Personal Finance Advice

Keeping track of personal finances can be fairly easy with the right personal finance software. However, the cost of programs such as Quicken and Microsoft Money can put them out of reach for many consumers, especially when you consider version updates. If you are looking for a free way to keep track of all of your credit cards and bank accounts, check out Mint.

What is Mint?

Mint is a new online personal finance software program that is free and easy to use. Generally a person can set up half a dozen accounts in less than a half hour and Mint will update the balances of those accounts daily. The software also analyzes your spending and interest rates. It will recommend lower interest rate cards or cards that offer rewards that would compliment what you buy. It is able to do that by categorizing all of your purchases, and creates the recommendations based on how your spending falls into the categories.

Basic Features of Mint:

• allows you to see all account balances on one website;
• classifies your spending;
• lists all transactions it finds on your account websites by account and under all accounts combined;
• trends your spending and;
• offers suggestions on ways you can save money.

Advantages and Disadvantages of Mint

There are several advantages to this software. First, it’s easy to setup and use. The entry of information is intuitive. Second, you can’t beat free. Third, the security features of the site are first-rate and similar to what is used on other financial sites. For a simple way to keep track of accounts, it is great personal finance software. The software is also still in beta, so there may be more features added in the future.

However, Mint personal finance software does have disadvantages as well. It does not offer all the features you would find with basic versions of Quicken and Money, such as the ability to reconcile your account balances. Second, you cannot use the software if you are off-line as it is Internet-only. Third, if you do not put enough accounts into the software, it does not provide recommendations for improving your accounts.

If you are looking for a place to start keeping track of your finances, Mint’s personal finance software is a great choice. If you are looking for a full-service personal finance software that you can use on and off-line, you may be happier with Quicken or Microsoft Money. Regardless, Mint will be a program to watch and see how it develops. You can check out Mint yourself here.