New budgeting tool launched
Posted: Monday, January 9, 2012 11:22 pm
By: David Pitt, AP Personal Finance Writer
By DAVID PITT
AP Personal Finance Writer
Online budget site Mvelopes.com said last week it has launched a free budgeting tool to help families better track their finances.
The website is a product of Finicity Corp., a privately held company founded in 1999 in Draper, Utah.
The company has offered its electronic budgeting for nearly 10 years as a premium service, which currently costs $9.95 per month.
The program focuses on “envelope budgeting,” in which spending is segmented into categories — each getting one envelope — and each is budgeted a certain amount of money each pay period.
As consumers increasingly switch to online banking and begin to use mobile applications, personal finance services have developed online versions of traditional budget methods such as envelope budgeting.
“There is a lot more interest in having tools available that allow people to implement the principles of envelope budgeting online,” said CEO Steven B. Smith.
The free service isn’t just a trial offer, according to Smith.