Intuit Inc. made the announcement this week that it will be shutting down Mint on Jan. 1, 2024. As one of the most widely used and highly-rated budgeting apps, this decision will undoubtedly leave millions of users in search of a suitable replacement.
Here's everything consumers should know about this news and what to consider when looking for a new budgeting service.
The Story Behind Mint's Discontinuation
Mint, which was acquired by Intuit in 2009, is a free personal finance app that allows users to link their various financial accounts, such as credit cards, investments, and loans. Its loyal following has been drawn to its comprehensive features, including the ability to review spending, track net worth, and personalize goals and budgeting categories.
Preparing for the End of Mint
The good news is that Mint's shutdown won't happen suddenly. Intuit Credit Karma has assured users that they will have "ample time" to plan for this change. Users will have a two-month window to gather their financial information from Mint and explore alternative budgeting tools. However, some users may feel that this period is not long enough. To make the transition less painful, consider taking these steps:
- Evaluate your needs and priorities for a budgeting app.
- Research and compare alternative budgeting services in terms of features, security, and user reviews.
- Transfer your financial information from Mint to the new app of your choice.
- Familiarize yourself with the features and functionality of the new app.
- Update any automatic payments or reminders to ensure a smooth transition.
In Conclusion
The discontinuation of Mint by Intuit is set to take place on Jan. 1, 2024. This is undoubtedly a significant change for Mint users who have come to rely on its comprehensive features over the years. By preparing early and exploring alternative budgeting tools, users can mitigate the potential discomfort of this transition period.
Finding a Replacement for Mint
If you're a Mint user and are concerned about losing your stored information, there are a few steps you can take. One option is to download your transaction data as an Excel spreadsheet by following the instructions on Mint's help center page. Alternatively, you can take screenshots of any useful charts or insights.
Once you've secured your data, it's time to consider alternative budgeting apps. There are plenty of options available, including free money management tools offered by personal finance websites like NerdWallet. One such tool is PocketGuard, which allows you to track your spending, monitor your net worth, and set budget goals. YNAB is another popular app that offers customization options for managing your money, though it does come with a subscription fee.
If you're worried about starting from scratch with a new app, there's good news. Some apps like Monarch and YNAB allow you to import data files from your banks or other personal finance apps, similar to how Mint operates. Additionally, many apps automatically sync with your financial accounts, some even offering multiple years of transaction history.
Before committing to a paid budgeting service, take advantage of any free trial periods they may offer. This will give you a chance to determine whether the app is worth the investment. It's also a good idea to read reviews in app stores and on trusted financial websites before signing up.
When considering a new app, don't overlook the importance of its community and customer service. Mint's large user base and reliable customer support made it a favorite among many users for learning and troubleshooting.
Remember, there are plenty of alternatives out there to fill the void left by Mint. By following these steps and exploring your options, you can find a budgeting app that meets your needs and helps you stay on top of your finances.
Also see: 5 types of budgets and how to make one that actually works for you
