Mint.com is a free personal finance software that helps you track your finances. I’m a 29 year old young professional that’s personally seen a huge turnaround financially since starting to use Mint.com in early 2010. I started using online financial software in 2009, with a free service called Quicken Online. It was very similar to Mint.com and after Intuit, Quicken Online’s parent company, bought Mint.com, they eventually phased out Quicken Online and moved their users over to Mint.com. I learned how to use Mint.com as a result and now, I’ve been using Mint.com for over three years. I’ve increased my net worth by $100,000 while working at a full time job and making an average to slightly above average salary.
What Does This Free Financial Software Do?
First of all, it’s easy to learn how to use Mint.com and it’s completely online. It’s also completely free. It’s simple to sign up and you can do so by going to Mint and clicking sign up. That process should only take a few minutes. In the future, after you have your account, you’ll want to go to Mint and click the log in link to log in.
This software is built to download your transaction data from your bank and other financial accounts. Yes, it’s nerve racking to some people to allow Mint to access your bank accounts, but according to what I’ve read (and you can read for yourself out there, just Google it), it seems safe. I’ve personally used it for three years without any problems. I’m not concerned and trust that I won’t get hacked. You can make that decision for yourself.
How To Connect Your Bank Accounts
Once your Mint account is set up, you’ll want to connect your bank accounts. You’ll do this by finding your bank institution from within a search list and then entering your online banking’s username and password. If you don’t have an online banking log in, you’ll want to contact your bank to get this set up. It shouldn’t be a difficult process. While connecting to your bank accounts, Mint may also ask you for your security questions.
Make sure to add every one of your bank accounts and other financial institution accounts that you have including your:
- Car Loan
- Checking Account
- Savings Account
- Home Equity Loan
- Credit Card Accounts
- Brokerage Accounts
Also, there is tab called Property where you can add assets that you own free and clear such as:
Once all your financial accounts are connected and all of your free and clearly owned assets are linked up and properly entered, you can see your complete financial picture, also known as your net worth, for the first time (possibly ever). Warning: This process may scare you if you’re not in the best shape financially. Please proceed with caution.
Once Your Bank Accounts Are All Connected
Congratulations, you are now on your way to effectively tracking your finances, which can help you save money, get out of debt (if you’re in debt) and hopefully build wealth, like it’s helped me to over the past few years. Stick around and I’ll show you how to categorize and track all of your income and expenses, how to set up a budget so you can see what your month looks like financially every month and track your progress. Mint.com has some awesome tools and they can be intimidating as first.
Why Should I Use Mint.com Again?
This is a great question. I can tell you why I use it. Back in 2010, I was spending everything I made. I thought I was putting away a little bit during 2009 and had about $10,000 dollars set aside, which I was planning to use to pay off my car with. Then I had to buy new tires. Then, I had to have a double root canal done on my teeth. I also planned a vacation, because I thought I deserved that.
When summer of 2010 came, I had made negative progress saving money during the first 6 months of the year. I was really frustrated and beat down. One day on that Memorial Day Weekend, I decided that ENOUGH was ENOUGH. I stopped spending and started tracking every single dollar I made and spent. I looked at every expense with a fine tooth comb and decided that I wasn’t going to spend a dime anymore without making darn sure it was worth it.
Mint.com Can Help You Succeed Financially
And the rest is all history. Six months later, I paid off my debt, which amounted to a total of $17,500 (as of early 2010). I was only able to do that because I used Mint.com, tracked every single penny I earned and spent and was committed to logging into Mint.com as often as it took to keep on top of all my personal finances. I’m now out of debt and have several years worth of living expenses saved because of the usefulness and awesomeness of Mint.com. Would you like to do that with your finances as well? I would recommend that you get over to Mint.com immediately then, sign up for an account and get to work on making big things happen with your personal finances. Stick around here as I’ll be posting more on exactly how to use this awesome software and what it can all do for you. Sign up here to receive future tips and tricks directly to your email inbox so you don’t miss out!
An Opportunity to Explore These Concepts Deeper
If you’re interested in getting the full Mint training, I created a video course, called “How to Use Mint to Track Your Finances and Win with Money“, digging deeper into it.
Category: Why Use Mint.com