Nearly one in four Americans miss a bill payment every year – even the most fiscally responsible.
Call us human.
Tax accountant Amy Sheahan, 25, opened her Mint account in college and says the free app has helped her build savings and better track her spending over the years. She’s managed to pay off $2,000 in debt and has saved thousands of dollars for a rainy day.
Still, she admits to having missed some card payment deadlines in the past. “I would get busy with school or work and forget,” she says.
Like with Sheahan, life sometimes gets in the way of remembering to meet deadlines, including financial ones. It’s not that we’re especially forgetful or lackadaisical with money. In its research, however, Mint discovered that some people have overly complex (and inefficient) systems for managing their money, using busy spreadsheets, multiple payment websites and countless sticky notes to serve as reminders.
Forgetting to pay a bill is not only stressful. It’s costly. It can lead to late fees and additional interest. Each year our missed bills yield more than $77 billion in annual late fees and interest payments, according to Mint research.
To combat this, the app recently rolled out a simpler, more streamlined service to help account holders like Sheahan manage and pay their bills more effectively within the app. The new bill tracking and payment features automated reminders, as well as updates regarding payment status. You can also expedite payments through Mint, often paying in one day. Curious about your credit score? Mint even provides in-app credit score updates.
Sheahan, who lives in Dallas, TX, began successfully using the service this year. She appreciates that it allows her to view all of her upcoming bills in one place and create a payment plan ahead of time.
“It lets me know what’s coming up in the near future to pay and what disposable income I have available,” she says.
Her financial goals include paying off all her credit cards and making a bigger dent in her student loans. With Mint’s bill pay, she now has the right support for crossing that finish line.
Have a question for Farnoosh? You can submit your questions via Twitter @Farnoosh, Facebook or email at firstname.lastname@example.org (please note “Mint Blog” in the subject line).
Farnoosh Torabi is America’s leading personal finance authority hooked on helping Americans live their richest, happiest lives. From her early days reporting for Money Magazine to now hosting a primetime series on CNBC and writing monthly for O, The Oprah Magazine, she’s become our favorite go-to money expert and friend.