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There’s a Reason a Killer Money-Saving App Still Doesn’t Exist

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There’s a Reason a Killer Money-Saving App Still Doesn’t Exist

Budgeting apps like Mint have faced challenges in monetizing their services, leading to their eventual closure. Most people are not interested in budgeting assistance and are unwilling to pay for it. Mint customers will need to either pay for a competing service or resort to using spreadsheets or pen and paper to manage their finances. The difficulty lies in engaging people who are unmotivated to think about their money. Mint attempted to transform the drudgery of money management into an engaging experience, but many users found its categorization system frustrating. The app made money through referral fees but struggled to reach the right target audience. Banks are now stepping in to offer free financial planning tools as the need for improved money management grows.

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