![]() You can add a historical expense that you forgot to book and not have to worry about tying it to or splitting a certain ATM withdrawal. ![]() Notice how, after adding a $40 cash expense (being sure the “auto deduct” box is UNCHECKED), my spending has increased, and my net income has decreased, by $40:Īs long as you transfer all of your ATM transactions to “Cash for Spending,” and as long as your Trends page shows no ATM withdrawal expenses, you can add as many cash expenses as you like without double booking an expense. Only use that page as a reference to see how much you withdrew at any given time. But don’t trick yourself into thinking they are expenses because you see a negative sign-so stop looking at the Transactions page. You can still see them on your Transactions pages, or if you search for “Transfer to cash for spending,” but they will have negative signs tacked to them to reflect their moving out of your bank account. Keep in mind that because these are transfers, but Mint does not have a wallet-type cash account, these transfers will not appear as an income anywhere and are gone from Trends. spent because I have yet to tell Mint if I’ve spent the $60. Thus, my net income is better reflected to what I actually made vs. The $60 has completely disappeared from my expenses, and in fact, my total expenses for March went down by $60: Imagine if I had withdrawn $4400 from the ATM over the course of March but spent none of it-Mint would say I net only $30.88! To prevent this misrepresentation, change the withdrawal’s category from “Uncategorized > Cash and ATM” to “Transfer > Transfer for Cash Spending.” Here is the refreshed Trends > Spending page after doing so: Here’s a look at my March Net Income from Trends (note: I’ve fudged the numbers so this is not actually how much I made/spent in March =) ) with Mint’s counting ATM withdrawals in Spending: I want to know if and how I spend that $60-what Mint is for. Were I to check this against my bank balance on the Overview page, I would see that my bank account has indeed gone down by $60. Here is a screen shot of part of my March transactions from Trends > Spending, with ATM withdrawals set to the default “Cash and ATM.” Stop looking at your Overview or Transactions page and look at Trends.Change the category for ATM withdrawals to “Transfer to Cash for Spending”.To use Mint like a champ and never worry about lost cash income or double booking cash expenses, simply: But you don’t need to know how much cash you have on hand to record your cash use accurately with Mint. Many users want Mint to create a cash account that users can deduct from and add to and see changes, just like bank accounts, debts, stocks, etc. ![]() If you make $200 in tips and manually enter it as cash income, you won’t see your Assets or Net Worth increase on your Overview page. Next, because there is no “Wallet Cash” account on display like your bank accounts, any cash income you receive seems to get lost. Doesn’t deduct from historical withdrawals.Doesn’t work properly on the smart phone app.Can’t account for a cash expense larger than your last single withdrawal.Obfuscates how much your ATM withdrawal actually was.Forces an expense/expenses to a specific withdrawal.Can’t account for spending the sum total of multiple withdrawals.Mint’s solutions, splitting withdrawals and auto-deducting from your last withdrawal, are not intuitive, prone to bugs and errors, or do not work at all, leaving many users in the dark about where their money is really going, or worse, seeing more expenses than they actually incur. When users then want to categorize how they spend the cash, many either end up double booking or assume they have double booked because of the way Mint displays transactions on the Transactions page. Mint does not handle cash expenses well with this in mind-it automatically categorizes entire ATM withdrawals as expenses in themselves, assuming you will be spending the cash somewhere down the road. Not how much cash you have to spend, but how much you do spend, when, and where, versus how much you make. If you are one of these users, read on all will be made clear, and you will have a new understanding of your income, expenses, and how to use Mint like a champ.įirst, it’s important to know exactly what Mint is for: It is is primarily a tool for tracking spending and income within budgets. ![]() No longer does getting a hold of personal finances require spending hours and hours learning in-depth software like Quicken or creating tedious, error-prone spreadsheets on Excel does most of the work for us on our important assets and debts.īut many Mint users struggle with cash transactions, be they earnings or expenses. ‘s patent-pending personal finance technology is a boon for those who want a 21st-century method of keeping track of their expenses quickly and easily.
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