What are Autonomous Envelopes? If you are on Autopilot, Envel will automatically distribute your funds into these envelopes to maximize your financial health.
The five Autonomous Envelopes that Envel automatically creates for you are:
Need more flexibility in your budget?
For some, the five main Envelopes are not enough. Therefore we allow you to create more custom Autonomous Envelopes that are funded by Autopilot. You can open two types of Autonomous Envelopes:
Under the Spending Envelope
This will be a Sub Envelope and will have the same account details as the Spending Envelope. Handy for when you need your debit card for these Autonomous Envelopes.
A Custom Envelope with unique account details
Handy for when you have a large monthly ACH payment.
How to create an extra Autonomous Envelope?
Follow these steps:
Log in to your Envel app
Go to the Wallet screen
Click on Add More on the right side of Envelopes
Type the name for this Envelope or select one of the suggested names below
Select an icon
Choose the color for this Envelope
Select if you want this Envelope to be visible to your friends
Select if you want to link it to Spending
Linking to Spending will create Sub Envelope under Spending and will share the account details with the Spending account
A separate account will have its own unique account details
Choose the dollar amount you want to put aside each for that Envelope into this (click skip to create a regular Envelope)
If you have multiple Autonomous Envelopes, you can set the funding priority
Click on Next
Want to close an extra Autonomous Envelope?
Go to the Envelope Screen
Swipe the extra Autonomous Envelope to the left
Hit the Trash Bin icon
Done! Funds that were in the Autonomous Envelope are now automatically transferred to your Cash Envelope.
How to edit, change or update your Autonomous Envelope
You can easily update your Autonomous Envelope by following these steps.
Click on the Autonomous Envelope you would like to update
Click on the Pencil Icon in the top right corner
Here you can change:
Amount funded per month
Visibility to other Envel users
Or delete Envelope
Click next to set the funding priority
Funding of Autonomous Envelopes and their priority are discussed in this article!