I alluded to it before, but I will officially claim that I am obsessed with Mint.com. I have the app on my phone and I check it at least 15 times a day.
For those not familiar with the website/app, it links with your checking, savings, credit cards, student loans, auto loans, and pretty much any other financial account you have. It also can be used to estimate net worth, but I don't really want to think about that right now.
What's great about the app, for those new to budgeting, is that it has a great interface for general budget watching. Each month I estimate about how much I'll be making since my income varies. Then I use the categories to separate my bills and "personal choices." If for some reason I underestimated by income, I try to stick to my initial budget and save the extra.
For me, Mint is a great way to keep tabs on my monthly spending. After debt payments, I have the flexibility to maybe go over budget on gas, but make sure to stay under on food. Many people would consider this cheating, and if so then you can always stick to the initial settings. I consider this part of my budget similar to the envelope system, except a digital version. I have X amount of dollars after bills and need to stay within that guideline.
The only aspect of the app/website that I'm still mastering is the "goals" section. It's great in that it will project when I reach my savings goals and when I will pay off my car loan if I add extra every month. The only time this gets screwed up is while using the actual website. It includes the goals in the monthly budget, but I set it up so that my budget is based on my income minus my savings "payments." This is based on a theory called "paying yourself first." By doing this, I make saving a priority.
I'm sure I'll have many more posts about my love (or maybe eventual outgrowth) of Mint. For now, hopefully my summary has brought some new users. Do you have any special tips for using Mint? How do you categorize your budget?
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