Intuit has announced plans to shut down the free money-management app, Mint, at the end of this year, leaving many users in search of alternative budgeting options. While it’s possible to track your spending for free in an Excel sheet, a paid smartphone app might be helpful for those looking for a more streamlined approach to budgeting. Whether you’re looking for a Mint replacement or just trying to be more careful with how you manage your resources, it is important to find a money app that provides practical advice, assists with budgeting, and helps reduce your overall financial stress.
YNAB (You Need a Budget) is one such app that makes financial planning manageable. The app allows you to sync all of your accounts, track your monthly spending, stay on top of your bills, and set aside savings for emergency situations—all in one hub. Additionally, the company offers online workshops that can give you the skills needed to break free of debt and increase your savings. After a 34-day free trial, YNAB costs $99 per year.
Another option is Copilot, a finance app with a user-friendly interface that automatically organizes transactions into emoji-labeled groups once it’s connected to your bank account. The app can suggest new budget category amounts based on past spending and keep tabs on recurring payments. For those who are overwhelmed by the thought of financial tracking, Copilot is an approachable entry point to the world of money management. Unfortunately, the app is only available for iOS users and after a month-long free trial, the annual subscription costs $95.
Acorns is ideal for those looking to simplify the investment process. The app rounds up every purchase to the nearest dollar and automatically invests the change into a diversified portfolio. The basic service costs $3 per month, and users can cash out their investments at any time. Similarly, Oportun, formerly known as Digit, provides an automated way to build savings by withdrawing money from your account into a savings account. The app monitors your spending habits and income, only withdrawing what it thinks you won’t need. Long-term and retirement investments are also available through Oportun. Users can try it out for free for 30 days before paying $5 per month.
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Credit Karma, while not a budgeting app, makes credit scores easier to understand. The app provides free credit reports from TransUnion and Equifax and explains the factors affecting your score. This can be helpful for those who want to track their credit history and understand how their financial decisions are impacting their credit score. However, users should be cautious of in-app advertisers pushing loans based on their data.
The news of Mint’s impending shutdown may come as a disappointment, but with these alternative money apps, users can still effectively manage their finances and stay on top of their budgeting goals. Whether it’s through access to online workshops, simplified investment processes, or credit score tracking, each of these apps offers unique features that can benefit individuals looking to better manage their money. As the year comes to a close, the hunt for a new budgeting tool will be one worth exploring.
