
For those of you that aren't familiar with sites likemint.com, I'll explain...
After setting up a free accounts, you don't what most of the time you should never ever do. You give mint.com all of your login/password information to all of your credit cards, bank accounts, investment accounts, etc. Don't worry, mint.com has big financial backing so your information should be safe (last year, Intuit, makers of Quicken announced that they will acquire mint.com). So by giving mint.com all of your login information, you allow the site to pull in all of your transaction history for credit cards, checking accounts, etc. As charges come through, Mint will automatically assign it a category. Usually it is pretty good but if it messes up, you can change the category.
In the meantime, you setup a budget. You tell Mint that you make $xxx per month (which will show up when Mint downloads your checking account transactions). Then you tell Mint how much you want to spend in each category. Rent/Mortgage, food, gas, utilities, etc. Then Mint can track your performance. You can even setup alerts so that you'll get an email when you start trending over budget in a certain category.
Then, with the information you get, you can easily change your habits before it's too late. After all, isn't it better to know that you only have $20 left on your "eating out" budget before you take the family out to a nice dinner?
Mint.com goes a step beyond by helping you find good credit card deals, auto insurance, checking/savings account deals, and high yielding CDs. I don't know how well they do with this. I honestly haven't tried it. But I guess if you're in the market for any of those services, it can't hurt to look.
Lastly, Mint now has an iPhone app so that you can track your spending all the time. No need to wait til you get home...Check your account balance at the cash register!


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