Monday, April 19, 2010

“Personal finance gets smarter: Mint doubles bank ... - SmartPlanet.com” plus 3 more

“Personal finance gets smarter: Mint doubles bank ... - SmartPlanet.com” plus 3 more

Personal finance gets smarter: Mint doubles bank ... - SmartPlanet.com

Posted: 19 Apr 2010 11:06 AM PDT

Online personal finance service Mint on Monday announced that it is doubling the number of financial institutions it works with to some 16,000 banks, credit unions, loan providers, investment firms and more.

The service, which was acquired for $170 million last fall by Quicken and Turbotax maker Intuit, is now reaping the benefits of incorporating Intuit's vast database of banks, credit unions and credit card companies in the United States.

If you're not familiar with Mint, it's effectively a smarter way to manage your money. The free service links with all your bank accounts so you can see your balances, budget and visualize spending patterns in one spot.

The service, which began as a web application, also offers custom apps for mobile phones, so you can perform many of the same functions on the go.

According to Mint, most Americans have an average of 11 financial institutions with which they have accounts.

Until now, if you gave Mint a try but didn't find all of your accounts, the service was effectively useless.

(Case study No. 1: When my bank was acquired and Mint didn't immediately fix the inconsistencies, I no longer could import data from my main checking account. Without that, budgeting is a complete wash.)

Now that Mint's bulked up its support, that's less likely to happen.

"Intuit Financial Services directly serve banks, so its aggregations works better than anything else out there," said Aaron Patzer, vice president and general manager of Intuit's personal finance group, in prepared remarks. "If you've tried Mint.com in the past and you couldn't connect to one of your checking, savings, or credit card accounts, come back and check us out."

That's good news for the service's three million users. With more financial institutions under its belt, the service can now focus on its second most-requested feature: more timely transactional information.

Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.

Review of the week in personal finance - WalletPop (blog)

Posted: 19 Apr 2010 12:03 PM PDT

Many Americans judge themselves poorly on personal ... - Wichita Falls Times Record News

Posted: 19 Apr 2010 10:16 AM PDT

According to the National Foundation for Credit Counseling's (NFCC) annual Consumer Financial Literacy Survey, many Americans need to put themselves into "time-out."

The NFCC survey allowed consumers to grade themselves on their knowledge of personal finance, and 34 percent, or more than 77 million people, gave themselves a grade of C, D or F, suggesting that many adults would be well-served by a self-imposed "time-out" during which they could improve their grasp of financial literacy.

"Although the survey did show some improvements in consumer behavior as it relates to personal finance, there are still serious deficiencies which impact consumers' ability to properly manage their money, particularly during an economic crisis," said Gail Cunningham, of Wichita Falls, a spokesperson for the NFCC.

Consider that one-third of adults, or about 75 million people, do not put any part of their annual household income toward retirement. Although remaining level since 2009, this figure has increased by five percent since the 2008 survey, putting consumers in danger of being ill-prepared for retirement.

Of further concern is the finding that 30 percent of adults report that they have no savings. These people are on a very slippery slope when the inevitable emergency arises. Indeed, one in four say that if faced with an emergency, they would charge that expense to a credit card (25 percent) or take out a loan (29 percent), adding to their debt load with yet another bill to pay, she said.

It is no surprise that millions of adults struggle to pay their bills each month, with 28 percent admitting to not paying bills on time. The ramifications include negative marks on the credit report and a lowered credit score, resulting in higher interest assessed on loans and credit cards, further exacerbating an already difficult financial situation. This is a very serious problem for two in five adults who report that their household carries credit card debt over from month-to-month, with more than 11 million indicating the amount of that debt to be $10,000, Cunningham explained.

"Part of the silver lining is that consumers appear to be aware of their need for improvement in the area of financial education, with the survey showing that four in five adults agree that they would benefit from advice and answers to everyday financial questions from a professional," Cunningham said. "Hopefully consumers will act upon this awareness. The NFCC stands ready to help consumers resolve their immediate financial concern, as well as equip them with the financial tools they need to live stable and successful financial lives in the future."

For those who want help with their financial situation, call an NFCC Member Agency. To locate the agency closest to you, dial (800) 388-2227, or go online to www.DebtAdvice.org. The full survey is available at www.NFCC.org. in the newsroom section.

Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.

Monday's Personal Finance stories - Marketwatch

Posted: 19 Apr 2010 09:54 AM PDT

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By MarketWatch

Don't miss these top stories:

There aren't many home remodeling projects in which you come away with less living space than when you started out. But if there were, you can bet a lot of people today would opt to pursue them. That's because the trend toward downsized houses -- and the downsized outlays a small house entails -- is a strong one.

But since bulldozing the two-story family room isn't really an appealing option, more folks today are choosing to upgrade the bones and guts of their houses, doing budget-minded projects that either spruce up the homestead with less-expensive finishes or remake exteriors or systems to save money down the line on energy expenses.

All of this is a far cry from the middle of the decade, when the sky was the limit on home improvements as equity soared and buyers were willing to pay up for a house with the latest and greatest interiors. Frugality is the order of the day, and with home prices still under pressure in many places it's likely to be the order for several years to come.

Yes, simply steam-cleaning the carpet isn't as sexy as replacing it with a legacy hardwood floor. But you still get a fresh look and a far lower bill.

-- Steve Kerch, assistant managing editor

REAL ESTATE

Sensible remodels for a flat housing market

With housing values in the tank and any substantial price appreciation in the distant future, sinking money into a remodeling project is a tough sell for many homeowners now.
See Amy Hoak's Home Economics.

Reverse mortgages now look cheaper

Reverse mortgages have long been considered one of the most expensive ways to extract cash from your house. But that is changing as some of the country's biggest reverse-mortgage lenders are slicing closing costs -- helping even some affluent homeowners who want to generate additional income.
See Real Estate.

Signs of life in zombie housing market

Economic data have been so upbeat in the last few days that economists are pondering an almost unthinkable question: Could there be signs of life in the zombie housing sector?
See Economic Preview.

Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.
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