Web site can help budget personal spending

As most of us know only too well, it’s easy to spend money when we have it. The tough part is managing our spending when the budget gets tight.

Now there’s a website that claims it can track spending and wind up saving you money.

Mint.com categorizes all your transactions so you can see exactly where your money is going.

Ross Marino, a certified financial planner said, “Mint.com is a great way to without having to spend a lot of money and a lot of time, set up your accounts, track your spending, and develop a monthly budget.”

When you first set up your account and enter your data, mint.com analyzes your spending for the past few months. It then uses that information to set up a budget.

Marino said, “For example, you may only think you spend $150 a month on food. But when you look at the last couple months, you may find out the number’s closer to $250. As you’re going through the month, having that information will help you understand whether you’ll make it to the end of the month, or you might run out of money.”>

The site suggests ways you can save, like avoiding ATM fees. It’s free, and has been recommended by several magazines including Reader’s Digest and PC Magazine.

You don’t share your social security or account numbers and you can’t transfer money. You can also sign up for text or e-mail alerts when you’re accounts are running low.

McKay Glasgow said, “I’ve over-drafted probably three times this year and that’s what $50? I have my phone with me all the time. If someone could send me an update saying I’ve got $50 left, before I go over, then I would definitely sign up for that.”

You might be more comfortable just balancing the old fashioned checkbook, but experts say it’s important to know what you spend and where you’re spending it.

Marino explained, “As financial planners, we often say the budget that works best for you, is the budget that you use…but if you like to do things online, you like something you can set up in four or five minutes and it’s free, mint.com should work well for you.”

Some sites similar to mint.com are Quicken and microsoft.com/money. But while they offer free trial periods, they’ll eventually involve a fee and are a little more complex.

Meanwhile, in this tough economy, we want to know how you and your family are making things work. How are you balancing your budget, what cuts have you made or what secrets have you learned?

Just send us an email to money@wwaytv3.com. We’d like to hear your stories, tips or comments.