Review: The Mint Manual – A Shortcut to Mastering and Saving Money with Mint.com

Amanda Abella — Mon, 17 Dec 2012 14:00:52 +0000

Although I am a total Mint fan girl I've been majorly slacking in that department. Actually, while I'm still sticking to my savings plan, and I've got my ImpulseSave up and running, it's safe to say I've been slacking in the money department period (thank you Holiday shopping). That's why I was ecstatic to stumble upon The Mint Manual by Tim Murphy.

(Tim Murphy may sound familiar to some of you guys. He's the genius behind ApplyMate, a free tool that helps you keep track of job applications. It's a very spiffy tool I'll definitely be using to make my next career moves.)

Most of you may already have Mint accounts, but do you really know how to use it? Like, do you know about all the cool features that are available to you like bill reminders, transaction categories and apps? Seriously, have you even taken the time to get into the nitty gritty of Mint?

Probably not. And if that's case don't worry, I hadn't either in the two years of having an account.

That's why The Mint Manual is so helpful. It teaches you the ins and outs of everything Mint - from the website to the mobile apps.

Below you'll find some of my favorite parts of the eguide:

Synchronization

While many big time banks offer online portfolios where you can sync all of your accounts, none of them are as fluid or as easy to use as Mint. (Believe me I ended up trying my hand at a couple with the bank switches earlier this year.)

The one thing that made me fall in love with Mint back in 2010 was the ability to see all of my accounts in one place. I’ve got my checking, savings, credit cards, Roth IRA, brokerage and so forth in one easy to use overview when I log in. For those of you have have student or car loans, you can add those in there as well.

This is really awesome because you’re probably using more than one institution for your financial stuff. For instance, I have my checking and savings with ING Direct but I have my Roth IRA with T. Rowe Price. Being able to see all of my accounts updated in one place is a huge time saver when I’m trying to figure out where I stand financially.

Granted, this is the easy part. All of the stuff Murphy talks about in his guide is what will really make your jaw drop at how amazing Mint really is as a financial tool. Below you’ll find some of my favorite parts of the guide that truly helped me organize and maintain my finances using Mint.

Upcoming Bills

While I was aware of this feature I never actually used it until I read The Mint Manual. Usually I’m pretty good about knowing when bills are due, but it’s nice to have an extra reminder.

In addition, Murphy brought up something I hadn’t even thought of:

“If you have your account set for ACH withdrawal (automatic bank deduction), an upcoming bill alert, can help prevent those automatic payments from overdrawing your account.”

Now that’s a way so save you from those nasty bank fees!

Murphy walks you through every step to setting up the bill reminders so that they are right for you. He even goes into tricks to keep in mind - like making sure to periodically sign into Mint in order to ensure that you actually keep receiving email reminders.

Categorization

I’m an organizational freak and as such I remember trying to categorize my Mint transactions nearly a year ago. It was kind of a tedious process so I completely gave up and forgot about it.

Thanks to Murphy’s manual I not only categorized ALL of my transactions, I also did it in a very time effective way. He goes into explicit detail on how to categorize, why you should categorize and how to save time doing it.

It’s a great way of seeing where your money goes on a daily, weekly and monthly basis. As such it’s stellar tool for creating budgets, seeing where you can make necessary spending cuts AND seeing how much you’re spending in bank fees.

It’s also a great way to see how much is money is actually coming in - for instance, I have separate sub categories for my regular paycheck, commissions or any freelance work. This is particularly handy for those of us who have fluctuation income because of commissions, bonuses or work we do on the side.

Favorite Tip: You can set “rules” for transactions so you don’t have to manually categorize reoccurring transactions. For instance, I set up a rule so that anything that says Walgreens, Navarro or CVS is categorized under Health > Pharmacy. Any transaction that says Prana Yoga is categorized under Yoga so I can track how much I spend on getting my “Om” on.

This was by far the most tedious task for me and was very grateful for The Mint Manual’s easy to follow break down of the process.

Budgets

Try as I may I’m pretty awful at sticking to a budget. I know how much my bills are going to be and I do manage to save half of what I make on most months, but I still end up spending more money than I would like.

By following Murphy’s guide I was able to create Mint budgets that worked for me. I was also able to organize them according to the necessary categories so Mint would be able to accurately track my budget.

Favorite Tip: There’s an "Everything Else" category under the Budgets section. This is all the stuff Mint wasn’t sure how to organize according to your budgets. Murphy’s guide walks you through how to set this up in a way that you can accurately see whether or not you’re sticking to your budget.

Investment Tracking

This is what truly makes Mint stand out from the crowd as other accounting software doesn’t even have this option. You can customize your investment performance based on how you want to view it and The Mint Manual teaches you how to do just that.

iPad App

Murphy walks you through the entire Mint iPad App so you get the most out of it. The Mint Manual shows you how to get all the information you’d get on the website by navigating through every detail of the App.

iPhone and Android App

The Mint Manual also goes into how to use the Mint App according to which phone you use. Additionally, it goes into the differences among all of the applications - whether it’s web, tablet or phone. It’s very handy when you’re checking your finances on the go.

Overall The Mint Manual is a fabulous tool for organizing and maintaining your finances with Mint. I suggest taking just one afternoon to sit with this manual and your Mint account. Since Mint is so great about recognizing and categorizing your patterns one afternoon is pretty much all you’ll need to customize it for your needs with The Mint Manual. Otherwise it may take you ages without this handy resource.

Best of all The Mint Manual basically pays for itself. At $29 just dodging one of those bank fees already covers the cost of this stellar financial resource.

Click on the banner below to purchase your own copy of this awesome resource! [affiliate link]

You can also spread the love with this Tweetable:

Just learned how to rock my finances with @Mint by using The Mint Manual! via @amandaabella @applymate Buffertweetable text

definitely looking up for the class of 2012 there's still something we all have to learn at some point - getting your money in shape. Yes, you're new job may soon be met with bills, student loans and financial obligations you probably didn't have before.

Fortunately, you won't have to learn things the hard way (like I and so many others have) thanks to this week's awesome guest post. It is my pleasure to welcome Deborah Devenney from Impulse Save - that snazzy Boston financial startup that's helping people save for the things they care about while adding some fun social media flair to your finances. Seriously, Impulse Save has already helped me save up over $200.00 for my upcoming trip to New York in the Fall! This week she discusses her 5 steps for getting your finances in order after college. Whether you're just out college, just received your graduate degree or still need a little nudge, this post will definitely point you in the right direction. Enjoy!

5 Steps to Getting Your Finances In Order After College

Dear Recent College Graduates Everywhere,

“Congratulations!
Today is your day.
You’re off to Great Places!
You’re off and away!”
-Dr. Seuss, Oh, the Places You’ll Go!

Oh Dr. Seuss, you are always so encouraging! And he’s right, you know: you’ve made quite a journey so far, and the road is really just beginning.

When I graduated college, I was so excited to no longer be a broke college student. I got a job - and a paycheck! I was no longer putting every penny I earned towards tuition and I felt like the richest girl in the world!

However, soon after I saw my first paycheck, it hit me: no, I was no longer a broke college student - but now I was a recent grad in debt. I had to figure how to control my finances, and fast!

I knew that it was important to get on the right financial foot early; setting good habits and controlling my spending and saving now would only make things easier as time went on. I’ve been out of college for six months now, and here are a few tips I’ve picked up along the way that I thought you might find helpful.

Below is a list of 5 things you need to get your finances in order after college.

1. A place to call home
You need a place to live. If you are moving home, how do your parents expect you to contribute to the home? Will you be paying rent, or helping out with chores and errands around the house? If you are starting out on your own or with some roommates, what do you need in your new place? What DIY projects can help you feel at home on a small budget? Do you have a long-term job that can allow you to sign a lease, or should you stick with a month-to-month rent?

Everyone is different, and it’s important to have a very honest conversation with the others in your home about expectations for everyone involved. I decided it was best for me to move back home after graduation because I graduated in December so it would be difficult to find a roommate at that time of year. Also, I’m going to grad school in August, so I wanted to save towards the next stage of my education. My parents are very gracious and not expecting me to pay rent while I am a student; however, I do help cook, clean, and drive my younger siblings to their activities in exchange for free food and housing. Not a bad trade-off!

2. A budget to track your paycheck
That first paycheck feels so good in your hand - but before you head to the mall, plan carefully because that little check has a lot to do! Make a spreadsheet in Excel or Google Docs to put a percentage of each check towards different needs. For me, I get paid as a freelancer, so I even had to put money aside for taxes at the end of the year. I put 20% of my check to taxes, 10% to tithe (I think it’s very important to give a portion of each paycheck away), 30% to student loans, and the rest gets broken down into savings and living expenses (including the cell phone bill and gas).

When I got my first paycheck, it looked like so much money, I was so excited! But then I entered the numbers in my budget and realized it wasn’t quite as much as I thought. That new smart phone I just HAD TO HAVE was not going to happen for a few months. So I set up a long-term goal and kept going!

3. Planning Ahead

Don’t let yourself be surprised by what life throws at you. You are smart, and there are many things you can prepare for far in advance! I know you have a lot to save for already, but don’t forget that every little bit counts and that once you have a good savings cushion, you can spend a little more and treat yourself down the road!

Start saving right away for an emergency fund - stocked with enough to keep you going to 3-6 months should your income change. Set up a Roth IRA or other retirement fund - check out this post by Stumble Forward that shows you how much more you’ll have by the time you retire if you start saving now! Start repaying student loans right away (even before graduation). Even though most loans give you a grace period for six months after graduation, start saving and repaying early to be ahead for years! Just make sure there is no penalty on your loans for repaying early.

4. Special Expenses
Everyone has a few special things that can really drain your account if you don’t take them into consideration when building your budget. Don’t forget about specific medical expenses (eye care, allergy medicine, doctor copays), a new wardrobe for work or relocation, gifts and details for all your friends’ weddings, or an impending car or computer replacement.

Some of my special expenses include: buying contact lenses and glasses, buying new clothes when I lost weight after graduation (mixed blessing, I suppose), replacing my dying computer, and trav

el expenses and gifts for the many festivities after graduation (weddings, parties, get-togethers). By starting to save as soon as I started to earn, I was able to handle these expenses as they came with no problem!

5. Side hustle
So you’ve gotten your dream job - or in most cases, something a little lower down the totem pole. And that’s great, but don’t stop there! These are very important years of your life, where there are so many decisions to be made and adventures to take. Be on the lookout for side jobs to help you get ahead on your bills, save up for a great adventure, or just splurge every once in a while on something for you. Side jobs are also a great way to meet more people, especially in a new area, and gain new skills.

I hope these tips for recent college graduates are helpful to you. Just remember to keep your chin up and that although you may feel like you’re living on nothing at the moment, you are able to plan for great things down the road! So enjoy the most frugal years because they are great years. Someday we’ll look back and say, “Wow, look what we did!”

Yours in frugality and positivity,

Deborah Devenney

Author Bio:
Deborah Devenney is an online community manager for the financial start-up ImpulseSave. ImpulseSave is a free online tool and saving community that allows users to set up savings goals and then turn their impulse buys into impulsesaves. She truly believes that the little things add up! Deborah recently graduated college with $21,000 in debt and after law school that number will only grow. However, she is confident that with planning, hard work, and a positive attitude, she can pay it off soon and still have fun in the meantime!

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Money is a bitch.

One minute it's all flowing nicely; you've got money in the bank, you're making extra money on the side and you got a bonus at your day job. You feel like you are on the right track.

The next minute you get your credit card bill in the mail, an unexpected expense came up, some automatic payment you forgot about caused you to overdraft, your bank is charging you 30 bucks for said overdraft and you haven't had time to make the side hustle work for you.

Believe me, it happens.

When things start to go awry in the money department we can get very stressed out very fast. Granted, some people are okay with being thousands of dollars in debt, others (like myself) cringe at having any sort of balance on the AmEx. But for the most part, money scares the shit out of people.

The truth of the matter is this: we have to remind ourselves that we are in control of our money before our money turns around and controls us.

Complaining about not being able to save? Cut back on the frappuccinos.

Saw some weird charge on your statement? Call your bank ASAP.

Wondering why the balance on your credit card never seems to go down? Try paying more than the minimum payment.

Granted, as someone who is trying to make a business profitable, investing in some hefty training and short on time for the side hustling these days - I understand that the money factor is more complicated than just saving a few bucks here and there; but we have to start with the basics before we dive into how much money we want to make and what our purpose for it is.

First we need to figure out our shit as it stands right now.

How much do you have coming in from your day job?

How much do you have coming in from a side hustle?

How much are each of your bills? Telephone? Rent? Car? Gas?

What are you putting on credit? (Break this one down into categories so you see exactly where your money is going)

How much do you have left over?

Then we need to look a bit at our money personality.

Are you spending money before you have it? (BIG ONE!)

Are you comfortable with debt or are you more risk averse?

Do you spend money on things you don't actually need?

Do you spend according to your emotions?

Do you make it a priority to save?

Simply take note of your behavior and then start to rework it to your ideal. For instance, if you've noted that you spend money before you have it, keep your credit card locked in a drawer. If you spend money on things you don't actually need, wait a few days before touching your new paycheck. If you're an emotional spender, take a step back and recalibrate before spending money. If you don't make it a priority to save, come up with a savings plan that works according to your budget.

At the end of the day our money doesn't have to be funny and we don't have be stuck in the cycle of make and spend. By reworking our financial habits we can cultivate wealth in a number of ways, and it all starts with baby steps.

For more money mojo subscribe to receive a free budget template or grab a copy of the first Grad Meets World Ebook!

Remember that time I said I was going to get an accountant?

Yeah, that didn't happen.

Don't get me wrong, it's not like I completely forgot about it or just decided to disregard the matter. It's more like I asked around and it led me pretty much no where.

Besides, I figured since I've actually been keeping an eye on my finances for a while now that it would be good to do my own taxes for once - you know, instead of having my dad do them for me.

So I rolled up my sleeves, made a very strong cup of coffee, sat down with my financial files (color coded of course), and revved up my copy of TurboTax. I'd always heard what a pain in the ass doing your taxes can be, but I was determined not to be defeated.

And you know what? It wasn't that bad. Not only did I manage to get a refund, I also had money left over in my Taxes 2011 savings account which allowed me to pay off my credit cards and put the rest into savings. All in about three hours. Not too shabby, eh?

So how did I manage to do this so painlessly and effortlessly? It was thanks to a mix of technology and good old fashioned organization and money management.

1. Get TurboTax

This was the first time I'd used TurboTax on my own. I'd watched my dad do it before so I figured it couldn't be that difficult, however it was still software that I wasn't all that familiar with so I was nervous I would screw something up.

Did I screw something up? Yes, I absolutely did - but Turbo Tax caught it and I was able to correct it. You know what else I love about TurboTax? It walks you through the whole process and asks you about everything - from your W2s and 1099s to the money you make on your side hustle. It also walks you through deductions so you get the most bang for your buck.

Seriously, even if you don't have to do too much come tax time it's a great way to learn about all this stuff.

2. Keep organized files all year around.

I had all of my finances from 2011 organized in colorful files. I have a folder for just about everything - retirement, investments, side hustle income, regular income, deductions, tax papers, and more.

Once a month I would just go through my statements, mark my deductions, and see how much money I'd brought in. This alone saved me hours worth of work when doing my taxes because I already knew where I could find the information I needed.

3. Have a separate savings account just for taxes.

Aside from keeping your files organized this is by far my favorite part! Make sure to always have a separate savings account just for taxes.

This is especially important if you have a side hustle! And even if you don't, you might end up owing Uncle Sam more than they already took out of your check, so it's better to be safe than sorry.

At the beginning of each year I open up a new savings account specifically for taxes. With each check I get - regardless of where it came from - I immediately put away 15% into that account. If I lived somewhere where state tax applies I would have to account for that as well.

The great thing about this method is that you'll be prepared for any surprises. As for all of you freelancers and solopreneurs, it ensures you won't have to scramble around for money when Uncle Sam comes to get his cut.

You know what else is great? Thanks to the deductions I can make as a freelancer I usually end up saving way more than I actually needed, that money then goes to paying off debt or straight into savings. There's nothing better than realizing you have extra money

4. Don't wait until the last minute!

I hate procrastinating. In fact, I'm quite thankful that the idea of procrastination stresses me out or else I'd never get anything done.

Taxes (and anything having to do with money, really) are kind of a big deal. The last thing you want to do is realize you have a shit ton of work to do on April 15th. I can't imagine that it's very fun. Besides, by starting early you have time to make sure everything is right - you'll also get your refund faster!

5. E-file your taxes.

By filing online you'll get immediate confirmations of when your taxes have been submitted and accepted by the IRS. No need to worry about the Post Office losing your taxes.

You'll also be able to deposit your refund straight into your account which is way faster than waiting for the IRS to cut you a check. You can also track your refund online so you'll know exactly when to expect it.

Overall, doing my taxes on my own wasn't as difficult or as complicated as I thought it was going to be. It was certainly less stressful than last year simply because I got organized with my money in 2011.

Thanks to TurboTax and my organized financial files I was able to breathe easy get through the whole process rather painlessly.

Are you doing your own taxes this year? What are some of your tips?

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Review: The Mint Manual – A Shortcut to Mastering and Saving Money with Mint.com