Comments on: A Peek Under the Hood: Money Management Tools, Programs, and Services We Use

By: Ryan

Ryan — Tue, 02 Mar 2010 19:18:22 +0000

John, it’s not a move for everyone, but it can be a big money saver for some people. I agree – it’s best to research the underwriting process and plans available to you before jumping in. Group coverage offers a lot of protections not available to everyone that is on an individual health insurance plan, but it may come at a greater monthly cost. As with every other major financial decision, do your research and act according to what is best for your specific situation.

By: Jon in Florida

Jon in Florida — Tue, 02 Mar 2010 18:00:50 +0000

Wow, switching from group to private health insurance would scare the heck out of me. Then again, I guess every state is different. In Florida, we have no protection from the health underwriting process (which wouldn’t apply if you can participate in a group). I can’t get health insurance without exclusions. So, I’m paying for insurance, but not really getting it. And if I put in a claim for something I am covered for, I expect to be treated like someone that causes an auto accident – they will hopefully cover me, but then raise the heck out of my monthly premiums.

Again, I don’t know the rules in your state, but I’d suggest your readers do a lot of research before subjecting themselves to the private health insurance underwriting process before dropping group coverage.

By: Dustin @ Envelope Budgeting

Dustin @ Envelope Budgeting — Tue, 02 Mar 2010 16:12:56 +0000

One other downside to Mint (which uses Yodlee) is that they use screen scraping techniques, so they ask for all your security questions and answers. Banks that use OFX allow you to access transaction data with a basic username/account number & password/pin. So even if someone got a hold of that information, they couldn’t log into your account and make transfers or anything. I cancelled my ING Orange account simply because they didn’t have an OFX server. I’m surprised at the number of banks that don’t.

By: Ryan

Ryan — Tue, 02 Mar 2010 16:01:22 +0000

I agree. As a further layer of security, my wife and I use a single e-mail address for our financial accounts and we do not share that address with anyone else. The password for that account is also different than the passwords I use on every other site. Again, it’s not foolproof, but it is another layer of security.

By: Ryan

Ryan — Tue, 02 Mar 2010 15:20:15 +0000

Mint uses the same encryption software that most online banking and financial institutions use, and in some cases is even more secure. They also don’t store your personal information such as your name, address, birthdate, SSN, or anything else. I have a Mint.com account as well as Quicken and I use it for a quick glance at how we are doing. I’m actually considering making the full time switch because it is easier to use and more convenient (but it is a less robust solution, particularly for investments).

Quicken recently released their software for Macs, but I haven’t heard the best reviews. From what I understand, the PC version is still better. So you could run it on a Windows emulator, or use another solution.

By: fredct

fredct — Tue, 02 Mar 2010 14:34:45 +0000

Yeah. To play devil’s advocate, the argument is a service like Mint has the tiny probability that if someone *did* hack into your account (either just by guessing your password or by a security flaw at Mint – which *does* happen of course), they do have a lot of info on you. They know what bank & investment accounts you have, what credit cards, etc. And they *may* be able to fool one of those into thinking they’re you.

As you said though, they wouldn’t have your name or address or anything. So it’d still be difficult. It doesn’t even show account numbers as best I can see, so they wouldn’t know that either.

I’m comfortable with that very very tiny risk. Nothing is zero risk. Some people, however, are not (my fiancè, for instance).

A similar risk of course still exists if you use desktop software… more about if your computer is stolen or hacked into, you face the same problem.

Again, nothing is risk free. You could have no online accounts at all, and even then the bank could be hacked or your PIN compromised. You can keep all your money under your mattress, but then you can still be robbed!

For the convenience involved, its more than worth the minuscule risk in my opinion.

By: fredct

fredct — Tue, 02 Mar 2010 14:11:41 +0000

I recently started using Mint after seeing it recommended by financial talk show host Clark Howard, a name I know and trust. I love it.

If you’re the kind of person who’s very cautious about having info online, you may not like it, but if you’re the kind of person that has accepted that everything is already online, use good passwords, and are secure with modern encryption, then the convenience is awesome.

If I’m comparing receipts, I can see the info from multiple credit cards in one place. I can see if a check cleared and if my savings to investment account transfer occurred with just one login… you can see and track your spending by categories, set budget goals, get alerts for large transactions, follow your net worth, etc.

I know Quicken and other desktop software does that as well, but 1) I love the convenience of being able to check something from work or anywhere when I’m not home and 2) I’ve read a lot of bad reviews of software like Quicken (be it interface of buggy-ness – made only worse by the fact that I have a Mac which is often a second thought for Intuit and other financial/business software companies).