Mint vs You Need a Budget vs Personal Capital
Budgeting apps can help users take more control of their money, and can be a great way for people to keep track of their money goals. You Need a Budget (YNAB), Mint, and Personal Capital are three great apps for budgeting. They each have a distinct purpose, so it’s important to consider your own goals before deciding which app is best for you.
Which Budgeting App Is the Best? Here’s the TLDR:
- YNAB is a user-friendly tool for those who want to keep close track of their budgets and financial goals so that they can allocate their money for specific needs. Designed for individuals and couples budgeting together, YNAB makes it easy to work toward financial goals, merge finances, and help you create long-term financial goals.
- Mint provides a comprehensive overview of bank and credit card accounts to track overall spending as well as your credit score, and customize budgets and alerts for easy day-to-day financial planning.
- Personal Capital is a one-stop shop for budgeting, financial tracking, and monitoring. You can also pay for extra features to keep track of your investments and is a great option for those with more complex financial spending and goals.
You Need a Budget: Good for couples or detailed-oriented users
You Need a Budget (YNAB) is a great tool for people who are intense budgeters who want a lot of control and detail. It also is optimized for couples and merging finances. If you are working towards a financial goal or want a very insightful look into your financial habits, YNAB could be the app for you.
- Great for couples who are working together toward financial and saving goals
- Free online workshops for members
- Can create multiple saving goals that you can work on at the same time
- Active YNAB community on social media for tips, tricks, and hacks
The best part of YNAB is that you can see where every single dollar is going to in your account so that you can learn your spending habits so that you can make changes to best help you reach your financial goals. The app also syncs automatically so if you are sharing an account with your partner you can get instant details on where each other’s money is going and who is spending on what.
Mint: Great for a high level overview
Overall, Mint is a great starting place if you want a high level overview of your accounts. It provides an “at a glance” view of your income, expenses, debt, and investments. It can easily sync your accounts and view your spending habits, giving you an idea of how much you save or spend every month.
- Tracking bills and getting alerts for due dates
- Easily keep track of your credit score, with suggestions on how to improve it
- Alerts when there is unusual account activity
- Easily create financial decisions (large purchases or monthly saving goals) to help plan where your dollars are going
Mint is a great way for beginners to get a grasp on their money. It easily allows you to create monthly budgets to see how your money is coming in and out of your account, as well as helps you be on top of your bills and other financial tasks. The tips on how to keep a great credit score help beginners feel more confident about managing their money as well.
Personal Capital: Good for tracking investments and net worth
Cost: Budgeting features are free. Software for wealth management charges fees starting at 0.89%.
Personal Capital is a great choice if you have investments. The app makes it easy to view and track your net worth, and gives weekly updates on your portfolio performance. If you want a more detailed look at your investments, this app is a great choice.
Personal Capital Features:
- Breaks down your spending into multiple categories
- Set monthly spending targets
- Helps you with your retirement plan
- Offers financial planning and investment advice for a fee
- Includes net worth calculation, portfolio tracking, and identifying hidden fees
Personal Capital is a great app for a gaining specific insight on your day-to-day spending for those who want to have a tighter handle on their budget. In addition to budgeting, Personal Capital helps to manage our investments as well as saving and retirement, which is great for people who want to manage and grow their wealth as well. It’s a great app that helps users stay on top of their short-term and long-term financial goals.