Step One: Set up your Mint account

by ExcelJockeys on February 21, 2012

Before we give you any financial advice, the best thing you can do for yourself is to get organized. This means coming up with a system to track everything that comes in and goes out of your possession. The best way to do this is to open up a Mint.com account. Once you open your account, you must enter in all of your account information which should take about 5-15 minutes, depending how many accounts you have. This includes: credit cards, investment accounts, checking, savings, loans, real estate and vehicles etc.

Once a week (you can change the frequency), Mint.com will send you an email with all of the money you made and spent. Just looking at these numbers can give you a good idea of where you are spending too much and where you are not spending enough. That’s right, there are times when it is imperative to spend! More on this in a later post…

Mint.com has 256-bit encryption which is the industry standard among online banking websites. One of our Jockeys suggests not to enter in all accounts that you have. For example, if you have a 401(k) or other retirement account, you may not care about the weekly adjustments that happen. Additionally, Mint will display some offers to consider such as credit cards or checking accounts. Just wait for the Excel Jockeys post on credit cards before doing anything!

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