Save a Mint with Free Budgeting Software

Perhaps the most annoying thing about trying to make and keep a budget is the time and money it takes. The main point of a budget is to save money...saving a little time is also a nice thing. Who wants to go over excel spreadsheets all day? Okay, maybe some people like doing that, but for those of you who don't, I suggest you check out Mint.com to get your finances under control. I've been using Mint.com for over a year now and here's why I like it:

It's feature-rich, even if you're dirt poor

• It's Free. Just sign up, enter your information and you get all the functions of Mint's robust budgeting applications.
• It does (almost) all the work. Your initial visit represents the most work you will need to do. Simply enter your account numbers and Mint will keep track of all your expenditures. Each time you log in, Mint will automatically update your accounts: that includes your savings, checking, credit cards, loans, cd's, stocks...you get the point, all of your accounts.
• You won't get the runaround. With all of your accounts collected in one place, you no longer need to check multiple sites to get your balances. All your accounts in one place allows you to focus on your expenses, offering you a clearer picture of your finances.
• Budgeting tools are fun and easy to use. Besides a list view of all your transactions, which allows you to categorize each expense, Mint offers graphical representations of your spending habits, making it easy to zero in on each area of your budget. You can easily see what you spend on utilities, food, entertainment, etc. This is crucial in helping to identify ways to cut cost.
• A gentle nudge from Mint. Mint features email reminders to alert you to upcoming bills. This is especially handy if you don't use automatic withdrawal. Eliminating late fees has got to be one of the easiest ways to cut costs - Mint will email, or text you each time your important bills are due, so you can stop worrying about them.
• Helpful hints from Mint. Mint also identifies areas you can save by displaying savings, checking and credit card plans that offer more favorable interest rates and fees than your current plans. Again, you don't have to search, they are all posted to your mint.com page.
• Knowledge is power. Mint also has the power to balance the value of your assets against your obligations. Have you ever been able to tell, in 30 seconds, what your net worth is? I can.

How Mint Saved Me
I was recently laid-off for a period of three months. On my first day of being jobless, I went through every transaction for the previous three months and brainstormed over 30 ways to cut my expenses. By enacting these measures, I managed to weather the financial storm and my wife and I actually ended up BANKING MONEY during my three months of unemployment.

How do I know we banked money?
I was able to see what we spent and what we made using Mint's budget analysis graphs, and it only took a moment. Expenses can be separated by categories and time periods. I also used Mint's budgeting goals tools to set limits for key expense areas, such as food and entertainment.

Mint motivated me to be prepared.
Nearly a year before I was laid-off, I read an article about the necessity of an emergency fund: it protects you against job loss and unforeseen expenses. An emergency fund should cover 3-6 months of your salary, or, if you prefer, 3-6 months of your expenses. At that point, I had little knowledge of my financial health. After using Mint, I realized we barely had enough savings to cover one month of unemployment. It was eye-opening. Using Mint, I was able to track and motivate the establishment of my emergency fund - which was fully funded by the time of my unemployment. Ironically, Mint also negated the need for an emergency fund by allowing me to proactively cut costs during the coldest winter of the recession. We never dipped into our savings, but knowing the fund was there made life a lot easier.

Speak up Enderis. Do you have a budget? An emergency fund? What do you use to monitor your expenses and how do you like it? Have you had similar experience? I and your neighbors would like to know.