This Mint.com is an amazing tool, very similar to a flashlight. How? If we are exploring a cave, we need a flashlight to be able to find our way in and out. Our finances can sometimes be like a dark cave. A place we are bumping around in, making decisions, not fully aware if it is getting us to where we want to go. Having a powerful light is the right tool for the job. Mint.com is an amazing tool, very similar to a flashlight. If we are exploring a cave, we need a flashlight to be able to find our way in and out. Our finances can sometimes be like a dark, damp, cave. A place we are bumping around in, making decisions, not fully aware if we are on the right path or going where we want to go. Having a powerful light is just the right tool for the job.
Mint.com has been the most important instrument for positive change in my finances. If you make one change towards greater freedom, in my opinion, this should be it.
Why? It can create a domino effect of positive change. It is like a forming the snowball before you roll it down a massive hill. Making the snowball really is not that difficult and it can have huge impact. So let’s make some snowmen!
What is it?
Mint.com is a free to use website and app to track your finances all in one place. You can link all of your financial accounts to your mint account. The app automatically updates and categorizes all of your spending, creating a picture of your finances all in real time.
Why is it important?
With mint you will have accurate information to make informed financial decisions. I can no longer lie to myself about how much I spend on *insert splurge item here. If I decide I want to change my diet, and I want to know after two months if I spend more or less than I previously did. I can easily find out in about five minutes! What an amazing tool for being conscious about our decisions.
You can use the information to better plan for the future. I know exactly how much money I need for my fixed expenses if I decide to go on an extended mini-vacation.
Extremely helpful when you want to automate your bills and investments which saves time. (I will be doing a post about this in the future.)
We can use mint to hold ourselves accountable.
It allows us to view our spending behavior more objectively. It brings our finances out into the “light”, where we can make more conscious decisions.
This enables us to make changes if our habits are not serving our values.
We can make sure our money is being spent on the items that bring us the greatest joy.
Changes I have made to my finances based on mint.com
- Switched banks from a credit union which charged me $8 a month to an online bank, Ally bank , that pays me 1% in my checking and savings account. This saves me about $100 a year and earns about $60 a year. A total positive change of $160 a year!
- I lowered my monthly expenses from an average $1600 to $950. By knowing my spending I had better information to make changes like selling my truck and buying a gas efficient car to live the Vibe life.
- I’ve become more accountable to my credit card spending because it is categorized. This one is amazingly helpful!
- You can set up Mint bills which connects with your budget. It will create an accurate picture and is possible to set reminders for any bill. I find it helpful for bills like my auto insurance which I will pay every 6 months to get an extra discount. Now it never sneaks up on me and it is automated so I don’t worry about it.
- You are able to use your data to create reports and see trends in your spending or income.
- I can see how my net worth is changing over time.
Is your financial information safe?
Mint uses the same data that you use when you check your online bank account or online credit card account. Simply, mint is as safe as using online banking. This is what they do to protect your data, “We use measures like multi-factor authentication, designed to help you protect access to your account. Mint participates in security scanning with VeriSign to help ensure security for sensitive data transfer. Mint comes from the makers of TurboTax® and QuickBooks®, trusted by millions with sensitive data. They have a great FAQ on ways to make your account as safe as possible if this is still a concern. https://www.mint.com/how-mint-works/security#toc
Get Started Now
It’s easy to set up an account. Head over to mint.com and create a free account. Also, using a smart phone you can download their free app.
If you use mint, what positive changes has it brought to your life?
Do you use a similar software? What do you like about it?