Budget Tools
Recently, I was asked how Galen and I keep track of our finances. Here is a little overview on some great tools to help you mange your money with more intention in 2015.
Mint
Galen and I use mint.com to stay on top of our finances. The best part of this website is its ability to link your accounts from checking and savings, to your mortgage and investments. Mint.com shows all your expenses in real time. I love that Galen and I both have access to this info on our phones and can check it no matter where we travel. Mint.com allows you to set up your monthly budget and it will keep track of your progress. I like that you can set up email reminders when bills are due, low balance alerts, and unusual spending. In the beginning many purchases show as uncategorized. Make sure you take a couple of minutes each week to update expenses to show the correct category. It doesn’t take long to switch the category and I have found mint.com is the easiest and quickest way to keep track of where our money is going. Another feature I like is the option to link our investment accounts and the ability to keep track of our saving goals. The main downfall is, that since the site is free to use, you will see a number of ads. I ignore all the ads and have turned off notifications so I don’t have to contend with ads in my email inbox. The key to success with mint.com is to keep your categories simple. For example instead of listing each vehicle you own just use transportation for all your auto expenses. We use the following categories: Giving, Saving, Home, Utilities, Transportation, Restaurants, Groceries, Clothing, Entertainment, Medical, Insurance, and Personal. You may have more or less, just find something that works for you and your family.