by CI Staff
Mint.com is a personal finance website that organizes and categorizes your spending habits. The site functions like a personal budget account, though all you have to do is input your bank account information and the site does the rest. Mint.com automatically categorizes your expenses based on where your bank statements say you spent money. The site breaks your spending down into categories such as groceries and restaurants, or you can add your own specific categories to keep track of where your money is going.
Aside from categorizing your spending, you can also keep track of credit card payments and bills. Mint.com alerts you of when your bills are due, and can also help allocate your income based on how much is due. On the left-hand side of the site, all your accounts are shown. You can add in loans, investments or property that you may have to create a comprehensive budget calculation. Mint.com automatically generates a trend report about your spending habits displayed as a graph, and this can be emailed to you weekly as well.
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The budget that is automatically set up by Mint.com is easily altered. For example, you can set a budget for the amount you want to spend on entertainment each week or month, and if you go over the budget, Mint.com alerts you. You can also delete categories that were automatically generated, change budget amounts at any time and specify if you want the remaining balance of a category to roll over to another category or to the next month. Mint.com lets you know how much you’ve budgeted in comparison to your income. With your remaining money, you can add a “goal.” Goals can be customized and set for a specific date. The site will calculate how much you need to put away monthly to reach your goal, and factor that into your budget as well.
Another aspect of Mint.com is the recommendations it provides. If you have a credit card and you’re paying a specific interest rate, the site notifies you of different credit cards that have lower rates. If you have investments, the site recommends brokerage companies and provides details about the minimum requirements, fees or promotions. Mint.com helps its users find ways to save in terms of banking, investments, insurance and credit.
This website aids in budgeting and, unlike other tools, does a lot of the work for you. Mint.com is also available as an application for iPhone and Android users.