& be up to date!
Mint was purchased by Intuit, owners of TurboTax, back in 2009. The Mint.com platform has evolved to include an improved overview section and features such as multiple account transaction details, budget creation, goal setting, trend analysis, a self-contained investment portal and a financial services marketplace.
Overall, Mint is a great platform to access detailed information about your banking, spending, credit usage and investing. If you are like me, you might have your financial life spread across a number of companies. It can be a pain to log into separate accounts and more difficult to understand one’s complete financial picture.
Mint aggregates the financial information and transaction details of accounts you’ve added. Instead of separately logging into Chase, Navy Federal or Fidelity, you’ll be able to add these accounts in Mint and view details of the accounts in one place. You can also add your bills for cellular service, utilities, and other subscription services. Mint helps you see your overall financial picture and make better decisions.
Mint's dashboard will calculate your income, total debt, spending, investments, and your net worth.
A key benefit is the ability to categorize expenses that gives a better understanding of your spending habits. For example, Mint will categorize your spending on Starbucks regardless of the bank account, credit or debit card used. I find this to be helpful if you are looking at cutting back on expenses.
Additionally, Mint does a good job in helping you set up goals by using actual data from your accounts. If you wanted to pay off credit card debt, you can set a goal. Once this goal is set you are then asked enter any missing information such as APRs and/or minimum payments for each credit card. You’ll get alerts when you hit milestones. It’s a great way to visualize financial goals.
Mint is recommending products and services. It’s important to know what options are available. Recommendations based on actual personal data is a good start.
In terms of personal data and banking information, Mint is pretty clear in the use of state of the art encryption security.