Wednesday, April 16, 2008

Organizing Your House: Mint.com

Mint.comThere's a new website making headlines that you might find useful. Mint.com is a site that takes your financial information--bank accounts, credit card accounts, mortgages, etc.--then puts them together so you can review and understand what your money is really doing.

It's free, it's getting a lot of press right now and Andrew gave it a peak to see if he thought it was worthwhile. It's easy to navigate and it's easy to set up but it's important to remember that though you set up your account by giving Mint.com access to your personal accounts Mint.com is not an on-line bill service. It doesn't pay your bills, it doesn't accept payments, it's strictly a place to get an overview of where your money is going and how it's working for you.

The major benefits are:

1. You get a sense of where your money is going. Pie charts, lists, it's really perfect if you're trying to set up a budget because it will track your spending habits by tracking the vendors and bills.

2. You get better deals. You get options where you could save money--another credit card with a cheaper rate, a different rate of return on your accounts, whatever. Mint.com lists alternative places for your money to be and how much money you might save by going that route.

3. You get warnings. If your bills are coming due you get a warning so you don't pay late and get charged those fees.

Of course there's more to it than just this--more benefits, bells and whistles but give it a try and see what you think--as I said, it's free. No harm in trying right?

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15 comments:

Lis Garrett said...

Interesting first comment there. Anyway . . .

Thank you for highlighting this site. I will most definitely take advantage of it!

Anna said...

OMG, I think you're reading my mind this week w/your posts! This is exactly what I need right now, a program that figures all this stuff out for me! Thanks for the link.

Megan@SortaCrunchy said...

Wow! What a great site. I get so easily overwhelmed when it comes to managing finances. How helpful to use a service that will break it down in a more manageable way. Thanks!

Lamb Family said...

This site was really helpful, seeing as we are trying to buy a house and need some honest budgeting info.

Anonymous said...

i saw this site about a month ago. its perfect for me. i love everything about it EXCEPT that i am letting these people have access to ALL my stuff. (i am not a super freak about this kind of thing normally, i do online banking and i have a paypal account...its just that putting it ALL in one place, theoretically "hackably-accessible" - like my term?- well, it kinda freaks me out. and i wish it didn't b/c i could really use this type of service.)
i am not one for conspiracy theories...but it DOES beg the question...why this nice, free service??? (i know, ads and so on..but STILL!)
i am on the board of directors of a bank and security is at the top of my list of things to be very aware of. people's accounts are being breached more than anyone hears about...and its supposed to be so safe...but the bad guys don't stop trying.
as badly as i want to do this mint thing, i just can't bring myself to do it. i would kick myself IF anything did get compromised.
just my 2 cents....
robyn

Scribbit said...

I love that term "hackably accessible" I think it's perfect! :)

And I had similar feelings when Andrew showed it to me--I jokingly told him that I bet the whole thing was conceived by Al Quaida to bring down the U.S. from the inside out.

However, at the same time the risks have to be balanced--giving your credit card to the waitress at the restaurant is risky. Most online sites where your account information is accessible go to great lengths to protect your information as their future depends on it. Mint.com's future is the same way--no ad revenue will ever come if people don't feel safe using the site.

Good points though.

Anonymous said...

"hackably-accessible" girl here again....
i TOTALLY agree with you. and i hope no one will take my post as bashing mint at all. and you are so right...identity theft can probably more easily happen out of my trash can! i just wish i had the risk-tolerance to use this site myself! i will have mint-envy for all of you who utilize it and get more organized than me!
robyn

The Wiz said...

Yeah, I have Quicken, and it does all that for me, and it's not online.

I don't understand why I would need a website as well. I guess this is for people who don't want to pay for Quicken.

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teal said...

This does seem like a neat site, I had not heard of it before, but just briefly checked it out. I wonder if there is an option to not list all of the account details...or does that defeat the purpose? It seems to me they could still track your budget / spending without needing to have your account numbers. I'd be hesitant to offer up all of my account info., as this could be "hackably accessible" - good term, by the way!

blapherMJ said...

I went to this site a little while ago and think it is fantastic, with the exception of having all my info out there on one site -- that makes me a little nervous. Other than that though, from a money management standpoint, this is absolutely terrific.

Amy said...

I am so glad it is working for you. I am old-school and still love my Quicken. I try and schedule an update regularly and then do my little pie charts so I can break all of our money down. Here is a big dork confession...this is my hot Friday night date :)

Halifax mortgages said...

this is a very helpful website..
i think i can control my budget by using it..
thanx man for sharing
i was in search of this type of website

Tekno Boy said...

I tend to worry less about those small details. I spend that time making money flow into my life then the little that trickles out doesn't matter so much.

CECiL said...

Maybe I can try creating the same functions using Microsoft Excel ;)