Mint.com gets custom categories

Mint.com logo   Mint.com

Mint.com announced Friday that users of it’s free online money management suite can now create completely customized categories for tracking and reporting on spending habits.  Mint is a great tool (although admittingly, I haven’t set up all my accounts with the service) and they continue to roll out features that their users request making it more relevant to their needs.

Mint continues to make themselves more relevant to users everyday lives and ease the process of properly tracking their personal finances.  In the wake of the global economic disaster it becomes even more important to understand exactly where you stand financially and Mint aims to help.

Mint employs what I call a hybrid approach to expense tracking – users categorize and then tag expenses.  This gives users a very granular view of how money is spent.  My restaurant tabs could be either personal or business which may also be reimbursable.  It’s like the ‘folders’ of Microsoft Outlook meets the ‘labels’ of Google’s Gmail – the ultimate organization approach.  Now users can create their own categories if they don’t find a suitable one from the standard Mint list.

Categories can be created under any of the standard Mint ‘parent’ categories.  Here’s a shot of me making a custom category to for expenses related to this blog.  There isn’t really a good ‘parent’ for this so I placed it under ‘uncategorized’ for now.

NathanHJones.com Category

NathanHJones.com Category

The only problem I have with the customizable categories is that they had to be placed under existing ‘parent’ categories.  At least I couldn’t figure out how to create a new ‘parent’.  While this obviously isn’t a deal-breaker, it would still be nice for situations where there isn’t a suitable ‘parent’ already.  I’d like to see one where I could create my ‘NathanHJones.com’ category that is a little more appropriate than ‘uncategorized’.

All-in-all, I like the idea of customizable categories and thanks go out to the Mint.com team for constantly enhancing the application.

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