Personal Finance Blog | Money Management Blog | Financial Help

Several years ago, after spending 40+ years on a rollercoaster ride of unsuccessful weight-loss attempts, I finally decided to get help. I researched weight-loss organizations and become a member of the one organization that I felt would best fit my lifestyle and meet my needs. I was very successful with my weight-loss efforts (I lost 101 lbs. in 13 months) and my life changed in many extraordinarily wonderful ways.

After reaching my goal weight, I began the maintenance portion of the program. I successfully maintained my weight for over five years, but then started to get lazy. I stopped exercising and found that some of my old eating behaviors and habits were finding their way back into my life again. It didn’t take long for me to regain a good deal of the weight I’d worked so hard to lose. Fortunately, I knew where to go to get the help I needed (once again) and I’m pleased to report that I’m well on my way to getting back to my goal weight. Once again, I’m monitoring my eating, making time for exercise, and I’m diligently working on managing the other issues (stress, emotional eating) that sometimes get in the way of my success.

Over the past few years, I’ve realized that, just like my weight-loss journey, my financial life has a similar pattern. When I stay on top of my financial goals, frequently monitor my spending and remain aware of the issues (i.e., impulsive buying) that sometimes get in the way of my financial success, then life is good—great, in fact.

I recently learned that most Americans underestimate the amount of food they eat and overestimate the amount of exercise they get. Because I closely monitor my food intake, as well as my activity levels, I am able to successfully manage my weight. With regard to my finances, I also know that for me, personally, when I’m not keeping track, I almost always underestimate the amount of money I spend and overestimate the amount of money I actually have in the bank. However, with Finicity’s online Money Manager program, I am able to monitor my spending and stay on top of my financial situation.

Thank goodness I have found two programs that work for me so that I can be both physically—and fiscally—fit!

Debra Peterson, Executive Assistant

As a longtime follower of the envelope money management method, it never ceases to amaze me of the many unintended benefits that come from practicing this concept. Recently we had a family situation come up that brought one of these benefits to the forefront to remind us of how powerful this concept really is in our lives.

My oldest child is eleven and very into technical gadgets. This past Christmas he purchased a video iPod with his savings (placed in an actual savings envelope with cash) and a few gift certificates he received from family members. Needless to say he was on cloud nine and his iPod became his pride and joy. Fast forward to summertime and our hectic schedule. Several times my son’s iPod was saved from imminent destruction after it was found in his shorts pocket prior to going through the washing machine. Unfortunately, after a weekend of camping he was not so lucky as his iPod made it into the washer for a full cycle. After trying everything imaginable, including what we found on the web, we did not get so much as a flicker of life out of the thing.

This is where envelope budgeting comes in. My wife and I implemented the envelope concept with our son when he was six or seven. One of the key things we have been able to accomplish with this concept is to instill the idea in our children that they are responsible for earning their own money and caring for the things they purchase. This includes not leaving your iPod in your shorts. Well, we thought these lessons might get seriously tested due to the high price of the item involved, but I am glad to say that our son accepted the responsibility in stride and did not expect his parents to pay for the replacement.

The real kicker in the whole situation came the next week when my son got paid for mowing one of his lawns. He brought his savings envelope into the kitchen and announced how much money he had left to save to replace his iPod and a few things he would forgo to save faster. We are now getting twice weekly updates of the amount left and the jobs he has lined up to provide the needed money. The best part of this story is that all of this was accomplished with limited discussion with his parents. The envelope concept has been a great teaching tool for us and has made it easy for our boys to grasp and use it in their everyday lives.

Richard Kuhn, Business Development

I’m the proud mom of two kids: an adorable 19 month old daughter, Arwen, and a mature-for-his-age six year old, Callin. And without going into too much detail, I think it’s appropriate to preface my blog entry with a little bit of personal history.

Before joining Finicity, my life was a rollercoaster (financial and otherwise). I went through some tough times as a single mother trying to make ends meet during my pregnancy, and my poor spending habits did not help at all. Fortunately, everything worked out and I now have a great job and am able to provide for my two wonderful kids.

Well, my son Callin is extremely intelligent and comprehends so much that it often surprises everyone. Recently we went shopping and I had a little extra saved in my “kids misc.” envelope, so I decided to buy each kid a toy. We went to Toys R Us and Arwen fell in love with a baby doll that was $20. Whenever possible I try to spend equal amounts on my kids because it just seems more fair to do that. So, I checked my envelope balance using Finicity’s mobile capability and I had enough in there to spend $20 on each of my kids. Ok cool. I informed Callin that he could get something up to $20. Well, there was a REALLY COOL Batman set (exclusive to Toys R Us) that featured Catwoman, Mr. Freeze, Penguin, Robin and Batman - the whole nine yards! Callin wanted it, and I wanted to get it for him (I mean, I wanted the Catwoman figure for my own collection!). But then I saw the price - $49.95. Ouch! So I tried to figure out whether I could take the money from somewhere else to cover the expense and still make both kids happy.

Looking through my various envelopes in the store, it turned out that I just couldn’t make it work without slaughtering my budget. Reluctantly, I had to tell Callin that I was sorry, but I just couldn’t get the Batman set at that time. To my astonishment, my six year old son replied: “Ok Mommy. You’re doing a good job saving your money. I’ll find something that’s not so much. You should NOT spend too much money.” and he walked off to find something, kinda laughing on his way.

After recovering from the shock of hearing that from my son (who wasn’t even pouting or angry about it), I realized how cool it was to hear him say that, because that means he is understanding that money isn’t free, and that you need to work hard and manage wisely what money you do have. He understands that he can’t get a toy every time we get some money, and that sometimes we have to go without the things we really want. I was SO touched to receive such an insight from someone so young, and yeah, I’m pretty much the luckiest mom in the world!

Cassondra Baker, Customer Support Operations

“The only reason a great many American families don’t own an elephant is that they have never been offered an elephant for a dollar down and easy weekly payments.”

-Mad Magazine

Today we’re pressured from nearly all angles to sign up for easy credit so we can purchase everything from elephants to electronics. Need a new credit card? Just check your mailbox. Or the nearest billboard, banner ad, TV commercial, newspaper ad, etc. In fact, I long ago opted out of receiving credit offers and I still get dozens weekly!

But really, how can you refuse? After all, you’re probably already pre-approved for a 0% introductory interest rate, low APR thereafter, 1-5% cash back on all purchases, acceptance in more than 150 countries, and a free Hannah Montana bobblehead (limit two per customer). And if you don’t like the default card they send, don’t worry, you can get blue, gold, green, platinum or even upload your own image online! There will also be numerous other ways they distract you from caring about the contract terms you just signed.

Just remember, no matter what options you choose, the lender has a single goal in mind – to help you rack up as much debt as possible. And if you dare to pay off your credit card balance in full every month and avoid interest charges, you’re no good to them! They’ll consider you a deadbeat and talk trash about you in their company meetings (ok, I made that last part up – but it could happen). Why wouldn’t they want you to earn points, rewards, frequent flyer miles, gift cards, etc. at no cost to you?

So, is there a silver lining to all this? Well, it just so happens that here at Finicity we offer tools which enable you to make informed spending decisions by “pre-spending” your income before you go out and make your purchases. So whether you spend from cash or debit/credit card, as long as you’re spending within your envelope balances you won’t overspend, period. So spend within your income and join the ranks of successful “deadbeats” today!

For another interesting angle on credit cards, see this story from PBS: http://www.pbs.org/wgbh/pages/frontline/shows/credit/etc/synopsis.html

Nick Lashley, Customer Support Operations

I sit very near our customer support department here at Finicity. I hear a lot of things from that team about our customers and how they utilize our application. Some really have a superb understanding of how Finicity works, while others struggle mightily. And the one common thread I’ve noticed that separates those who are successful with our program from the rest? It’s an overwhelming feeling of responsibility for their own finances.

I am frequently reminded of a popular sequence from the talented comedian Chris Rock where he is addressing parents and their parenting habits. He’s specifically targeting those parents who brag about taking care of their kids: “What do you want? A cookie? Your SUPPOSED to take care of your kids!“, he yells. I feel the same way about finances. You HAVE to do it. You HAVE to improve. You HAVE to make choices that will enable your future success. But I think Chris is wrong about one thing, though. As parents, you do get a ‘cookie’. It may not be chocolate or sugar or snickerdoodle, but if you do it right you get the satisfaction of seeing your kids become miniature versions of you.

It’s the same with your money. It may not feel like fun at first, but you get rewarded for responsibly managing your money. And if you do it right, you get peace of mind, security in the future and almost always more money in the long run (that’s the fun part).

So as you use Finicity to help navigate often difficult financial paths, just remember that being financially responsible now will allow you to Enjoy Your Money both now and later!

Scott Thompson, Business Analyst

We’re pleased to announce to all our users that Mvelopes is broadening it’s scope to become Finicity. The new Finicity BETA site is now open for your viewing pleasure! Expect to get an e-mail soon with more information on this exclusive invitation (although if you’re reading this, you’ve already been to the site - nice job!).

We think you’ll like what Finicity has to offer; you’ll notice a ton of new features, all of which are designed to provide support and insights into using the application and managing your money. So join a group, talk with our mentors, read the money tips and enjoy the new site!

Oh, and to access Mvelopes, just use your current username/password and login at www.enjoy.finicity.com. Once you’re logged in you’ll see the “Launch Money Manager” tab in the upper right corner of the site. Click this link to launch the application.

Finicity is still a work in progress (beta), and you can expect to see more site changes in the coming weeks. But we’ll be launching the full site soon, so keep checking to see what’s new!

The Finicity Team

Hello there.

Now that you’ve found us, it’s probably a good time to explain what this blog is all about, so here’s the quick version:

• Enjoy Your Money (EYM) is a new blog from Finicity, a Utah-based money management company
• We’re best known for Mvelopes, the award-winning money management system
• Hopefully you like your blogs spicy (i.e. variety), since EYM is written by numerous Finicity employees

Now if at this point you’re asking yourself “This is madness! Why? Why would they do something like this?” here is the answer you seek: EYM is designed to offer you a wide variety of views and opinions on money, life and anything else that strikes our fancy (which is rare). And even if we don’t always take ourselves seriously, rest assured our #1 goal is to help you manage, save and (you guessed it) enjoy your money. Check out www.enjoy.finicity.com for a trial of our Money Manager and helpful tips, advice and more.

Cheers!

The Finicity Team

*Okay, so maybe the whole world isn’t rejoicing, but we’re still excited!