Will Mint please consider incorporating the time value of money into savings goals?
I'm surprised that Mint.com does not factor the time value of money into its savings goals. For example, my son was born a couple of weeks ago so my wife and I are going to be setting aside money each month to help him with his college education (although part of me thinks it's an overrated sham, but that's another story). So I selected the "Save for College" goal in Mint.com. To my surprise, the website simply divided the dollar amount of my savings goal by the number of months remaining from now until 2036 (18 years hence) - in other words, Mint does not take into consideration any interest that may be earned on the funds saved. With due respect to the developers, this comes across as sophomoric; surely most Mint users are aware of the various alternatives to mere savings accounts. I can compute present and future value myself, and did so to set a more accurate target for my savings goal, but at the cost of losing the right target date. It would be great if the developers could try to incorporate this consideration into the website's goal feature. Thanks!