Quicken brought me to a whole new level of fiscal responsibility, but I found the app a bit cumbersome and nonintuitive for financial beginners. Moving the app from one computer to another was not straightforward, and running the database from a separate computer (such as a server) was not made easy by intuit. Quicken forced you to enter the database path every time you launched the app.
After using Quicken for about 10 months, I started reading about a free online service called Mint.com. The reviews were mainly positive, with the exception of the security concerns inherent with any online (cloud) application. Soon after the Mint.com reviews started rolling in, Intuit announced a free online version of Quicken. Being that I was already familiar with Quicken I decided to give it a fair shot. Upon reading through the capabilities, however, I was amazed to learn that Intuit provided no way to upload current quicken database entries into the online version. In essence, I would have to start over from a financial trending perspective. I wrote my displeasure to Quicken, and to their credit they offered me a "seat" on their customer improvement forum, but by that time I'd already made up my mind. If I was going to be forced to start from scratch, I might as well try something completely new. Mint.com, here I came!
My plan was to continue using Quicken for as long as I could (or for a year, whichever came first) but to also use Mint.com simultaneously in order to build up spending trends in Mint.com and to not lose them in Quicken....confused yet? Well, essentially it meant doing dual-entry of my finances for about a year, once in Quicken and once in Mint.com. What I discovered, though, is that Mint.com was so easy and Quicken so clugy that I abandoned Quicken completely after only a single month of dual entry. It was quick, straightforward, and convenient - I could access it from any computer with a web browser (and many mobile devices, as well), not just a single machine with a heavy client-side application installed.
Let's back up for a second, though. Truth is, I didn't enter the online financial world on a complete whim. As a technology professional I'm well aware of the risks associated with online activity of any kind, let alone activity that includes money. Many people are still wary of online finances, and they should be aware of the risks involved. It's true that large financial institutions are huge targets for hackers and data miners looking for the opportunity to find and sell/use huge amounts of financial data. However, they also boast some of the best security systems and personnel available. Not only are certain aspects of financial institutions networks starting to see regulation, but it's also in their best interest to keep their customers safe. Compromises are costly both from an operational perspective (re-issuing all new numbers and cards to customers) and from a reputation perspective. Contrast that with your home broadband connection, which is a much smaller target with less return - but also protected by consumer-grade security products and (potentially) computers with vulnerabilities due to late or missed security updates. Here is a great article countering some of the popular arguments against online banking.
But back to Mint.com. This online app is a double-whammy from a money-saving perspective. The service does not cost any money to use, and because it is easy and convenient I find myself updating my financial information almost daily. The more I reconcile my financials, the more aware of my budget I am and the less likely I am to exceed it. I spend less...and I spend less!
Incidentally, here is what Mint.com says about their security: How they keep you safe
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