Mint is a webapp that allows you to link your credit, checking and savings accounts to one central tracking service. The service tracks purchases and categorizes them into specific categories and time frames. The service visualizes all of this data in easy to read pie charts and graphs. This is useful for seeing how much you really spend on Jack in the Box versus your savings account on a monthly basis.
On top of just tracking the data, Mint can also set up categorical budgets that automatically track how much you are spending on specific services. By setting aside the extra money from budgets, you can grow your savings. When you get close to reaching your budget limits, the service can send you updates through texts and e-mails warning you about your expenditures.
Mint also tracks money lost in worthless ways, such as credit finance charges and ATM fees. You can then go back and view the history of these charges. It is always fun to see how those $3 ATM charges add up.
You can also link your loans, assets, and investments into the system and see how much your net worth is. It’s always a motivator to see that once I get out of school I’ll be worth negative money.
Finally although tax day has come and passed, you can export all of your expenditures into Turbotax, or Excel for offline access. Mint has pretty good bank support, including the big banks and top Arizona credit unions. If you’re bank doesn’t support online transactions or is really small Mint may not support them, but every bank I tested worked.
Please go set up those budgets and try to avoid making worthless purchases!
If you have any technology that makes money management easier or questions e-mail Colin at cjmcgann@asu.edu or DM him on Twitter @Beardedmick
