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Take charge of your finances with this 'back to basics' budgeting app

Take charge of your finances with this 'back to basics' budgeting app
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It's almost February, and if you're already thinking about nixing your New Year's resolution to budget your money - stop! Don't give up. These first few weeks may have been challenging, but that's probably because you haven't found the right tools to help you out.

A lot of apps make it overly complicated to create and manage your budget. But did you know there's an app out there that takes things back to the basics? Remember when you were a kid and you kept track of your money using piggy banks and envelopes? Well, that's the concept of this app.

Mvelopes is an app that acts like a digital piggy bank and lets you create different "envelopes" for various items on your budget. Let's say, for example, you'd like to spend no more than $150 per month eating out at restaurants. Mvelopes keeps track of how much you've spent, and lets you know when your "eating out" money is gone.

With Mvelopes, you can set up as many as 25 spending accounts. You can also import your bank and credit card accounts, and use the Auto Transaction feature so that the app automatically tracks your spending. Mvelopes even makes it easy to document your spending with receipts. Simply snap a photo of the receipt at the point of purchase and attach it to the transaction in Mvelopes.

One unique feature that sets Mvelopes apart is the way it helps you to manage your credit card spending. Any time you spend money using your credit card, Mvelopes deducts money from one of your envelopes and sets it aside to put toward your credit card bill later on. This ensures that you'll have the money you need when your credit card bill is due, and helps you to avoid late fees and penalties.

A basic membership for Mvelopes is free, but there is also a premier package available for $95 per year. However, unless you have an extensive portfolio, you probably won't need the premier version. The basic (free) version lets you add up to 4 different bank accounts, create 25 spending envelopes, track your net worth and pull reports on your spending habits.

The premier plan would work well for anyone who has more than four accounts they'd like to monitor, and more than 25 categories they'd need to track their spending habits. Premier plans also have an integrated debt roll-down feature that is designed to help you manage and pay off any debt you have.

For more information and download instructions, click the blue buttons below.

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