Mint vs. Quicken – Which is Best for Your Budget in 2020

Mint vs. Quicken – Which is Best for Your Budget in 2020?

All professional financial advisors agree that it is incredibly important that you make a budget to manage your personal finances.

Nowadays, there are plenty of applications that help you keep your personal finances organized. Two of the most popular pieces of budgeting software on the market today are Quicken and Mint. Not only are they both very popular financial tools, but they are also extremely useful.

So, if both budgeting apps are popular, which is the best for managing your money? Below, we take a look at these two systems and determine which one wins in the battle of Mint vs Quicken.

About Quicken

Quicken is a desktop application that installs locally on your Windows or Mac computer. For many people, Quicken is the first piece of personal finance software they ever used. This is because it first appeared in 1983.

While the early editions of Quickbooks online were limited in what they could do, Quicken is now an extremely versatile piece of software. There are numerous versions of Quicken available for both Windows and Macs. You can also sync the desktop software with a mobile app that is compatible with the iPhone, iPad, and Android devices.

At its core, Quicken is designed to help you keep track of your money. It does this by helping you pay your bills and maintain budgets. It also can help you manage your investments and keep track of the value of your properties.

While Quicken used to be the undisputed best option for those needing a finance tool, there are now plenty of worthy competitors out there.

As you’ll see, where Quicken really shines is in the sheer number of features it has for comprehensive financial management.

About Mint

The first thing that you’ll notice about Mint is that it is both free and only available online. It is a cloud-based service that can be accessed through any web browser or a mobile app for iPhones and Android devices.

Mint was released in 2006 and has since been purchased by Intuit. Mint works by connecting all of your financial accounts – bank accounts, investment, credit cards, and loans. Having all of this financial information in one place allows you to get a holistic view of your entire financial situation.

During the initial installation phase, you can add all of your accounts and credit cards using a seamless download process. After you have synched everything, Mint automatically divides everything into distinct categories. You can also add your own subcategories.

The great thing about Mint is that every time you visit the site or app, your financial data is automatically updated. The software presents all of your financial information in an easy to navigate interface that contains user-friendly graphs and infographics.

Common Features

While the two personal finance tools do have plenty of differences, there are some common features they share.

Budgeting:

Budgeting

Source: canva.com

When it comes to budgeting, both pieces of software show you exactly where your money is going. They both do so using simple graphics that are easy to understand.

Synchronization:

Both platforms allow you to link your accounts and automatically import transaction data. Having all of the latest information about your bank accounts, credit cards, loans, and more creates a solid picture of your overall financial situation.

Multi-Device Compatibility:

Both programs can be accessed from any type of device. Whether you prefer to use a smartphone, desktop, tablet, or laptop, you can access your financial information.

Additionally, both programs offer apps that are available for both Apple and Android users.

Unique Quicken Features

There are a number of features that are unique to Quicken, just as there are features unique to Mint. Quicken’s unique budgeting features are:

  • The Inspector – This is a feature that allows you to see a summary of information relating to your budget. You can even check to make sure if you have budgeted enough for upcoming expenses.
  • Bill Payments – You can pay bills directly from Quicken which allows you to easily stick to a budget.
  • Retirement Planning – Quicken specifically helps you set up retirement savings goals.

Unique Mint Features

Mint is more limited in the number of features it offers but this is mostly because it is a free app. That said, there are some features Mint offers that are unavailable on Quicken.

  • Email and SMS Alerts – Mint can notify you via email and text message when you have pending bills. It also gives you suggestions on how you can save money by reducing various transaction fees.
  • Net Worth Reporting – Mint constantly updates your net worth and displays it in a clear way at the top of your account.
  • Credit Score Tracking – Mint keeps track of your credit score so you can improve it more easily.

So, Which is Better For Budgeting, Quicken or Mint?

The truth is both apps are excellent budgeting tools. No matter which one you choose, you’ll know where your money is going and how you can use it better.

Both programs are versatile enough that you can make a personalized budget. The fact that both applications are accessible from mobile devices is extremely helpful, too.

Overall, Quicken does offer more budgeting features but that comes at a cost. As mentioned, Mint is free. Unless there are particular features that appeal to you on Quicken, you might be better off saving money and choosing Mint.

If you are a financial professional, you probably prefer the greater degree of control you get with Quicken. If you are an amateur budgeter who wants to save some money, you will find Mint offers everything you need to create and monitor a useful budget.

The decision depends on your situation. Either way, you’ll be choosing a user-friendly tool to help you improve your budgeting and money management skills.

Source of Featured Image: canva.com

Facebooktwittermail

Published by

Jen M.

Jen has been with DCCU since she graduated from UW Madison - a long time ago. As the Content Strategist she helps share all the amazing things DCCU does in our community and spreads the credit union philosophy of People Helping People. When she's not working for the best credit union in south central Wisconsin, she's busy with 4 kids and a feisty little dog at home. She formed her family through adoption and has a deep passion to support foster and adoptive parents and kids. Her favorite place to relax is poolside or in front of the fireplace.