Whether you like keeping tabs on your expenditures is a personal preference. A growing number of applications are available to assist you in keeping track of your expenses. Where your funds are going and what you have flowing in are visible at a glance with a simple budget.
However, there are a variety of applications to choose from, making it difficult to determine which one is the finest. As a free program that helps you to keep track of your whole financial picture, Mint is an attractive option.
It’s an excellent option for those just starting to save and manage their finances. Check out our review of the Mint Intuit app to learn more about it.
What is Mint Intuit?
Mint is a well-known and widely used budgeting application accessible today. It is also known as Mint Intuit. Mint was established in 2006, and Intuit eventually bought the firm in 2009.
Using this budgeting software, users can keep tabs on their expenditures and make adjustments as necessary. As an additional option, you can establish spending limits and savings targets for several categories.
To have a comprehensive image of one’s overall financial situation, the Mint budgeting software integrates with one’s bank accounts. It’s helpful since it may educate you on saving money wisely while improving your money management.
When you use Mint, you may set up bill alarms and get notifications when you go over budget, owe a service charge, or have an approaching payment that is about to expire. Monitor your progress toward financial objectives with the help of budgeting software that incorporates goal-setting tools.
How to start using Mint Intuit?
The first step in using Mint is to join up and link your bank accounts. The application may establish a connection with almost any banking institution in the United States, allowing you to monitor your card, bank accounts, and investment activities. You can also watch your credit score using it, keep track of your expenses and create reminders for them.
After successfully connecting your accounts, the application will begin downloading several months’ worth of previous transactions and data. The initial update will take a couple of minutes, but it will be automated.
Which data Mint collects and uses is totally up to you. Make sure you link up as many financial accounts as applicable if you want an accurate view of your money and the most acceptable potential advice from this service.
How do Mint Intuit works?
There are six stages to the functioning of Mint Intuit
- Categorization
The app automatically assigns transactions to budget spending categories as they arrive. Most transactions’ classification is very accurate; however, you may constantly update them to change their name or type.
- Budgeting
A budget in Mint isn’t a singular strategy that encompasses all aspects of a budget. This means that each category has its budget, and you are free to allocate funds to whichever many types you see fit. You may alter these numbers or establish your budget plan as well.
- Having a Plan for Your Money
You may use the Goals page to build up short-term and long-term savings targets, such as putting money aside for emergencies or paying off debt. You can only have one goal per profile; each plan should be linked to a specific account. This function isn’t beneficial if you’re attempting to save for numerous objectives in one savings account.
- Keeping Tabs on the Bills
With the Bills function, you can keep track of all bills in one place rather than having to sign in to many websites. You may receive alerts when your bank balances are too short of paying your payments and creating reminders for them. Bill pay was formerly a function of Mint, but it is no longer accessible.
- Trends and Reports
The Trends feature provides several easy but configurable reports. Various financial information may be gleaned from many types of accounts, including those on expenditure, earnings, net income, assets, liabilities, and net worth. It is possible to see your spending for the monthly report or a previous period, and the news may be filtered by data categories, tags, or merchants (payee). Using a module, you may generate trend reports, such as one showing changes in your total wealth over time.
- Investments
Graphical investment reports from Mint are simple but informative enough to keep most consumers up-to-date on their portfolios. In addition to other things, they contain words on productivity, value, investment strategy, and comparison to stock indices. You have the option of selecting time ranges that range from day one to next year from the day that you first began monitoring your assets.
How much can you save using Mint Intuit?
When you use Mint and fully use its features, such as canceling unnecessary subscriptions and keeping tabs on your spending, you may save hundreds of bucks every month.
Pros and Cons
Here are some Pros and Cons of Mint Intuit
Pros
- Set up your financial accounts online, including bank accounts, credit cards, and investment accounts. No further software is required.
- Several major US institutions have been connected, but you may add accounts and institutions manually if yours isn’t.
- If you have a bank account, you can use this app to pull all of your transactions into a safe transaction, to which you can then classify and add tags and comments.
- In addition to pie or bar charts, you may add particular filters to your reports, such as a month-by-month breakdown or a custom filtering for a specific account or tag.
- Using the functionality of a spreadsheet, export all transactions to a CSV file for additional analysis or reporting.
- Create a budget and set up a system for monitoring and notifying you of your progress toward those objectives.
- Most importantly, it is entirely free!
Cons
- Due to the lack of multi-currency capability, you’ll have to manually convert and input those transactions if you have a foreign account and want to view your net worth.
- No help for the foreign bank, or any other institution, is provided.
- TurboTax or any other tax software can’t be used for online tax filing because of no integration.
Final Review of Mint Intuit
In addition to being free, Mint is extremely simple to set up and use. Although you may have to reconnect a bank account from time to time, the software accomplishes precisely what it’s supposed to do in most cases. As well as keeping track of your expenditures and developing a budget, you could also obtain an overview of your whole financial situation.
Mint’s mobile app and web version can be handy if you want to dig deeper into your expenses and budget. You may save money by using Mint’s insights to see if there are any patterns in your spending.
If you’re looking for a free budgeting program, Mint is your best bet. If you’re a seasoned budgeter or just starting, this is a great tool to have at your disposal.
FAQ
Is it safe to use Mint?
Yes, Mint’s parent company, Intuit, uses the most up-to-date security and technological safeguards to safeguard its users’ financial and personal information. Multi-factor verification and hardware and software encryption are among the security methods used.
What is the price of the Mint app?
Mint is an entirely free application. Using any of Mint’s functionalities is completely free of charge.
Is it possible to use Mint without associating your bank accounts?
Manually adding bank accounts may be done, even though it’s meant for automated sync. Mint cannot auto-update information for these accounts; therefore, doing so requires an additional degree of engagement from the user.
Why Should I use Mint?
Budgeting may be intimidating for those who aren’t used to it, but Mint is a great place to start if you’re not sure where to begin or just want something simple to use.