Mint’s Closing Down: What To Look For in a New Budgeting App

This week, Intuit Inc. announced it will discontinue its popular budgeting app, Mint, on January 1st, 2024. The news has left many users scrambling to find a replacement for their personal finance needs.

What to Know About Mint’s Shutdown

Mint is an online service that helps users track their personal finances. Founded in 2006 and acquired by Intuit in 2009, Mint reportedly grew to have more than 3.5 millions users by 2021.

Despite the growth in users, Intuit released a statement explaining that the decision was made with “careful consideration”, and “in light of our evolving business strategy”. The company has pledged to continue to support existing Mint customers until the January 2024 closure.

What to Consider When Choosing a New Budget Service

Budgeting tools can help you manage your finances, stick to your budget, and achieve your financial goals. It’s important to align your choice with your specific financial situation, as well as your goals and objectives. Here are some factors to consider:

1.    Features and functionality: Look for a budgeting service that offers expense tracking, goal setting, bill reminders, automatic categorization of expenses, and account syncing.

2.    User interface and ease of use: Choose a service with a user-friendly interface that provides a clear overview of your financial situation.

3.    Security, privacy, and compatibility: Ensure the service prioritizes security and privacy, integrates with other financial tools or apps, and uses encryption to protect your data.

4.    Cost and customer support: Evaluate the cost of the service and check if it provides reliable customer support.

5.    Reviews and reputation: Consider the reputation of the service by reading reviews and feedback from other users.

The Benefits of Using SoFi for Your Budgeting Needs

SoFi has tools and solutions for many financial needs. This includes a budgeting offering to help you manage your finances, set financial goals, and track those goals all in one place.

SoFi allows members to view their financial accounts and monitor their credit score all in one place for free. Here are a few key highlights:

1.    See the big picture: Connect all of your accounts on one mobile dashboard to get a bird’s-eye view of your balances on the go.

2.    Credit score monitoring: See how your score changes week to week, while learning about the factors that make up your score.

3.    Track your spending: Keep tabs on your cash flow and spending habits, plus find ways to save — in real time.

4.    Track your debts: Monitor your credit usage and pay down progress on your loans.

5.    See your entire investment portfolio: Track all your investment accounts to see your Retirement versus General investment breakdown, and a single view of all your holdings in one place.

6.    Track your home value. See how your home value changes and get access to tools and resources on home financial decisions.

Get started with SoFi to take control of your finances. See where you stand, what you spend, and how to reach your financial goals.

Check it out

SoFi’s tool offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.