Money management is a good skill to learn no matter what is your age. Our modern society offers many opportunities to make money as well as ample opportunities to spend it. I remember one of my former university professors used to say, “The more we earn, the more we spend”.
Bank accounts, mortgage payments, rent, credit cards, clothing, gym membership, car payments, groceries, pharmaceuticals, dinners, movies, trips… It’s easy to get lost or to overspend if we are not careful. Setting goals and preparing a budget to manage your expenditures is very important.
Mint is a free App that can help you keep track of your finances.
The App lets you set up a budget by adding recurrent income and expenses and choosing from different categories (i.e. auto insurance, Internet, utilities, dentist, mortgage, rent, etc).
All this information is synchronized and can be also accessed through your mint.com account.
Mint lets you connect your account with your different financial institutions such as American Express and well known banks in your country or region. This allows to synchronize your transactions and consolidate them all in one place.
Although the App advertises itself as safe and secure, I was not comfortable exposing this information so I did not get to try this feature.
Net Income, Spending Over Time and by Category
As you add budget, income and expenses information, Mint displays graphs for net income, spending over time or by category.
The App displays warnings for expenses surpassing the budget allowance.
Mint allows you to set up a personal passcode to access the App to avoid unauthorized access to your information.
Which other money management Apps do you usually use?
Let me know by posting a comment below.