The Mint app is a new free financial planning app from the maker of Quickbooks and TurboTax that helps you create and stick to budgets. The app pulls in all your financial information from your accounts to help you keep track of your spending and build budgets accordingly. This could include credit card accounts and even your retirement accounts and 401k. If you have trouble keeping track of bill due dates, Mint is helpful with that as well. It sends you automatic reminders when your bills are coming due.
One of our favorite features of the app is that it allows you to group your spending into categories, so that you can see reporting by spending category. It really helps put things into perspective when you can see exactly how much you are spending monthly on things like dining out, coffee, entertainment, etc. Another great feature is that you can plan for certain savings goals like going on a trip or house repairs, etc. To assist the app even looks for places in your account where you are accruing fees and it makes recommendations on how those can be reduced or eliminated to save you more money. These categories and savings goals get incorporated into your budget plan, so you can always see where you stand throughout the month.
Since the app requires personal banking information Mint takes security very seriously by offering bank level encryption. However it is always a good idea to be cautious with sensitive information on mobile devices. Should somebody steal your phone they allow you to login from a desktop computer or another device to delete your information. You will also be required to create a pin to gain access to your account information.
*Photo Credit: iTunes App Store