Two of the most popular online budgeting apps are Mint and YNAB. Both apps allow users to keep track of their spending, set financial goals, and create a budget that works for them. You can track your spending, savings, and debt with both services. Using either service can help you gain insights into your financial behavior and ensure that you stay on track with your money-related goals. You can keep up with your finances wherever you go with the easy-to-use apps from both companies. The budgeting tools in the apps help you achieve your goals.
If you want to use a budgeting app to get a better handle on your finances, you might be wondering if Mint or YNAB meets your needs more effectively. It’s important to consider the features and benefits of each app before making a decision. The purpose of an online budgeting tool is to reduce the number of accounts you have to log in to, so it would be pointless to sign up for both services. If you consolidate all of your financial accounts into one online budgeting tool, you can save time and money.
In order to make your decision-making process easier, I have put together a post that provides an overview of both Mint and YNAB, the pros and cons of using each service, and other interesting details you might be interested in. The information you need to make an informed decision about which budgeting tool is best for your financial goals can be found in this post. You can learn more about where each product shines and where they fall short. You can compare each product to see which is best for you.
Let’s start with the basics.
What is YNAB?
YNAB stands for “You Need a Budget.” Julie and Jesse founded the company in 2004. The company has grown to be a leader in its field.
YNAB is a small, privately held company that offers personal budgeting software. They offer educational resources that can help you figure out how you can save money. You can use these resources to make more informed financial decisions. To be clear, YNAB is all about helping you save money and budget better.
What is Mint?
Mint is a financial tracking app and budgeting tool. Mint had a user base of over 2 million by the time it was founded.
Mint was acquired by Intuit for $170 million. The most popular budgeting app has over 20 million users.
How Does YNAB Work?
YNAB offers personalized budgeting software that can be accessed through an online account or via mobile apps. YNAB takes things to the next level when it comes to educating you about being fiscally responsible. YNAB can help you make the most of your budgeting strategy.
The strategy behind YNAB’s saving and spending principles can be summarized by their Four Simple Rules for Successful Budgeting , which are as follows:
#1. Give Every Dollar a Job
#2. You should embrace your true expenses. Don’t forget to factor in costs that you don’t think of, like entertainment or clothing expenses. Roll with The Punches. You’ll be ready to roll with The Punches no matter what. Age Your Money
One way or another, each interaction you make with your YNAB account will tie back to the rules listed above. The YNAB account can be managed effectively and efficiently if you follow these simple rules. If you’d like to learn more, here’s a quick video that gives an overview of the four rules.
You Need a Budget App
YNAB is most commonly accessed via its powerful apps, which are highly rated, with a near-Perfect 4.8 stars (out of 5) in the App Store. A comprehensive set of features that make budgeting easy and accessible to anyone is offered by its web-based app. (This is one of the highest app ratings I have seen to date!) There is a 4.1-star rating for the YNAB app in the Play Store. The app’s ability to help users better manage their finances has been praised. YNAB can be integrated with your Amazon device. Just a few simple commands can be used to update you on your budget and spending.
YNAB Features
Here are the main features that YNAB offers:
- Free Online Workshops are available to YNAB customers that teach you how to manage your money better.
- Budget Together makes it easy to share your finances with your partner. You can set personal goals and stick to them as a team.
- Goal Tracking is a tool within the YNAB app that helps you set budgeting goals and stick to them. A simple way to track your progress is provided by it.
- Reports in the form of charts and graphs can help you understand your finances. By using reports, you can make better decisions and understand the financial health of your business.
- Customer support can be accessed through a self-help platform. Any questions you may have can be answered by our team of customer support professionals. You can email YNAB at [email protected] You can get assistance from YNAB’s customer service team seven days a week.
How Does Mint Work?
Mint has online tools for spending and budgeting. You can also download the Mint app, which is rated at 4.7 stars (out of 5) in the App Store. Android users can download the app in the Google Play Store, where Mint is rated at 4.6 stars (out of 5).
Mint will help you link your external financial accounts to your dashboard as an account holder. You can track your spending, manage your budget, and get notifications about unusual activity in one place. Mint will populate this data into your account so you can have a complete picture of your finances.
Mint Features
Here are some of the additional features that Mint offers:
- Bill tracker is a tool that helps you pay your bills on time. It is possible to keep track of your spending and stay within your budget. You can schedule bill payment due dates in the app. Automatic reminders can be set to make sure you never miss a payment. You will be notified before each due date so you don’t get caught off guard. You can move on with your life once the bill is paid. You can be sure that your financial obligations have been taken care of. Simple!
- Daily Budget Planner can be used to monitor your daily spending. It can help you identify areas where you can cut back and save money. You can see where your money is going by grouping your purchases into categories. You can see any trends in your spending by tracking your spending over time.
- Credit Score Monitoring is a tool that does just what it says: monitors your credit score. As a You will have real-time access to your credit score. You can see how your credit score changes over time. Mint only gives one credit bureau’s score for free. It’s possible that you won’t be able to get the most accurate picture of your credit standing. If you want to have access to your score across all three credit bureaus, you’ll have to upgrade to Mint’s The credit monitoring service costs $17 a month. Daily monitoring of your credit report will alert you to any suspicious activity.
- You can monitor your investment accounts from your Mint account with Portfolio and Investment Tracking. It allows you to view your investments from a single dashboard, so you can easily track the performance of your portfolio over time. This tool will help you understand how your portfolio is allocated, as well as monitor any investment fees that you might be paying.
- Mint Alerts can be used to keep you up to date. Mint Alerts are a great way to stay on top of your finances and ensure that you never miss a deadline. If your account balances are running low, you can set an alert that will notify you if you have been hit with an ATM fee or late charge. You can set an alert for any other categories you want to track more closely.
Let’s take a look at YNAB now that we’ve covered the main features of Mint. You can use YNAB to create a budget and make sure you stick to it.
Mint vs. YNAB: What’s The Difference?
Mint and YNAB have a lot in common, but they stand out from each other. Mint has an automated budgeting solution that helps users track their spending habits and YNAB has a more hands-on approach to budgeting.
YNAB is More Protective of Your Data
YNAB is focused on one thing and one thing alone: helping you save money and get a handle on your finances. The tools and support provided by YNAB help users make informed decisions about their finances and achieve financial freedom. They do not share or sell your data. Your privacy is of paramount importance, and you can be sure that your data is safe. You have to opt in to allow YNAB to access your budgeting data. You can change the data you share with them in YNAB.
On the other hand, Mint is owned by a billion-dollar company, Intuit, so it’s not surprising that they will try to monetize you with “special offers.”
YNAB Costs Money – Mint Doesn’t (but there’s a catch)
If you want to be a You will have to pay $11 a month for YNAB. If you become a YNAB subscriber, you’ll have the peace of mind that comes with knowing you’re taking control of your finances and investing in yourself. Mint, on the other hand, is a 100% free budgeting software. If something is free, you are probably the product. You should always be aware of how your data is being used.
As a You will know how the company makes money. YNAB makes money when you buy their budgeting software, but more importantly, they make money when you take control of your finances and live a healthier financial life. As a You can expect a lot of email ads for financial products, including credit cards, loans, and mortgages. To ensure that you’re only receiving emails that are relevant to you, it’s important to update your email preferences in the ‘Settings’ tab of your Mint account. Mint sells customer data to third parties. Mint is committed to protecting the privacy of its customers and has established a rigorous security system to ensure that customer data remains secure.
The third parties use your data to target you with ads. It is difficult to control what kind of ads you see because this data is collected without your knowledge. For example, if you’re in debt, you might start to see offers for debt consolidation. There will be more ads about cars and auto loans if you are looking for a new car. You can research your options to find out more about the best car and financing option for you.
Mint Offers More Services Than YNAB
Mint has more services and features than YNAB, which is run by a billion-dollar company. Mint is a great option for people who want to take advantage of the extra features. For example, you can monitor your credit score for free with your Mint account—something you can’t do with a YNAB account. Mint accepts a higher number of external account integrations than YNAB, so you can get a more complete view of your finances. Mint gives users the ability to create budgets that fit their unique financial needs, as well as allowing for a great deal of customization and flexibility.
Promotions, Bonuses & Coupons
YNAB is giving new customers a 34 day free trial. Try out YNAB’s budgeting tools and see if they work for you. There are no promotions for Mint since it is already free. Mint offers a wide range of features that can help you better manage your finances.
Security Features
Both YNAB and Mint have very secure mobile apps. YNAB and Mint make budgeting easy and secure with their easy-to-use mobile apps and web platforms. I trust my data with both companies and would do so again.
You can learn more about Mint’s security features here. For a more in-depth overview of YNAB’s security features, check this out.
Customer Service and Support
Self-service customer support platforms are offered by Mint and YNAB. YNAB is ideal for those who are comfortable with the basics and looking for more advanced budgeting features, while Mint is a great option for those who are new to budgeting and need a bit of handholding. YNAB’s platform is easier to use and understand. The user interface is easy to use, making it an ideal option for anyone just starting out with budgeting.
Mint offers live-chat support seven days a week from 5 a.m. Additionally, Mint has a comprehensive online help center which provides resources to assist users with many common issues. until 9 p.m. Pacific Time. To find the email contact link, scroll to the bottom of the page. The YNAB team is always available to answer questions. Both companies tie when it comes to customer support. Good customer support is assured by whichever company you choose.
Alternatives to Mint and YNAB
Some of the more popular alternatives are Mint and YNAB. One of the most well-known budgeting apps is Personal Capital, which offers a comprehensive suite of financial tools.
- Personal Capital
- Tiller
- MoneyDance
- EveryDollar
- Wally
- PocketSmith
Do your due diligence and research your options before signing up for any service. When making a decision, be sure to consider factors such as price, quality, customer service, and convenience.
FAQ
How Much does YNAB Cost Per Month?
YNAB costs between $11 and $84 a year. The annual subscription is a great way to save money. It works out to $7/month if you decide to pay for the service annually.
Is YNAB Worth the Cost?
Yes. I think YNAB is worth the cost for most people. It’s worth trying out YNAB before you commit to buying the software. It is worth paying a small monthly fee if you are serious about keeping track of your finances. Track your finances regularly and make adjustments as needed to get the most out of budgeting.
How Much Does it Cost to Use Mint?
Mint is free to use. Mint is so easy to set up that you can start managing your finances in no time. Unless you opt for Mint’s You will not be charged any fees to use the credit monitoring service. You can monitor your credit health with a free credit score from Mint.
What is the Difference Between Quicken and Mint?
A robust financial software solution that helps people manage their expenses, taxes, and business expenses is called Quicken. Mint is a personal budgeting and financial tracking service. Mint is free and Quicken costs money. Mint has a wide range of services that can be accessed without paying any fees. Both are owned by the same company.
Mint vs. YNAB: Which One is Better For Me?
Mint and YNAB offer slightly different services since you have made it this far. Which service is better depends on your situation. It’s important to research and find the service that’s right for you.
Mint is an easy choice if you are looking for a free app that can gather all your financial data in one place while monitoring your credit score and net worth. Mint has budgeting tips to keep your finances on track. You don’t need a credit card to sign up. You can start immediately because it’s completely free and secure. It is one less thing to worry about. Having a plan in place gives you peace of mind.
If you are serious about setting and making a budget, YNAB is the service you will want to use. If you want to manage your finances better, YNAB is worth considering. To be sure, there is a nominal monthly fee. There are no hidden costs or additional charges. You should be able to compensate by saving and spending more. It’s important to remember that your income doesn’t always keep up with inflation, so budgeting is important.
If you’re not sold on either of these, check out our post on the 21 best personal finance software available to find one that might suit you better!
Are you ready to learn more about saving money and how it can lead to financial independence? Let’s start building the future you have always wanted. Check out my post on 51 money-saving tips.
