Recently, while attempting to tackle a vast amount of credit card debt, I came across the much-needed concept of Budgeting. Budgeting is an unusual verb that is not often used in this generation, I too was a little lost. Especially after spending way too much last year on bars, food, beer, lunch, dating and anything else that drains your wallet. I felt like I hit rock bottom financially. I realized I had spent way too much money on too many perishable goods and services. This was a sign I needed to take better control of my financial habits soon or else this terrible pattern was bound to continue.
When it comes down to it budgeting means control, and control is a product of knowledge. Back when I was spending too much, I was lacking knowledge. Financial knowledge about where I was and what I was doing with my money. That was my biggest problem. I wasn’t thinking about how all of my expenditures were adding up. I would always think I had more money in my account than what was actually there, forgetting about the small things that I had bought for lunch or at the stores after work. Note: Small amounts add up the quickest! So after my card declined a few times I finally forced myself to take control. My first attempt to regain control was an approach any millennial would do in this day—turn to technology. Technology in the form of Mint.com
Mint.com is a budgeting website and application that you can easily download onto your phone, laptop, or other smart devices for free! Mint.com provides personal budgeting tools that allow users (your futures selves) to add all of your financial accounts and display all of your balances simultaneously. This is done in a similar way to an instantaneous balance sheet showing your personal assets and liabilities. I was able to add all of my loans (school and car), bank accounts (checking and savings), credit cards, 401K, and even my brokerage account on Mint.com. At any given time you can view your exact net-worth down to the penny. With Mint.com I am able to see my balances and account activity anywhere I go. This application provides an accessible display of my spending habits in the form of helpful visualizations.
The best part about this service is the categorization tool and the budget planning aspects. Within the site I am able to see all of the purchases that I make on my various credit cards and withdrawals from my accounts in real time. I also have the ability to put these purchases into specific categories to see where my money is going every month. Using these categories I am able to customize personal budget plans. I therefore am able to manage the amount of money I am going to spend on certain necessities such as alcohol, fast food, work lunch, breakfast etc. Mint.com service will even send my cell phone alerts when I am spending too much or have gone over my set budget. These budget limits also tell me if I am saving the appropriate amount so that I am able to pay my loans and credit card bills on time.
This service helped me tremendously with my spending habits and keeping my debt under control. I highly recommend this service to anyone and everyone who wants to be proactive about their financial budgets! See Mint.com for more information and remember, knowledge is power when it comes to taking control of your finances.
Below are some relevant screenshots of Mint.com.