Monday, February 8, 2010

Taking the Plunge with Mint.com

I've mostly been a proponent of using technology to make my life easier. But I haven't embraced technology when it comes to personal finance very fully. I have enjoyed online banking for quite some years now, but I had always managed my accounts and budgets with Splash Money Desktop on my computer (sans the online account syncing option because of my paranoia). I guess after years of manually inputting all our paychecks and receipts into Splash Money, I decided I have had enough fun and would rather let a computer do it.

Enter mint.com. Why did I choose them? Mostly because I have read good things about the site and didn't want to spend oodles of time looking into other alternatives. I just need a basic financial picture. Plus, it's free. I hate paying for something if I can get it for free.

I set up my own account and it really was surprisingly simple. It took probably 20 minutes to grab all my account info from other institutions and my account was up and running. It's nice to see the whole financial picture in one place. And it's really nice that I don't have to input all the receipts anymore.

One thing, mint.com can only grab info from accounts that you use online that also work with mint.com. So, if you have a mortgage or other loan through an institution that mint.com doesn't work with, you can't "see" that account on mint.com. (You can send a request to mint.com to let you know when they do start working with that institution.)

If you're worried about security like I was, read here. And to learn more about the pros and cons of mint.com, to find out if it's right for you, read here.

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