The simple answer - it keeps track of your money better than you can!
Some may be feeling at this point that their money money management bar isn't high to begin with while others could be wondering how AI could do a better job than they can. Whether you fall into either of these categories (or somewhere in between 'help' and 'I've got this covered'), this article is for you! First things first, Autopilot is not trying to dupe you and create a cloud of mystery around your financial situation. The intentions of this feature are pure: how can Envel improve the financial fitness of people like you and me as well as relieve the stress of money management. The envelope budgeting system, goals and guilt-free balances all contribute to this purpose of improving your financial health (especially for those of us living paycheck to paycheck- woohoo)
Hear me when I say this, Envel would like its AI to prove worthy of your trust. The hope is that you will try it out and experience first-hand the rewards of its distribution between your different envelopes, automatic goal funding and guilt-free spending balances (all based on your preferred AI mode).
So what really happens when you press on the brain and transition to Autopilot?
The AI first takes into account the income and bills you calibrated (watch this space - new developments on their way!). By running a few calculations, the AI then determines how best to split your paycheck when it lands in your account. Bills are a top priority so those are covered first, after which some money (depending on how much you have of it) will be sent to the vault, emergency and cash envelope. From then on, like all relationships, you grow together (just joking). Each month the AI will get a better/ fuller understanding of your cash inflows and outflows. It will learn the nuances in your spending and, in the future, provide you with budgeting nudges and advice. This will prevent you from overspending and aid you in winning at all things finances so you can conquer all the other goals and dreams you have
If you're trying out Autopilot, the AI (presently) will ensure your envelopes and goals are sufficiently funded every paycheck without a hassle. But, the longer you use Autopilot, the greater its benefits will be for you. So fear not, give Autopilot a shot - you have very little to lose (some manual transferring between envelopes on payday) and a whole lot to gain (the world at your feet now that your finances are covered). For those of you who haven't wondered over to Autopilot, hopefully this has encouraged you a little!
As always, please keep asking questions and experimenting with the app. Envel is there to help you prosper and feedback allows us to be more successful in helping you prosper