is Mint.com Right for you?

GUEST BLOGGER: LIZ VANCE

Budgeting is one of the first things we talk about in the world of finance. But for most people it is not a pleasant or easy task. Luckily, we live in the day and age of technology! Technology is a great way to make budgeting easier and more enjoyable (or for some people maybe just more bearable). I have definitely heard a lot about the budgeting website, Mint, but I’d never tried it. So for today’s post I am going to let you know my first impressions after using Mint for the first time.

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According to the vast knowledge of Wikipedia, “Mint.com is a free web-based personal financial management service”. But like me, you probably already knew that. However, that was about all I knew when I started researching. The main thing I got out of my research was that Mint is great for budgeting and goals but not so great at anything else. So if you need a leg up for your budget, Mint is a great option. But if you are looking for something to help you manage a wider range of your financial portfolio, you should probably look elsewhere. With that in mind, I set up my Mint account to help me and my husband get our budget rolling.

• Setting up our account was easier than I expected. One caution: while you are adding your accounts to Mint please be sure and double check that the website is secure, meaning you see https or a closed padlock symbol next to the URL.
• One thing I really liked once we got our account set up is that it already automatically had a budget in place for us based on our past months spending habits. That feature makes setting up your budget a much easier experience! While it does do a relatively good job, be sure and go through the budget and re-categorize anything that was misplaced. For example, we had to switch the category for a frozen yogurt shop from “Personal Care: Hair” to “Food: Sweets and Treats”. I can see the personal care part but not so sure about the hair! :) After a couple other adjustments, our budget was good to go.
• Another thing I like about Mint is the Goals feature. We put in the goal to buy a house and I love that it helps me see where we are on that timeline. All you have to do is let Mint know what you are working towards and when you’d like to achieve your goal. Mint then helps you determine how long it will take you to save up for that goal based on how much you are willing to save each month. I especially like that this sparked a great conversation for me and my husband about our home buying expectations. The only downside is the Goals feature is not available on the mobile app, only the website.

We are just getting started with our Mint use, but I do think it will be a helpful tool for me and my husband to stay on the same page financially. If you don't want to create a budget from scratch, I think Mint might be a good option for you. Just be aware, because Mint is free there will be ads trying to get you to apply for new credit cards or invest your money with a certain company. If it’s hard for you to ignore those ads I would suggest staying away so you don’t spread yourself thin across too many financial platforms. Mint might not be for everyone, so try looking into other budgeting methods if this one isn’t right for you.
Have you ever used Mint or another budgeting program? Let me know what you think about the programs you’ve used!
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Happy budgeting!

Liz