How to Use Mint.com’s Budgeting Tool

Mint.com offers a free budgeting tool consumers can use to get their personal finances on track and keep them there. The budgeting tool is an automatic resource which allows you to create a budget that actually fits your personal financial life. As many consumers start budgeting with good intentions, many slack off when they become too overwhelmed.

There are also many consumers that try using different methods to create a workable budget but having to abide by someone else’s standards often makes it difficult to conform your own lifestyle to fit. The budgeting tool designed by Mint was created with the average consumer in mind who many not be tech savvy and hasn’t a lot of extra time to seriously invest in their personal finances.

The benefits of using Mint.com’s budgeting tool are many but it is the tools flexibility that is most beneficial to users. Here is a look at what to expect with the free budgeting tool:

Using Mint

When you sign on for a Mint account, you start by setting up categories for your spending based on what you’ve already spent. Your bank accounts must be added to the budgeting tool and your past transactions on the account will be uploaded. The Mint budgeting tool will assign categories for the existing transactions over the past year. Interestingly, Mint’s software does well assigning categories to your expenses but it also allows you to edit the transactions as you see fit and you can change the rules so future transactions will be categorized appropriately.

Once your transactions have been put in categories, you will next use the tool to establish your budget. Mint offers default budget templates you can use or you can create your own. The budgeting tool is easy to navigate with clearly labeled buttons to make it user-friendly for all consumers. As part of your budgeting strategy, you can edit the details of your budget including the time frame you’ve set on your budget and whether you want the budget to roll over from one month to the next.

Mint makes budgeting extra simple because nearly all features are automatic. As the transactions from your bank are updated, everything within your budget gets updated at the same time. As you spend money within the budgeting categories, you will get a visual bar which changes from the color green to the color red when you overspend in any of the categories.

Monitoring Made Easy

Mint offers you the ability to monitor your finances and the automated budgeting services by providing email alerts when things change within your account. You can get alerts when you have overspent your budget, when your bank account balance is low, and when you need to make a bill payment. Your Mint profile offers an easy way to change and update the kind of email alerts you receive.

In addition to the convenience of automated budgeting and email alerts to your computer, Mint offers a mobile app for iPhone users. The application is free and allows you to view your Mint account wherever you are.

Budgeting Support

While Mint.com could not have made budgeting easier, they have also instituted a support system where users can get free tips and information about personal finance topics. The site is a reliable source for improving your money management skills and offer up-to-date ways to save more money and utilize your budget wisely.

Mint.com offers so many resources to keep consumers motivated to not only stick to their budget but also increase their own education concerning personal finance. The site encourages setting reasonable financial goals you can actually achieve with better budgeting skills.