Business Traveler Toolkit – Mint

Simplifies tracking personal finances

When it comes to managing personal finances, most people have some “opportunity areas” they can address.
This generally stems from one of three reasons: 1) not enough time 2) too big of a hassle and 3) too complicated

Not Enough Time For Finances

Mint.com is an app that helps to address all three of these underlying issues. First, Mint is an app that consolidates all of your finances in a single place that can be accessed via mobile app or web interface, which puts the ability to monitor your finances at your fingertips no matter where you are.  If you’re pressed for time you can setup thresholds for spending vs. budget by categories such as groceries, restaurants, or utilities that trigger alerts sent to you through text and/or email. This allows you to review your finances on an exception basis instead of pouring through every expense you incur each month.

Managing Finances is a Hassle

Mint won’t magically make you love accounting and finances but it will ease some of the typical paint points people typically raise when describing the effort it takes to manage their money. Within mint, you can quickly change budgets, view trends, and re categorize transactions to name a few of the features. Claiming that the effort is such a massive undertaking is no longer an option. With a few swipes of your finger or a few key strokes you can completely revamp your whole monthly budget. Times have changed and you need to let go of preconceptions from when pen and paper were the latest technology.

Don’t Know What to Do

Other situations arise where people just don’t know what it means to manage finances. For example, I’ve met many young people who have yet to realize how undesirable carrying a credit card balance is. As another example, many people (myself) include are guilty of going with the same insurance provider just because that’s the one we’ve always had and we never considered changing. Some people do this because they are complacent and not prioritizing continuous search of something better and others because they don’t know any better. Mint addresses this by providing you suggestions when you are paying more than average for auto insurance for example. Information is pushed right to you to make decisions with you barely having to lift a finger. Not bad, right?

Oh, and it’s free.

 Any specific tips on Mint or similar apps that others are using out there? Let me know in the comments.