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Mint: Refreshing Money Management

Hate spending time keeping track of where your money goes? Check out Mint, a new and free money management tool for people who hate managing money.

Mint allows you to view all of your banking and credit card transactions side-by-side, making identifying all of your transactions much easier and faster than ever before.

How does this help you? We make it easy for you to track down erroneous charges or bank fees, and keep a closer eye on your money.

Mint even lets you label your transactions so you know what bills you need to split with your friends or roommates, know which ones need to be reimbursed for your company, and more.

I’ve been in the private beta for two weeks (it’s now public), and it’s become my favorite financial tool.

The setup is simple. Just enter the login information for your financial accounts and Mint aggregates all the data, presenting you with an easy-to-read dashboard of your finances. It’ll even suggest ways you can save money based on your spending habits.

Mint’s off to a great start, but it needs a few missing features to really round-out the service. For example, I’d love to see a bill-pay system and a way to track stock portfolios.

Note: This is not a paid review, but they did interview me in June. Click here to check it out.

18 Comments

  • Roy Jacobsen

    gravatarSep 19, 2007
    11:17 am

    A word of warning: I signed up this morning, but their servers are apparently overloaded by a rush of other early adopters, and I haven’t been able to set up any of my accounts. The process keeps timing out.

    Still, I’m eager to try it; it looks very cool.

  • Sean

    gravatarSep 19, 2007
    4:39 pm

    I was in the private beta too. Last week they sent me a cute email letting me know that my checking account was running a bit low, so I wouldn’t overdraft. I love it. You can set up notifications via SMS too.

  • Fer

    gravatarSep 19, 2007
    6:54 pm

    Giving my bank account passwords to a start up ? How can i feel safe ?

  • Bob

    gravatarSep 19, 2007
    9:35 pm

    Rule #1 of financial security online: Don’t give out your passwords.

  • manul

    gravatarSep 20, 2007
    2:07 am

    Yeah, first: I don’t feel really safe giving out my bank account password. Second: Why is it called like the website analysis tool Mint (haveamint.com)? Plus, why have they a similar slogan? Third: I wonder if Apple is happy about the Post-it-note-rip on the Mint website?

    Today I’m to negativ! I’m going home right now! Sorry for that!

  • Miguel Marcos

    gravatarSep 20, 2007
    4:13 am

    I am hesitant about giving a 3rd party such broad access to my financial activity. Are they guaranteeing anything? Isn’t the downside of someone cracking into their systems a frightening enough thought?

  • Tyler

    gravatarSep 20, 2007
    5:54 am

    What is their business model? How are they making money on their service? I’m guessing the ‘suggestions’ are paid advertisements. Can anyone confirm or deny this?

  • Hope

    gravatarSep 20, 2007
    7:27 am

    I like what I see of the site but I too have not actually registered any of my accounts. There are alternatives to consider in this space as well. There is ‘My portfolio’ that Bank of American offers their customers for free and, they’re a bank…so in my mind a bit safer already. They also offer mobile banking with bill pay for free…so right there, more robust.

    Another one to consider is mvelopes.com by In2M. They have a solution for businesses as well.

    P.S. Kudos to those that comment on NOT giving out your passwords!

  • Sean

    gravatarSep 20, 2007
    9:56 am

    @Tyler: I think you’re right about the paid “suggestions.”

  • Nick

    gravatarSep 20, 2007
    10:12 am

    Yeah, it seems their business model is “lead generation.” So basically, they make referral fees on all the services that they recommend to you. Sounds shady. Are the recommendations really to the ones that best help the users save money? Or are they just the ones with the best referral rates.

    Plus, they basically just use Yodlee for their back-end connection with the financial institutions. Why are they not making this more apparent?

    For some reason it’s hard for me to connect with this company. They’re like the person who buys their way into the party. They have had an inordinate amount of hype despite the fact that so few people had used it. They must know the right people. I guess thats what 5 mil in VC money and brown nose will get you.

  • oncetherewasthisoldladywholivedinashow

    gravatarSep 20, 2007
    12:42 pm

    I’ve been waiting for a tool like this! Just like Gmail, it’s smart enough to categorize things for me. I gave up trying to use Quicken loooong ago because I could never keep up with the amount of constant and mostly pointless data entry it required.

  • Greg

    gravatarSep 20, 2007
    5:55 pm

    one question (i don’t live in the US) Is it possible to make money transfert from your bank website, using the login access mint is asking you to give? I think i’ll never give that kind of information to any third party company! I mean, they just need to be hacked one time, to see your bank account emptied no? Besides what will say your bank if this kind of stuff happen? I think no inssurance can cover that as there’re probably small lines somewhere that say “if you disclose your access code, you’re f##### we won’t give you anything back, you moron!”

    What do you think?

  • Warp

    gravatarSep 25, 2007
    10:37 am

    I haven’t registered with Mint just yet, but I have in the past registered with Wesabe. I’m surprised it has yet to be mentioned, and I wonder how they compare.

    I really enjoyed Wesabe, and felt secure in using it. I – however – did not automate any of the means by which my Wesabe account could be synched with my various banking accounts. This is perhaps why I: 1. Haven’t visited Wesabe lately and 2. Found updating everything to be tedious.

  • Philip Foeckler

    gravatarOct 3, 2007
    5:13 am

    I’ve been experimenting with mint for a while and must say that it is a very nicely designed web site with a fairly effortless and elegant user experience.

    However, I’m also troubled about the security of this service. Let’s keep in mind that you’re (theoretically) giving access to all your financial data to an untested newbie. Although most banks now have safe-guards in addition to passwords, this cannot be said for all of them. So, if your passwords ever get stolen and abused, you’re probably screwed.

    Certainly the promise of a money aggregator is very attractive but they need to offer more hooks to make their service useful. After all, a money aggregator is really only valuable when you have multiple account types and providers. I for one, would also appreciate inclusion of some German banks.

  • Alex

    gravatarOct 9, 2007
    10:07 am

    I gotta say Mint sucks… Yodlee is sooo much better. More accounts, faster synching, and Mint uses Yodlee in the background anyway. Yodlee is faster and can track frequent flyer and hotel points/miles too!

  • Sammy

    gravatarJun 5, 2008
    11:43 pm

    In some ways, it’s like an evil version of Clearcheckbook.com, haha. Does all the same things, but Mint forces you to give up your passwords and makes money by offering you allegedly better deals. Clearcheckbook relies on donations for money.

  • Michigan Lead Generation

    gravatarMay 4, 2009
    6:26 pm

    I have heard a lot of good things about Mint. However, I have to agree with the fraction that would not hand out their passwords. You never know how save it is or whether a “misstreated” employees gives out the data. So keep financial information to ourself.

  • veer

    gravatarAug 4, 2010
    4:19 pm

    This is why money management is so important. No matter what system you use, you will eventually have a losing streak. Even professional poker players who make their living through poker go through horrible losing streaks, and yet they still end up profitable.