Mint.com on Consumer Behavior

Mint.com is a good way to keep track of your finances. The site uses data from your bank accounts (and other accounts) to help you figure out where your money comes from and where it goes.

Mint may also provide insight into the economy. We know that consumers have tightened their belts, but sometimes data is slow and inaccurate. Perhaps personal finance aggregators can help us get an idea of what's happening as they evolve?

Mint.com is compiling and releasing data on the second quarter of 2009. For Q1, users were tight-fisted, and Mint can show how much spending has changed in various categories. Of course, Mint.com users don't behave the same as all consumers (they're probably more web-savvy and pay more attention to their finances), but any information is good information.

As we get into a new quarter, it's a good time to check in on your spending in recent months. If you don't use a service like Mint, download your transactions - or at least scroll through them - to see where the money goes after it leaves your bank account.