Mint is a free to use online financial application that can be used to control personal budgets and spending. Some various tools and tricks would make personal finance and goal setting an easy affair. It is available as a website complemented by use as a mobile app that is available for the iPhone, Android devices, and tablets.
Many people find the tracking, budgeting, categorizations, and reminders rather convenient to use in daily practice. The app is continuously updated with more features, which will be of better use to the users all the time. If ever there has been a strong point, it has to be the commitment shown to improve services to the consumers.
The first step towards using the Mint application is to link the different financial accounts that the user tends to use daily. Like the bank accounts, insurance policies, and the likes. With the app, it is possible to connect with most of the banks and financial institutions that operate in the United States. You can use the Mint to keep track of the regular bill payments, like the telephone and utilities. Keeping track of credit card spending and credit spend points is an added advantage as well.
Once the various accounts are linked up together on the Mint platform, it would take up several minutes downloading months of data onto the account. But future updates would happen quickly and automatically without further user interference.
The navigation on Mint is broken down into an overview, bills, goals, transactions, budgets, investments, reports, and savings. The summary acting as a meeting place and the space to start once logged onto the system leads to the other functions as a natural flow.
As each transaction comes in, it tends to assign categories to the spending depending on the pre-set category heads. Even though this process is automatic, it is possible to edit and change types manually also. It provides for greater ease of operations as with the better organization of the spending accounts.
Splitting a transaction between two or more categories is also an easy affair. It is also possible to add additional tags to spending and category to differentiate between two or more types.
A budget is not restricted to a single plan or category on Mint. Each category can be assigned a particular account and hence improves the program’s flexibility most of the time. Budgets can be allocated to as many categories as is needed too.
The app would analyze the budget spent over time and suggest better ways and methods control the spending. It is possible to tweak each of the category budgets to set sub-limits in each case. You can set budgets on a weekly, monthly, bi-monthly, or quarterly basis; this is left to the user’s liberty to do so with hardly any rules as such governing the act. If monthly budgets are chosen, any surpluses are carried over to the coming month automatically. It provides for variable expenditure, which is one of the vital operating points with Mint.
Mint goal setting
The primary purpose of the goals page is to set short- and long-term goals for savings. That could set up an emergency fund or reduce the debts incurred over time. Each goal is tied to a user account, and only a single goal can be linked to the account each time.
With the Ways To Save section pointing to deals being offered by brokerages, financial institutions, insurance providers, and the likes, this is an excellent section to be kept reminded of means to save money. Just the right deal can be located and automatically, too with any of the user inventions.
It is possible to keep track of all the bills due for payment from the Mint app, but it would not be possible to pay for them from the application. Most people would be keen to know when bills like the telephone, cable connection, and the likes are due for payment, and it helps to know that balances in the cash account could be running low and thus unable to meet the bill payments on time.
The reports section on Mint does more than report the financial transactions in real-time. It keeps tabs on spending and income trends automatically and helps build assets over the long term. There are watchpoints to note when specific trends change with time and restructuring of the cash spends imminent.
Mint app syncs automatically with many American investment portals, thus providing the user with a seamless interface to control and monitor real-time investments. Portfolios can be created and controlled from the software’s Investments section, which provides far greater flexibility than otherwise possible on other apps.
Mint tax tools
Although the Mint does not provide tax reports or reviews directly, it is possible to sync between another tax tool that is TurboTax, which helps with the filing of tax returns and such matters. This sort of compatibility is found with other application pairs as well, but they do not function with the same power as the combination of Mint and TurboTax.
Although there are tons of budgeting and accounting software in the market, few could prove to be as useful and simple to apply as Mint. Further improvements in the future would make for a powerful application that not just budgets spending but has a whole range of reports and tables to work.
There is a high standard of security on offer that enables synchronization with other banking apps and software. This sort of inter-operability brings not just convenience but more than a single-use onto a single platform as well. The future would be very bright for those depending on the application for their budgeting needs.