Learn Better Money Management With Mint.com

Kimberly Rotter

Kimberly Rotter | Reviews

Jul 16, 2014 | Updated Oct 30, 2015

Mint.com is a real-time personal money management tool that gives you a helpful snapshot of where you are and where you’re headed, financially speaking. Mint offers budgeting, goal setting, trend-watching, investment analysis and money-saving tools, most of which are fully customizable.

How It Works

The user must enter login details (usernames, passwords, security question answers, PINs, etc.) for any financial account he or she wants to include. To get the most out of Mint, it’s best to enter details for every financial account, as well as real estate and other assets. Then Mint downloads transaction details and attempts to categorize each transaction in order to develop a monthly budget and trends analysis.

The Overview

Displays all balances, including checking, savings and credit card accounts, mortgage and other loan balances, investment account current market values and the values of any other assets such as home and car. Home values are provided by Zillow and auto values are provided by Kelley Blue Book.

Simple Graphs And Charts

On the homepage compare assets to liabilities and very clearly show the user’s net worth and six months’ net income. Total cash is green and total credit card debt is red, virtually jumping off the screen as a stark reminder of just how much of an obstacle credit card debt can be to the user’s financial health.

Alerts

On the home page let the user know of upcoming payment due date, issues requiring attention such as high utilization on a credit card or uncategorized transactions, and suggestions for saving money. The money-saving tips are generally loans and credit cards with interest rates that are lower than the user’s current accounts, or with advantageous introductory rates. Money-savers are listed again in the Ways to Save section farther down.

The Budget Section

Defaults to amounts in each category that are based on the user’s spending history, and each category displays a running total of how much the user has spent so far this month. All budget categories are fully customizable.

Ways To Save

Shows credit cards, checking accounts, savings accounts and home loans that pay more or charge less than what the user currently pays. The top options are usually sponsored links from partner companies, but the recommendations are not completely biased. Mint analyzes the user’s real finances and makes solid suggestions that are based on the reality of the user’s current accounts.

Also in Ways to Save, Mint presents numerous links to paid services and sponsors. Users can obtain a credit score by signing up for a free 14-day trial of the Mint Credit Monitor ($16.99 per month after the trial ends). The brokerage, 401k rollover, IRA, auto insurance and life insurance tabs lead to various partner companies and their best offers.

The other areas of the website are dedicated to customizing the monthly budget, setting financial goals, and analyzing trends. These sections are Mint’s meat and where the user’s effort really pays off. The more attention paid to transaction categories, the more meaningful the trends analyses are. Progress is just a click away and very easy to see.

The Best Things About Mint

  • The focus is on the big picture: investments, credit, net worth, future planning.
  • Mint is exceedingly clear and simple, designed for users with any level of financial mastery.
  • Mint reminds users of the importance of credit score monitoring.
  • The goal-setting tool is easy to use and useful for setting long term goals and tracking progress. The Goals page guides the user through common goals and links to the relevant accounts to track progress.
  • Users can see true real-time balances by manually adding pending credit card transactions and checks not yet cleared. If the correct check number is recorded, Mint will automatically reconcile the manually added transaction to the actual one that shows up on the account when the check clears. Mint attempts to do the same with pending credit card transactions and is usually successful when the date and amount match up.
  • Customizable alerts, warnings and notifications help the user stay on top of finances on a daily basis, which is great for identity theft monitoring in addition to overall financial well being.
  • Budgeting tools are extremely easy to use, including customizable limits in every category.
  • Advertisers are relevant and reputable. Sponsor links are clearly labeled as such.
  • Mint provides ample opportunities for the user to pursue a more advantageous credit card, bank, mortgage or other account.
  • The mobile app, although simpler in features, displays most of the same data as the website.
  • The Mint Widget is available in four different versions. Two display the user’s real-time total cash and total credit card debt, which could be very useful for impulsive spenders or people tracking their debt payoff. A tap takes the user to the mobile app and all of the account details.

Room For Improvement

The Mobile App Is Scaled Down

The app lacks some of the bells and whistles of the full website version. But after much user feedback, Mint has addressed most of the common complaints. For example, net income for the past few months is now available on the app, as are customizable budgets. Trends, however, are limited on the app. Six months of spending and net income are there, but assets, debt and net worth can be viewed only on the web version.

The Investments Section Is Quirky

First, Mint considers certain accounts to be assets, which some users may find questionable. A term life insurance policy is an asset in Mint and calculated as part of net worth. However, term life insurance goes away at the end of the term. If the user is still alive when the term ends, the value will be zero. So this policy may or may not be a true asset.

Furthermore, the investment comparison tool can be difficult to manipulate. Mint offers the option to compare stock performance, for example, to the performance of the S&P500, NASDAQ or Dow Jones. But error messages sometimes appear (“We couldn’t find market data for this holding. Perhaps it’s not a standard stock on an American stock exchange?”) and considerable clicking around is necessary to figure out how to get the desired information.

Mint Does Not Have A Bill Pay Feature

It would be nice to see a bill reminder on the mobile widget, tap it, and either authorize payment or click through to the creditor website. However, all users get from Mint is notification that the bill is due and the option to click through to view the account.

Mint Cannot Track All Accounts

Mint does not connect with utility companies, phone service providers, Netflix, Groupon or others. It connects with financial institutions only. Adding all accounts – even frequent flyer and other rewards accounts – would turn Mint into an indispensable financial dashboard.

Mint Can Help You Stay On Track

Mint is an extremely reliable and reputable financial management tool. Instead of categorizing purchases on separate bank accounts and credit cards online, Mint allows the user to capture all financial behavior in one place for a true, real-time snapshot of financial health and progress toward financial goals.

Mint Requires User Input

The most important thing to note is that Mint cannot succeed passively. Some user effort is required. Mint can’t correctly guess the spending category for each transaction, and correct categories might simply need to be changed sometimes (a purchase at a grocery store might actually be an office supply expense, for example).

Only the user truly knows how the money is being spent, and the budgets and reports generated by Mint have the greatest value when they accurately reflect the user’s true spending behaviors. All financial tools work best with constant attention. As long as the user doesn’t have unrealistic expectations that Mint will be an independent bookkeeper or financial advisor, Mint’s tools can really help a consumer identify ways to save more and effectively manage money. The best results will come to those who are willing to update details once or twice a week, or even daily.

Was this helpful?
  • Brian

    Definitely going to check out Mint – it seems super useful to me. How does it compare with Credit Sesame?

    • Kimberly Rotter

      Hi Brian

      That’s a great question, and Credit Sesame is another one of my favorite finance apps. They can easily go hand-in-hand.

      Mint’s primary usefulness for me is the budgeting feature, while Credit Sesame’s is the credit monitoring (note that Credit Sesame offers credit scores and limited credit monitoring for free; Mint does not).

      One major difference is that Credit Sesame pulls all its data from Experian, using your social security number. Mint, on the other hand, shows you only what you enter. So on my Mint account, I also entered a couple of accounts that my husband owns separately in order to see a true “big picture” of our finances (I like to see business debt alongside personal debt, because a bill to be paid is still a bill to be paid).

      Other details to note:

      Mint tracks stocks, 401k accounts and other investments; Credit Sesame does not.

      Mint shows financial trends, like what your grocery spending for the last six months looks like.

      Credit Sesame shows your credit health trends, like how your score has changed over the last 12 months. Credit Sesame also provides free pointers for achieving a higher score.

      Mint allows you to set detailed, customizable financial goals and track your progress.

      Credit Sesame provides various identity theft prevention services, some free, some paid.

      I’m sure you get the idea — they have some crossover features (both apps give suggestions for credit cards, bank accounts, loans and mortgages that might save the user money, and like this site, both apps earn a commission when you follow through on an offer), but the two apps are very different and valuable in their own way.

      I encourage you to play around with various personal finance apps (try Mobilligy for keeping track of the bills you pay and Personal Capital if you have a lot of investments to track) and see which ones hold the most value for you. We’d love to hear back from you about your likes and dislikes about any of them.

      Kimberly

The Insider

John Ganotis
Two free rides from 11 US airports from Uber and American Express
John Ganotis | Nov 16, 2016

Read More
Brendan Harkness
Review of the Best Western® Rewards MasterCard®
Brendan Harkness | Oct 21, 2016

The Best Western Rewards MasterCard provides 13 points for every dollar you spend with Best Western, along with a variety of extra perks and benefits.

Read More
Brendan Harkness
Review of the Upromise® World MasterCard®
Brendan Harkness | Sep 28, 2016

The Upromise World MasterCard offers up to 10% cash back at select retailers, and you can redeem your rewards directly to your college fund or student loan.

Read More

Trusted Credit Information

Putting People First, Always.

We are advocates of the responsible use of credit, building and managing your credit history, and making informed decisions when selecting a credit card.