One of the most well-known personal finance budgeting apps out there is Mint.
While there are dozens of budgeting apps and money tracker tools on the market, Mint’s attractive user interface and automatic syncing of your accounts make it one of the most popular budget tools available.
This Mint app review will look at the app’s features and functionalities so you can figure out if it’s the right budgeting tool for you.Manage your money with mint
Mint app review
Mint is a money tracker that records your spending and looks for trends in the way you use your money.
You can connect your bank and credit card accounts to Mint and receive automatic updates. With Mint, it’s easy to see where you stand and get an overview of your spending habits. It’s possible to create budgets and track your progress toward goals. The company also recently added bill pay to its suite of features. Here are some of the ways the app can help you manage your money.
Mint shines as a money tracker. Connect your saving, checking, and credit accounts to your profile to see a snapshot of all your finances in one place.
Mint auto-categorizes most expenses using preset categories. You can’t change these, but you can create personalized subcategories.
Use Mint to create a sustainable budget. Mint offers suggestions for budgeting based on your spending. You end up with a budget that’s a little more practical and accurately reflects your actual spending values.
It’s easy to keep track of budget categories; Mint will tell you how much you have left to spend as you progress through the month.
You can also use Mint to create savings goals and track your progress. Put money aside for a down payment or pay off credit card debt with the help of Mint.
Pay your bills
With the Mint app, you can see all your upcoming bills in one place, then schedule or make a payment.
You can even sign up to receive reminders when it’s time to pay a bill, ensuring you’ll never miss a payment and get hit with a late fee again.
If you’re interested in tracking your credit, Mint also offers this feature. View your current credit score and see the factors that make up the score reflected. This includes your payment history, credit utilization, age of accounts, and more.
You can use the free version of the credit score tracking or sign up to get credit alerts for an added fee.
Mint can help you manage your investments. With Mint, review your finances, find informative advice, compare your portfolio to market benchmarks, and see the allocation of your investments. The app even looks at your investment fees and points out ones you may be able to avoid.Sign up for Mint today
Mint offers sound advice
This smart app gives warnings and advice. It’s not particularly personal, but the algorithms Mint uses can help you better manage your money.
Each week, you’ll get a summary of what you did with your money during the past seven days. It’s a useful snapshot of what you’re doing with your money, and you can use it to identify problem areas and tweak your spending.
You’ll get alerts when something suspicious is happening with your accounts. If there’s a significant transaction or spending that seems out of the ordinary, Mint lets you know. The app will also nudge you if you’re overspending on your budgets.
Finally, Mint has a fee tracker that lets you see how much you’re spending on ATM fees. Sometimes, seeing how much you waste on fees can be just what you need to incite change.
Creating an account
It’s free to create an account with Mint, and according to the company, they can connect “to almost every U.S. financial institution connected to the internet.” All you need to do is enter your personal information and then sync up your bank accounts. You will need information about your accounts, including login and password information so Mint can access them.
Because the app can access so much of your financial data, Mint takes security very seriously. They use multi-factor authentication to ensure you’re the only one with access to your profile. Even if someone gains access to your smartphone, you can set a pin number or Touch ID to access the app.
How does Mint make money?
In addition to being a free money tracker, Mint also offers ideas on ways to save, including recommending financial products. If you decide to sign up for a financial service that comes with a fee, Mint gets a kickback. Plus, you can sign up for premium access to your credit report, which provides income for Mint.
Mint is also monetizing its users with the addition of ad banners in different areas.
Finally, Mint can sell aggregate data to various providers. It’s important to note that this isn’t your individual data. Instead, Mint sells information about its users’ average credit card balances and spending and saving habits. The data is collected anonymously and does not trace back to you as an individual.
Mint also has a policy that allows you to opt out of certain sharing situations, so you have a reasonable expectation of data privacy.See what’s fresh with mint
The pros and cons of Mint
The biggest advantage of using Mint is that it’s easy to see everything in one place. You get a financial snapshot and attractive reports that visually represent your finances.
Plus, you can manage your money by paying bills from the desktop or mobile app. It’s also possible to track your credit score and get helpful tips on managing your money. Mint offers a simple, clean money tracker that can help you reach your goals.
However, the app does have a few drawbacks. There are occasional issues with bank syncing; if your bank accounts don’t correctly connect, you may have to resync things before you get your full financial picture. Similarly, some purchases may be miscategorized by the app. If your grocery store bill is flagged incorrectly as a restaurant purchase, you’ll have to update it manually before your budget is accurate.
You also can’t import your financial account history from other software. Mint only offers information since you started using its app, so if you’re switching from another budgeting tool, you may lose your past data.
Finally, the investing features are lacking for those who are interested more robust tools. While you can track your investment accounts, you only get basic access.
Connect with Mint
Customer service is a bit lacking for Mint. You can get support via email or use the forums to get answers to your questions, but there is no phone support available.
You can find answers to your questions using Mint’s help page. Mint also has live chat available seven days a week, 5 a.m. to 5 p.m., PST.
Mint app review: bottom line
Overall, Mint is an excellent money tracker that helps you see most of your finances in one place. If you’re looking for basic budget tools that can help you analyze your spending and pay your bills, Mint is a solid choice. The app can help you set money goals, track your progress, and even see where you stand with your credit.
If you’re looking for a straightforward budgeting and tracker app that will let you take care of most of your basic financial needs, Mint might be the right choice for you.
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