If you want to get ahead in life, you're going to have to make a budget and stick to it. Even those who have gotten a taste of fortune have learned this lesson the hard way: many lottery winners spent their winnings and then some. It was gone before they knew it. The hard truth is simple: you must spend less than you earn (or win) if you want to save up for a special trip or plan for retirement.
Intuit own's Mint App is an example of how Quicken should be but, for some reason, they have decided to continue working on the same outdated software instead of relaunching. Mint: Mint is now owned by Intuit, who own TurboTax, QuickBooks, and were the former owners of Quicken; and are familiar with security. Mint uses encryption for data transfer and they offer multi-factor authentication, which is a must for any sensitive log in.
In the old days, people scrawled their numbers on paper. Determining if you were striking the right balance between life expenses and frivolity was a lot of work. It could take hours to calculate your income and expenses, much less figure out how much you were spending eating out, buying clothes, or wasting on bank fees and interest. Thankfully, the technological age has brought us many tools that make the process much simpler.
Yet, with so many money management platforms out there, how do you know which one is right for you? Is the program really as user friendly as described? Can you import bank transactions easily? Does the mobile app offer all the same functions as the online or desktop platform? To help you get your finances on track as quickly as possible, CreditDonkey has reviewed the top three budgeting tools - Mint, YNAB, and Quicken - to see how they stack up against each other.
Study Methodology
Here are the main factors we considered:
- Setup Process
- Capability
- Support
The first, and often most important, issue one faces when choosing budgeting software is the complexity of the setup process. If it takes too long to enter your account information or create a budget, you have to wonder if you’ll be able to muster the time and energy to keep up the effort toward financial happiness.
Once all the necessary information does get into the system, the richness of the data the software can compute becomes a key question, in addition to your ability to follow along. Some programs merely track whether you’re able to keep up with a budget while others can also be used to prepare for tax time and easily export information to the proper forms. Some programs carry over the budget you created from month to month while others require you to input each month’s budget separately.
You will also want to consider what technical and educational support the software company offers. Some companies provide optional tutorials on money management while others blatantly pinpoint areas where you could cut back, based on analysis of your personal data.
Best Setup Process: Mint
- Setup Process: Imports information directly from your bank, easy to use interface, auto-categorizes most transactions to match your budget, free, 5/5
- Capability: Doesn’t work with all banks (U.S. and Canada only), easy to quickly set up budgets that include savings goals online (but those goals don’t show up in the phone app), information is not exportable for tax purposes, 3/5
- Support: Run by a reputable company, information protected by 128-bit SSL encryption, responds to issues and requests by email, 4/5
- CreditDonkey Score: 4/5
If you know you should get serious about your finances but don’t want to spend any money or dedicate much of your free time to budgeting, Mint is the program for you. It is a free online budgeting tool (and mobile app) that quickly and easily organizes your finances and helps you meet your monetary goals.
Mint is owned by Intuit (the makers of Quicken). Both Lifehacker and Forbes have listed Mint as the best personal finance software available.
Why We Like It
Besides being free, Mint is so easy to use. Just open an account online, log in to your bank accounts, create a budget, set some goals, and presto! You’re on your way to smarter spending. Unless you open a new account or your budget or goals change, all you need to do is keep an eye on the reports and add a tag to the occasional transaction Mint is unable to automatically categorize for you.
Besides being free, Mint is so easy to use. Just open an account online, log in to your bank accounts, create a budget, set some goals, and presto! You’re on your way to smarter spending. Unless you open a new account or your budget or goals change, all you need to do is keep an eye on the reports and add a tag to the occasional transaction Mint is unable to automatically categorize for you.
Its Downsides
You cannot manually add accounts into the Mint system. If your bank isn’t supported or you have a private loan, you won’t be able to track it properly.
You cannot manually add accounts into the Mint system. If your bank isn’t supported or you have a private loan, you won’t be able to track it properly.
The goals you set up online are nowhere to be seen in the mobile app. Another issue worth noting: Mint is only a budgeting tool. None of the data collected is usable for tax purposes nor will it remind you when it is time to pay your bills.
Who It Works Best For
Anyone who is new to online budgeting and hasn’t become enamored with similar software will likely favor this free tool.
Anyone who is new to online budgeting and hasn’t become enamored with similar software will likely favor this free tool.
Best Capability: Quicken
- Setup Process: Imports information directly from your bank as you set up accounts, allows manual entry, engages users with a colorful, logically organized interface, auto-categorizes most transactions, budgets cannot be copied from month to month, $39.99 and up, 3/5
- Capability: Organizes and exports financial data for tax purposes, tracks expenses to budgets, diverse report options, allows users to set alerts and reminders, does not allow mobile transaction entry (but users can view data using the mobile app), 5/5
- Support: Created by one of the leaders in the financial management software industry, encrypts financial data, many help forums and online tutorials available, 4/5
- CreditDonkey Score: 4/5
Quicken is possibly the most popular personal finance software available. It has all the features of a standard accounting program - it can calculate your net worth, track your expenses to a budget, and give TurboTax the information it needs to compute your taxes at the end of the year.
Quicken has been recommended by Tom’s Guide and many others as one of the best personal finance products money can buy. It’s a bit more comprehensive than some people need, but for those who want to account for every penny they earn, spend, save, and invest accurately, Quicken is a great choice.
Why We Like It
People who use Quicken to track their finances don’t need to hire an expensive accountant to do their taxes at the end of the year. The program organizes the data so you can easily complete the returns yourself.
People who use Quicken to track their finances don’t need to hire an expensive accountant to do their taxes at the end of the year. The program organizes the data so you can easily complete the returns yourself.
Since all data must be accurate in order to be used for tax purposes, Quicken allows users to manually enter transactions and create accounts, or they can import the data from their bank.
Its Downsides
Checking every transaction to make sure your tax records are accurate can be tedious work. Plus, although the simplest of tax returns can be filed for free with TurboTax online, anyone who owns a home or has even mildly complex filing requirements will have to shell out $49.99 or more to finish packaging their financial data for the IRS. For that matter, each version of Quicken is eventually “retired,” forcing you to continue investing in a product you already bought by purchasing upgrades.
Checking every transaction to make sure your tax records are accurate can be tedious work. Plus, although the simplest of tax returns can be filed for free with TurboTax online, anyone who owns a home or has even mildly complex filing requirements will have to shell out $49.99 or more to finish packaging their financial data for the IRS. For that matter, each version of Quicken is eventually “retired,” forcing you to continue investing in a product you already bought by purchasing upgrades.
Who It Works Best For
Those who want a program that does more than simple budget tracking. You get a head start on your taxes, and you get to manage your cash flow with this program.
Those who want a program that does more than simple budget tracking. You get a head start on your taxes, and you get to manage your cash flow with this program.
Visit: Quicken Website
Best Support: YNAB
- Setup Process: Imports information directly from your bank, plain interface, auto-categorizes most transactions to match your budget, $60, 4/5
- Capability: Doesn’t work with all banks but allows accounts and transactions to be entered manually, easy to set up budgets that include savings goals, allows transactions to be entered by mobile app, information is not exportable for tax purposes, 4/5
- Support: Offers free tutorials on both its software and budgeting strategies, manages an excellent support forum, accepts suggestions and responds to issues submitted online, 5/5
- CreditDonkey Score: 4.3/5
YNAB (“You Need a Budget”) is a powerful financial tool created by a man who wanted to share the money juggling techniques that had produced stability for his family. In the free online tutorials, the company teaches you how to use the program to “give every dollar a job, save for a rainy day, roll with the punches, and [eventually] live on last month's income.”
Why We Like It
YNAB allows you to import financial data as well as manually enter information for odd accounts or cash on hand. And it lets you enter transactions through the mobile app. YNAB is a plain, user-friendly way to take control of your finances. And, for many users, the online tutorials are key to their success in budgeting.
YNAB allows you to import financial data as well as manually enter information for odd accounts or cash on hand. And it lets you enter transactions through the mobile app. YNAB is a plain, user-friendly way to take control of your finances. And, for many users, the online tutorials are key to their success in budgeting.
Its Downsides
YNAB does not work in conjunction with any additional software to help you at tax time. Other than the ability to track accounts not endorsed by the software and take free budgeting seminars, YNAB has features very similar to Mint but is not free, and you’ll have to pay for upgrades.
YNAB does not work in conjunction with any additional software to help you at tax time. Other than the ability to track accounts not endorsed by the software and take free budgeting seminars, YNAB has features very similar to Mint but is not free, and you’ll have to pay for upgrades.
Who It Works Best For
Those who are new to budgeting and desire guidance as well as those who dabble in foreign currencies or bank somewhere out of the ordinary will enjoy YNAB’s versatile yet simple platform.
Those who are new to budgeting and desire guidance as well as those who dabble in foreign currencies or bank somewhere out of the ordinary will enjoy YNAB’s versatile yet simple platform.
Other Software to Consider
AceMoney Lite rated higher than Quicken on Forbes’ list of best budgeting software options. The free version has nearly all Quicken’s features (its more robust counterpart costs $40). It’s a bit less visually engaging than Quicken, but if you really need to pinch pennies, it seems worth sampling.
If you are an independent contractor or operate a small side business, you will need a more powerful program than Quicken to prepare you for tax time. Quickbooks is the most popular small business accounting software. (Or, you can use a free program like Mint to manage your personal budget and use Quickbooks to calculate your “extra” income.) Quickbooks online accounts begin at $12.95 per month after a 30-day free trial.
We hope our research will leave you feeling motivated and inspired to get your finances in order and start saving towards your goals with ease. Everyone spends more when they aren’t paying much attention to where it’s going, but these days – when you can view your budgeting process at any time on your smartphone – there’s no excuse for spending blindly.
Rachel Hoyt is a contributing writer at CreditDonkey, a credit card comparison and reviews website. Write to Rachel Hoyt at [email protected]
Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content.
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Compare Mint vs. Quicken. See pros and cons of Mint vs. Quicken and easily decide which accounting software is right for you.
Mint and Quicken are both personal finance management tools that are quite the hit these days. But, there can be only one that works best for you? So, which one is that?
Well, that’s exactly what we are here to find out in our “Mint vs. Quicken” battle. However, before we go any further, let’s first get to know each tool a little better.
Mint Vs. Quicken Accounting Software Comparison
Mint
Mint is a cloud-based finance app and that means you can access it from, pretty much, anywhere. It’s available for both, Android and iOS.
Mint came into being in 2006, and in 2009, it was acquired by Intuit. Here’s the interesting part – Quicken, Mint’s closest rival, is also from Intuit. So, we’ve got some major sibling rivalry going on here. Over the years, Mint gradually managed to get Intuit’s attention, eventually causing the company to sell Quicken.
The application’s platform allows you to incorporate most types of financial accounts. This includes loans, credit cards, banking, and investments. The best part is you can do it all in one place. The accounts can be added during installation via a smooth download process.
Once the download is done, Mint syncs everything and even categorizes the accounts automatically. Now, the categories are all pre-defined and you can’t do anything to change that. However, what you can do is add sub-categories for more detailed classification.
When that’s done, you’ll never have to bother again because Mint will remember all your recurring transactions and match them to the set categories.
Mint refreshes your data every time you open the site. An efficient interface presents all your information while graphs break down the data on an easy-to-use dashboard.
Quicken
Quicken, unlike Mint, started as a desktop application. It could only be installed on your PC or Mac. After all, it’s the first of its kind, meaning, almost every other personal finance application or program out there owes its existence to Quicken.
Quicken has been in business since the days of MS-DOS. In case you don’t know what MS-DOS is, let’s just say Quicken is really old; 34 years old to be exact. It’s the daddy of all modern personal finance management tools.
However, Quicken isn’t some outdated application. It’s so good that people still use it and naturally, that means it has evolved over the years.
Today, you have several versions of the tool; one for Windows, one for Mac, one for Android, and one for iOS.
Also, the desktop versions sync with their mobile counterparts.
Of course, Quicken isn’t the only king in the jungle now; it has several rivals, with Mint being it’s greatest. So, can Quicken survive the battle? Well, it’s a worthy contender and has similar capabilities. You can keep track of your bills, budgets, and investments.
In fact, you even have a special feature that allows you to monitor the value of your property/home.
Now, it’s time to find out which one of the two is worth investing in. So, let’s begin.
Budgeting
So, they’re both budgeting applications and here’s the thing – they’re both equally good. Hence, in this round of Mint vs. Quicken, the verdict is a “tie”. We can’t help it. They’re both equally good and we’ll tell you why.
Both applications give you a good idea of where your money is being spent or saved. So, money management can be done with ease on either of these tools. They are also quite versatile, assisting even the most amateur budgeters in setting up a system to pay off credit card debt, avoid over-drafts, save, and generally manage expenditure.
You also get alerts on any unusual activity from both applications.
Of course, Quicken wasn’t always this good; the competition from Mint is what forced developers to start making changes and the efforts have paid off.
So, if it’s basic budgeting you’re looking, we’re here to tell you that Mint and Quicken are equally capable. Just make a random choice and you’re good. If you can’t, just draw straws.
Pricing
In the pricing department, Mint leads the way because it’s a free service. You might go “that’s not possible.” Well, it is. Mint doesn’t even have hidden fees. So, how does Mint make money? They have their ways. For instance, they make some money from advertising.
Financial services often market themselves via Mint and Mint, in return, collects referral fees. Other than that, the app has banner ads on its site, which also serve as a source of revenue. Then, there’s the credit report, which is a paid feature. So, people who really want their credit reports have no choice but to pay.
Mint also sells some of the data it acquires. Of course, this is done anonymously and therefore, won’t affect you as a user.
So, as you can see, Mint has its ways.
As for Quicken, things are more straightforward. Depending on the particular version, you can end up shelling out anywhere from $34 to $119.
This round of Mint vs. Quicken clearly goes to Mint.
Data Synchronization
Both Quicken and Mint offer data synchronization features for your accounts (all types and institutions). But, Mint seems to have some occasional trouble with the synchronization process. Plenty of complaints have been received regarding this. Making things worse is the fact that Mint rarely does anything to fix the issue.
Quicken still relies on Intuit’s servers for synchronization, which means it can experience similar issues. However, our tests show that Quicken is much better than Mint in this department. In fact, Quicken has a slight edge here – it allows manual entries. Mint doesn’t.
In other words, if Mint fails to synchronize, you are left without the latest information.
So, yup, Quicken wins this round of Mint vs. Quicken.
Verdict
Now, there are a lot of other areas that we could compare, but we have to limit ourselves due to a lack of space. As you can see, we don’t have a clear winner. But, if we had to choose, we’d go with Mint for the simple fact that it’s a free application.
There might be a few differences in the capabilities they offer, but let’s just say that, when it comes to basic financial management, the two aren’t all that different. Mint only wins this battle because it’s free. Otherwise, this would have been a tie.
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