Mint.com brands itself as “the best (free) way to manage your money”. The site provides a comprehensive and user friendly one stop shop for tracking everything from bank accounts to credit cards to home loans and 401k values. There’s one login and one password, and thanks to heavily encrypted data, users can access multiple sources of information in one place.
The Mint Mantra
“The best (free) way to manage your money.”
Online banking is a modern convenience. But with every bank account, IRA and credit card requiring a separate login and password, convenience can become a subjective term. It’s great to no longer receive piles of paper statements in the mail in the switch to online banking; there’s still the rather tedious process of logging in to each individual institution to check balances and transactions.
Enter the concept of Mint, which aims to provide an accessible, single sign on solution for online banking junkies. With one login and one password, users are able to access their checking, savings, credit card, and investment accounts all in one place. After an initial setup, Mint creates a customized webpage outlining your balances. Mint’s platform will allow users to customize a personal budget, set goals and track changes in spending. Setting up accounts for Mint to track can take some time. The process includes providing your account information and login/password information for each account, so make sure to have that on hand when initially creating your profile.
A Fresh Approach to User Driven Personal Finance
As an example, let’s say you’re working to reduce credit card debt like many Americans. With Mint, banking account totals will appear just above the respective balances for credit cards. A graph of the user’s total net worth displays at the lower right hand corner of the page. That graph, in three color glory, lays out the assets tracked by Mint.com vs. the tracked debts. This provides a sobering snapshot of financial health, but gives a realistic starting point, too.
If Mint’s account listing shows credit card balances as greater than the available cash, that’s a powerful incentive to think twice before splurging on that new pair of shoes or wide screen TV. Or maybe you want to keep up on how your IRA is performing in comparison to your 401k. No problem, it’s all there. Interested in seeing how you’ve been sticking to your budget each month? Mint will download your banking transactions, categorize them, and compare them to the customized budgeting goals you’ve set. Makes tracking your spending and staying on target with your finances seem like a lot less of a hassle.
Potential Cons
Mint does come with drawbacks- some people may balk at the idea of entering all their username and password information into one site. There’s the issue of security, and just the sweat and tears involved for some in collecting the login information for all their financial sites. Some institutions might block access from Mint, and it does take some time to set up your profile. At times categorizing transactions can be a pain. And since Mint’s got to make money somehow, there are mildly irritating “suggestions” on financial products sprinkled on the main page.
The Skinny
Whether the end goal is to get your financial house in order or just to get a baseline on your personal finances, Mint.com is worth a visit. The innovative, single sign-in solution for managing your finances is free, and may make your life a whole lot easier