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.