How to use Mint.com to track spending

In my last post I mentioned that I use Mint.com in order to track my spending and I have been for about a year or so. I tried out Mint  because I heard good things about it. For those of you who don’t know what Mint is its an online service that allows you to aggregate all of your banking accounts in one spot. It’s not a perfect system but it’s definitely very handy.

The Mint app allows you to attach your bank accounts and when you do this it will pull in all of your information includiong credit cards and investments in a secure view. Once Mint has this information it categorizes the transactions into categories, thankfully it’s pretty intelligent about how it does this..

So, what happens when I open the app up it downloads the latest transactions and then puts them intop their categoreies. At this point you can see how all of your spending breaks down which is great because this is exactly what you want to do when you’re trying to assess you’re sending. You get very granular data about your spending as long as you use your bank card to buy things (you  need to enter in cash spending yourself). This application reduces the your manual involvement in keeping track of your spending.

You can then use the trending functionality to see how you are doing month over month.

A few things that I found lacking about the application is that it treats money transfers between accounts a income and expenses which ends up throwing monthly tabulations completely off, at least it does for me.

Overall I like the application and it’s convenience but at the same time I also know that there are other apps like this – do you use apps like this? Which ones and have you ever compared them to Mint?

Note: this was not a sponsored post but my experience.

 

Keeping on top of Finances when you’re Busy

We all live in a crazy hectic world where we often don’t have time to stay on top of the things in our lives. I’m a perfect example of this; when life gets busy I have to set aside things that aren’t as important. In the midst of all the turmoil of our lives there are a few things that we simply can’t drop to the wayside and I would have to say that finances are one of those things. Unfortunately hearing that household debt is still rising it seems that this is not the case.

The challenge is to set aside time for the important but often unpleasant things in life because if we don’t the long term consequences can be pretty devastating. For me I can easily stay on top of my paying my bills on time and the good news is that the people we owe money too will remind us if we don’t. But that doesn’t mean that there is any progress forward. I found that this was the situation for me so I started doing a few things to not only keep on top of my bills but at least at a minimal level my finances.

Here is a short list of things that i have done to stay at least partially on top of my finances:

  • Use Mint.com to track my spending
  • Automatically deposit money into Savings
  • Set up direct deposit on most of my bills

I will admit that because things have been very hectic I haven’t been able to dedicate myself to clearing up my finances the way I should. But at the minimum the tactics above allowed me to know what’s going on.

Mint.com
I use Mint.com to track my spending; its an online service attached to my bank accounts that allows me to see all of my banking and spending in one spot. It categorizes spending and lets you set budgets and track your progress against them. While not a perfect system it definitely allows me to see that in June I spent X dollars on gas and lets me trend this over time which is a great way to start gaining some control.

Mint just happens to be the system I use but there are others out there that perform a similar function and your bank might have one.  This has kept me from trying to constantly remember where I spend my money.

Automatic Deposit into Savings
One of the things I’ve always struggled with is setting aside money for savings. Inevitably I’ll spend most of my money before the next pay and there’s nothing left for savings. So what I did here was pretty simple – I called the bank up and set up an automated deposit into a savings account that purchases an index fund. This means that the money leaves my account on the day that I get paid. If you’re worried about this start small (even $50 a month adds up)

Direct Deposit on Bills
This one is not 100% complete for me but most of my bills automatically drawmoney out of my account on set days of the month, it’s clean and simple. Where setting an automatic debit wasn’t possible I went onto my banking website and set up an automated bill payment again at set times of the month. Most banking websites allow you to create this memorized list. The benefit here is that I don’t have to remember if I’ve paid the bill or not.

So with a few simple techniques I’ve got a pretty good idea of where my money is going and what the remaining balances on things are. That doesn’t mean that I’m saving enough or that I’m paying my debt down any faster. What it does allow me to do is to not get into debt further or by accident when life gets a bit busy.

I’m Alive I promise!

The last post I added through to this site was over 3 months ago and it was a very happy announcement about my promotion and since then there has been silence. Really I promise that the new role has not swallowed me whole but it does seem like it from time to time; I am alive and well and things are still moving forward albeit slowly.

Over the past 4 months I’ve really realized how much time and energy I’ve devoted to the work front and the rewards are not nearly as good as I would have thought they’d be. The experience has been good and its still ongoing but I’m starting to wonder how to find that right work life balance. In this thinking I’ve been thinking about a lot of things in life including the reason why I first started this site which is to get my finances under control. They’re much more under control than they were many years ago but they’re still not great.

In other news, this site was hacked and there are still a bunch of problems with it that I’m working to fix (please be patient if you see some oddities).