March 28th, 2010, 06:48 AM #1
Don't fork out the $60 for Intuit's Quicken essentials software anymore. Don't spend time creating lines in spreadsheets anymore.
Go with Mint.com
With Mint.com's free online software you can manage your money from virtually any location. I am continuously finding myself in odd situations - where I wish my monthly budget was in my hands, or perhaps, on the computer I am using (away from home). With Mint.com you can access your account from your iPhone or iPod touch (and soon from Android devices) and/or every computer connected to the internet!
So what is Mint.com?
Mint.com is a free service founded by some individuals who had a vision to create online financial tools, in September 2009 Intuit purchased Mint from these private individuals. Mint was already widely known and successful. With Mint, you can create monthly budgets and have them automatically analyzed every month. It's effortless. The system allows you to input all our financial institutions into one place. In my case, I have a Sallie Mae student loan, Capital One card, College Rewards Visa (Elan), and my credit union checking, savings, and Visa accounts. Having all these accounts in one place allows for accurate budgeting and the ability to see spending habits with Mint's automatically configured graphs. Mint will download your transactions automatically every time you log-in or on a daily basis. You can also sign-up for alerts and push notifications on your iPhone or iPod touch. You have ability to place all your transactions into categories that reflect your budgets and spending habits later. Overall Mint is very similar to Intuits Quicken Essentials software or applications like iBank, etc.
How safe is Mint.com?
Mint.com is secure; however, if their servers were ever breached your financial log-in/user names & passwords could be exposed. You never input your real name anywhere on Mint.com, it's just not capable. Basically Mint is acting as a robotic you when acquiring transactions; by logging in with your user name and password to obtain transactions. Some banks still use account numbers as the log-in, this may be less secure in my opinion. In my opinion I think it's safe, in an instance where Mint was breached, and someone did obtain your log-in name & password - I don't believe there is much harm they could do to you. However, some banks do allow transfers to other institutions from online accounts. Often times these require 1-3 days; with enough time to cancel if you've been breached. I think it comes down to your generation, age, and lifestyle in trusting Mint. Millions of people use it everyday, and have been.
How does Mint.com make money?
They offers Ways to Save. Ways to Save is a load of crap. Just use the service for the valuable tools. Basically if you click links through Ways to Save, they make money. They offer savings in credit cards, loans, checking & savings accounts, and investments. It's just how Finance Globe makes money, by clicking on Apply links under credit cards. I can tell you, I would click Finance Globe's links over Mint's any day. They don't really spam you with Ways to Save, so it's not a problem for me.
What does Mint.com lack?
Support for all Financial institutions. It wasn't until a few days ago when my credit union was finally supported by Mint. They're working hard to support the small guy's such as my credit union. Also you can't input manual transactions yet. They say it's coming soon. This is hard for people who use cash a lot. Their solution now is to rename ATM withdraw transactions and place them into the appropriate category. All big banks are supported, if that's your take. (Uh... If you're using a big bank ditch them! Duh. Go with a non-profit credit union, oh please.) Haha!
Overall I would suggestion Mint.com to anyone.
Post if you have questions.
Last edited by Joeyman; March 28th, 2010 at 06:51 AM.
March 28th, 2010, 06:53 AM #2
I really value the service I get from Mint.com, and think members of Finance Globe would too. This is not a competition to Finance Globe and is not a similar website in anyway (e.g. I am not advertising).
July 9th, 2010, 08:22 AM #3
Mint.com released a new feature to the already strong list. You can now set goals; these goals can be from paying off debt, to saving for a vaction. The system will track your goal with all your accounts in one place. Mint.com also has the ability to input cash transactions now.
Last edited by Joeyman; July 9th, 2010 at 08:25 AM.
July 9th, 2010, 11:37 AM #4
July 9th, 2010, 06:38 PM #5
Yeah, my bank is in the process of creating such a thing as well. There are companies such as Geezeo that provide the technical side of this to banks. Geezeo was originally like Mint.com, but stopped allowing public accounts in late 2009. They now build custom solutions for banks. My bank is said to be rolling this out in September; I am excited. I couldn't believe it, as my credit union is not extremely large.
July 9th, 2010, 09:25 PM #6
July 11th, 2010, 02:58 AM #7
October 6th, 2010, 02:35 AM #8
January 11th, 2011, 05:27 AM #9
Mint.com is now available in Canada!
August 11th, 2011, 06:27 PM #10
Introducing Manual Transactions for iPhone
Photo courtesy of Mint.com.
Never again worry over how much of your money is available at any given moment and to where all that cash you just pulled from the ATM went– with Mint.com’s updated iPhone app, you can now track spending on-the-go. Responding to users’ top requests, Mint.com launched an update to its free, award-winning iPhone app that lets people manually enter cash transactions and pending expenses like checks or credit/debit card transactions not yet cleared. The result is greater accuracy, which lets people more closely track to budgets.
“If you’re walking around with cash, it’s easy to end up back at the ATM thinking, ‘where did it all go?’”, said Aaron Forth, General Manager of the Intuit Personal Finance Group. “At Mint, we’ve always been great at accurately tracking what’s spent on plastic, but now we’re cutting out the tedious work of sifting through receipts to ferret out where cash went, or checking online bank statements to see what checks bought, by creating an always-there mobile tool that allows immediate reconciliation.”
Read the full article here....