“Go set up an account on Mint.com.” It’s the 2nd most used phrase when we speak to our clients. It’s only beat out by, “Stop buying stuff you can’t afford!” I’ve mentioned it in blog posts before, but I don’t think I’ve ever actually put up a post dedicated to just Mint.com.
Even if you’re not involved in credit repair or debt relief, the ability to adequately budget affects your day-to-day and long term finances. What’s so amazing about Mint is that they’re doing most of the dirty work for you. You just enter in your online bank accounts and credit cards, and they’ll pull all of the vital information for you.
Most Financial Sites are Confusing
Most banking websites aren’t easy to use and credit card sites aren’t exactly helpful with trying to analyze where your money’s going. The truth is that there’s no reliable way to examine all of my spending habits without manually entering information onto a ledger or spreadsheet. But this is exactly what Mint is going to do for you.
Mint covers all that and more. All you need to do is enter your credit card info, bank accounts, student loans from the federal government, even IRA’s. Instantly you’ll have all of your account information stretching back a few years. It’ll even organize your expenditures. See how much you’re spending on entertainment or takeout food.
Taking a Hard Look at Your Spending
Most of our clients know that they’re credit profile isn’t exactly in tip-top shape, but what they don’t understand is why. They know that they ran up a lot of credit card debt, but don’t even remember what they bought. Mint is going to force you to take a look at what you’re spending your hard earned money on.
What too many people find is that they’re spending more than they’re making. Not exactly a formula for success. Now, it’s up to you to make the changes, some fancy internet site’s not going to do that for you. But at least you’ll have an idea of what expenses are out of hand and need to be trimmed.
Creating a Budget
While it’s a powerful tool for analyzing spending habits, it’s even more helpful if you use Mint to put together a budget. They’ll breakdown your spending habits month to month, set up savings goals and even tell you how much you have left in your budget for each category.
Again, just because you set up a budget using these tools, it’s entirely up to you to stick to your budget. Don’t spend impulsively and don’t cut corners when it comes to your finances. Create goals and utilize Mint.com to help you reach them.
