Review: What You Should Know About Mint Personal Finance
Among both free and paid software programs, Mint.com has become a leader in the personal budgeting and finance tool industry.
We’ve taken a closer look at several Mint.com reviews to see how this free budget software works and to weigh the pros and cons of using it.
Mint software reviews have a lot to say about what this personal budget software can do for you and what you need to know before signing up.
Mint.com is an online personal budget software that helps customers budget their money, pay bills, and even stay on top of their investment portfolio.
A Mint.com review by PCMag.com claims that it’s “hands-down the best personal finance software.”
Not only does Mint personal finance software help users with budgeting and setting goals, but it can also calculate net worth including real estate.
The same review of Mint.com goes on to say that you have control over what assets are included in that figure.
If you’re considering using Mint personal finance software to get ahead on your personal budgeting, looking at Mint.com reviews from experts and users can be incredibly useful.
With so many Mint.com reviews available, it can be challenging to know exactly where to begin.
We have compiled a listing of Mint.com reviews from users and experts alike, providing an effortless way for you to determine whether Mint personal finance software is right for your needs.
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Mint.com Reviews
When it comes to finding the right money management software, looking at reviews from users and experts is a great way to determine what personal budget software is right for you.
In the following sections, we will provide a detailed account of our research on Mint.com reviews, helping you decide whether Mint personal finance is right for your financial goals and needs.
Mint.com Reviews: Budgeting Tool
The Mint.com app helps consumers track their goals and spending. The free budget software tools are the primary feature of the service.
Mint personal finance software allows users to categorize all of their transactions to see how they are spending their money.
Mint.com reviews applaud the software’s ability to pull information from financial accounts to give a full picture of the customer’s finances in one central location.
PCMag and InvestorJunkie reviews of Mint.com go on to say that you can use this personal budget software to set savings goals, such as paying off credit cards or saving for a down payment on a home.
Mint.com Reviews: Budgeting Tool
Mint.com Reviews: Categorization
Part of what makes the budgeting feature helpful, according to Mint software reviews, is the categorization of spending.
Mint already has hundreds of built-in categories, but you can also rename or re-categorize them in a way that’s useful to you.
According to a Mint.com review by PCMag, you have total control over how you want each transaction categorized through the use of tags and exclusions.
The Mint personal finance software even allows you to search transactions based on the names of vendors or the tags you’ve created.
However, a Mint.com review by NerdWallet says that the system of categorization is over-automated.
Since it’s hands-off, users can easily see the categories of spending: however, they often overlook the details of where their money is going.
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Mint.com Reviews: Investment Tracking
Another feature of Mint personal finance is the ability to track investments and other holdings by linking your accounts such as:
- 401(k)
- IRA
- Mutual funds
- Brokerage accounts
- Real estate
After linking your account information, the Mint personal finance software is able to give you an overview of your asset allocation and compare your portfolio to benchmarks such as the DJIA (Dow Jones Industrial Average).
Reviews of Mint.com seem to agree that this feature is lacking.
The Mint.com review by InvestorJunkie calls it “okay at best” while a Mint.com review by NerdWallet says that it provides a high-level overview but without the detail that you would find on the actual brokerage account website.
Mint’s personal budget software is also able to track your real estate holdings, according to one Mint.com review from Moneycrashers.com.
By taking into account your mortgage, loans, investments, and real estate, Mint personal finance software is able to give you an estimate of your net worth.
This is an added bonus over the competition for those users who are looking to use money management software to pay off debt and plan for the future.
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Mint.com Reviews: Credit Scores
Mint.com provides free credit scores to its customers and claims that, once activated, you can receive your score in two minutes or less.
In addition to providing your credit score, it also sends alerts if Equifax receives new information from creditors.
One review of Mint.com by PCMag praises the service for the ease of delivering a credit score without jumping through hoops.
However, it’s only a credit score – not a detailed credit report. The InvestorJunkie review of Mint.com says that customers can also upgrade to a premium version.
The availability of credit scores without having to enter a credit card number is a big plus among both professional reviewers and actual users of Mint personal finance software.
Mint.com Reviews: Alerts
Several Mint.com reviews are complimentary of the alerts, which include:
- ATM fees
- Budget warnings
- Suspicious transactions
- Bill pay reminders
- Low balance
- Late fees
- Rate changes
The Mint.com review by PCMag says that you can customize your alerts and receive them by email or text.
Mint.com Reviews: Bill Paying
According to one Mint.com review by The Simple Dollar, you can pay bills through the Mint.com app by linking a credit card or bank account.
Mint Bills is a separate Mint.com app, but they are both products of Intuit and are found on the Mint.com website.
The Mint money review by Bankrate says that it’s nearly impossible to miss a bill payment when using Mint Bills due to the alert system.
While paying with a checking account is free, paying by debit or credit card incurs a fee.
Related: Mint vs. Quicken – Rankings & Review
Mint.com Reviews: Ranking
There are alternatives on the market for consumers who are looking for a simple budgeting and personal finance tool.
A Mint money review by Bestcompany.com ranks Mint ahead of two leading money management software options: Mvelopes and Personal Capital.
While Mint has an overall score of 7.9, their Mint software reviews mark Mint personal finance as falling behind on the budgeting and goals category, specifically in its lack of a budgeting calendar.
However, the Mint.com review outpaces Mvelopes in the alerts, added features, and free credit score categories.
Mint is occasionally compared to Quicken, which is also a money management software. One Mint.com review by TopTenReviews points out a few differences:
- Mint is an online service, Quicken is a personal budget software program
- Mint works well for Mac, PC, and mobile devices whereas Quicken is best on a PC
- Mint is free, Quicken has a range of pricing options
- Mint is primarily for personal finances, Quicken can be used for business
Despite the obvious differences, both Mint and Quicken are part of Intuit. Intuit, who also owns Turbo Tax, acquired Mint in 2009.
Accessibility of Mint.com
Mint.com reviews remind us that Mint is available not only on your Mac or PC but also on mobile devices.
The Mint money review by InvestorJunkie says that apps are available for iPhone, iPad, and Android.
The Mint.com review by NerdWallet says that most of the users are on mobile devices. It also says that the Mint.com app–including the Mint Bills app–are both “suitably strong.”
Professional Reviews of Mint.com
While Mint.com reviews vary in the details, many of the professionals agree on the following pros and cons.
Pros:
- Alerts
- Free credit score
- Budget and goal setting
- Auto-synchronization of financial data
- Snapshot of the total portfolio
- Mobile app
- Security
The security offered by Mint.com has multi-factor authentication.
According to one Mint.com review by Bestcompany.com, there is a triple-layer security system in place. Also, Mint personal finance software is owned by Intuit, who has a long history of financial data security.
A Mint.com review by USA Today says that part of its security is due to the fact that money can’t be moved within the program itself.
While that is viewed as a drawback by some, the reviewer points out that even if someone got your Mint password, he/she would only be able to “see what you have, not directly steal it.”
According to one Mint.com review, Mint uses bank-grade security, so it doesn’t even have access to what you type.
If, however, your smartphone is lost or stolen, Mint has another security feature in place. Users have the ability to delete their account information remotely.
This is an important feature since all your financial information is stored in one location.
Cons:
- Lack of investing sophistication
- Synchronization issues
- Lack of customer support by phone
- Lack of report generation
- Auto-categorization
- Ads
While auto-synchronization of financial information is seen as a benefit, whether the synchronization happens without glitches is an issue.
Mint.com reviews seem to agree that because it’s a free service, there will naturally be a lack of customer support.
In fact, one Mint personal finance review reports that users are unable to reach anyone by phone and must rely on email.
Also, since Mint is a free service, it must rely on ad revenue to generate money. Mint.com reviews indicate that ads seem invasive, and that some of the advice offered by the Mint personal finance service may be tied to sponsors.
User Reviews of Mint.com
Professional Mint.com reviews focus on the overall services and features, but user Mint.com reviews on Amazon, iOS, and Android focus on personal experience.
The overall rating on Amazon is 3.3 out of 5 stars, and the rating on iTunes is 4+. Mint.com reviews on Google Play give the Mint.com app an overall rating of 4.3.
Pros:
- Helps with budgeting
- Ability to link home value to Zillow
- Solid budget function
- Alerts
- Keeps all financial information in one place
Cons:
- Inability to reconcile accounts
- Requires passwords for accounts
- Ads
- Glitches
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Is Mint.com Right for Me?
Most Mint.com reviews have a favorable opinion of the service. In fact, Mint is the “PCMag’s Editors’ Choice for personal finance software.”
However, as with any finance tool, a lot depends on the needs of each user.
For example, a serious investor who needs a hands-on approach might benefit from a different program, according to Mint.com review by PCmag.com.
Still, young adults starting out can benefit greatly from a solid budgeting program that helps them set their goals and track spending.
Because the Mint.com app is a free budget software, this increases its value for those who are just beginning to use money management software.
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Mint.com Is Best for Users Who:
- Need their financial information in one place
- Require less detailed investment information
- Need a strong budgeting component
- Like to see their overall financial picture at a glance
- Require little customer support
- Prefer using free budget software
- Need alerts and reminders
- Can overlook advertising
- Want a hands-off approach
Conclusion: Mint.com Reviews
As with any tool available to help people with their personal finances, Mint personal finance has its advantages and drawbacks, as noted by the Mint.com reviews.
It’s important to evaluate each feature based on your situation and long-term goals.
One Mint money review by InvestorJunkie says that it recommends the program for its “basic budgeting, goal, and credit score features.”
Keep in mind, whether or not you choose to use Mint personal finance software, the best personal budgeting and finance tool will always be the one you actually put to use.
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