For most people, keeping tabs on their expenditures feels like a chore.
However, thanks to technology, an increasing number of apps available can handle the tedious task of organizing your expenditures for you.
You can quickly and easily see where your money is going and how much is coming in, and make budgets and adjustments to your spending. However, the sheer number of financial apps that can do this for you has not made it easy for you to make a choice.
If you are confused about which app to choose to track your expenses, you may want to consider Mint.
The app offers features like:
- bill payment reminders
- customized alerts when you’re over budget
- a credit monitoring service
In this article, we’ll review Mint, taking a look at its tools, security, price, and other features to help you decide if it’s the right app for managing your money.
What is Mint?
Mint is a budgeting app that enables you to link all of your financial accounts in one online location so you can receive a comprehensive picture of your financial situation. Users can set and track budget objectives as well as keep tabs on their spending and savings with the app.
Users can sync their:
- credit cards
- bank accounts
- money management accounts
- retirement and investment accounts
- other financial accounts
Through Mint, you can also keep track of every payment you pay each month.
How Does Mint Work?
Mint does not support joint accounts because it is intended for single-account users.
However, two individuals who share financial accounts can each open a Mint account and sync their respective accounts to view the same data.
Mint tracks your transactions and categorizes them to make tracking easier after you link your financial accounts. Users have the option of sticking with Mint’s pre-made default categories or designing their own custom categories.
Mint App Features
The Mint budgeting app comes with a daily budget planner, which suggests budget targets based on your spending.
You can customize features on the app to suit your financial goals and objectives.
To better keep track of your spending, you can add tags and rearrange transactions as appropriate. If you’re like the majority of users, a lot of your transactions probably don’t fit neatly into any one category. With Mint, you may divide a single transaction into various categories, including any costs incurred.
You can easily plan for your expenses and pay them on time thanks to the app’s monthly bill payment tracker, which lets you see all of your payments at a glance and sends you warnings if your funds are running low.
Additionally, Mint will notify you if:
- a large or questionable transaction has been made on your account
- you are going over your spending limit
- you are being charged an ATM fee
Mint also has educational resources for those hoping to educate themselves financially. The app has its own educational blog as well as tools you can utilize, including a house affordability calculator and a loan repayment calculator, for anyone looking for more resources to aid them in their financial path.
Does Mint hurt your credit score?
Account holders at Mint have free access to credit monitoring tools and their credit scores. Due to a relationship with TransUnion, you are able to access your TransUnion VantageScore whenever you choose.
Your credit won’t be negatively impacted by checking it on Mint. To use this service, you must, however, enter your Social Security number.
Your score includes a summary of your credit report, information on how scores are determined, and suggestions for how to raise your score. Additionally, Mint provides free credit monitoring via TransUnion. When TransUnion receives new data from creditors, users can sign up to receive instant alerts.
Is There a Fee to Use Mint?
Although Mint is available for free, Mint Premium, an improved version of the program, costs $4.99 per month and is only accessible on iOS devices.
In addition to adding additional analytics, the ability to export your data, and access to Billshark, a service that can cancel undesired subscriptions on your behalf, Mint Premium eliminates the majority of the adverts included in the free version of the program.
Additionally, Mint Premium enables you to play two unique games that teach money management strategies while comparing your spending patterns to those of other Mint users.
How To Use the Mint App
Here’s how to get started with Mint:
- Download the Mint app to your smartphone, launch it and create an account.
- To integrate your bank accounts, credit cards, investment accounts, loan accounts, P2P payment apps, and more, follow the on-screen instructions.
- Once your accounts are linked, Mint will provide you a financial summary and offer a personalized budget based on your requirements.
- Make financial goals, view impending expenses, set alerts, and analyze your spending patterns using the app.
Benefits of using Mint
- You can view all of your financial accounts in one place
- You can customize notifications and alerts
- You can check and track your credit score for free
- The app is free to download and use
Downsides to using Mint
- Some users report connectivity issues with financial accounts
- Does not support joint accounts
- In-app advertisements can make user experience less enjoyable
Is the Mint App Right for You?
Mint is a good choice for new and seasoned budgeters because it provides a lot of value without charging a monthly fee.
However, Mint’s service is often somewhat simple, so you should also take other solutions into account if you want more from your money.
The good news is that you may test out Mint without making a commitment because the majority of its services are free.
The Mint mobile app does include in-app commercials, so if that bothers you, you can either pay the $0.99 monthly price for an ad-free experience or use another budgeting program.
The Bottom Line
Mint and other budgeting apps can help you better manage your spending and work toward other financial goals. But budgeting is only one element of a strong financial foundation. It’s also important to focus on your credit history.
Mint’s free credit monitoring service, through TransUnion, is a good way to track your credit score for free.
However, if you also want to self-educate yourself financially, you can take advantage of Mint’s educational resources and get the information you need to build and maintain a good financial lifestyle.
Photo by Balázs Kétyi on Unsplash
