Intuit Inc. announced this week that it will shut down Mint on Jan. 1, 2024. The company’s decision to discontinue the budgeting app could leave millions of users scrambling to find a replacement. Here’s what the news means for consumers and what to consider when choosing a new budgeting tool.
What is the Mint budgeting app?
Mint, acquired by Intuit in 2009, is a free personal finance app. Mint has been one of the top online budgeting tools for years. According to Bloombergy, the app had 3.6 million active users in 2021. Mint links to nearly all types of users’ financial accounts, such as credit cards, investments and loans; and was known for its comprehensive features, including the ability to review spending, track net worth and personalize goals and budgeting categories.
What’s happening to Mint?
Intuit said on Tuesday that it was “reimagining” Mint as part of Credit Karma and encouraged Mint users to switch to Credit Karma, its money management and credit score service. Credit Karma will absorb Mint by Jan. 1, Intuit said in a statement on Friday.
While several Mint features will live on in the Credit Karma app (such as spending and net worth tracking), setting monthly budgets and customized categories won't be migrated over. It’s unclear whether these capabilities might move over eventually to the Credit Karma app.
What should Mint users do next?
First and foremost, save any stored information you don’t want to lose. You can download your existing Mint transaction data as an Excel spreadsheet by following the instructions on Mint’s help center page. Taking screenshots of helpful charts or insights is another great option.
Then, make a list of the Mint features you used most often or that were most helpful to you. Refer to this list when exploring what replacements for Mint.
What other budgeting tools & apps should Mint users consider?
For Mint users looking for a new budgeting app, here are some other suggestions:
Simplifi: Simplifi users can sync their bank accounts, credit cards, investment accounts and loans in one comprehensive dashboard. The interface is especially useful in tracking net worth, especially across multiple cash and investment accounts.
Pricing: After a free trial, $5.99 per month or $35.88 annually.
PocketGuard: PocketGuard allows users to create monthly spending limits in the app and utilizes a simple pie-chart visual reveal spending habits, which can be helpful in highlighting areas for expense reduction. Another popular feature: PocketGuard can help users negotiate their recurring monthly bills, such as cellphone bills. The service carries no additional charge unless a bill is lowered.
Pricing: Four options — free version; $7.99 per month; $34.99 annually; $79.99 for a lifetime.
You Need a Budget (YNAB): YNAB is a zero-based budgeting app, which has you make a plan for every dollar you earn. As soon as users get paid, they assign their income toward various categories, including spending, savings and debt. The app then prevents users from budgeting dollars they don’t yet have (when waiting for payday, for example). Account balances, monthly bills, and debt are then displayed on one dashboard for easy and simple tracking.
Pricing: After a free trial, $14.99 per month or $99 annually.
Goodbudget: Users who leverage an envelope budgeting might gravitate toward Goodbudget. The app uses the “envelope system,” in which users portion out their monthly income into spending categories. Every expense must be taken out of its designated envelope--no double-dipping allowed! The app is rated highly by couples and households that share a budget, since users can sync with others. But it does not sync with with bank accounts, so account balances must be added manually.
Pricing: Three options — free version; $8 per month; $70 annually.
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