Managing Your Spending With Mint
We all have a tendency to get a little out of control with our spending from time to time. One thing that can put it all into focus for us is creating a budget. Never has this been easier with a number or programs and apps that can track and manage your finances.
Today we will look at the app Mint. Created by Intuit (software company that offers QuickBooks and TurboTax among others), Mint is a personal finance app that can track your debt, spending, create budgets and offer suggestions to improve your financial life.
The app itself is free but you will see some sponsored promotions for credit cards and personal loans (which is what makes it free to use).
How To Use It
Once you download the app you create a login and connect your different credit card and banking accounts. The app will download a few months worth of data in a few minutes assigning each transaction into a category so you can see where you are spending the most.
Once the data is inputted you can add other bills that you cannot link or pay physically so you get a full picture of your finances.
The app is very user friendly and will do just about everything itself saving you a headache if you aren’t computer or math savvy.
Budgeting In The App
In the app you can create budgets for your spending. The budget section will select the most common categories and auto-generate a budget based on a few months worth of spending data. You can toggle the budget for each category within the app and see it progress as you make purchases.
This is a great way to visually keep track of your spending. It also shows your cashflow from month-to-month so you can see how much you are spending versus how much you are making.
Is it Safe?
A finance app isn’t the right choice for everyone as many have qualms about putting their financial information into the hands of a third party. But the app itself is safe and private, has millions of users and is created and managed by a reputable company that has handled sensitive financial information for a long time.
If you are interested in using a finance app or service the biggest thing to consider is that it is legitimate and safe and in this case it is. Researching and reading user testimonials is a great way to feel secure in your choice once you’ve made it.
For more information on the usability of the app here is a great guide from The Balance.
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