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Money Management Programs Compared: Personal Capital vs. Mvelopes vs. Mint.com

Consumers will find all three of these on-line companies to be helpful in establishing a budget. However, Personal Capital is a more complicated solution than Mvelopes and Mint. Consumers who want to build a family budget will find the latter two companies more user friendly. All three have a certain amount of service that is free to consumers.
Covered in this report
Most individuals and even businesses today are engaged in different financial firms and institutions which are managed separately such as bank accounts, credit cards, loans, and even brokerage and investment accounts. With Personal Capital, these financial accounts are gathered in a dashboard to let... read more...
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Personal Capital overview on Knoji
Personal Capital — Best Features
Personal Capital's universal checking system and mobile app money management system, allows clients access to their personal finances from anywhere in the world and allows money to be disbursed to anyone, from anywhere in the world.
Military-grade algorithms for protection against fraud. The company will assis t the consumer by gathering financial information for free.
Best for: Consumers with complicated and complex finances or for small businesses.
Mvelopes.com is an online money management program that mimics the age-old envelope money management trick. The platform allows the user to connect online banking information from several institutions into a single database of the user's ingress and egress. The user then can make various "envelopes"... read more...
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Mvelopes overview on Knoji
Mvelopes — Best Features
Free sign-up and debt counseling or coaching session.
On-line video tutorial walks consumers through the Mvelopes process.
Best for: Household budgeting for single individuals or families.
Best deal: Free Trial - [activate coupon]
Mint.com allows an individual to gather all Financial Account balances from financial institutions and banks and put them in one dashboard, for free. It offers unbiased recommendations on different ways to save money as well as the best financial products and services including investments that will... read more...
⌊ Best coupon: 20% Discount On "The Mint Life Book"1 more coupons
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Mint.com overview on Knoji
Mint.com — Best Features
Automatically categorizes expenses so consumers can immediately see where their money is being dispersed.
Makes personalized recommendations on how consumers can save money.
Best for: Consumers who need help budgeting monthly expenses. Very good for family budgeting.
Best deal: 20% Discount On "The Mint Life Book" - [activate coupon]
Review

Personal Capital

Personal Capital claims to be the "only wealth management tool you'll ever need". This is possibly true, but only if you have $100,000 dollars with which to open an account. Personal Capital is not for everyone. Clients must have liquid assets that total between $250,000 and $2,000,000.  

Of the three companies, Mint.com, Mvelopes.com and Personal Captial, it is the latter that is the least user friendly.  Personalcapital.com is more suitable for persons with difficult and extensive finances. Business owners and start- ups will find the software utilized by the site very helpful. The tools available allow clients to effectively manage investments, bank accounts, etc. Recently the company added 401 K' s to its management system. PersonalCapital.com instituited a 401K analyzer and is also marketing its own 401K plan.

Personal Capital provides clients with the ability to make sound decisions, based on their personal financial situation. The company goes as far as providing a strategic customizable financial plan. Personal Capital provides a number of ways for the client to record and track their finances. Two very effective methods of tracking on the Personal Capital system are:

  • Mobile Apps- this technology allows clients access to their financial information from anywhere in the world. Clients can manuever their finances from any global position.
  • Financial Dashboard-clients direct finances through a financial dashboard that provides access to their personal portfolio, investments, and bank account. The dashboard is uniquely the client's own and keeps everything right at thte clients fingertips-24/7.

Mvelopes.com

Mvelopes.com is based on the old financial savings method of placing cash inside labeled envelopes. In the old system, budgeters alloted so much money a month, week or pay period for spending. The cold cash was placed into a physical envelope and drawn out when money was necessary for that particular envelopes label or categorization. For instance, the envelope labled groceries was for groceries. Once the money was gone, it was gone or the budgeter could borrow from another envelope. Mvelopes.com is based on this idea, but it is not your grandmother's method.

Mvelopes.com syncs with the client's bank account and columns of categories act as envelopes. When money is deposited into the bank, the client goes on-line and adjusts the money into the envelope categories. When the money is withdrawn via debit card the money is moved from the envelope, or debited from the envelope. It is a simple method that allows the consumer to keep track of spending rather easily. However, it takes some getting used to and at first is a tiny bit confusing. But it works! Mvelopes.com took a proven method, that took harrowing effort and made it easier, bringing the method into the twenty-first century. PC World Magazine recognized Mvelopes.com as 'one of the one hundred best products of 2006.

Mvelopes.com is free to join, but thereafter charges a small monthly fee. It is a useful tool for household money managers and is a convenient mone management system. All a client needs to peruse the user friendly site is access to the Internet, via computer or mobile phone. The technology makes global accessability viable.

One of the best features of Mvelopes.com is it's credit card spending tracker and its montly bill pay option. Mvelopes.com helps consumers eliminate credit card debt, by allocating payments into the credit card envelope every time credit is spent.

The bill paying option allows consumers to pay recurring monthly bills, having the money automatically deducted. 

Mvelopes.com is extremely user friendly. The company took a tried-and-true method and essentially made it better. It is definitely usable for the home budgeter or even for small start-ups and home-based businesses.

Mint.com

Mint.com is an on-line source that allows consumers to view all their financial records and transactions in one place. But, there is one major differentiation to PersonalCaptal.com and Mvelopes.com. Mint.com does not allow clients to move money around. The site does not allow clients to pay bills, or to withdraw funds from their bank accounts. On the site, there is no reference to personal information that can be stolen by hackers. In otherwords, Mint.com does not store passwords to major accounts, or account numbers. It may seem strange or even extreme,  that Mint.com takes larger measures than a consumer's personal bank, PersonalCapital.com and Mvelopes.com. However, the Mint.com strategy is a backdoor to Internet security. 

In addition to utilyzing the same encryptic methods that on-line banks do, Mint.com takes it a step further. Not allowing clients to move money around, negates the opportunity for theives to move money around. There is no access to personal identity, because it is not available through the site-period. In a sense the client's personal information becomes 'hacker proof'. It is a read only system.

Overall, the main purpose of Mint.com is to allow consumers to keep all their financial records and information in one place and to allow clients to build and set up an on line budget. Mint.com syncs with banking institutions and will alert consumers via mobile phone when a bill comes due and notify customers if there are unusual charges on their accounts. 

CNN Money.com named Mint.com, "one of the twenty best money websites" 

Additional Information
Mvelopes
Mvelopes Coupon: Free Trial - Activate
Mint.com
Mint.com Coupon Code: MINTLIFE20 - 20% Discount On "The Mint Life Book" - Activate
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Comments (2)

good idea thanks Employment News

i think the universal checking system and mobile app money management system, allows clients access to their personal finances from anywhere in the world and allows money to be disbursed to anyone, from anywhere in the world.  Consumers with complicated and complex finances or for small businesses.

Thanks

Tax Relief Attorney @Defensetax

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