Create a budget in Mint | Chapter 5: Setting Mint Budget

There are several ways you can create a budget, but one of the most efficient and convenient ways is with Mint. With Mint, you can say goodbye to tedious spreadsheets forever and create a budget with our easy-to-use app. Our budgeting app can help you track your cost of living so you can stay on top of your financial goals.

In this series, we’ll discuss the different aspects of budgeting that you should be aware of. In the previous chapter, we discussed important things like what a personal budget is and what things to include, so now it’s time to take that information and see how to create a budget on Mint.

In this chapter, we’ll go over how to budget in the Mint app or our website, why you should use Mint to budget, who can benefit from using Mint, and more. Read the chapter to learn more about creating a budget on Mint and how it can help you keep your finances in check. Otherwise, you can use the links below to jump to a section of your choice.

Create a budget on Mint.com

Ready to budget? Coin makes it easy for you!

So you’ve finally decided to take some very wise financial advice and are ready to make a budget. That’s a great first step to financial peace of mind. Luckily, Mint makes it really easy for you to budget online and we’re here to help you learn how to budget on Mint.

Here are the steps to follow to create a budget on Mint.com:

First click on the following link: http://mint.com Once you are on the Mint homepage, you will see a button at the bottom of the page that reads: “Free! Get started”. Click on that button. You should now be on a page asking you to create a new account. It is assumed that you do not have an account at this point, so you will need to create one Fortunately, the process is simple, just enter your email (twice, to make sure we got it right), your country, your zip code, and your password (twice, to make sure we get it right). we’re okay with that too). Feel free to read the terms of use and check the box that you agree to those terms, then click the button at the bottom that says ‘Sign Up’.

You can also watch this video to see how fast it is to set up and use your Mint account.

Getting started on a budget is easy with Mint!

After logging in, you will see a screen that says ‘View all your accounts in one place. Start with your bank or credit card” at the top. Here you have the option to search for your bank or select one from the list of icons below. Type in the first few letters of your bank’s name and click on the magnifying glass. You should see a list of banks that match your search. Click on your bank name.

Now you will be asked to login to your bank. Remember that Mint uses the same level of security already used by the banks, so you can rest assured that your access is completely secure. Simply enter your username and password that you use to regularly log into your online bank account. It may take a few minutes to connect to your bank because the technical “handshake” occurs. While you wait for that to happen, feel free to add another bank. You can also add credit cards and mortgage accounts. All this will be necessary to arrive at an accurate budget. When you are done connecting to your financial institutions, you can click the “Close” button at the bottom right to continue. After you have clicked on the “Close” button, you will arrive at another screen where you will get an excellent overview of your financial situation. Scroll down a bit and look to the right. You will see a section called ‘Budget’. This is a recommended budget for you, based on your current expenses and income. Scroll back up and click on the “Budgets” menu item at the top. Now you should be on a screen that says “Get your money in order with budgets” towards the top. Scroll down a bit and you’ll see your suggested budget.

The first item in your suggested budget is likely to be ‘Automotive & Transport: Gas & Fuel’ with a recommended monthly amount. You may want to increase or decrease that amount. If so, place your mouse cursor over the item and click the “Edit Details” link.

A pop-up window with the suggested monthly fuel costs will appear at the bottom of that window. Adjust that number up or down as desired. Click “Save” at the bottom right of the popup.

Also, scroll down a bit and you’ll see a budget item labeled “Everything else”. Click on that and see how your expenses are categorized. Your expenses include things like how much you spend on rent, groceries, and other basic necessities. You can also use Mint to determine your rental budget so that you can get an idea of how much rent you can realistically afford.

If any of your expenses are not categorized the way you want, just click on the category name and another window that looks like a transaction book will appear. Under the column “Category” you can can just type the name of the category that you want to specify for each transaction. Mint remembers that category when you make a purchase at that location.

To specify a budget constraint for an expense that is not already listed, click the “Create a budget” button on the “Budgets” screen. There you’ll see the exact same screen you used in #11 to adjust your fuel budget. Go ahead and select a category and enter a monthly budget for that category. Mint will let you know every month if you are going over that budget.

And that’s how you make a budget in Mint, that seems easy enough, right?

Why should you use coin for your budget?

There are many reasons why you should use Mint as your budget tool:

Easy to use: Mint’s budgeting app is easy to use and quick to master. You don’t have to spend hours figuring out how to upload your expenses and income and how to keep track of your finances. It is designed as a very simple app so that you can easily keep track of your financial planning.
Highly Customizable: Everyone’s situation in life is different, so everyone’s budget will be different. Coin is highly adaptable so you can build your budget that fits your unique financial needs. So whether your goals are to save for a house or to pay off debt, Mint can provide for your situation and keep you from falling into a budget deficit.
Accessible en route: You can access the Mint app on your phone so you can see your budget from anywhere. So if you need to run errands and figure out your budget for groceries, all you need to do is open the Mint app and you can access it right away.
Free to use: The purpose of a budget tool is to help you keep track of your savings… not spend money on them. Coin is free to useso you don’t have to worry about fees or membership fees.

Using Mint for your budget also makes it clear whether you are making enough money to cover all your expenses. If you can’t figure it out, or are spending more than you’re making, it might be a good idea to look at additional income streams. You don’t need a well-paid career to become financially stable. You can increase your monthly income in numerous ways, such as passive income streams.

Who can benefit from using Mint to Budget?

Anyone can benefit from using Mint for budgeting, but especially those who:

Want to simplify their budgeting Prefer digital solutions Want an affordable budgeting tool

There are several other budgeting methods you can use, such as with the envelope budgeting system or the 50/30/20 rule, but Mint is generally the easiest to use to keep your spending under control because of its convenience and intuitive features.

Mint can also give you personal financial tips to get your finances in order. This includes helpful tips such as how much you should save per paycheck and tips on how to live a minimum. Mint is here to make sure you are on track to achieve your personal and professional goals by cutting costs and building your emergency savings.

Mint really is a versatile tool, so much so that even our own experts use it. Here’s a great example of how you can take advantage of the Mint app:

One Mint Expert uses Mint as its estate plan – everything is listed as a current value account in Mint that is regularly updated – making it an all-encompassing financial store. Setting up his estate plan in Mint gives him a sense of relief and confidence that when he passes all financial information will be accessible in one place for his spouse and heirs.

Using mint for your budget is simple and effective

A budget is a great way to stay on top of your personal finances. Learning to budget is an important step in achieving financial stability, and luckily Mint offers a range of online tools for personal financial management with a budget maker. It’s free, so why not use it today?

And now that you know how to set up a Mint budget, you can move on to the next chapter in the series, where we’ll discuss how to use a free budget template to create a budget.