Mint Budgeting App Shutting Down
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Shocking news just hit these finance streets: Mint, the popular budgeting app, is shutting down on January 1, 2024. This is definitely the end of an era as this announcement from Intuit Inc., sent ripples through the virtual budgeting community, leaving a multitude of users in a quest for a new financial management tool. Me, I am one of those users [insert sad face]. I’ve been using Mint since 2010 and I’ve loved it. But I’m not the only one feeling some kind of way about this. Folks took to the twitter streets to express how they feel:
Not only are they shutting down, they are, of course, steering users to their other financial product within Credit Karma, which they acquired in 2020. So if you don’t want to switch, keep reading.
Gearing Up for The Mint Shutdown
With the sands of time rapidly slipping away, prepping up for the shutdown is the need of the hour. Here’s a handy checklist to brace yourself for the financial transition:
Export Your Data
First things first, ensure you export all your financial data from Mint. Having a digital or physical backup is crucial because once the app and website goes down, you won’t have access to any of the information. Use the steps below to generate a complete export from Mint.
Exporting your transactions from Mint
To ensure you don’t lose any information, whether you plan t use another budgeting app or track your expenses on your own, you want to export transactions from Mint for each account you have.
Sign into your Mint.com account from a computer
Go to the Transactions page
Click the gear icon on the right hand side next to Add Transaction.
Click “Export transactions”.
Save the file to your computer. The process will save your data as a Mint export CSV file.
Explore Alternatives
There are so many options to choose from when deciding which budgeting app you should use. Ultimately it will all come down to which app suits you best. But it is always important that you make an informed decisions, and here’s how you do that:
Identify Your Needs: Recognize what you cherished about Mint and seek apps that offer similar or better features.
Peruse Reviews: Dive into reviews and ratings to gauge the potential of the new app. They are windows into the app’s usability and effectiveness.
Security First: In the digital age, robust security measures are non-negotiable to safeguard your financial data.
User-Friendliness: A user-friendly interface is super important. It should simplify, not complicate your budgeting journey. The more complicated, you less likely you are to keep up with the app thus causing your budget to fail.
Test Drive the New App
Transitioning to a new budgeting app can feel like stepping into unchartered financial waters. Therefore, taking a "test drive" of a potential new app is just like dipping your toes in the water before diving in head-first.
Familiarize yourself with the interface and features. Just like you wouldn’t buy a car without knowing how it handles on the road, you shouldn’t commit to a budgeting app without understanding its interface and features. Every app has its own unique layout, tools, and analytics. It’s crucial to spend some time exploring these elements to ensure they resonate with your budgeting style and financial goals.
Now I know you’re thinking, can that get a bit expensive?
Yes and no. Most offer a free trial or a freemium version. This is your opportunity to explore the app's capabilities without any financial commitment. Utilize this period to navigate through the app, try out its various features, and evaluate its ease of use and the clarity of the financial insights it provides. Then for the apps where there aren’t free trails, do as much research online as you can about the app, check out the app rating and reviews in the app store before committing to purchasing the app. Only purchase the app if you are sure it is something that you want.
If you have no idea what you should be looking for in a budgeting app, here’s what to look at during your test drive:
Does the app have a unique layout that is easy to use and understand?
Does it provide you with analytics to help you make financial decisions?
Does it provide a comprehensive overview of your finances?
Does it allow for expense tracking, budget setting, and financial goal planning in a manner that you find intuitive and actionable?
Explore how customizable the app is to cater to your specific financial situation and goals.
Does it give you the ability to tailor categories, set personalized alerts, and modify budgeting parameters?
Explore the availability and responsiveness of customer support
Does it have educational resources or tutorials that can help you make the most of the app?
How does the app incorporate user feedback? Is there a channel to provide feedback? Does the app seem to evolve based on user input?
After downloading a free app, if you find that you don’t like it, unlink your banking information and uninstall the app. Also, be sure to give it a review so other people looking for a good app can save themselves a headache.
Transition Before Deadline
After the deadline, January 1, 2024, user will not be able to access their data nor would they be able to login. Now that you know it’s shutting down January 1, 2024, don’t procrastinate until the last moment. Begin the transition now to ensure a smooth changeover. The last thing you want is to be without another tool while you research a new one to use.
Final Thoughts
The shutting down of Mint is a significant shift in the budgeting app landscape. While Mint's closure is a bitter pill to swallow, it’s also an opportunity to explore fresh financial management tools, each with its own unique offerings. The end goal remains unchanged – to navigate through the financial waves with a reliable budgeting companion by your side, ensuring a smooth sail towards your monetary goals.
