Mint.com Review: Everything You Need to Know about Mint App!
Budgeting apps and finance apps have become some of the most efficient tools for planning and sticking to a budget. Some of these apps have taken financial planning to an art form, and Mint is one of them. Like other services, first-time users question the legitimacy of Mint and also its safety. So set things straight, read the Mint app review, that will help you find out how the app works, and if it the right finance management app for you.
What Is the Mint App?
Mint is a personal finance app that has over 15 million users. To use the app, you need to download it to your PC or mobile devices and sign up for the service. The main function of the Mint app is to sync users' accounts along with online payment accounts (like PayPal), and credit cards. When all the financial data is in one place, users are able to keep track of their expenses and plan a budget.
Aside from financial accounts, mint also allows users to keep track of their bill. When a user misses a payment, he/she will get an alert about it. To keep track of all this financial information, Mint users need to upload their accounting data and billing data, a process that takes several minutes. Users can download the app to their mac, windows, apple, Google, and other iOS and Android devices, so practically everyone can use it.
How the Mint App Works?
As mentioned above, when users register to Mint, they can upload credit information, financial accounts, billing data, loan data, investment information, mortgages, and more. To make sure users have the best budgeting tool at their disposal, Mint app downloads several months' worth of account data. The app tries to provide users with the most accurate information about their personal finances, so it keeps of the smallest transactions, like ATM withdrawals, and the biggest transactions, like 401(k)s. Once all the data is entered into the app (the tracking becomes automatic after the initial data upload).
Afterward, users can categorize their areas of spending into different categories, like bills, transactions, goals, budgets, investments, and more. The app then lets users set up necessary alarms for bills and payments. Users can also set up budgets and their financial goals, and the app can use the data and goals to help users get to where they want to be.
You can set up short-term or long-term goals when using Mint app; you can set the budget for a week, a month, a year, or longer if you want to. If you go over the budget, you will get notifications telling you to keep an eye on your spending, and also to remind you to pay the bills.
How does mint help you save money? Aside from the obvious fact that when you see how much you really spend you start spending less, Mint helps users save money in other ways as well. The app offers various services and deals you can choose from depending on your budget. With Mint.com, you can find out which insurance companies are best suitable for your budget, which credit deals you can get, which 401(k) works best for you, and other services that can help you save big bucks.
Is Mint Safe?
One of the biggest concerns with personal finance app is the security; when you use Mint or any other finance app, you are providing information about your accounts, your credit cards, and other financial data. So, if a hacker breaks into your account, they might be able to get their hands on your personal financial information. How does Mint protect this data? By using several security measures; first of all, when you sign up for the app and enter your personal information, like account passwords, it is not passed on, meaning you don’t give Mint authority to perform transactions on your behalf – you are the only one who can make payments.
Additionally, Mint hires hackers to try and break into accounts so they can detect weak spots. Regularly, if a hacker breaks into your account, he will receive a read-only format. So, even though the data is exposed, the hacker will not get the information he needs to break into your accounts. To do so, Mint sends a token to the linked bank to the linked accounts to get data in a deaf-only format.
Lastly, Mint uses several security measures to make sure their users are safe, like monitoring through third-party websites, 128-bit SSL encryption, uses 256-bit encryption, and more. The app's multi-factor authentication also serves to protect user data, so on the security front, Mint gets an A.
Mint.com review - Bottom line
The Mint app is completely free, it does not require registration fees, and it does not have any hidden payment requirements. Unlike other personal finance apps, Mint does not offer a pay-per premium service, at least for now. The app makes its money from the ads and referrals it makes, so you don’t have to pay for the monitoring budgeting tools.
Other pros of Mint.com include its speediness, its automation, and its ease of use. With Mint.com you can plan a budget even if you know nothing about it because the app does all the work for you. The fact that Mint.com has good mobile support is another plus of the service. The biggest con of Mint.com is that it only supports U.S. and Canadian accounts. The App also lack a good investment tool, which is bearable if you are not searching for investment opportunities. So, if you need a personal finance app that will help you keep track and get your expenses under control, Mint.com is for you.