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Mint.com Personal Finance Software Review

About.com Rating 4.5 Star Rating
User Rating 1.5 Star Rating (9 Reviews)

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Mint.com has excellent budget graphs to help you with tracking your budgeted spending.

Mint.com Budget Graph

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The Bottom Line

Mint.com free online personal finance software offers a good mix of money management tools, and is very easy to use. Using reports and finding financial information is a breeze. The absence of account reconciliation features or running account balances make Mint unusable for some, but excellent personal finance tools make it ideal for many people.

The online app is complimented by the Mint iPad app, iPhone app and an Android app.

Score: 4.5 on a 1-5 scale.
Percent: 91%

Updated 06/23/2013

Pros

  • Features are easy to use, yet fast and powerful.
  • Flexible budgeting tool allows for experimenting with difference scenarios.
  • Sends financial summaries and alerts via email or text message.
  • Tax tools integrated with TurboTax.
  • iPhone and Android apps, Best Mobile App Award

Cons

  • Does not reconcile accounts.
  • No running account balances in account registers.
  • Does not support multiple currencies.
  • Can't assign multiple savings goals to one account.

Description

  • Email or SMS cell alerts for unusual account activity, when a bill is due, or an account has a low balance.
  • Bank level data security policies for account aggregation.
  • Financial reports are easily customized and provide information in easy-to-read pie charts and bar graphs for fast analysis.
  • Can create spending and income categories on the fly, without leaving the feature you're using.
  • Downloads from over 16,000 financial institutions.
  • Mint handles automatically categorizing downloaded transactions very well.
  • Easy to find, very useful help resources. Systems alerts let you know if updates are being held up.
  • Can add value of home, car or other assets for accurate net worth.
  • Mint.com is fun to use for managing a budget, bills and personal finance accounts.

Guide Review - Mint.com Personal Finance Software Review

Mint is a very popular online persona financial management app that offers many good features for day to day money management along with the convenience of the ability to download transactions automatically from just about any bank or other financial institution.

The first time you set up accounts in Mint.com, transactions take a few minutes to download, but future updates run much faster. An Overview page shows account balances for all accounts, activity alerts and financial reminders, budget spending details, financial goals and investment accounts.

Expense categories are automatically assigned to transactions--accurately, for the most part. Transactions are easily edited and creating transaction splits is easy as well. Optional tags can be assigned to transactions for more detailed financial reporting or a very refined budget.

Mint.com is easy to navigate, with top tabs for sections of the software: Overview, Transactions, Budgets, Goals, Trends (reports), Investments and Ways to Save.

Flexible Budget Tool
Budget for as many categories as you like, and use the "everything else" category if you don't want to budget for everything. To set up a budget, click on "create a budget", choose a category and an amount to budget for every month, once, or once every 2-12 months. The Budgets page also shows you budgeted income, spending and spending goals with how much money is left over.

Financial Goals
The Goals page is for setting up short-term to long-term savings goals, such as establishing an emergency fund or reducing debt. Goals are attached to one of your accounts for tracking. But, you can only have one savings goals per account, so if you save for multiple goals in one money market account or savings account, the Goals feature is not useful. Mint.com needs to allow for assigning multiple goals to one account in a future update.

Personal Finance Reports
A variety of simple but very customizable reports are available on the Trends page. View your spending by the current month or click on a past month on the tool at the top of the page to zoom in on past spending. Selectable report variables are last year, last month, and all time, with filters for category or merchant (payee) and comparisons to last month's spending, cities, states, and more. Graphs to Try is a nice feature that lets you discover reports that answer a question such as, "How is my net worth changing over time?".

Investments and Ways to Save
Mint's graphical investment reports are uncomplicated yet detailed enough to keep most people in touch with their portfolio. Reports for performance, value, asset allocation and comparison to market indices have selectable time-frames range from 1 day to the day you started tracking investments.

The Ways to Save page offers up deals on credit card and other financial account, a home loans analyzer and insurance products. These customized deals are relevant to your financial needs according to your activity in Mint.

Mint Works
No personal finance software will be perfect for everyone, but Mint.com will work for people of all ages and in just about any stage of life with a feature set and easy-of-use that is be hard to beat. Visit Mint.com

This review was prepared by setting up a free Mint.com account using Firefox 3.6 browser in a Windows 7 64 bit environment. For ultimate safety, do not to use Mint.com or access online financial accounts from public computers. If you must do so, be sure you log out, clear cookies and close the browser.
User Reviews

Reviews for this section have been closed.

 1 out of 5
much ado about nothing, Member bobbyb444

- does not import all accounts that you might have; their response is, 'ask the bank or institution to accept us"" - does not accept automatic login credentials (LastPass, for ex) - if you forget your login credentials, it alllows one free try; thereafter, if you do take a moment and remember, it will log you in, but you have to wait an additional 30 minutes (!!) for the full program to come up and be usable (this is critical when doing tax reporting) - customer service sucks...it took ten emails to customer support just to find out their reason ""WHY"" I had to wait 30 minutes--they don't read your emails at all--no phone support--the reason ""WHY"" is, their software has to adjust to the so-called 'change in your password attempt"" (wha???)--gee, other websites let you in immediately when you login with the correct credentials.... and BY THE WAY - it appears they are an affiliate of Quicken - one of their customer support reps responded to my queries with a QuICKEN email account...[their support@ mint, and even with their support page (team@mint) are NOT existent]--gee, QUICKEN, very disingenuous (a.k.a., sneaky)... c' ya

1 out of 3 people found this helpful.

See all 9 reviews

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