I am working on a budget for our family and yesterday I discovered a website called Mint.
It is a free and simple way to electronically manage, save and grow your money. You can quickly see how you are spending your money, how your investments are doing, and set up a budget. It also has a goals feature where you can set and track your progress towards goals like paying off a credit card or saving for retirement, or you can create your own.
Here is some information from my experiences with the site so far:
- For each of your transactions it shows the date, a description, the amount and a category. For example, if you spent $3 at Dunkin Donuts it automatically categorizes it as “coffee shops”.
- If you click on the budget tab it shows you your income and you can create a budget by adding any monthly expenses that you have. Then it will show you if you have gone over budget on any category, and if you have by how much.
- My favorite part is that you can go to Trends and it shows you a graph of your spending by category. For example, last month I spent $40 on gas. It calculates and creates a pie chart of all my spending so I can see a little sliver that says I spent 1% on “Auto & Transport” last month.
Mint was named best online personal finance tool by Money Magazine and PC Magazine. It offers bank-level data security and you are anonymous – you do not share your name, address, social security number or account numbers.
I have just begun to use this site, but from what I have seen so far I would definitely recommend it.
- How to Budget with Mint (mint.com)