10 Reasons To Use Mint.com
From time to time on this blog, I'll be sharing "tips & tools" that might help you on your financial journey. In this post, I'll cover a financial tool that I use personally and have really come to appreciate.
For those of you that benefit from the use of budgeting software like Quicken and MS Money, I'd like to introduce you to Mint.com.
Like Quicken and MS Money, Mint can create and track a budget for you. It can also track and help you manage your investment accounts. In fact, it does about everything that it's predecessors, Quicken and MS Money, have done for years.
So, why consider Mint.com?
Here's a list of 10 reasons why Mint.com might make sense for you:
1. It's web-based. That's right, no software to install and you'll always be using the most up to date version of the software. And like other web-based tools, you can access it anywhere you have an internet connection. However, this surely raises a question about security . . .
2. It's secure. Not only is Mint.com secure, but it's also anonymous. All they require is your email address, password and zip code. Mint also uses the same level of security that your bank uses for online access. Details about Mint's security and privacy can be found here.
3. It's always up-to-date. Once you set up Mint with all your online accounts, credit cards, investments and the like, Mint will update your information every time you login to their site. No more need to download information from one site and upload it into you software program.
4. It's simple. It's been my experience that people won't use something they find complex or cumbersome. Mint has addressed this very issue with a clean, simple and intuitive interface. Here are a couple of screen shots:
5. It's Smart. Mint is smart software. It can analyze your spending and savings habits and make suggestions about ways to improve your finances. This could include a suggestion to check out a credit card with a lower interest rate or consider a savings account with a higher yielding money market. And remember, all this is done anonymously, so your identity is never shared with anyone.
6. It's powerful. OK, I'm sure some of you might be thinking that this is some tinker-toy piece of software and that it won't deliver the same level of detail and information that you're accustomed to with Quicken or MS Money. Well, you'd be wrong. Whether it's setting and tracking your spending against a budget or just getting a better handle on exactly where your money is being spent, Mint is a great partner to help you better stay on top of things.
7. It's a time saver. In addition to all the great benefits I've mentioned so far, I think perhaps the biggest benefit of using Mint is the ability to stay in better touch with your finances while not having to devote a lot of time to it. Mint will pull all your financial information together so you can see it in one place. This will not only help you manage your overall finances better, but you'll save time because you don't have to jump from website to website to track down your financial details.
8. It's educational. One of Mint's coolest features is the ability to anonymously compare yourself and your financial habits to other MInt users across the country. Curious how your average monthly grocery expenses compare to those in other parts of the country? Mint can show you.
9. It's your financial coach. Mint can easily be setup to alert you to unusual spending or let you know if you've exceeded your monthly budget in a certain category. Mint can alert you via email or text message as soon as something out of the ordinary takes place in one of your accounts. This can help keep you on track to reach your financial goals and it can help you keep an eye out for unauthorized activities in your accounts.
10. It's free. On top of all the great things Mint can do for you, the best part is that this service is free. I would highly recommend you visit the Mint.com website and check it out for yourself.
I've really gotten a lot of benefits from using Mint and hope you will too.