However, as with any financial app, safety is a concern -- especially when users are linking bank accounts and private financial information. So, is Mint actually safe? And how does it work? Mint is a free budgeting app that syncs users' bank accounts, credit cards, PayPal. Among other services, Mint gives users a free credit score and reminds them when they go over budget. Mint also tracks users' bills and is able to provide alerts to ensure they won't miss a payment.
And, Mint has an online version www. As a finance aggregation app, Mint helps users create and manage budgets by using the information from bank accounts, bills, credit or debit cards, and PayPal PYPL - Get PayPal Holdings Inc Report and other accounts to track how much money users are taking in and how much they spend. Once users create an account, they can enter information from almost any U. They can also enter credit or debit card information plus any bills they would like to be reminded to pay or track.
Additionally, they can also track loans and investments through the app, including k s and IRAs. To help users better track and spend, Mint downloads several months of data from accounts, including transactions. Among other features, Mint allows users to track cash and ATM transactions to ensure they are keeping an eye on all of their spending. With all the funds accounted for, Mint lets users categorize different areas of spending, and the customization feature allows for tagging certain transactions to get a more in-depth analysis of the transaction.
Mint's main categories include overview, transactions, bills, budgets, goals, trends, investments, and ways to save. From there, users can set up alerts for bills or other financial goals. As its main draw, Mint's budgeting feature allows users to create categories that track their own budgets based on their financial and transaction history and data. The budgets can be set by the week, month or other longer periods of time. This budget app also includes goal-setting tools so you can set financial goals and track your progress.
You won't need to invest in a premium membership to access all the features Mint offers. This isn't the case with other budgeting apps on the market. Students and others just getting started saving and budgeting, or trying to spend less while improving your budgeting skills, will find that this app is a good fit.
You should feel comfortable using Mint. Intuit uses VeriSign to securely transfer your data and multi-factor authentication to protect your account. With Mint, it's easier to monitor your credit. Users are able to view their credit score at any time and track changes. And your score won't be negatively impacted by this feature because Mint performs a soft credit check. Mint supports a variety of financial accounts, allowing you to have a clear picture of your total debt without having to use other budgeting apps.
With this app, you'll be able to see all of your accounts in one place, including:. Mint is one of the best budgeting apps to use if you have a financial goal and want to monitor your spending regularly. It shows your account balance and recent transactions. It also lets you know about upcoming bills. With the Mint app, you can easily set up account alerts so you don't miss payments or overspend. Choose how you receive account alerts for the following:. You can also use the Mint budgeting app to set and track your financial goals, including paying off debt, saving more money, or improving your credit score.
If you've been wondering about your net worth, the Mint budgeting app provides a simple way to see how much you're worth. It will take you some time to put all your information in and set up your Mint account.
Be aware that you may also need to set aside time to learn how to use the app and all it offers. Sometimes Mint will automatically assign expenses to the wrong category. If a mistake is made, you can edit categories, but this does take extra effort. Mint will occasionally have issues connecting to a particular financial account.
Users have especially had a hard time successfully adding accounts from smaller institutions. Mint partners with financial companies to cover its costs. This means you'll get recommended financial products when using the app.
These recommendations are based on your financial situation and may be useful. But some app users may find this to be intrusive. It helps you give every dollar a job, allows you to budget for future months, and provides education to help you budget and spend your money smarter. The company provides daily, free minute educational workshops. Unfortunately, YNAB is a paid app, so you may want to stick with Mint if you need a free budgeting app.
If you want an app that works better for couples: Zeta is an alternative you should try. It includes tools that make it easier to manage and split budgets. You can see total income and expenses, review transactions, and see when bills are due. Zeta also allows couples to categorize expenses as individual or shared expenses. But you may want to stick with Mint if you need an app that is focused on budgeting for individuals.
Users also can safeguard their Mint account by adding a four-digit security code to their mobile device. Users can control mobile access from their account. If your mobile device is ever lost or stolen, you can turn off mobile access or delete your account remotely from your online account to keep your information safe.
Mint is free for everyone to use. There are no premium versions of the app available for an added cost. Mint makes its money on strategic partnerships with other companies, which is why the app features ads and offers for other financial products.
Mint is not an investing app, but it allows you to view and track your investments. Having access to your investments in a budgeting app will enable you to get a complete snapshot of your finances in one spot.
You can add all of your investment accounts, including k , brokerage accounts, IRAs and more. The investment tracking tool allows you to compare your investment portfolio to market benchmarks and even track investment fees so you can see if there are any unnecessary charges. Mint gives account holders free access to their credit score and credit monitoring tools.
Your score comes with a snapshot of your credit report, along with insights into how scores are calculated and steps you can take to improve your score. Mint also offers free credit monitoring through TransUnion. Users can sign up to receive real-time alerts whenever TransUnion receives new information from creditors. Mint is available for iOS and Android. Mint is ranked 1 among finance apps on the App Store and is rated 4.
The app receives 4. Not only can you track spending and create budgets, but also you get overviews of all of your finances. Insights from Mint also provide extra help to spot trends in your spending so you can save money. Security measures include software and hardware encryption and multi-factor authentication. Establishing some priorities for how you and your family spend money is where the budgeting process begins.
In order to achieve the financial goals you set for yourself, you need to know how much money is coming in and how much money is going out. After you create a household budget, what really makes things work is living your budget. Your mindset and your habits play critical roles in how well your budgeting efforts serve your goals. If you find you have money habits that could use some improvement, the right app can help.
Kevin Payne is a personal finance and travel writer who writes about credit cards, student loans, debt, credit, and family finances. Kevin lives in Cleveland, Ohio with his wife and four kids. She has worked as a personal finance editor, writer, and content strategist covering banking, credit cards, insurance and investing.
As a small business owner and former financial advisor, Daphne has first-hand experience with the challenges individuals face in making smart financial choices. Select Region.
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