Budgeting can feel like filling out a tax form that never ends. You have your bank account and your credit cards to track. Your savings and investment portfolio. Your mortgage or rent. Throw in all the other odds and ends that each require their own app and password—car payment, school loans, utilities (and oh, God, don’t forget your children, if you have them and want them to go to college one day)—and suddenly, maintaining your monthly spreadsheet seems like a full-time job. But what if doing that full-time job were somebody else’s problem? And you didn’t have to pay them for it? If you already use Mint, you know that’s how it works. And if you don’t, now might be a good time to get started, because today Wealthsimple announces a partnership with Mint.
We designed Wealthsimple with an important principle in mind: Making smart financial decisions shouldn’t require a degree in economics or a whole lot of time. Let us build sophisticated, safe, innovative, and easy-to-use financial products so that you can spend your time doing the stuff you’re good at—your job, your family, making killer smoothies, whatever. Mint was built with the same philosophy. And our partnership with Mint makes Wealthsimple better than it was yesterday. Just link your Wealthsimple account to your Mint dashboard, and you’ll get a fully integrated snapshot of your finances.
Here are a bunch of reasons we like Mint and think you might, too:
It Gives You Comprehensive Information About Someone Important: You.
If you don’t know about it, Mint is essentially a one-stop shop for all of your personal financial-management needs. It may sound a little Orwellian, monitoring your every penny. And it might fill you with occasional guilt (Damn, I shouldn’t have ordered UberEats 17 times last month!). But Mint is ultimately about giving you the big picture of your own habits, budgets, and, of course, investments, like Wealthsimple accounts.
It Helps You Make, and Keep, a Budget.
And we don’t just mean a Spend Less Money on Whiskey budget. But a budget based on the personalized data and spending habits Mint generates for you. Once you link all of your accounts, Mint will categorize all of your spending into categories—food, car payments, etc. You can use Mint’s suggested budgets to see where you’re overspending, or you can create your own budget. It also has a tool to help you work toward specific financial goals—saving for a home, a vacation, what have you. And of course investment should be one of your goals, right?
It Uses Our Favourite Thing, Data, to Help Figure Out Whether You’re Spending Wisely.
It’s no secret that we’re big fans of data. Here are three important figures that Mint will give you access to—and how to know whether those numbers are working for you.
• Your total housing costs - mortgage or rent, but also including all the peripheral costs too - so you can can make sure they're not exceeding 30% of your gross income
• Your total investment deposits, so you can make sure you're contributing 20% or more of your gross income to your long term savings (your RRSP alone should be ~18%, add in a TFSA, and then top off the rest in a non-registered account)
• All your other spending, so you can know pointless trivia about your spending habits to impress your friends. If you're doing point 1 and 2, the rest really does take care of itself.
You might not feel comfortable handing over the keys to your entire financial portfolio to some website named after an aromatic herb. That's why we developed a secure password that you'll use specifically for Mint. And you can revoke the access at any time.