Like many people, my financial software of choice is Quicken. It works great and for most simple transactions it’s not too difficult to figure out how to setup and use. In order to update it however, I must download the latest transactions from my bank account and then open that file in Quicken to import them all. It is possible to sync live with one’s bank account instead of downloading but some banking institutions charge for such use. I am still using Quicken Basic 2006 and while sometimes it automatically identifies common transactions and categorizes them accordingly, it doesn’t always do this, regardless if the title of the transaction clearly identifies the category it should be allocated.
After quickly bypassing Microsoft’s subpar Money, I was delighted to find Mint via Mashable’s post. Mint.com provides free online money management services that rival and surpass Quicken’s. Mint enables live syncing with all your online financial institutions (i.e. banks, credit cards, investments) so you can see your transactions and balances in real time. When it updates your account with the latest transactions it categorizes each one automatically based on the title of the transaction or from similar transactions you authorized in the past.
Other notable features that Mint offers include spending reports, “Ways to Save”, and alerts. Their spending reports offer clean graphical displays of where your money is spent and even allows you to compare your spending trends to other anonymous users within your geographical region (e.g. city, state, USA). Note the use of the word anonymous. That is, Mint doesn’t know who you are, it just knows where you are (what city) and what accounts you own. Thus your account data is anonymous as is all other Mint users’. The “Ways to Save” feature automatically evaluates the services (i.e. banks, credit cards, investments) you are currently using and compares that against rival services to help you save money. For instance, if you are using Bank of America (BOA) for your checking account needs then Mint may suggest that you use EverBank’s FreeNet Checking Account that currently earns 3.01% APY versus BOA’s 0.05% APY. Furthermore Mint even tells you exactly how much you will save/earn by changing to the new account. The alerts feature allows me to set email and text alerts for almost any financial need. Examples include setting spending limit alerts for specific categories or transactions, upcoming credit card payment due dates, bank fees, available credit, etc…
What I Like About Mint
- real time syncing with all your financial accounts
- comparing spending trends against other anonymous users in my area
- having all my account information in one location
- ability to access my financial information from anywhere
- text and email alerts
- ability to save/earn more via Mint’s analytically based suggestions
- all financial info is encrypted and tightly secured
- it’s free!
What I Dislike About Mint
- can’t verify my phone for mobile alerts (Sprint is my carrier)
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Many thanks for the kind review!
Alerts’ issue: I can take a quick look if you send me an email. I just need to advise that it might take a few days because I am out of the office (would need the mobile telephone number, account email address, etc.).
I have been using Mint for several months and have since stopped using Quicken. While the categorization accuracy needs some work being able to see the big picture from anywhere has got me hooked. The financial eduation content is also excellent.
Nice article! I might just have to check out Mint now.
Kevin reply on April 28th, 2008 12:13 pm:
Thanks James!