12/3/2023 0 Comments Pros and cons of intuit mint![]() ![]() This is a bit frustrating, and Mint's library of linkable accounts could do for an update. I also have found that I can't add my 401k account in Mint (they do not have Transamerica Retirement available as an investment option), so I've sort of "hacked" the software by manually inputting my retirement balance as "Property" to get an accurate read of my net worth. However, I haven't found that Mint's analysis of my purchases is always accurate, and so I have never relied on or used this feature. If you input your checking and credit card accounts into Mint, Mint will analyze your purchases and categorize your spending (Groceries, Restaurants, Clothing, Gas & Fuel, Fast Food, Movies & DVDs, Alcohol & Bars, and Coffee Shops), and help you stay within predetermined budgets you've set for each category. No more guessing what you could be doing to improve your credit, or what it is that's dragging your score down. It will also keep you informed of your credit score, and why it may be lower or higher according to specific factors (credit age, credit usage, on-time payment history, total accounts, credit history, and derogatory marks). ![]() I find this especially useful because if you're able to input all of your accounts and assets, Mint will generate your net worth in real time as it fluctuates. Mint is a helpful piece of software if you're looking to centralize all of your financial accounts (checking, savings, credit cards, loans, retirement, investments, etc.) in one place. The overall Mint interface can be rather clunky and difficult to navigate. I personally have never had an issue, but it is something to consider. The security and privacy of Mint has been brought into question by many sources, since linking accounts gives Mint nearly full access to those accounts. While the process is not difficult, when an account becomes unlinked you no longer get notifications when say a credit card bill is due. To relink an account you must go into the Mint app, go into the account settings, and manually relink each affected account. It is not unusual for linked accounts to suddenly become unlinked, and while Mint is supposed to notify when that happens, it often does not. Perhaps one of Mint's best aspects, it is completely free. You can create categories for your purchases, and Mint will attempt to automatically assign your purchases to a specific category. Mint provides a fairly robust set of tools to manage your finances and set budgets. In addition, Mint supports a broad number of companies within each category such as Wells Fargo, Chase, Xcel Energy, Xfinity and Robinhood. Mint is relatively easy to setup and allows you to link a broad category of accounts including: bank accounts, credit cards accounts, utilities (such as gas and electric), internet, and even investment accounts. ![]()
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