Mvelopes Alternatives: Exploring Top Budgeting Apps in 2023
In December 2022, the popular budgeting app Mvelopes was decommissioned, leaving many users searching for an alternative to manage their personal finances. The importance of budgeting and personal finance management cannot be understated, and finding the right tool can make all the difference.
This article delves into the top Mvelopes alternatives, examining their features, pricing, and suitability for different users.
Overview of Mvelopes Alternatives
With the decommissioning of Mvelopes, many users are in search of a suitable replacement for managing their personal finances. In this article, we have identified seven top alternatives, each with their unique features and strengths. Here's a quick overview of the apps discussed:
Simplifi by Quicken: A user-friendly app with customizable spending plans and real-time transaction tracking, ideal for individuals seeking simplicity and ease of use.
Monarch Money: A modern budgeting app focusing on personalized financial recommendations and goal tracking, perfect for users wanting a holistic approach to their finances.
PocketSmith: A versatile budgeting app offering detailed financial planning tools, catering to both beginners and advanced users, and supporting multiple currencies.
EveryDollar: A zero-based budgeting app with a strong focus on debt reduction and financial education, designed for users who want to take control of their finances.
Tiller Money: A unique budgeting tool that integrates with Google Sheets and Microsoft Excel, providing maximum customization and flexibility for users comfortable with spreadsheets.
YNAB (You Need A Budget): A popular rule-based budgeting app emphasizing a proactive approach to managing finances, with comprehensive goal-setting features and financial education resources.
Mint: A well-known, free personal finance app offering a wide range of tools for managing money, tracking expenses, and planning for the future, including investment and credit score tracking.
By examining each of these alternatives in-depth, you can make an informed decision about which budgeting app is the best fit for your needs and financial goals.
Simplifi by Quicken
Background and history
Simplifi by Quicken is a user-friendly budgeting app designed for a broad audience. Developed by the team behind Quicken, it builds on years of expertise in personal finance software.
Key features and offerings
Customizable spending plans
Real-time transaction tracking
Savings goal setting
Financial insights and reports
Secure data encryption
Pricing and subscription options
Simplifi offers a free 30-day trial, followed by a monthly or annual subscription plan.
Pros and cons
Pros:
Intuitive interface
Robust financial tools
Integration with Quicken products
Cons:
Limited investment tracking
No bill payment functionality
Ideal user profile
Simplifi is best suited for individuals looking for a comprehensive budgeting tool that offers simplicity and ease of use.
Monarch Money
Background and history
Monarch Money is a modern budgeting app that focuses on helping users develop healthy financial habits and achieve their goals.
Key features and offerings
Personalized financial recommendations
Goal tracking and progress visualization
Net worth calculation
Subscription tracking
Investment account management
Pricing and subscription options
Monarch Money offers a 7-day free trial, followed by a monthly or annual subscription plan.
Pros and cons
Pros:
User-friendly interface
Comprehensive goal-setting features
Subscription management
Cons:
No direct bill payment feature
Limited support for international banks
Ideal user profile
Monarch Money is ideal for individuals who want a holistic approach to their finances, focusing on goal-setting and habit-building.
PocketSmith
Background and history
PocketSmith is a versatile budgeting app that offers detailed financial planning tools, catering to both beginners and advanced users.
Key features and offerings
Customizable budgets and categories
Financial forecasting
Multi-currency support
Investment tracking
Financial reports and insights
Pricing and subscription options
PocketSmith provides a free version with limited features, as well as Premium and Super subscription plans.
Pros and cons
Pros:
Highly customizable
Financial forecasting capability
Supports multiple currencies
Cons:
Steeper learning curve for beginners
No bill payment functionality
Ideal user profile
PocketSmith is well-suited for individuals seeking advanced budgeting tools, financial forecasting, and multi-currency support.
EveryDollar
Background and history
EveryDollar is a zero-based budgeting app created by personal finance expert Dave Ramsey, designed to help users take control of their finances.
Key features and offerings
Zero-based budgeting approach
Customizable budget categories
Goal tracking
Debt reduction planning
Access to financial education resources
Pricing and subscription options
EveryDollar offers a free version with limited features and a paid version called EveryDollar Plus, which includes additional features and resources.
Pros and cons
Pros:
Straightforward zero-based budgeting method
Focus on debt reduction
Access to financial education content
Cons:
Limited investment tracking
No multi-currency support
Ideal user profile
EveryDollar is perfect for individuals who want a budgeting app focused on zero-based budgeting, debt reduction, and financial education.
Tiller Money
Background and history
Tiller Money is a unique budgeting tool that integrates with Google Sheets and Microsoft Excel, providing a high level of customization and flexibility.
Key features and offerings
Automated transaction import to spreadsheets
Customizable templates
Debt payoff planning
Net worth tracking
Cash flow analysis
Pricing and subscription options
Tiller Money offers a 30-day free trial, followed by an annual subscription plan.
Pros and cons
Pros:
Highly customizable spreadsheet-based approach
Integrates with popular spreadsheet software
Strong data visualization options
Cons:
Requires familiarity with spreadsheets
No dedicated mobile app
Ideal user profile
Tiller Money is best suited for those who are comfortable working with spreadsheets and want maximum control and customization in their budgeting process.
YNAB
Background and history
YNAB is a popular budgeting app that emphasizes a proactive approach to managing finances, helping users allocate funds to specific categories and prioritize spending.
Key features and offerings
Rule-based budgeting system
Customizable categories and goals
Real-time transaction syncing
Debt paydown strategies
Access to financial education resources
Pricing and subscription options
YNAB offers a 34-day free trial, followed by a monthly or annual subscription plan.
Pros and cons
Pros:
Proactive approach to budgeting
Strong focus on financial education
Comprehensive goal-setting features
Cons:
Limited investment tracking
No multi-currency support
Ideal user profile
YNAB is ideal for individuals who want a structured, rule-based budgeting system with an emphasis on financial education and goal-setting.
Mint
Background and history
Mint is a well-known, comprehensive personal finance app that offers a wide range of tools to help users manage their money, track expenses, and plan for the future.
Key features and offerings
Automatic transaction categorization
Customizable budgets
Bill tracking and reminders
Credit score monitoring
Investment tracking
Pricing and subscription options
Mint is a free app, making it an attractive option for budget-conscious users.
Pros and cons
Pros:
Comprehensive financial management tools
Free to use
Investment and credit score tracking
Cons:
Advertisements within the app
Limited customization options
Ideal user profile
Mint is best suited for individuals who want a comprehensive, free budgeting app that includes expense tracking, investment management, and credit score monitoring.
Conclusion
Finding the right budgeting app to replace Mvelopes depends on your specific needs, preferences, and financial goals. This article has provided an in-depth look at some of the top alternatives, including Simplifi by Quicken, Monarch Money, PocketSmith, EveryDollar, Tiller Money, YNAB, and Mint. By comparing their features, pricing, and suitability for different users, you can make an informed decision and take control of your personal finances.
