Just a quick post today about the joys of http://www.mint.com/... If you haven't used it or tried it, I highly recommend it. Mint is an online (FREE) money management tool that allows you to budget, review and track all of your finances in one site.
I've tried all sorts of things to ensure my husband and I are being financially conscious and not exceeding our income. I went through periods of "the cash system" where I literally filed cash in folders and recorded our transactions manually. Yeah, that worked about as well as you think it did... not good. I also tried Microsoft Money (which I found hard to use), Excel files (way too manual) and the yell-at-your-husband approach (never a good option). So when my friend Lori mentioned Mint to me back in February of 2010, I asked her to set me up right away!
We spent about an hour getting all set up. I pulled in all of my accounts into this one "dashboard" tool. I simply entered my log in information for my primary credit union, my credit cards, student loans, investment accounts, auto loans, home loans, and any other financial assets. It pulls all of that info into one system and automatically categorizes all of the transactions into specific budgets. Examples include "Auto", "Food", "Shopping", etc.
Once I had all of this information in one place, my eyes opened wide. I could see where every dollar went and I could actually exert influence over when and how we spent our money!! AHHHH! I went through and created budgets based on my spending history so I could choose to increase or decrease how much of our money went certain places (e.g. increased my "groceries" and decreased my "restaurants").
The Result: I have saved us on average $1,000 per month by tracking and monitoring our budgets. I have also been able to identify areas where we can save (e.g. Comcast bill, insurance carriers, etc). I have set up goals for us to save and pay of debt. We aren't millionaires yet, but we do have great information and are accountable for our spending. I check Mint daily and reconcile our budgets with just a few clicks. More than anything, the result is that I feel super confident about our income and expenses for the first time.
My financial planner endorses Mint with enthusiasm. If you are looking for a free tool that consolidates, is super easy to use (it's pretty!), and gives you great insight into your income and debts. Try http://www.mint.com/ today!
3 comments:
I see your blog is for women, but I had to take a look. Looks good, keep it up. Mint.com is the best!!! Thanks for the pumpkin seed recipe, I have one pumpkin left uncut and now I have a recipe for the seeds. Can't wait to try them, and the pie that is going to come with it!
Heath
Heath - this is exactly why I like you! You visit women's blogs. You noth make pumpkin seeds and bake pies. And you are budget-conscious. I guess this site is for you too!
P.S. Andrew says he loves you.
Brea, I just say your blog via Facebook. I love your post about Mint.com. My husband and I use it too, and even got the apps for our Droid phones (with passcode protection to enter). An old co-worker introduced me to the site, and I absolutely agree with what you have said. Again, great running into you this weekend!
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