users aren't tied to a single computer. What's more, Mvelopes Personal supports over 10,000 financial institutions, nearly three times the number supported by Quicken. That means not only do Mvelopes users have access to all their spending and transaction information regardless of where they are, but also regardless of where their money is.

"The feature I like most about Mvelopes", stated Kathy, who made the transition last year, "is having ALL my accounts' transactions just 'magically' show up."

Simplicity/Ease of Use

"With Quicken, there's just too much 'stuff' that quite honestly wasn't important," said Joani, who began using Mvelopes in 2005. "I like that Mvelopes focuses on what's most important, and what I have the most control over – where and how I'm spending my money. I'm a visual person, and Mvelopes just gives me a better visual picture. It's just easier to work with."

Key Feature Differences

Features	Mvelopes	Quicken
Uses the envelope system - spending accounts that function like a checkbook for each spending category
Automatically allocates monthly income to each spending account, with auto-rollover of balances
Tracks spending against income by updating spending account balances as purchases are made
Tracks credit card purchases and automatically sets aside money to pay them off in full each month
Supports over 10,000 financial institutions
Available completely online. Accessible from home, work or anywhere you have Internet access.

Cost Comparison

A number of respondents also indicated that while Quicken's purchase price of $59.99 was rather reasonable, there were too many additional 'hidden' costs, including additional charges for customer support, online bill pay and bank fees for transaction downloads. Compare Mvelopes Personal on a monthly basis to what you would pay for Quicken.

Now Making the Switch is Easier Than Ever

If you've ever used Quicken, you probably have your old Quicken data taking up space on your hard drive. Now Mvelopes has the ability to archive all of your old Quicken data and store it for you. Mvelopes allows you to browse your hard drive to find your QIF files, and load them into Mvelopes.

You can run reports on each of your accounts and even search for transactions by specific payee. You can free up the space on your hard drive while gaining Mvelopes’ anytime, anywhere access to all your old Quicken data as well.

Summary

Mvelopes Personal is the most effective spending management system ever. You pay a flat fee, with no hidden costs, and never pay extra for live customer support. "And now you can save all your old Quicken data directly within Mvelopes Personal, so making the switch is easier than ever!" Sign up today for your FREE trial and see for yourself why so many former Quicken users are switching to this award-winning spending management system.

	Become an Mvelopes Personal Member Today!
See how simple it is to manage your money when you can do it all from one place. Enroll today and get your first month FREE. 30-day FREE trial – absolutely no obligation! As little as pennies a day* Cancel anytime during your free trial**

*Based on a 2-year membership plan, other plans available.
**To avoid being charged the full service plan fee, simply cancel before the free trial period ends.

¹ Cost based on 2006 Deluxe edition of Quicken offered on quicken.intuit.com. Mvelopes cost based on one-year prepaid plan.
² Cost based on monthly service fees charged by Wells Fargo Bank ($3.00 per month). Prices vary by bank. Bank of America and JP Morgan Chase both charge $9.95 per month for transaction downloads to Quicken.
³ Quicken figure is based on compatible bill pay service from a leading bank. Intuit charges $119.40 ($9.95 per month) for Quicken Bill Pay.
⁴ Cost based on one customer support call per year. Quicken offers free support during installation, with a $24.95 charge per call after installation.

* Quicken is a registered trademark of Intuit®.