Mint.com is a great tool for not only consolidation of account information across multiple financial platforms, but also figuring out exactly where your money is being spend on a monthly basis. The following will summarize the Accounts section of the initial “Overview” page of the website, and how this page can be used as a snapshot of your financial situation at any given time.
First off, some people have had some concerns with the security of the website, as your bank credentials are needed in order for the website to access your information. As the website is run by Intuit, a very large and established publicly traded company that provides financial services to businesses, there is a vested interest in keeping the site safe and secure. This article breaks down the implications pretty well, but it is of my opinion that your information will be kept safe and secure.
When you log into the website, the default page that opens up will be the “Overview” page. On the left side of the page you will see the heading “Accounts”, with subheadings for cash, credit cards, loans, investments, and property. In this space, the accounts that are added to the website will show up and be automatically updated with up to date balance information. This is very useful in that it saves you the time of having to log into multiple bank and credit card websites to check balances, which can be very cumbersome. In addition, the log-in information only has to be updated when it is first added.
Overall, this single function of Mint can save you an exponential amount of time as you are able to quickly log onto the site and see where you stand with each of your accounts. By using this function, you can potential overdraft fees and structure your expenses accordingly based on the balance within each account.