App Review: Should I Use mint.com?

Mint.com is a free online personal finance service for keeping track of banking, credit cards, investment accounts, etc. Since it’s web-based, there’s no software to install, and you can access your files on any browser or mobile device (apps for Apple and Android are available).

During the initial setup, mint.com downloads your financial data and automatically updates it every time you visit. It’s usually quite easy to use and all your data is presented in attractive graphs and tables.  Budgeting functions include features that let you track your spending habits, set goals, monitor your credit scores, and set alerts for late fees, bill reminders, rate changes, etc.  It can also send you emails with weekly summaries.  

Mint.com’s greatest weakness is investment tracking: its investment tools are simplistic at best. Other issues include occasional difficulty synchronizing with your bank, inability to reconcile against bank statements, and inability to import data from other personal finance apps.

What makes mint.com especially attractive is that it’s completely free. However, to make up for this, you have to put up with banner ads and referrals to fee-based services. If all you’re looking for is banking and budgeting, you have nothing to lose by giving mint.com a try. But if you want to include your investments, you’ll probably also need a dedicated investment app.

Kupina MortgageTeam  905.730.4782 – mark@kmortgage.ca