To set up the app, all you need to do is give Intuit access to your bank account - similar to PayPal - and it starts categorizing all your purchases into predefined categories like food, entertainment, tuition and electronics. It will also decode the almost-unreadable account names of sellers that you see in your bank statement, and make it so much more readable.
Finally, Mint will let you set budgets by category. Mint suggests you a budget, which you can further refine. And if you cross your budget, it will automatically send you a notification and email informing you to, well, reduce spending.
The biggest pro of the app is its flexibility, so it’ll work based on your banking needs. The biggest con? It doesn’t work at all if your bank doesn’t support this connection. While most banks in USA and Canada will work with Mint perfectly, banks in countries like India probably won’t allow such an app to access all your account information.
Get it for free: App Store, Google Play