While Mint supports a larger number of banks and financial services than YNAB, it also seems to have a lot more technical problems with synchronization. As much as we’d like to tell you that when it comes to YNAB vs Mint, there is a clear winner or better service, we’re unable to do so. Budgeting apps can help you manage your money more wisely and keep tabs on financial goals. So each month I found myself changing the categories around. Not all budgeting apps are made equal; it's all about perspective. Key site security measures include: Mint also is concerned about the security of your personal and stored information. YNAB advertises that all transactions in a checking, savings, or credit card account will be available for import within 12 hours. While the purpose of the tools is similar, there are some differences in terms of how they tackle budgeting. Things like: consumer spending, the average credit card balance, how many retirement accounts a user might have, etc. Both YNAB and Mint offer online training videos and tutorials that make learning quick and easy. The service team when troubleshooting simply copies and pastes standard answers they have no clue what they are even sending. It has problems and it’s the best product out there. Can’t beat that. Mint also provides free credit score monitoring, something YNAB doesn't, and while that may not be an integral part of the budgeting process, but it can be a useful perk. As I’m chatting with strangers in the grocery store, as I meander up and down the aisles, sticking to the outside to keep things healthy, sometimes, I end up talking about what I do. If you’re searching for a new car, expect to see more ads about cars and auto loans. Their interfaces and features are pretty similar. Not only is it free, but it has substantial name recognition, a strong band, and a solid following that swears by its features. There are countless budgeting apps out there but three constantly pop up in conversation — You Need a Budget (YNAB), Mint, and Personal Capital. Required fields are marked *. I find it odd this feature works with several YNAB competitors (including Mint), yet YNAB appears to be a much nicer product than Mint, at least the user interface is a lot better. Mint. It’s in the accounts section. Helped me pay off all student loans last year and always know what my money is doing for me. Save my name, email, and website in this browser for the next time I comment. Both websites can aid in budgeting. As such, it’s accessible with any browser or mobile device. What We Looked For Your email address will not be published. Albert. Plus, both budgeting apps do an excellent job when it comes to goal tracking so you can set, track, and target your financial goals. If you can ever get your bank and credit cards to link, Mint makes this super easy, then there is no place to manage them. YNAB or Mint: Pricing. Both provide a user-friendly tool to improve your money management skills — and financial future — by helping you budget effectively. Keep reading to learn more about where each product shines and also where they fall short. You can also download the Mint app, which is rated at 4.7 stars (out of 5) in the App Store. InvestorJunkie.com© Copyright 2020, All Rights Reserved | Investor Junkie is a financial publisher that does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual. I understand that YNAB doesn’t import anything other than my beginning balance with my Fidelity Investments account. Both companies also offer easy-to-use apps that keep you informed of your finances wherever life takes you. You can learn more about Mint’s security features here. Two years later my credit card debts are gone and I have $20K in the bank. Mint also sells the aggregate (not your individual) financial data to various providers. Mint is free to you, because Intuit makes their money selling loans and credit cards. You can use both services to track your spending, savings, and debt amounts, among other things. YNAB offers email support (scroll to the bottom of that page to find the email contact link). Mint, on the other hand, now seems like more of a report card after the money has already been spent. It’s basic function as a budget app doesn’t even function. Budgeting is all YNAB does, and that focused mission shows in the platform’s user-friendliness and ease. The information on Investor Junkie could be different from what you find when visiting a third-party website. To make your decision-making process easier, I’ve 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. But why am I going to commit to this service when I know at some point a service question will arise, and I will have to email – they promise to respond in 24 hours – really?! It has a very steep learning curve and when it did not work properly for me and did not meet my expectations of how a budgeting platform should operate, I was immediately jumped on, hounded, and insulted by YNAB’s fanatical fanbase. The amount of people that went from huge debt to debt free and months ahead is massive. The software presents your financial information in a slick, easy-to-use web interface, with information and pretty graphs on a user-friendly dashboard. Neither have a prominently placed number to call (which means they may not have one at all), but Mint allows you to connect with a customer service rep via chat, while YNAB refers you to its FAQ section and online documentation. ALL RIGHTS RESERVEDMILLENNIAL MONEY® IS A REGISTERED TRADEMARK OF MILLENNIAL MONEY LLC. You actually have to opt-in to allow YNAB to access your budgeting data, whereas Mint accesses everything by default. YNAB isn’t showing you the whole pic if you have other assets than bank accounts. Before choosing the best budgeting and personal finance app for your needs, check out this comparison of two of the most popular. Security is an important issue to anyone using an online budgeting app since your entire financial life could be exposed. When you terminate your account, your data is wiped clean from the database. At the time of this writing, YNAB is offering a 34-day free trial to new customers. In 2009, Intuit acquired Mint for $170 million. Both services are versatile enough for any budgeter to stop over-drafting, set up a systematic way to pay off credit card debt, set up savings, and manage spending. Mint is more about the present tracking of money and where it is going. All the platforms have a great look just like any other regularly maintained website. Mint keeps an eye on your money so you don’t have to. I’ll correct that error in the comparison. When you click on the support button on Mint’s website, there is a list of common questions and issues you can scroll through to help yourself. The accounts are displayed anonymously(citicards 1/2 linked). On the other hand, if your primary focus is budgeting—and if you’re really serious about setting and making a budget—YNAB is probably the service you’ll want to use. Now, with the new YNAB, you no longer need to manually enter your transactions to make sure you've captured all of them in YNAB. You can also read our recent comparison of EveryDollar vs Mint for more considerations when it comes to budgeting tools. For example, a category of entertainment says we spent $200 for the year (I knew that was wrong! YNAB helps you save money and get a handle on your finances. As an account holder, Mint will help you link all of your external financial accounts to your centralized Mint dashboard. Both Mint and YNAB offer helpful self-service customer support platforms. If you can’t find the answer to your question, you can either email the team or hit the chat button for online help. Mint is a budgeting app that tracks your spending, bill payments, credit card charges and investments for you. Recently married and we're trying to setup a pretty firm budget. Founded in 2006, the company was acquired by Intuit in 2009. To be clear, YNAB is all about helping you save money and budget better. YNAB is $5 a month or $50 a year while Mint is free. You can follow Ruth on: You can trust the integrity of our balanced, independent financial advice. I have tried Mint, and several others with not help with my budget as most budgeting software tracks spending at best. YNAB and Mint both offer very secure mobile apps and web platforms. Let's talk about what's common with the online budgeting services. I would say that both companies, more or less, tie when it comes to the customer support category. Give Every Dollar a Job Mint will then automatically populate this data into your account so you can have a full understanding of your financial picture—all in one place. It’s one less thing to worry about. Winner: Mint and YNAB are the clear winners. I guess it’s okay for getting an overall view of your money, if you don’t have a BoA account. Of course better customer service might be expected from a paid service than a free one. YNAB vs. Mint: The Budgeting App Showdown. Quicken costs money, and Mint is free. Two-factor authentication: In addition to password protection, Mint won’t let you access your account until you validate the device you’re using either via the email address you used when you signed up or by a SMS text message to your cellphone. #2. Net Worth Trackers: Apps & Tracking Services, Cashback Rewards: How to Earn Extra Money With Rewards Apps. Since Mint is already free, there are no promotions available. You will get your service free of any ads when you use YNAB as compared to Mint where ads occupy almost half of the entire website. The first difference you should know about these companies is that Mint is free, whereas YNAB is going to cost you. With Mint, every time you visit the site, your financial data gets updated automatically. YNAB vs. “Set It and Forget It” Personal Finance Apps There is a very good chance that, if you are reading this, you feel like you don’t have a handle on your finances, you are stressed about money, or need help digging out of debt. Mint will allow you to do both from the same app. I am not sure about investment accounts though. Is is what we mean about differences in displaying a user’s net worth. So the question of which service is better depends on your unique situation. Ready to learn more about saving money and starting your journey on the path that leads to financial independence? Both Mint.com and the YNAB app are designed to make budgeting painless and effective. You know where your money is going and can manage your finances well with either one. I tried YNAB briefly for the 34-day trial period. Both Mint and YNAB are designed to show you how and where you spend your money. You don’t have to be a paying customer — or even signed up for the free trial — to take the class. Ynab vs Mint: Here is a full Comparison of Ynab and Mint with detailed Features & Review and which is better. marquette carney If you’re looking for a free app that can gather all your financial data in one place while monitoring your credit score and net worth, Mint is an easy choice to make. Let’s jump right in and start with the basics. You avoid the ads because it’s a paid service. Mint and YNAB are two of the world’s most popular online budgeting apps. YNAB stands for “You Need a Budget.” The company was founded in 2004 by a husband-and-wife team Julie and Jesse. Here are some of the additional features that Mint offers: Now that we’ve covered the main features that Mint offers, let’s take a look at YNAB. Yes. For example , when you set the category for mortgage on your mortgage payment, the next month it recategorized it again to something else. So it’s budgeting tools are more front and center. I use YNAB daily and occasionally Mint. Both are now online services and compatible across all the devices you might choose to use. (This is one of the highest app ratings I have seen to date!) If you decide to pay for the service annually, it works out to $7/month, which is a much better deal. Mint offers “ways to save” by recommending various financial services from which they get a referral fee, You’ll also find banner ads in various parts of the website, which provide revenue, You can sign up for premium access to your credit report for a small fee. 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.”. Signing up, Mint vs. YNAB? So You Want to Learn About Investing? What sort of assets are you referring to? Instead, you click the “Import” button at the top of your account. YNAB Vs Mint: Overall Comparison. Each interaction you make with your YNAB account will, in one way or another, tie back to the rules listed above. Wondering how YNAB compares to Mint, another top budgeting app? The information on Investor Junkie could be different from what you find when visiting a third-party website. For a paid service I’d expect better service. But we have recently decided to recommend YNAB, because Mint has had many synchronization issues and poor customer support issues over the years. Learn how each app works and find out which is best for your needs. I have trusted my data with both companies and would do so again. ... After a 34-day free trial, YNAB charges $6.99 a month, billed annually at $83.99. You can even integrate YNAB with your Amazon Echo device. As you might expect from a service that’s run by a billion-dollar company, Mint offers more services and features than YNAB does. Every Dollar too has tight security but not as effective as YNAB and Mint. Investor Junkie has advertising relationships with some of the offers listed on this website. Check out my post on 51 money-saving tips. You don’t even need to pull out a credit card to sign up. Personal Capital vs. YNAB – three top personal finance tools that are all known for managing slightly different aspects of your financial life. Mint prides itself on making money make sense with minimal effort . It has a cult following for a reason. They also offer educational resources that help you get a better handle on how you’re spending money so you can identify areas where you can save. Founded in 2007, Mint is a budgeting tool that was acquired by Intuit, the same company behind similar financial solutions like TurboTax and QuickBooks. ©2015-2020 MILLENNIAL MONEY LLC. I made four separate transactions with my credit card. We compare YNAB vs. Mint in a head to head comparison that you can use to decide if mint is the one for you. When I just now imported into YNAB, none of these transactions appeared. It also doesn’t remember a category. Data is encrypted, so it can’t be read even if the hard drives were stolen. YNAB’s budgeting strategy is built on three rules designed to help you live within your means, get out of debt, save money and stop living paycheck to paycheck: Both apps have a lot of similarities. It's not fluff. It’s inaccurate on my mobile devise and displays a double version of all transactions. I also choose YNAB. Embrace Your True Expenses If you have a goal of trying to improve your credit score, getting out of debt will be one of the main ways you'll accomplish that goal. Mint’s budgeting software is also easy to use and visually appealing. The answer to this depends on your expectations for your personal financial tools. This occurs in Mint and several other YNAB competitor products. Both software platforms allow you to link your accounts (bank, credit cards, loans, etc.) They are different, if Mint works better for you, great :) The company now has over 20 million users and is widely recognized as the most popular budgeting app. Mint vs. YNAB – Which Budgeting App Is Better? If you are serious about budgeting, you can’t go wrong with either one. Get started today, risk-free, with their 34 day free trial. So why are you saying Mint has Touch ID Sensor security for iOS but YNAB does not? Both services make it easy to track spending. Touch ID sensor for iOS: This quickly reads your fingerprint and unlocks your phone, allowing you quick access to the Mint.com app. Mint, on the other hand, is a 100% free budgeting software. Error in the differences listed above. YNAB vs. Mint. As a YNAB customer, at least you’ll know how the company makes money. Track your budget automatically, completely free, but you don't get the same philosophy and guidance as YNAB. Conclusion. No software has ever improved my life more than YNAB. Additionally, everybody can benefit from the help and support that comes from regular interaction with others in similar circumstances. YNAB offers email support with the promise that you’ll receive a reply from a real person within 24 hours of sending your question or concern. I am looking at last year’s expenditures to make sure our 2018 budget is more accurate, because some budgets have changed significantly from last year. Which is better and why? You’ll find that help in the user forums on both Mint and YNAB. I have no regrets with YNAB and would highly recommend it to anyone serious about improving their financial situation. We've also taken a closer look at Mint vs. YNAB.. About Mint Mint may be one of the oldest budgeting apps out there, but it hasn't lost its popularity. Mint and YNAB are the best. Disenfranchised with the high cost and lackluster performance of her IRA, college savings and other retirement accounts handled by a full-service broker, Ruth moved her retirement money to a self-directed IRA in 2015. YNAB is built on getting one month ahead with your finances. In the old YNAB, you'd log in to your bank account, download your transaction file, go back to YNAB, initiate the import, locate your downloaded transaction file, preview the import, make sure it was going to land in the right account, and then click the import button. YNAB vs. Mint: Which Budgeting App is Better? A CFP professional weighs in on how these three differ and … This is an ongoing complaint among users; you can feel their frustration when you read their comments on synchronization on Mint’s forums. The big advantage of Mint is that the service is free, but you do have to put up with credit card ads. There are several ways: Neither Mint nor YNAB offers customer service support via phone. Our research indicates that users seem to really like YNAB’s budgeting features and really hate the synchronization problems with Mint that have persisted over the years without being fixed. When you stack up YNAB vs Mint, they are really designed for a different kind of user. Mint vs. YNAB: Customer Service You would think that both Mint and YNAB have the same or similar customer service options, but this isn’t so. YNAB is a small, privately held company that offers personal budgeting software. It’s easy to sign up for alerts to be sent via email or directly to your smartphone for: YNAB (see our review) is an app that provides both the mechanics of monitoring your income and expenses and instructional support to help you deal with the root causes of financial distress. YNAB has an up-front cost because otherwise we couldn't afford to work on it. One thing I really like about YNAB is that the company is focused on one thing and one thing alone: helping you save money and get a handle on your finances. As a Mint customer, you can expect to receive a steady trickle of email ads for all sorts of financial products, including credit cards, loans, and mortgages. Both programs make budgeting easy and offer a range of tools to help you save. YNAB doesn’t include all assets unlike Mint.com does. Ruth holds an MS in Finance from Johns Hopkins Carey School of Business (1991) and a Business Management degree from University of Maryland (1984). Investor Junkie is your shortcut to financial freedom. All products are presented without warranty. With the latest edition, YNAB has been rebuilt from the ground up. Best for: People who want to set it and forget it. Mint does offer more features than just budgeting if you like bells and whistles. With Personal Capital, you can see your net worth, analyze investments, and discover any hidden fees you weren’t aware of before – as well as set spending and saving goals. To compare YNAB vs. Mint effectively, you have to break them down by category. But you should be able to compensate for that by saving and spending more responsibly. The platform incorporates all of your financial accounts — bank, investment, credit cards, and loans — into one place and provides a big-picture view of your entire financial situation. Mint, on the other hand, is nice enough, but it really doesn’t provide much more information than Bank of America’s website “My Portfolio” functionality. YNAB costs $11.99 each month or $84 annually. I found more categories to also be in error. While there are differences in the display of your information, it really comes down to personal preference as to which one appeals more to you as a user. If you’d like to learn more, here’s a quick video that gives an overview of the four rules. Investment accounts. Investor Junkie strives to keep its information accurate and up to date. Those who are truly looking to create and follow budg… Mint also offers value estimations of property, while YNAB does not. That’s all the info they show you. Mint doesn’t even link to as many sites as BoA’s does. While Mint and YNAB have a lot in common, the two companies stand out from each other in a number of ways. and import transactions automatically, synchronizing your entire financial picture in one place. We analyze and compare tools to help you make the best decisions for your personal financial situation. What Is Mint? Required fields are marked *. Investor Junkie does attempt to take a reasonable and good faith approach to maintaining objectivity towards providing referrals that are in the best interest of readers. 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