Popular personal finance site Mint.com is launching an update to its iOS app today that adds the ability to split transactions and adjust budgets on the fly. Those two new features were the most requested from users and make an already excellent app even better. Intuit gave me a sneak peek of the updated app last week, and it's clear that the progression of their app demonstrates the company is keenly aware of how important mobile is becoming to the Mint platform. The company told me that Mint users are remarkably mobile-oriented. In fact, some 40% of the service's subscribers access their accounts only through their mobile devices - skipping the desktop browser entirely. And that number is rising thanks to the popularity of its iPad app. Intuit expects over half of Mint's users will only access the service via mobile very soon.
The new split transaction and budget features apply to both the iPhone and iPad app. To adjust a budget, tap the budget category to reveal a 6-month spending bar chart for that category. The bar chart is helpful for you to see how much your actual spending for that budget changes month-to-month. Your current budget is displayed in a slider to the right of the bar chart. If you want to change your budget, simply drag the slider up or down. A nice feature of the budget slider is a variable speed scrubbing that readers will be familiar with from iOS's video apps. While adjusting the budget, users can slide their finger to the left or right to decrease or increase the budget in smaller or larger increments (say, $1, $10, or $25 at a time). Users can also select additional budget categories to display in addition to the currently shown ones.
The other major new feature is the ability to split transactions. While viewing your transactions you'll now see a "split" button. Tap it to bring up the split transaction window. You can then divide a transaction into as many categories as you want. For example, a $2,500 transaction from Walmart, which by default would normally be labeled "Shopping," can now be split into multiple transaction categories –- i.e. $1,200 for "Electronics," $85 for "Food," $234 for "Clothing," etc. Best of all there's no arithmetic required. When you split a transaction, each category's sum is automatically deducted from the original category's total.
You can check out the new features in the gallery below. Mint version 2.4 is a universal app and a free download.