One of the well known online budget and expense tracking app is Mint which allows you to track your money transactions from home without any trouble. Mint was formally introduced in September 2007. In November 2009, Intuit purchased Mint for $170 million. At the time, Mint had more than 1 million clients and was including a couple of thousand new clients consistently. After four years, Mint has more than 10 million clients. It can be used for checking your financial statements, savings, credit card bills, monthly and yearly incomes, future goals involving money, and funding for trips and hotel bookings.
Advantages of using Mint.com
- As this is budgeting software, it notifies you every time you are due to pay a bill or payment which ensures you don’t end up being penalized for paying fees lately.
- It helps to guide you in making the perfect financial statement for you bringing out every scope for you to spend and save as well.
- You can keep a look on your daily expense and if you have a future goal of buying something, you can reduce your current spending according to it.
- It is easily portable and you can track your money records through phone, tablet, laptops etc. So even if you are on a tour, you can track your transactions.
- It keeps a track on your credit bills, home bills, savings etc for you.
Disadvantages of using Mint.com
Although the Mint.com has some great advantages but there are some disadvantages too which is making people lose trust over the app and ending up calling it bad software for budgeting.
- There is not guaranteed security in this online software. com could get hacked and the cyber hackers can get hold of all your financial information. The only thing the hacker needs to do is get your password and to be honest, it is not that hard to get.
- People don’t feel the necessity of an online finance tracker and they are good on their own.
- They are more loyal users of other online budgeting sites like Quicken or YNAB.
- There is sometimes a necessity of keeping a manual transaction record. Mint does everything through automated calculators but it sure has some flaws now and then causing you to lose track of your real money matters.
- The site is full of advertisements of their credit cards and software. You would end up getting lost in them and being unable to put any digit in peacefully.
These are the basic reasons causing Mint to lose customers even though they provide quality service. If these issues are fixed soon they will be able to gain back their popularity as an online budgeting site.