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I know this isn’t the usual fare, but I’m frustrated.  My wife and I got serious about our finances and started using the online financial software called “Mvelopes”.  It boasts  many features, and we’ve been pretty happy with it.  However, it costs us about $12-14 per month (I can’t remember the exact amount), and it doesn’t handle certain things well.  For instance, it includes a bill pay service which has all the features I want save one: only checking or money market accounts can be used as payment accounts.  This is annoying: why can’t I use a credit card?  I want to get my 2% cash back on all the money I pour out each month.   

Also, Mvelopes doesn’t really track investments very well: it can include the balances of non-cash accounts in net worth reporting, but it doesn’t deal with the overall financial picture as well as some other products do.  For example – I transfer a fixed amount each month to a Roth IRA account, but Mvelopes treats that transaction in the same way it treats any retail purchase or other transaction – as an expese.  That’s not right; it’s not an expense, it’s a transfer.  Not only that, but it’s a transfer to an account where the amount might change, but that’s not reflected anywhere in Mvelopes.  I just have to set up an envelope to contain the “spending” for savings that go to non-cash accounts.

Finally, Mvelopes as a software product is a little bit flakey – sometimes transactions just mysteriously disappear, only to reappear on a logout/login cycle.  Similarly, sometimes account or envelope balances shown are incorrect (again, usually corrects itself on logout/login).  I can understand how such bugs happen – I develop software professionally, and I know how it goes – but as a consumer, I need it to just work.

As I said – we’ve been mostly happy with it, but we’re to the point now where we want to fine-tune our financial picture in greater detail, and Mvlopes just falls short. 

This isn’t my greatest source of frustration, however…

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