App Review: Mint

I have been using the Mint app and Mint.com website for probably about 4 months now. I love having this app on my phone because it allows me to easily keep up with my finances. It can even alert you when bills are due or if an odd transaction has occurred - large deposit or withdrawal, etc. I will step through some of the features of the app/website, noting my likes and dislikes. FYI: I am using the Android app so it may be slightly different if you have an iPhone.

Linking of cards/accounts: Mint allows for easy linking of all of your accounts including credit cards, debit cards, checking accounts, investment accounts, loan accounts, etc. I love the security with this app. It is powered by Intuit, and I feel safe giving my information to them. If you are not comfortable with this, this app will not be nearly as useful for you. It pulls in real time data from all of your accounts so you can view it in one place. This makes life easier because you do not have to log into multiple accounts to view your finances. You can set a passcode so if someone gets access to your phone, they cannot see your financial information.

Investment accounts: You can keep track of your investment accounts such as 401Ks and mutual fund on the mint app. I like this feature but it is pretty limited on what it can show you. For my account, it only shows me the contributions I made and the total value of the account but does not show gains and losses. I wish it showed this, but for a quick view of my investment it works okay, especially since I can get the more detailed information from the actual investment site.

Budgeting tool: I used this tool for a little bit but have not been using it regularly lately. It is a neat feature that allows you to input an amount you want to spend in various categories: auto, utilities, fast food, groceries, etc. You can add your own categories as well, so there are a lot of options here. Mint will alert you when you are nearing your allowed spending in each category. This is a great feature if you are trying to set boundaries for yourself. You can also dictate if your budget can rollover to the next month in each category. For example, if you want to spend $100 each month on entertainment but in August you only spent $90, $10 will rollover to September, and your budget for September will be $110. You can opt out of this feature as well (I believe you have to be on the website to access this feature). The only thing I do not like about this feature is that you have to wait until the current month to do a budget for that month. This limits you budgeting ahead for the next month. 

Goals: You can set goals on the website as well, but I do not think you can do this in the app. For example, if you want to save for an $8,000 car, you can put in a goal to save $1,000 a month for 8 months, and Mint will track your progress.  You have to have a separate account for this goal though like a separate savings account, so I have not used this feature to the full extent yet.

Charts: I love the charts Mint provides. I will first mention the charts and information available in the app, as it is limited compared to the website. You can view a pie chart of your expenses for the current month only (which is a bit annoying). The pie chart breaks expenses up into categories. For example, it will show that you spent $50 on fast food in August. You can then click into the category and view individual transactions: $15 at Wendy's day 1, $10 at Taco Bell, $20 at Pizza Hut, $5 at Wendy's day 2. This shows you a graphic to see how large a piece of your pie is going into each category. You can quickly that you are spending a large percentage on restaurants for example.

The spending chart shows spending month to month, and you can view individual transactions as well. This is nice because it combines all of your accounts into one space so you can see your expenses across multiple credit cards or accounts. I personally like the net income chart because it shows month over month how much you are putting away into savings. It shows net income=income-expenses.

Cash Flow: This features allows you to see total expenses broken out by Merchant or Category. Here you can also click in to see individual expenses at each merchant or in each category. 

Now for the extra charts provided on the website. Here you can view your trends for spending, income, net income, assets, debts, and net worth over time. You can look at the current month, the last 3 months, the last year, etc. You can alternate between a bar chart or pie chart on the website for different visuals. The information in the app is great for a quick view, but you can access a lot more information on the website if you really want to dig into your finances. You can even export a CSV file. I look at this every once in awhile but use the app on a daily basis.

Overall, I love the features provided by Mint. I wish the app had a better way to look at investment accounts, but it works for a quick view. You cannot access the pie chart for previous months from the app, but you can look at what you spent for previous months. I wish the budgeting took allowed you to forecast expenses for coming months on the app and website.

You should try it for yourself, and let me know your opinion in the comments.

OH, did I mention it's FREE?

Coupons!

Couponing is a great way to save money. Whether you choose to use few coupons or many, you will save money. I am not a couponer, but I do like to save money using coupons during my regular grocery shopping trips.

I recommend this blog for learning how to coupon and finding great deals. She posts daily with great money-saving ideas!

Faithful Saver

Go there now and start saving!

Credit Cards

Almost everyone has credit cards, but almost no one is responsible enough to have one. I personally believe it is okay to a have a credit card if you have enough self control with it. My husband and I use our credit cards like debit cards and pay off the balance at the end of the month. This allows us to avoid ever paying interest on the card. We never put more on the card than we have in savings - or even close to what we have in savings for that matter. Then why even use a credit card you ask? Well, the main reason we use a credit card instead of a debit card is because of the bonus cash back points. We get 1% cash back on everything and 2-5% on various items through the year such as gas, restaurants, department stores, etc. We also enjoy the protection the bank puts on credit card accounts. When someone uses the credit card number without authorization, we are not liable for any of the charges.

Here are a couple things to watch for when picking a credit card:

Make sure there are no annual fees - Our goal when having a card is to never pay the credit card company anything because well, we are cheap. Our credit cards have no annual fees and we never pay interest, so they never get any money from us. But, they do give us money.

Make sure the credit card offers at least some cash back bonus. We use our cards strategically. If we get 5% back on gas that quarter on one card but not the other, we make sure to use that card for gas. If the other has 2% back on restaurants vs. 1%, we will use the one with 2% back. 

Now, when you decide to cash out for bonuses, this is where the credit card companies can get you. We always opt for the CASH back and transfer it directly to our bank account. You can even apply it directly to your credit card balance. If you get a gift card or item with it, then you really didn't get cash back for your purchases. Plus, if you use your points for a gift card, you won't get a percentage back on the purchases at that store when using the gift card. 

Be careful that you are not using the cash back irresponsibly. Just because you get 5% at restaurants this month doesn't mean you should go out to eat every night. We buy everything like we normally would if that item was not a cash back special. For example, we don't drive more in the month when we get 5% back on gas vs. a month we would only get 1%.

You might call this cheating the system, but we just like to call it taking advantage of the situation. ;) If everyone used their credit cards like this, the credit card companies wouldn't make very much money.

The bottom line is, if you can use your credit card just like you would a debit card and never charge more than you have, I believe it is okay to have one. If you are an impulse buyer and tend to spend more when using a credit card, stay away from them!!!

I repeat, NEVER PAY INTEREST. Pay off your balance each month. You will waste so much money on interest if you only pay the amount you have to pay (the statement balance). Credit cards have really high interest rates, and this is how the companies make their money.

Disagree? Agree? Let me know in the comments.

Pets

People love their pets and love to spoil them, but the essentials for pets do not cost a fortune if you know where to buy. I have cats so some of this may be geared toward cats, but much of it will apply to dogs and cats alike.

1. Food - We personally buy cat food from Costco. We get a 25 lb bag for $17.99 of dry food! I am not sure how much dog food runs, but I bet it is a great deal as well. My vet said Kirkland cat food is comparable to other top name brands, and my cats love it! For 30 lbs of cheap Meow Mix, you will pay  $21.78 at Walmart (or $18.15 for 25 lbs which is almost the same price as Kirkland but not as good of quality).

2. Cat litter - Cat litter at Costco is also a great value and great quality as well. It runs $8.79 for 35 lbs of litter! Compared to the price at stores like Walmart, that is great! At Walmart, you can get 38 lbs of Fresh Step for $15.97 (equivalent to $14.70 for 35 lbs) or 20 lbs of Tidy Cat for $6.98 (would run you $12.22 for 35 lbs).

3. Routine vaccinations - We have taken our cats to Texas Coalition for Animal Protection (TCAP) for affordable vaccinations. They do a great job, and you just can't beat the price. You do not need to be low income or a specific city resident to qualify. You will not have to pay for an office visit - just the price listed. For example, a rabies shot will cost $5 for a cat or a dog. If you do not live in Texas, I am sure you can find a similar organization nearby.

4. Spays and Neuters - I also recommend Texas Animal Coalition or a similar organization for this as well. It is VERY important to spay and neuter. :) I have provided the prices for spays and neuters below or you can click the link for more details. This procedure will probably run you $100-$200 at a regular animal clinic.

Cats: Female - $45; Male - $35
Dogs: Under 50 lbs. - $55; 50-80 lbs. - $65

5. Initial purchase of a pet - I can get a little passionate in this area, but I do not understand buying from breeders. I will not go into it much, but beyond the obvious financial standpoint, when you adopt, you save a life. My local animal shelter has an adoption fee of $55 for cats and $85 for dogs. This includes vaccinations, spay or neuter, and a microchip! I got one of my cats for $30 when they were running a summer special. ;)

These are just a few ways I save on regular items for my kitties. Of course I added some pictures of my cats for your enjoyment.

 Lily

 Pixie

Have a sale!

If you are looking for a way to save up some money, selling some of your stuff that you no longer use may help you get started on your savings. Even after being married for almost 2 years, I still have a ton of stuff sitting at my parents' house collecting dust. So recently I have started to go through it all and list some items for sale. I cannot currently do a garage sale so I list online.

I started by listing items on "online garage sales" on Facebook. These are great because you can find a group for your specific area and do not have to drive far to meet people. I have had success on these websites. A couple days ago, I found another place to list items called OfferUp. There is an app that is really simple to work, and I think the alerts the app sends are superior to Facebook. I have already sold a couple of items. :)

Cell Phone Bills

Everyone hates getting the cell phone bill each month because it always seems like so much money for what you get. I will share what type of plan we use because I believe it is a great value.

We have T-mobile with three lines and get unlimited talk and text and 1GB of data each - all for $115 after taxes and fees. Before my husband and I got married, I had AT&T with my parents. I was hesitant to switch to T-mobile because AT&T always seems to have great service, and I had not heard the same about T-mobile. I am happy to say that the service with T-mobile has been fantastic. So if you are thinking about switching, go for it. They will even pay your cancellation fee to your current provider.

Another way to cut your bills besides switching to a less expensive carrier is how you choose to purchase your device. It is cheaper to buy a cell phone off contract. Companies like to get you with the "get a new phone for $1!" scheme. Well, they build payments into your bill from then on and you are tied down with a contract. My husband and I personally use the Nexus 4 phone from Google. I got mine brand new for $200 and it is working great after a year.

Don't forget that many employers offer employee cell phone discounts. Check with your employer to see if you have anything like that with your company. Usually, this will provide a percentage off of your total bill - for example, 10% off.

Here are a few extra tips:

1. Don't purchase more data than you need. It costs more for more data. If you never use it all, consider reducing your data package.

2. To get a better deal on a phone off contract, buy it when a new version of the phone comes out. My husband bought his Nexus 4 in July 2013. a couple weeks later the Nexus 5 came out and the price dropped to $200. Great buy for us! Right now, you can grab the Nexus 5 for $349. Not bad for a high end cell phone. I am sure you can find something in your price range if you shop around. You can even try craigslist or some type of resale website.

I hope these ideas help!

Entertainment

This is an area that a lot of people do not want to cut out, which is understandable. My suggestion is that you decide the amount of money you want to spend on entertainment each month and stick to it. The bottom line is not spending more than you want to. For example, if you or you and your spouse decide that $100 is how much you want to spend on entertainment, then don't go over that amount. If you have already spent $90, you do not have enough to spend $20 to go out to a movie. Here is a list of ways we save:

1. Cable - We have opted not to buy a cable package. You might say, wow what would I do without cable? Well, instead of spending over $100 every month on a bunch of channels you never watch, how able spending less for a streaming service. We personally use Netflix and Amazon Instant Video. We always have plenty to watch, and you cannot beat the price. Amazon Prime also comes with eBooks (one a month), music streaming, and free 2-day shipping. Now you just can't get much better than that. You can get some candy and popcorn and pick a movie on Netflix to watch. Movie theatres usually charge around $12 a ticket so you can save a lot here. Redbox is also a great option to see newer movies.
2. Restaurants - Okay right now you should look at your spending over the last month and see how much money went to eating out. We limit our meals out and try to cook in most of the time. You can eat in for a lot cheaper than going to a restaurant- everyone knows that. It all just comes down to convenience.  A restaurant may seem faster or easier but staying in and cooking will pay off quickly if you are trying to save. You can cook a meal and have friends over as well.

I will add more later on this. ;)

About Me

Hi all. I am experimenting with blogging and thought I could offer some advice on how to save money. Currently, my husband and I are saving for our first home and live very frugally. I will share tips that we discover along the way and things we have already learned. I can offer ideas on where to cut corners with your spending. Thanks for visiting!