Press and Blogger Central / Press Release
AtomicPR for Mint
Mint.com Soothes the Holiday Spending Hangover with Personal Finance Management
Contest Launches January 31 to Award $5,000 to Alleviate Holiday Debt and Prepare for Tax Season
Mountain View, Calif., January 25, 2008 – Mint.com (www.mint.com), the fresh, free, easy and intelligent way for people to manage their money online, today announced its “Holiday Spending Hangover Cure,” a contest to help ease the pain many are feeling now that their January credit card bills have arrived. People can enter the contest starting January 31 at www.mint.com. Sample videos are available today.
“Mint.com is all about making money management easy and automatic, so people can save and do more with their money. We give people the personal finance tools they need to make the changes they want,” said Aaron Patzer, founder and CEO of Mint. “We know that in the New Year, people often find they’ve spent a lot during the holidays and resolve to get better at budget planning. It’s sometimes a little daunting to get started, so we’ve designed this contest to give them a place to tell their stories and gain confidence that they are not alone. And we’ll be awarding our two Grand Prizes on April 1, so our winners will be able to pay off any still-outstanding debt, fund their IRA or pay their taxes.”
Contestants can submit stories about their “holiday debt-ache” via video or in writing. Entrants are encouraged to be creative and dramatic, because finalists will be selected by the public. Public voting will close on March 15, when the top ten videos and top ten stories will be sent to a panel of judges. Winners will be selected based on originality, creativity, humor and relevance to the Holiday Spending Hangover theme. Grand prizes will be awarded to the best video and the best story on April 1, 2008. Winners will win the amount of their credit card balances, as of December 31, 2007, up to $5,000 each --- and will receive free credit counseling.
Survey Findings Show the Pain of the Holiday Spending Hangover is Real
Mint’s contest responds to needs expressed in a recent survey of Mint.com users and the general American public. The survey found that:
- While nearly 7 in 10 Americans had planned to spend “the same or less” during the 2007 shopping season vs. 2006, over 4 in 10 spent more than they’d planned.
- Among the reasons cited for going over budget, failure to create and stick to a joint budget was among the most frequently submitted, with write-ins including:
- “Because my wife has no self control”;
- “Because when my wife says jump, I say how high”; and
- “I’m married, ‘nuff said”.
- Half of respondents say they will be carrying credit card balances into or beyond March.
- And of those, 12% admit that they either “have no idea” how they are going to pay the minimum amount due…or say they are feeling “panicked” about their debt level.
- 6 in 10 Americans say they plan to make some changes in response to their 2007 holiday spending and debt levels:
- Half of whom say they will make financial changes, including consolidating balances on lower interest credit cards;
- And half mention lifestyle changes including: reducing day-to-day spending; working more hours, and even “begging my boss for a raise”.
How Mint Can Help
Mint.com provides a free and automatic money management service that helps people analyze their spending across their bank and credit card accounts, create easy-to-maintain budgets, and make better decisions about managing their personal finances. In particular, Mint.com offers:
- Budgeting and Budget Alerts. Mint users can set budgets for specific spending categories --- like Gifts, Travel or Food and Dining --- and track spending versus that budget throughout the month. If requested, users can receive email or text message alerts if they exceed their target.
- Easier Budgeting for Couples. A lack of transparency within couple’s spending was cited by many as a reason for having gone over budget this past holiday season. Mint lets users set a single budget across multiple bank and credit card accounts, making it easier to set and stick to a joint budget.
- Ways to Save. Mint.com also provides specific, individualized suggestions for savings via a lower interest credit card, higher interest savings account, and reducing typical monthly bills --- based on the user’s unique spending patterns and payment preferences.
For more information on how Mint.com works, please visit www.mint.com. A full list of contest rules, entry, and award details can be found at www.contest.mint.com.
About Mint http://www.mint.com
Mint.com is the fresh, easy and intelligent way for people to manage their money online. And it’s free. Designed to be effortless for the user, Mint.com takes less than five minutes to set up. Users register anonymously using only a valid email address. Mint then does the rest, securely downloading transaction data from more than 3,500 banks, credit unions and credit card providers on a daily basis. Users never need to import or synch data. Mint applies patent-pending technology and proprietary algorithms to categorize transactions, provide a unified view of all account activity; alert users to low balances, bank fees, upcoming bills, and even potentially suspicious account activity; and give users personalized suggestions for significant savings opportunities.
Mint’s management team includes experienced executives drawn from the ranks of Charles Schwab & Co., eBay, Expedia, Intuit, PGP and other leaders in the finance, security and software spaces. Investors include top venture capital firms and prominent individuals associated with companies including Blue Nile, Google, Intuit, PassMark Security, PayPal, Yahoo! and others.
* For details on methodology or other survey findings, please contact Amy Jackson at firstname.lastname@example.org.
For more information on Mint.com’s free online personal finance service, please visit www.mint.com.