My goal with this website has always been to teach people how to simplify their finances. I have written a couple times about Mint.com but never really in depth. If there is one thing I know everyone values it is time. That’s why I value the time you take to read my articles and why I want to share with you a tool that helps me save a lot of time. So put the checkbook down, or away. You are missing out on one of the best and powerful financial tools available in Mint.com.
First, Mint.com is a free tool, and I don’t get any benefit from recommending them. (I’m not sure how they even make money)
If you are like me and really enjoy using excel sheets, (yes, that is sarcasm) then you having been missing out by not using this tool. It takes all the boring out of tracking your spending and setting up a budget and makes it somewhat enjoyable. Unlike an excel sheet, Mint.com updates automatically and tracks how you are spending on any given day. So if you are trying to see how much money you have to spend for groceries this week, simply pull up your mint account and double check.
How do you do this conveniently? They have an app of course. A great way to always be on top of your spending.
This tool is all well and good you are thinking to yourself, but why use it?
There is one thing in common that I see with high net worth people is that they are responsible with their money. This means the ability to track their spending. You can make all the money in the world, but if you spend it all, there may be no way you can retire or do things that truly matter. Think of all the broke professional athletes who spend beyond their means, even with all the money they make. Tracking spending isn’t just for those with little money, often it should be the opposite.
Even if money becomes something you don’t worry about it a tracking tool is still a nice reminder. You might think your spending is fine, because you don’t have to worry about money, but once you open up that mint report and it shows you spent $XXX on food, or $XXX on clothes, it changes your mind. Mint, also gives you a breakout of where your money goes according to categories. By using Mint for years it builds a nice history of how you spend!
Another scenario is this. Think of your financial planner. He or she may be incorporating some kind of spending into your financial plan. What spending numbers is your planner using? What you are actually spending or what you are telling them you are spending? Because those are two separate numbers with two separate outcomes.
We all need to be held accountable. Mint.com is a great tool to do this. It holds up the mirror on your spending, so you can really see what it looks like. It saves you time and helps you to better manage your money.
Would you give Mint.com a try? Do you have a convenient way of tracking and checking your spending? How could this tool help you manage your money?