Mint.com

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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raamakoti
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Joined: Mon Jul 31, 2017 10:20 am

Mint.com

Post by raamakoti » Thu Jan 10, 2019 5:45 am

I have been using mint.com for a decade, personally it helped me a lot to develop the discipline i needed to be more methodical. Now a days I get only useless alerts. Its budgeting and trend features are becoming painful to navigate, old closed accounts are piling up.
Has anyone felt the need to delete and wipe all financial data for a decade and then either start over or completely shut it down. Once something becomes a habit then nudging is not much of a help.
Except mortgage we are debt free and we max our 401k savings etc. Pay off credit cards every month and rake in decent cash back per year.
Appreciate your help.

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Alexa9
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Re: Mint.com

Post by Alexa9 » Thu Jan 10, 2019 6:53 am

I only have a couple credit cards now so I just use the bank site/app to monitor transactions. Mint got to be annoying like you said.

DaftInvestor
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Re: Mint.com

Post by DaftInvestor » Thu Jan 10, 2019 12:04 pm

How is it helping you?

I used Quicken for decades - decided I no longer needed to track the detail nor have all the history so moved to Mint. After a year in Mint I decided I didn't need it either. If you have good saving and spending discipline why track every penny? These programs were good for me when money was very tight - had a family with single income and wanted to make sure all needs were met and we weren't wasteful anywhere - but after a decade - you have probably become disciplined enough not to need it as well.

TheOscarGuy
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Re: Mint.com

Post by TheOscarGuy » Thu Jan 10, 2019 1:17 pm

raamakoti wrote:
Thu Jan 10, 2019 5:45 am
I have been using mint.com for a decade, personally it helped me a lot to develop the discipline i needed to be more methodical. Now a days I get only useless alerts. Its budgeting and trend features are becoming painful to navigate, old closed accounts are piling up.
Has anyone felt the need to delete and wipe all financial data for a decade and then either start over or completely shut it down. Once something becomes a habit then nudging is not much of a help.
Except mortgage we are debt free and we max our 401k savings etc. Pay off credit cards every month and rake in decent cash back per year.
Appreciate your help.
I dont have anything linked up. I track variable expenses manually (through mint), and analyze constant expenses periodically (outside of mint). I do get weekly alerts from them on weekly summary, but that is it.
Maybe you need a similar strategy, rather than linking everything to mint? I feel it is unnecessary for me to track *everything*.

Admiral
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Re: Mint.com

Post by Admiral » Thu Jan 10, 2019 1:22 pm

I know people like Mint and Personal Capital but I would never (and don't ever) give the passwords to my financial life to Mint or any other third party site. I think it's a risk not worth taking. If you're doing everything manually anyway then why use it?

For me, the time spent doing things manually is the tradeoff for added security. Using Excel is not the difficult. Plus who needs their salespeople trying to sell you something?

YMMV.

2015
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Re: Mint.com

Post by 2015 » Thu Jan 10, 2019 1:40 pm

I never release my data beyond my personal device. I have however eradicated all information related to tracking financials before 2015 as that was the year I retired and data before that time no longer adds value. The decision to update and/or replace all of my mental software at that time also factored into the decision. This project is ongoing.

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Ketawa
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Re: Mint.com

Post by Ketawa » Thu Jan 10, 2019 2:04 pm

I mainly use it to be aware of spending and transactions across all my accounts. I'd rather log into Mint once every few days than review the activity of the ~6 credit cards I have in use or try to remember purchases when I receive a statement. It's also helpful for the occasional time I need to locate the account I used to purchase something or to look up something else historical, since you can search across all accounts by the amount of the transaction.

I don't really have a need for the budget features. Sometimes I find the trend features interesting.

kmurp
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Joined: Fri Jun 01, 2007 1:53 pm

Re: Mint.com

Post by kmurp » Thu Jan 10, 2019 2:51 pm

I’m using it to track actual expenses as I near retirement. I then use the expenses per category to plug into the excellent Fidelity retirement calculator. It’s brought things into focus and I’m going to continue thru 2019.

Tal-
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Joined: Fri Apr 22, 2016 10:41 pm

Re: Mint.com

Post by Tal- » Thu Jan 10, 2019 3:42 pm

We love Mint, and I've also used it for close to a decade. A few thoughts:

I long-ago moved my tracking-over-time outside of Mint. Mint is pretty good at giving a snapshot and tracking short-term trends (a few months), but is awful at tracking long-term periods. I now have a simple Word/Excel file that I use to track important things, like net worth changes over time.

You should turn off notifications. I don't get any notifications at all anymore.

I now purge closed accounts (again, because I don't track the history within Mint).

I find the budgeting system somewhat helpful. Tracking overall income/expenses is pretty easy, but I've stopped trying to map every dime to the correct category. This means that the summary of my overall spending is pretty accurate, but that the summary of how I spent that money isn't very accurate. This works for me as we don't follow a strict budget, but try and stay mindful of overall spending. Note that YNAB had gotten great praise if you want something better at budgeting.

I still have issues connecting (or keeping connected) several accounts, and have developed manual work-arounds for those. It's not ideal, but I don't spend more than 15 minutes per month per quarter on this, so I can't complain too much.

In short, I had hoped Mint would be the one-stop-shop for all things financial, and it never got close for me. Still, it provides me great value, and I'm a big fan.
Debt is to personal finance as a knife is to cooking.

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abuss368
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Re: Mint.com

Post by abuss368 » Thu Jan 10, 2019 9:57 pm

I never used Mint but looked into it. I would not provide the passwords to any financial websites. In my opinion that is too high of a risk.

I used Quicken for 10 years but stopped using it a decade ago. I simply did not see the point any longer. Vanguard's website and statements provide all the information we need.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!"

fujiters
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Re: Mint.com

Post by fujiters » Fri Jan 11, 2019 1:43 am

Admiral wrote:
Thu Jan 10, 2019 1:22 pm
I know people like Mint and Personal Capital but I would never (and don't ever) give the passwords to my financial life to Mint or any other third party site. I think it's a risk not worth taking. If you're doing everything manually anyway then why use it?

For me, the time spent doing things manually is the tradeoff for added security. Using Excel is not the difficult. Plus who needs their salespeople trying to sell you something?

YMMV.
I use Mint, but only allow it access to credit card accounts. I figure there's limited risk since in the worst case, someone would be able to do something like add an authorized user card and start making purchases. Since I check Mint daily, I'd see such purchases immediately and contact the card issuer to resolve.

I really like having all my credit transactions in a single place without additional work on my part. Watching monthly spending trends helps me keep lifestyle inflation in check.

I'm with you on brokerage accounts and the like. Too much downside and not enough upside in linking those to Mint.
“The purpose of the margin of safety is to render the forecast unnecessary.” -Benjamin Graham

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pondering
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Re: Mint.com

Post by pondering » Sat Jun 08, 2019 3:07 pm

Is there an item that compares Mint to other solutions like Honeyfi or should I start one?
--Robert Sterbal | 412-977-3526 call/text, I find speech easier than writing

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