Is Mint Better than Other Financial Apps?
Mint is fairly easy to use with no need to register for an account. With a few simple steps, you will be able to manage your financial transactions as well as have a set budget by using this free app. Aside from that, you can also access your account online which is a good option especially if you happened to lose your phone or device.
This app allows you to make several accounts ranging from your credit accounts to your investment and loan accounts. You will need to connect these accounts manually to the online website of Mint to get an updated overview of your financial status. When you visit their site, you will gain access to a very attractive interface as well as a highly functional one, too.
So what features do you actually get in the Mint app?
The major feature of Mint is its ability to give you a budget for your set income and expenses. Once you open the app, you only need to connect your various accounts and then enter your expenses into the app in order to get a factual and real-time overview of your finances. What's good is that Mint has its own ability to categorize every financial transaction that you add. This does not mean however that you will not be able to set your own categories.
Access to Financial Accounts through their Website
By linking your financial accounts to your Mint account, you can easily view your activities even with the use of your phone. What's good about Mint is that it is available for almost any type of device ranging from iOS to Android. It is necessary to sign up to their website though before you can use this feature on their mobile app.
Mint has an automatic setting of sending you notifications whenever you incur the following activities so you can easily make the necessary to step to avert any financial problem or make a necessary adjustment:
- Changes in fees
- Making huge purchases
- Due dates for bills
- Delayed Payments
Mint is a good app for budgeting, but it also lacks some features which may have made up for a perfect financial management app. First, you will not find a lot of new or unique features. This can be quite a disappointment if you are looking for an innovative app. Another problem is the automatic categorization of financial transactions. It does not seem to enter the correct category for some expenses and income transactions and you need to manually correct it. Thirdly, it does not have an account reconciliation feature which means you can never really tell whether the data that it has is correct or not compared to what the bank has.
Mint is an excellent tool for tracking your income and expenses as well as for creating a budget based on that information. The main feature of this app is often best for handling investments rather than on anything else. You will love its notification options which will alert you of any pending bill or income. But just like other applications, it also has its downsides but if you can do with them, then it is a pretty sufficient app especially when you sign up for their online site to get additional tools.