Thursday, September 20, 2007

Minty fresh finances!

I have been playing with a new website the last couple of days that helps you manage your finances. It's, so far, looking really really good. I have been using Microsoft Money for quite a while now. But this site makes managing my money easier than MS Money.

After signing up, the first thing you will do is add your bank and credit card accounts. The site will then download transactions and other information every day. Once that is complete, it will show you things about your money that you probably didn't know before.

I know how much credit card debt I have, but to see it in one place is kind of shocking. It will show you the interest rate you are paying, and how it compares to other people. It will even show you how to save money, based on your spending habits. For instance, it saw that I had made gas purchases on a credit card. It offered another credit card that actually gives a 6% cash back option for gas purchases. And based on the gas purchases so far, I stand to save $147.00 a year. That is awesome! Once it has a couple of months worth of data, I imagine it will find other areas where I can save money.

The only down side I can see to this is the fact that you have to give it all of your username and passwords for each of your accounts. I checked out their security information and they seem to have everything in order there. So, I'm not too concerned, but it is still a risk that you are taking.

Mint.com has also won the TechCrunch40 Top Company award at the TechCrunch40 Conference this year. The site is free and easy to use. They just launched, and some aspects have been a little slow. So, if you want to give it a try, keep in mind that it's new. I have noticed speed improvments over the last couple of days, and I'm sure it will only get better.