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Mint didn’t know, but they sorted out all your transactions like they knew. That makes sense, honestly, because you know when you stop by Target you can end up buying diapers for the Baby budget line, a cardigan for your Clothing budget line, and orange juice for your Groceries budget line. They did all the tracking for you.īut here’s the deal: One of the biggest complaints reviewers pointed out was that Mint often chose the wrong budget category.
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Essentially, when you connected your bank account to your budget, Mint decided where your transactions should go. Getting your complete financial picture in one spot does sound great! I love when things are clear like that.Īnd you’d think having a budgeting app automatically sort your transactions into categories would be the best thing ever. And Mint users loved that they could wrangle all their money management in one place. Ratings and Reviews of the Mint Budgeting Appįirst off, the net worth tracker looked like an awesome feature. Compare your spending habits to other Mint budgeters.Get help canceling unwanted subscriptions.Have your transactions automatically categorized.Connect to multiple financial accounts in one app.Get financial insights into your spending and saving.Free for classic features (one person per account).Mint had a free version, or you could upgrade to their premium option for more features.Įven though they’re on the way out, we’re still going to look at what they had to offer since most of their features were really popular. Mint automated a lot of the budgeting process for a more hands-off budgeting approach-so budgeters engaged less with their money overall. They were part of the Intuit family of products-meaning they were related to TurboTax, QuickBooks, Credit Karma and Mailchimp. Money Dials could include things like fitness, convenience, luxury items, travel, self-improvement , and social status.Mint was one of the most popular budgeting apps out there before they announced they’ll be shutting down this year. By honing in on your Money Dials-the things you really love to spend on-you can prioritize your spending in a way that makes sense for you. Following this logic, you categorize your expenses into essential fixed costs, important investments, savings goals, and-last but not least-guilt-free spending.īy allocating space in your budget for the fun stuff (minus the guilt), you’re more likely to stick to that budget in the first place. Instead, consider trying a conscious spending plan. The truth is that living a life of constantly telling yourself “no” isn’t sustainable (or enjoyable). Many people assume that effective money management means scrounging, saving, and never enjoying life. You might also have smaller, more short-term goals, like saving for your dream wedding or buying a luxury car. Smart money management can help you achieve those objectives. You likely have some financial goals in your life, whether it’s improving your net worth, paying off your college student loans, or achieving FIRE (financial independence, retire early). But without planning for expenses, a big income can lead to big debt. But it doesn’t have to be! I spoke with a couple in episode 114 of my podcast who overspent on holidays because their earnings combined were a lot. The entire point of these tools is to simplify money management so you can think about your money less, not more.įor many people, budgeting and planning for big expenses like vacations are a struggle. Simplified spreadsheets help develop your plan, and budgeting apps, like those that automate expense tracking, help you stick to it. Finally, you need to stick to your plan.īudgeting spreadsheets and tools are great resources for creating a conscious spending plan. You then need to decide how much money to allocate to each bucket. You need to start with a bullet-proof budget, categorizing all of your expenses into one of these four buckets: fixed costs, investments, savings, and guilt-free spending. Conscious spending is a great way to enjoy life while still building a financially secure future.