ExpenseMatters : The Source for Expense Management

A mobile app that will manage your money like big business

By on May 11, 2015 in Expense, General, Mobile, Travel with 0 Comments

Corporations pay BIG bucks into finding the right spend management solutions because tracking where the money is going and staying up to date about financial fluctuations can mean the difference between getting on the Fortune 500 list and a government bailout.

So if companies are willing to invest in their financial management to keep themselves afloat and profitable why don’t Americans invest in themselves for the same end game? 35% of Americans are in debt and that statistic is based off the people that have been sent to collection agencies. That statistic should give everyone a shiver down their back because even if you’re not in debt right now, that is a huge percentage of population to keep out of. In addition, an employee who takes care of their finances at home are much more likely to take better care of corporate finances.

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Of the hundreds of finance apps which one are we talking about?
Mint: Money Manager, Budget & Personal Finance (Mint) is allowing not just American’s but anyone with a mobile Apple device to invest in themselves for free – $0. Mint is a personal finance manager. It does all the basics of cost management but on a smaller scale because individuals are, essentially, their own smaller companies. People have incomes gained by their product and operational costs to manage. In the rush of life (going to work, paying for living necessities, raising a family) those “companies” lose track of where all that income is going but Mint keeps track of it all just as any big company’s expense management software would do.

What’s the first step with the app?
Mint allows its users to sync all their credit cards, bank accounts, loans and any other assets. Your bank account is recognized as cash because that’s what you have physically in spendable assets, you can take it out and use it as you want. Credit cards and loans that you attach are displayed as a negative and will reflect on your net income graph along with any investments or properties you connect.

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The details of these accounts are displayed in easy to read graphs at the top of the home screen. You will receive a monthly pie graph of spending by category, a spending over time bar graph of multiple months and a net income graph which for many of us can be a scary one to look at. All these graphs can be opened into a detailed transaction report and if any charges are mislabeled they can manually be switched into a different category.

 

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“It’s not in the budget”…
I’m sure if you’ve worked anywhere, ever, you’ve heard “its not in the budget”, it might be the most annoying phrase but it has a precedence. Companies, like people, can’t just go spending dollars on what ever they would like – unfortunately that copier machine that keeps jamming stays until extra funds become available or another cost is sacrificed. Mint helps you set up your own budget. You can put caps on how much money you want to spend on restaurants, coffee shops, clothing and anything else you can think of. The budget page is an easy glance to find out where you are for the month. The green horizontal bar shows what you’ve spent so far and the vertical line down the page shows how far along in the month you are. Those two features can give you an idea of whether you need to slow your spending down or if you’re under budget. Mint will even send you reminders via email when you are close to reaching your budget or have surpassed it.

Better money management at home leads to better employees at work
It’s time we start investing in ourselves to run our lives as if we were all Fortune 500 companies because we are just as – if not more- important than the conglomerate companies. We invest, manage and run those companies so why not take care of our finances as much as we’re taking care of theirs. Mint is paving the way for that by offering us a chance for free.

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