While Mint is touted as one of the better online financial aggregators, it is not the best option for everyone. Yodlee.com is! RELEVANT ARTICLE!: - Top 11 Reasons You Should Use Yodlee MoneyCenter For some people Mint provides a sufficient service, but many will find the service lacking after some time. If you are using Mint or thinking about using Mint, you should check out the following review.
Mint is very easy to use and to understand. Everything is laid out in an intuitive manner, and it is easy to put all your accounts in one place.
Mint has useful (though somewhat irritating) alerts, and you can sign up for email or text message alerts to tell you when bills are due or when your bank account falls below a certain level.
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Mint’s budgeting tools are useful and illustrative once you have put in all your information. For example, the spending graphs are a great way to see what you have spent and the relationship between that category to your total income and your total spending.
Mint has bank level security, and users can rest assured that all of their financial information is safe.
In some cases with Mint, it can be hard to update or add information. Sometimes accounts cannot be added, or they will not update. Many times the balances reflected on Mint are inaccurate, and they do not reflect the current balance in your account. For example, the weekly text messages often reflect the balances from a couple of days in the past.
Making budgets with Mint is difficult and time consuming because mint automatically assigns categories to your purchases or expenses. In many cases Mint gets these categories right, but in some cases it will assign categories incorrectly. For example, you might not want your alcohol purchases to go under “Groceries,” but “Bars and Alcohol.” This means that you have spend time checking the categories and changing them. Also, when Mint does not recognize an expense, it will be categorized as “Uncategorized.” This often happens with loans, credit cards, and financed purchases.
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Overall, the interface on Mint is great. It is bright, colorful, and easy to read and use. The easy to use graphs are helpful, and the main interface shows you all of your accounts, including credit, debit, loans, cash, net worth, etc. Unfortunately, the site is not as useful as it is pretty.
With Mint, one might say that you get what you pay for because Mint is free.
Mint is relatively easy to use, and this is an advantage for the general user who does not know much about computers or finances. If it worked all the time, it would be a much more useful site. However, when it will not add or update an account, and when you have to spend hours trying to arrange the categories so that you can have an accurate spending record and budget, the site is not worth the time.
If you want a general idea of your spending habits, then Mint might be a great option for you, especially because it is free. If you do not make frequent purchases, then Mint might be a great option for you. If you want to take the time to arrange all of the categories (and continue to adjust them regularly) then Mint shows you a great picture of what you have spent in the past.
However, because Mint does not update quickly with regards to checking accounts, it is not the best option if you want a quick picture of your finances on the go. You are better off checking your bank account balance on your bank’s website.
Bottom line – Mint, while pretty, is more trouble than it’s worth.
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What do you think? Have you used Mint in the past? Do you still use it? Do you like it or would you recommend another account aggregation tool?