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Mvelopes Alternatives: Exploring Top Budgeting Apps in 2023


Mvelopes Old UI

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:

  1. 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.

  2. Monarch Money: A modern budgeting app focusing on personalized financial recommendations and goal tracking, perfect for users wanting a holistic approach to their finances.

  3. PocketSmith: A versatile budgeting app offering detailed financial planning tools, catering to both beginners and advanced users, and supporting multiple currencies.

  4. 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.

  5. Tiller Money: A unique budgeting tool that integrates with Google Sheets and Microsoft Excel, providing maximum customization and flexibility for users comfortable with spreadsheets.

  6. 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.

  7. 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

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

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

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

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

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

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

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.

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