Making Financial Fitness Fun
A million users have signed up for Mint.com, the online money management tool, since its launch 18 months ago. The company unveiled a new feature – Financial Fitness – at the Finovate conference in San Francisco today.
First a quick overview: Mint users register anonymously, and then add login information for bank accounts, credit cards, etc. Mint automatically tracks and classifies spending in specific categories; sends email alerts and bill reminders to help avoid bank fees and overdraft charges; and suggests financial products and services to help save money.
The new feature takes financial tracking to a new level, giving users various challenges in five categories, and explaining why and how they should address the task. Successful behavior is rewarded with a higher fitness score. Categories include spending less than you earn; knowing your credit score; using credit and debt wisely; investing; and preparing for the unexpected. For instance, Mint can track whether the user has paid down credit card balances and stayed within their credit limit, and they accumulate points for smart money behavior.
The feature explains “why is this important task and exactly how — with a series of tools and resources — to perform that,” says CEO Aaron Patzer. “It shows how many times in a row you hit your budget, or saved or avoided bank fees, and when you’re 80 percent financial fit you get a trophy. If you hit 100 percent for six months you’re a financial guru. It (gives users) positive psychological feedback, it almost makes finances game-like.” Mint studied the point systems of the Wi Fit and Warcraft when developing the new feature.
Do you use any strategies that make money management feel more like a game? You can comment here or email me at laura at laurarowley.com.
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