Does anyone use Mint.com or similar?
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Thread: Does anyone use Mint.com or similar?

  1. #1
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    Does anyone use Mint.com or similar?

    In my ongoing process of learning about finances and managing my money, I'm looking into different ways of budgeting. I have an "ok" budget done up on a piece of paper, but if I can use technology to make tracking money easier and even automated it'd really help me narrow down spending leaks etc.

    Does anyone use Mint or another similar program? How do you find it to work with and did it help you? I'm a little leery of giving my info to a company other than the bank, but it seems that they're backed by Intuit which has a proven record of security. Any thoughts on that?


  2. #2
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    I am still using Quicken which used to be perfect for me. However with the sale of the product to a new company I am in the process of switching. The main reason is that Quicken now forces you to move to a subscription model; paying every year. If you don't buy in then you can no longer download transactions from banks and credit cards. Even worse, you can't even manually enter new transactions so your file becomes an historical reporting tool. I also believe they will now import all your data and maintain on the cloud (I want to keep control of it).

    I have been testing a product called Moneydance (weird name?) for the last two months and so far find it pretty good. There is a learning curve but it seems to do everything I used Quicken for and makes it relatively easy to import from Quicken. (Although I gave up on importing all previous years of data as this new tool does not handle historical currency conversions very well - works fine going forward though).

    They also offer a full refund, fully functioning product to test to see if it is right for you.

  3. #3
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    I use EveryDollar. Lets you track your expenses based on your created categories, if you have more than one person you share your finances with you can both share an account in the app. Let's you know how much you have left in your budget whenever you spent. Very clean, simple and easy to use.

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  5. #4
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    I used it for a couple of years, but it developed problems and it started duplicating all of my transactions. When I tried to delete the duplicates, it deleted the originals as well. That was a few years ago and that was the last time I used Mint.

  6. #5
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    I've been using Mint for a number of years now. Like you, I was very leery of handing over my info to all my banking and credit cards. But it's quite safe as there is no ability to manipulate anything only look. There is chat available if you want help with any features.

  7. #6
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    Using these services may violate your electronic service agreement with your bank. As far as I know, the banks state that you must NOT give your login information and password to anyone.

    My concern about using these services is that if you ever have an intrusion or theft, the bank may refuse to cover it because their systems know that Mint logins are happening - which means you broke the agreement with the bank.

    Banks spell out that they will refund any amounts stolen due to intrusions, as long as you have not shared your login credentials with anyone.

  8. #7
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    Quote Originally Posted by james4beach View Post
    Using these services may violate your electronic service agreement with your bank. As far as I know, the banks state that you must NOT give your login information and password to anyone.

    My concern about using these services is that if you ever have an intrusion or theft, the bank may refuse to cover it because their systems know that Mint logins are happening - which means you broke the agreement with the bank.

    Banks spell out that they will refund any amounts stolen due to intrusions, as long as you have not shared your login credentials with anyone.
    Good point. I didn't think of that.

    After looking a bit more at Mint, EveryDollar and one other similar to them whose name escapes me at the moment I've decided I won't be using them. The budget I did up on my computer spreadsheet program will fit my needs better I think without the risk of security breaches.

    Thanks for the replies!

  9. #8
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    Many banks will allow you to download transaction data in *.csv format from their online banking sites. I have an RBC account, download my data monthly, and dump it into the raw data tab of a spreadsheet where I can run pivot tables, etc. There's also software out there that will accept *.csv files such as YNAB (highly recommended on personal finance sites that attract a younger crowd ie reddit). It also accepts a couple quicken formats and a *.ofx format.

    Anyway - point is - you can automate your budgeting and tracking by downloading data through your bank's site and importing it into software/spreadsheets at regular intervals. Its not quite as slick as mint.com but it doesn't violate your TOS.
    Last edited by Jerm; 2017-05-15 at 11:06 PM.

  10. #9
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    For all I know, maybe the banks are happy that you're using Mint... it might reduce their potential liability because they don't have to protect you in case of fraud/theft

    Exporting the transactions yourself sounds like a much safer idea, though obviously not as convenient.

  11. #10
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    Quote Originally Posted by james4beach View Post
    Using these services may violate your electronic service agreement with your bank. As far as I know, the banks state that you must NOT give your login information and password to anyone.

    My concern about using these services is that if you ever have an intrusion or theft, the bank may refuse to cover it because their systems know that Mint logins are happening - which means you broke the agreement with the bank.

    Banks spell out that they will refund any amounts stolen due to intrusions, as long as you have not shared your login credentials with anyone.
    You are 100% correct. I was curious about mint a couple years ago and called my bank to ask, and they said using mint would break my terms of service with them. So, Quicken 2007 it is... still...


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