Fresh start

I’m tired of comparing everything to that other app that’s closing. I just want to know how to use Envel to help me stay on top of everything.

Treat me like a new envelop user.
So just tell me what to do and how it works.

I get paid every two weeks.
I have a mortgage, motorcycle loan, some credit card debt and everything else that comes with those things like insurance and utilities. All due at different times of the month.

Plus some savings. Some yearly gift goals.

Tell me what to do now as a new user and what will happen after months of using it. (hint: I’m asking if I have to train the AI)

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Hi there!

So these are the basics:
When you calibrate you income and expenses, you give the AI an idea of what moves in and out of your account. Every time your paycheck hits, the AI will then push your money into the different envelopes (cash, bills, emergency, vault) depending on the figures you indicated for income and expenses. You can link your Envel account to PayPal or Venmo (if you have either) and auto pay your bills. However, you could also link your card to the bills envelope if you pay for any of your expenses by card.

For savings and yearly gift goals: A portion of your paycheck will go into the emergency envelope (for any unexpected costs) every paycheck however you could create a goal if the savings are for something more specific. The yearly gift goals, you can set up in goals which will be automatically funded every day in AI mode.

Yes, you’re right! Over time, AI will make your experience more and more personalised. It will start to recognise spending patterns and adjust accordingly. For example, should your expenses generally be more than what you calibrated with, it will start allocating more money to the bills envelope.

If you have more questions, keep asking! This forum is to continually make your experience better :smile:

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I get paid every 2 weeks. I set that. The number you put below that for your income, is that monthly total or every 2 weeks? This part is also confusing since I assume all the either categories are monthly.

OP thanks for asking this in this manner.

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The paycheck amount you input under income will be what you receive every 2 weeks, not the monthly total (Eg. Receive $500 every two weeks- input $500 as income with paycheck frequency, ‘Every two weeks’). And yes, you are right. The value you input for the different bills should be monthly amounts.

This can be confusing so the calibration is in the works to made be clearer for users :slight_smile:

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I think there’s a part missing from the “tell us about your money needs” section when you sign up for AI.

For one, yes we all have utilities and subscriptions, and we have income… but what about, oh… I don’t know… all our other expenses that don’t fit into those categories quite as neatly?

Insurance, car payments, HOA or Condo fees, internet and phone bills, annual things like yearly accounts to services, or tax services. :oncoming_automobile::globe_with_meridians: :page_facing_up: :page_facing_up: :page_facing_up: :house::office:

The utilities bucket very specifically shows “Water, Power, Gas” and not these other kinds of expenses so I didn’t bother to include them. And then had onset paranoia that the “Bills” bucket would not take the correct amount. Or recognize my expenses well enough to know to include them there. (I know this is something Envel is working on, but seeing all positive balances as “Income” is deceiving, and not knowing where the money is going except as “Outgoing” in most cases is scary. I don’t know anything about where my money is coming from or going to, and every other bank has that capability. So its a lot of trust just letting envel ‘do its thing’.)

Am I then supposed to calculate the monthly totals for annual fees and include them in that input field as well?

And what about regular charitable donations?

I understand the desire to keep things —$!^^9!3— erm … I mean, easy to understand and use… , but its hard to give an exact figure for monthly expenses for things that do not fit these default provided categories, ya know?

It would be really helpful if, as transactions for payments come in, you can label them as “monthly expenses” or “yearly expenses” or leave them alone, so Envel can learn about our bills with our help, and so we feel we have some control in instructing the AI what our specific needs are.

I am not asking for “granular control” like I did with that other service. But just a little more control than “none”. :slight_smile:

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I understand the worry that can arise when feeling like you aren’t in control of your own money :sweat_smile: The purpose of autopilot is to reduce the stress of managing your money, not compound it. Having said that, some users haven’t felt safe using autopilot because it assumes so many of the their routine roles. We are aware of this and are in the process of plotting a path forward that addresses this concern. For this reason, there is an Ask Me Anything session this evening (there will be more) with the founding team. We would like to facilitate discussion, answer questions and get you to a place where you are more comfortable with the app. Please join one of these- we’d love to have you!

Thank you for your suggestions! The idea is that you provide a monthly total of bills as close to your actual bills as possible (fear not, some leeway is factored in). Autopilot and bills are a top priority. Being able to specify individual bills and when they are due as well as allocate them retroactively is a popular and necessary request so this is being attended to.

Some things which you may want to check out: when you go into an envelope, transactions are shown as well as the ability to see movements in autopilot (by pressing the brain). For some bigger expenses or bills that you don’t think fall into any of the bills categories, you could create goals for them which will be funded automatically in autopilot. You can then link your card to the goals envelope and pay for it when it is due. The transactions page also gives you a really great visual overview of your spending which the statement can do as well (see setting page).

Please keep asking away! :grin:

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I’m thinking of setting up anything that is Not monthly as Goals. For example, Amazon Prime or my yearly CPA fees, and gifts as mentioned earlier.

I believe Envel rep mentioned earlier that Goals are funded daily. Are those funded by the Daily Cash?

Well… goals feel like “savings goals” ie “Engagement Ring” “New Car” or at least that is how Envel presents those as examples.

My “icon” options are also limited (I can’t add my own reference images, for example), its just “House” “Car” “Gift” (all my goals are GIFTS currently…) and when I tried to set these kinds of annual things as “goals” and tried to take the money out, it felt cumbersome because it said “You aint gonna get no APR” or whatever by taking this money out. (as far as I can currently remember… I stopped using this feature for that very quickly)

So I’d rather use the envelope system for this, and be able to transfer this money to “bills” when the time came. Does that make sense?

Id love to participate, I may join a future one, the timing isn’t good for me this time.

And these are good suggestions based on the current system capabilities. I am willing to be patient.

My prior banking service didn’t start “amazing”, it was just “good for what I needed most” (And the largest draw was mobile first banking rather than the traditional “bankers hours in a building or a drive through” which really didn’t align with my needs and lifestyle. As time went on, new features were added to helped me promote better spending/saving habits that changed the way I thought about and managed my money. And I became dependent and used to those features.

Envel SHARES the primary objective I had when I switched to that banking service. And I tend to be an early adopter, and I support the AI driven objectives that Envel has as its core purpose.

Working in the SoftDev field, I know what its like to start a new app and then find a bunch of pain points when users are added to the mix.

The only thing I can do, as a user, is try to be clear, and provide concise areas where I would love to see improvement, and hopefully suggestions for how to achieve that too so you aren’t left to guess how to solve everything without our insights, ya know?

Of the X number of “alternatives”, Envel more closely aligned with my current expectations of a banking service can be, and be capable of, and how much it can empower me. It is not “less than” my prior bank, it is just “newer” and the added benefit is that I can be part of shaping what it “becomes”, whether it closely mirrors my prior banking habits or not. Who knows, this may become an even better banking/saving/financial experience than anything I could possibly currently imagine. I can only find out if I stick around :slight_smile:

I am ready to learn and grow and change, and to do so alongside Envel. Let’s take on the future! Its gonna be great!! :star: :star2::star:

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Hey @Chefrude,

We are very glad to have you in our community! Adding more customization to Bills is definitely on our roadmap, as several users have mentioned the need to be able to keep track of all of their various expenses. Currently users generally would put the expenses you listed (Insurance, car payments, HOA or Condo fees, internet and phone bills) into bills, and create a Goal for the annual payment (it will accumulate slowly over the year without you ever having to think about it). For now…stay posted for updates to the Bills feature, it’s a priority for our team right now!

We would love to have you at our AMA sessions (posting about the next one right now), but if it absolutely doesn’t work we can always arrange a one-on-one call with you and a member of the leadership team! We all appreciate the enthusiasm, patience, and constructive criticism. Keep it coming!

Cheers,
Jacqui

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Great idea! Goals are funded by vault :slight_smile:

Yes! Definitely makes sense! You could create a custom envelope and see if that works better for you :slight_smile:

Sure, that might be possible. Just tag me in the next AMA notice? :crazy_face:

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For years I’ve kept a spreadsheet for that. It’s a good exercise that to keep a detailed eye on where all my money is going.

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and what funds the vault and how often?

Hey there!

Your vault is funded from your Deposit/Income account (where all your funds go before being redistributed among envelopes) each time a paycheck or deposit hits your account!

Best,
Jacqui

How much of my paycheck will go into the vault?

Hey there,

I chatted with our engineers, who confirmed that it depends on the number of envelopes and goals you have!

Best,
Jacqui