Mvelopes, a personal finance management platform that utilizes the tried-and-true method of envelope budgeting to drastically improve money habits, has just announced Budget Makeover, a personal finance crash course designed to reset and reshape users’ finances in just 10 weeks. Coming on the heels of the biggest spending period of the calendar year, and as many people have just set new goals to spend less and save more, Mvelopes’ Budget Makeover provides a comprehensive framework to improve personal financial fitness with one-on-one coaching.
Budget Makeover is designed with the same behavior modification principles that apply to other areas of personal wellness, like health and fitness. Mvelopes provides each trainee with personal financial management education, tools and a custom plan. The biggest benefit and differentiator with this program is an individual coach who works closely with each client over the course of the 10-week program -- a personal touch during a process that could otherwise languish or feel frustrating when done alone.
“The coaching aspect of the Mvelopes Budget Makeover is unlike anything else offered in the personal finance space,” said Christopher Tracy, executive vice president of consumer services. “It’s a high-touch and highly personalized program that benefits our users with measurable, long-term financial impact.”
The duration of the program was calculated to roughly match the 66-day period that research out of University College London has shown is essential to permanently develop new habits. Over the course of 10 weeks, clients of Mvelopes’ Budget Makeover receive an initial assessment, seven financial training sessions, daily check-in texts, bi-weekly budget reviews and a weekly challenge from an Mvelopes-certified financial trainer. They will also utilize the award-winning Mvelopes app to have real-time insights into their customized budgets.
“In the 17-plus years we’ve spent perfecting our budgeting products, we’ve seen that accountability is the single-most important factor in actually developing new behaviors that lead to long-lasting change,” said Wes Shelnutt, director of financial training. “We’re here to help our clients stay accountable and stay in control of their finances.”