Take control of your finances with Mint.com

April 16th, 2008 | By SebBudgeting

I’m a bit of a basket case when it comes to finances. I’m absolutely obsessed with tracking our income and expenses. Lately, I’ve been looking for an online service that would pool all my accounts together in one place for a quick place for easy access. I came across Mint.com the other day, and quite frankly, it’s awesome.

View all your accounts at once
If you can access your savings and checking accounts online, then you can tie it into Mint. Credit cards are easily added, so you can monitor your spending habits over time. Mint even emails or texts you reminders when your bills are about to come due. You can view spending trends from your checking and credit card accounts, or track interest earnings from your savings accounts.

Track your budget
Now that your accounts are being tracked by Mint, you can set up and track a budget. As you spend money on your everyday expenses, Mint updates itself automatically to inform you if you are keeping to your budget or not. Easy to read bar graphs keep you informed of problem areas, or let you know if you’re doing a great job this month.

See how you can save money
Mint also offers options where you can save money by showing you credit cards and saving accounts with better interest rates. This is where they obviously earn income, since they earn a commission on each account you sign up for. For the most part, their offers aren’t that great. Unless your credit card is charging 30% interest, you’re probably better off sticking with what you have.

It’s not perfect
My wife and I have student loans, and we recently bought a new car and took on a car loan. At the moment, Mint can’t access these accounts to pull them into our online budget. It would be nice to be able to track our debts as we pay them down. Mint’s FAQ says they’re working on it, so hopefully it shows up sooner than later.

All in all, Mint is a great way to keep track of your finances and stick to your budget. While it has some shortcomings (you can’t view auto or student loans), it’s worth the few seconds it takes to sign up. Also, if you forgive the terrible pun, the site is very fresh.

4 Responses

  1. No Debt Plan

    I’m not comfortable giving my account numbers and passwords to some company. It’s a cool idea, just not a big fan of that.

    I also don’t like how you have to choose how this retailer = this expense. Sometimes shopping at WalMart is groceries, sometimes its home maintenance.

    No Debt Plan’s last blog post..Reader Question: What is Escrow, Should I Pay Extra?

  2. Future Millionaire

    Check out wesabe.com too its just like Mint only more secure in that you don’t have to provide any of our account numbers etc. When I was looking around for something to replace quicken I tried mint and wesabe and found I like wesabe more.

    Future Millionaire’s last blog post..Moving Day has Arrived…

  3. Jonathan @ MYC

    I’m a bit paranoid about using my internet banking password too.

    Wesabe is good, as is Buxfer and Clear Check Book.

    Jonathan @ MYC’s last blog post..Identity Theft Part I: Tricks of the Trade

  4. obsolete29

    Yeah I dunno… I’ve not been able to find any online money management sites with the features that I want to replace Microsoft Money… the biggest thing is FORECASTING! I want to be able to forecast my cash flow based on upcoming transactions. That function in Microsoft Money is the single biggest thing that I missing about Windows (recently switched to Ubuntu Linux).

    WRU Forecasting???

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