My new favorite financial site is Mint.com! I used to use Microsoft Money for years and years. I liked it but I didn’t like that it was specific to just my computer. If I wanted to check something and I was away from my house, or my computer was down I couldn’t get to it. I know Money was supposed to have some functionality where it would go web based but I just never got into it.
One the Cloud
Mint however is 100% on the cloud. So as long as you have an internet connection you can get to everything that Mint has to offer. Any place, any time, as long as you know your user name and password. I love it.
You also basically never have to enter transactions anymore either. With Money I would often not trust the link with banks websites, or it wasn’t working. So I’d end up entering all the transactions manually. What a pain! It got at the end where I was really not using any of the Money functionality other then the bills section.
Recently Mint added a bill reminder that I don’t like quite as well as Money’s but it is close enough, and everything else is so much better that I finally scraped Money all together and exclusively use Mint.
It doesn’t just sinc up with my banking account either. It will link up with almost any account that I can think of that has something to do with my finances. So it hooked up to my auto loans and tracks them over time. It hooked up to all my checking and savings accounts obviously. It also hooks up to my retirement accounts, as well as my kids college plans, so I can get a good snap shot of what is going on there too.
One aspect that I really like is the budgeting and reporting options that Mint offers. The one I use all the time is the net worth over time. To me that is really the measurement of your true financial health. Your net worth is what you have left over, or still owe, after you closed all your accounts and cashed in all your chips. You want it to be obviously positive, and continuing to grow over time (unless maybe you are in retirement and are starting to spend your savings). So it’s a great way to keep track of your financial health.
The budgeting is great too. You can set up as many categories as you want and set up monthly budgets for them. Then Mint will automatically track you spending in the accounts you link up, and tell you through out the month how you are doing on your budget. It’s a really great way to keep track of how you are doing and where you need to be!
Cool Web 2.0 offerings
One really cool aspect of Mint is the 2.0 social functionality. So it’ll keep all the the information it gathers without and personal data and can track and trend. If Mint notices something that might be out of whack with your spending it’ll give you a notice. So when you log in you might get a popup that saying something like, “You are spending 35% more then other people in your area on auto insurance”. It’ll give you a link to get a quote for auto insurance and see if you can save some money. It’s a great way to save money you didn’t even think about, and this is also one big way that Mint makes it’s money as well, on these kind of referrals.
So sit down and sign up for Mint.com and get your finances on track and in control.