Mint Measures Your Financial Fitness with New Tools

How financially fit are you? It’s a very important question these days, and the tools to keep you financially healthy are all the rave. Mint, the web-based personal finance tool, is releasing a new section of its site called Financial Fitness in order to give a wider range of features to its users. Financial Fitness really takes Mint’s existing personal finance tools to the next level, making the new segment a natural progression for Mint.

Financial Fitness consists of five personal finance principles and lays these out for users to note on a weekly, monthly and annual basis. These five principles include:

Know your Money
Spend Less than you Earn
Use Debt Wisely
Invest Your Savings
Prepare for the Unexpected


These are the core aspects of Mint’s Financial Fitness, and based on the various activity you have in each principle, your financial health will vary. As Mint already had basic personal finance tools to show you what’s going on with your money, Financial Fitness merely helps you answer the question, “what to do with your money.” The new feature allows you to really stay on track with your financial goals, aggregating all the data Mint already has for your personal finance and in turn helping you to make better decisions.

For example, Mint can see which credit card accounts your using or which mobile network provider you have. If you frequently end up wasting money on late fees for your bills, Mint can suggest other credit card company that doesn’t have late fees at all. Taking the knowledge it’s learning from a wide array of users and turning it into a custom recommendation service that also keeps you on track is precisely what Mint is going for here.

Additionally there will be rewards given out for those that are financially fit. No details have been revealed about the rewards to be doled out for those that stay on track, but we’ve heard that the points and rewards system is akin to a gaming format.
It’s a concept I’ve been expecting to pan out with Mint, other personal finance tools and even media recommendation services for some time now. With Mint in particular the Financial Fitness section is important because it makes the previous Mint offering more valuable and it proves the necessity of services such as Mint from a business perspective.

Mint is also hoping that the current recession will make consumers more fiscally aware, and the company is really pushing its service as a supplement or alternative to paying for a financial adviser that you may see only a handful of times throughout the year. I really like the idea of having an automated service that keeps you on track between meetings with financial planners, and I’m certain the two aspects of finance will become more intertwined in the coming years.