In this video, I go through the transactions functionality of Mint.com. We look at how to manage your transactions by categorizing them, properly describing them and fixing any errors. I also show you how to manage cash transactions by describing and categorizing them as cash transactions and then splitting them up to assign each bit of cash spending to the appropriate category.
To get to your Mint.com transactions from the overview page, just click the “Transactions” link at the top of the page, in the menu. A list of all your transactions from all your accounts will show up, sorted by date with your most recent transactions on top. This will look a lot like your transaction lists from online banking sites, but this list is comprehensive and includes all financial accounts linked up through your Mint.com account.
I recommend logging into Mint.com at least twice per week for the sole purpose of looking over your transactions in Mint.com for the week. You’ll want to make sure that:
- They are all there and that there are no duplicates (see video above for how to remove duplicates).
- All transactions are categorized appropriately.
- The dates are correct for all transactions.
- Your transaction descriptions are descriptive enough to know what each one was in the future.
How to Categorize Mint.com Cash Transactions
Next, you’ll want to appropriately manage all of your cash transactions in Mint.com. A cash transaction is one where you paid for something in cash. These are a bit more difficult to manage because there is no electronic trail and the transaction does not automatically download from your financial institution. For cash transactions, there will still be an initial withdrawal record that gets automatically downloaded from your bank, since that is likely where the cash is coming from.
After taking cash out of the bank, Mint.com will download the withdrawal transaction, which will show up as a transaction in your Mint account. To manage this, go into that transaction in Mint and edit the description, making sure that it says it was a cash withdrawal. Next, categorize it under uncategorized – Cash & ATM. Then, when you spend some of that cash, go into that cash withdrawal transaction in your Mint.com account and click on it, then click the edit link that shows up below it.
Split Your Cash Transactions in Mint.com
Next, click split. Then, create a transaction manually for whatever you spent the cash on. Type in a description, such as “At the mall – Shopping”, categorize it appropriately, such as under Shopping – Clothing and then type in the amount of cash you spent. Then, edit the amount of money of the initial cash withdrawal, subtracting the amount of cash you just spent. The total amount of all transactions together that are connected together here should always only equal the amount of cash you took out.
For all cash spending of that chunk of cash in the future until it is gone, use the initial transaction and split it. This is how you manage your cash transactions with Mint.com. See the video above for more detailed information on how to manage cash transactions with Mint.com.
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