This allows Mint to receive a token from your bank that allows access even if you change a password. Mint recently began using the OAuth open standard for some bank accounts, including Bank of America, Chase and Capital One. It’s also possible that some accounts won’t sync at all, especially ones that require two-factor authentication.
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When you change a password for an outside account, you must update the login information on Mint. If I go several weeks without logging in to Mint, there may be multiple accounts that aren’t synced. Nearly half the time I log in, there is at least one account that won’t sync, so I have to enter my login information for that account again. From my experience, Mint does a very good, but not perfect job in this area.
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Mint’s ability to give you a full view of your money can only work if your outside accounts are synced properly. You can set up goals, such as saving for a car or schooling, and Mint will keep you apprised of your progress. Mint’s tools present your budgets in the form of helpful charts that help you visualize your spending patterns. Now, before we go out to eat, we check our monthly budget to determine if we can afford to go and how much we can spend. To help reduce our spending in this area, we set monthly budgets for restaurants and fast food. My wife and I used the Mint budget feature when we analyzed our spending and realized we were spending a significant amount of money eating out. Also, look at recommended budget percentages by categories of spending when setting up your category budgets. It helps to do some work outside of Mint to create a budget before deciding on Mint budget categories. In fact, you can set up an unlimited number of budgets, and the website will let you know whether you are on track or overspending each month. Thus, you can set budgets for categories of spending. It lets you see the sources of your income and - most importantly - what you are spending money on. The ability to track all of your transactions helps you get an understanding of your cash flow. I was amused recently when my purchase of running shoes was labeled as “pet supplies.” When something like that happens, you can go in and manually set the correct category for the purchase. The log is customizable based on what you want to see.įrom my experience, Mint has about a 90% accuracy rate with identifying transactions maybe one in 10 transactions is mislabeled. It’s important to note that cash purchases obviously can’t be tracked automatically, but you can enter them manually.Įvery listed transaction is categorized and labeled based on how items are categorized by the card companies. If you make most of your purchases using credit cards and debit cards, you can see all of your spending in a single view. I find the most powerful feature of Mint is the ability to see virtually every financial transaction you make. Toward the center of the page, you’ll see a listing of any bills due and the status of any budgets you set up.Īt the top of the Mint page are menus directing you to your transactions, bills, investments and some written articles on personal finance. When you log into Mint, you’ll see all of your accounts and their balances on the left side. In most cases, in takes several minutes for accounts to sync, so don’t be alarmed if the balances seem old at first Each time you log on to Mint, you’ll see the accounts listed on a dashboard. Once all of your accounts are entered, they will sync up with the Mint website. This can be a bit tedious, but it’s not required every time you hop onto Mint. To link your outside accounts, you go through a process of entering the login information and passwords for those accounts. Setting Up and Signing OnĪll you really need to get started with Mint is an email address, a password and a phone number. Getting Started With Mintīefore you get started, make sure you have your financial information ready to go.
Mint does not report official figures on numbers of users, but various published reports peg that number as between 15 and 20 million.
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Aside from some integrations with Intuit’s software (such as Quicken and TurboTax), the concept behind Mint has not changed much.
Since the acquisition, all Quicken online users have been migrated over to Mint.Īt its core, Mint helps people track their money, set budgets, and get smarter with their finances. It was widely reported at the time that Intuit agreed to the purchase because its own software, Quicken, was inferior to Mint. After growing to about 1.5 million users, it was sold to Intuit, the large maker of financial software, for about $170 million. Mint was founded in 2006 in Silicon Valley by entrepreneur Aaron Pratzer.