Mint.com Unveils Goals Tool

Earlier this week Mint.com launched a new "goals" feature, which lets users track progress towards a goal in sync with their other Mint transactions. 

The new feature has already garnered coverage from the Wall Street Journal; the New York Times "bucks" blog; and the US News and World Report blog.

In typical Mint fashion, the goals feature is a "refreshing" take on planning for your financial future. Users can either select a goal from eight of the most popular, or add a custom goal. 

Mint syncs the goal with the account or accounts that you select and then applies payments and debits. Your goals are automatically updated, along with your expected completion date. Mint also prompts you with action items relevant to the goal.

Mint is not a bank, so while users cannot move funds into goal accounts within Mint, they can manually record progress towards goals in unlinked accounts and can also link accounts within Mint to view progress in the goal graphics. 

The Wall Street Journal reported that a direct banking/saving linkage, including the ability to transfer funds from within Mint, is in the works, perhaps as early as late 2010. Additionally, Mint is developing year-by-year sub-goals. (See below for a step-by-step goal-setting example about how my retirement savings goals might be a little less intimidating when presented as an annual picture). 

Mint allows you to set serious financial plans in just a few steps. Easy calculations (all done for you) and a non-threatening interface make financial planning more accessible. I was able to establish a retirement goal in three steps. Timing myself, it took just three minutes, two of which were choosing a retirement age. Retirement-age dates can be updated as needed.

1. Answer a few simple questions about your desired outcome for the goal.

2. Personalize your goal with a picture and title. (image)

3. Tell Mint how to track your goal; manually, or with a linked account. 

Mint continues its strategy of providing a free service sponsored by relevant advertisements. Affiliated vendors appear on all goals tabs. Under college savings, two 529 plans were offered. When I selected the "save for a car" goal, I was prompted to sock away the savings with two high-yield savings account options, or I could choose one of my existing deposit accounts. 

When I established a "get out of debt" goal, I was prompted to try for a lower interest rate with Lending Club and Prosper.com (image below), a smart strategic partnership for the peer-to-peer lenders. A Lending Club press release announcing the partnership indicates that 60% of Lending Club's personal loans have been taken out for the purpose of consolidating credit card debt. 

Mint.com demonstrated the goals tool at the Finovate conference in April 2010. The video is available here.