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Quicken Vs Mint: Which One Is The Best Budgeting Tool For You?

There are plenty of really good budgeting tools out there, but there are two names that are really battling off of becoming the “best” in this industry. It is a battle between Quicken vs Mint.

Quicken vs Mint comparison review

The United States is known for its prosperity economically. Our country is considered as one if not the most powerful in the world. For some nations, they look up to the United States. Their people even look up to the Americans. They have this impression that when you are living in the U.S., you are well-off.

While it may true for some, in reality, there are still a lot of Americans who do not find themselves as well-off. More so, a lot of Americans struggle when it comes to their personal finances.

Yes, that’s true! In fact, there are a lot of reports supporting this. For one, according to an article published by the U.S. News, it says that Americans are not good when it comes to saving for retirement or setting aside money for emergency purposes — which is why there are so many American people who live in debt.

Meanwhile, in a report published by PR Newswire, it says that there were only a few American people who budgeted in 2019. Surprisingly though, in the same article, based on a survey conducted by Debt.com, it was found that young people do like budgeting than older people. Fifty percent (aged 22 and below) of the total survey respondents use a budget.

We thought that the reason why younger people like budgeting more than older ones is because of the rise of budgeting apps. We all know that young people are more into anything digital. They love the internet. They love technology. Whatever that makes life more comfortable and easy, they’re into it.

Don’t get us wrong there is totally nothing wrong with that. It’s actually a good thing because as you can see, they become more responsible.

Anyway, having said that, we are going to talk about two of the most popular budgeting tools today – Quicken and Mint. We are going to look into what these two apps have in common, and also, what makes them unique from one another. At the end of this, we hope we get to find out which one is better when it comes to overall performance.

QUICKEN VS MINT: QUICK COMPARISON

Before we get into details, here’s a quick comparison between the two apps first:

ITEM FOR COMPARISON QUICKEN MINT
Budgeting Yes Yes
Investment Monitoring Yes Yes
Bill Payment Yes None
Bill Management Yes Yes
Retirement Planning Yes None
Manual Entries Yes Yes

From the table above alone, you should already have an idea of which among the two is best for you based on your needs and personal preferences.

But of course, we will not stop there. Let’s proceed to a more detailed comparison review between these two well-known budgeting tools.

Before we start with our detailed comparison and review on Quicken and Mint, here’s a helpful review is done by Focused Spender. To watch her insights on both Quicken and Mint, just click the play button below:

QUICKEN VS MINT: BRIEF BACKGROUND

This time around, let’s look into what Quicken and Mint are all about. It is important that as a user you fully understand what the tool is all about – including a little history about it. This way, you can better gauge whether or not Quicken or Mint is ideal for you.

ABOUT QUICKEN

Quicken is one of the most popular names in budgeting software since it was launched in 1983. Quicken is tagged as the “granddaddy” of personal finance software. Back in the days, it is a known desktop application that anyone can easily install locally on their Windows or Macintosh computer.

But as we all know, times have already changed. Thus, Quicken has changed as well. From what it was before, it has grown to have multiple versions of its application. From a desktop application on Windows and Mac to what it is today — an app for the iPhone, iPad, and Android. What’s nice about it is — Quicken’s desktop software can be sync up with their mobile app, which makes personal finance management even more manageable.

Quicken offers a number of features. More so, the app itself is aimed to help you keep track of your money, pay your bills, as well as set and keep track of your weekly or monthly budget. Apart from these, the Quicken app also allows you to manage your investments, and to track the value of your most valuable asset — your home.

Before we proceed to specifics, below are some of the things you can expect from Quicken:

  • Strong budgeting software that is ready for basic users as well as for power budgeters.
  • Investment tracking system
  • Syncing capabilities with your bank accounts and bills
  • Net worth tool
  • Bill-tracking and reminders
  • Visuals that are very simple and easy to use
  • Debt reduction plan (a super cool feature, however, it is only available on the PC desktop version as of the moment)
  • A cost of anywhere from $35.99 to $74.99 per year (but they are currently offering a 40% discount for new users)
  • Desktop, web, and mobile options

ABOUT MINT

Mint has always been on top of the list of budgeting apps as well as personal finance tools. This is not surprising though given the fact that Mint offers a broad and clear overview of its users’ finances.

Mint was launched in 2006 but was eventually acquired by Intuit in the year 2009. It is a free online-only personal finance app. It is only accessible through web browsers, or through its mobile app, which is available both for Android and iOS users. Mint is an all cloud-based service provider.

What makes Mint standout from other budgeting apps and personal finance tools is its ability to incorporate all your financial accounts such as a bank, investment, loans, as well as credit cards all in one place. More so, it provides you with a big picture view of your whole financial situation.

Initially, you are allowed to add your accounts — regardless of how many accounts you have. Don’t worry as the entire process is easy. Once you are done downloading and syncing all your transactions, Mint will automatically separate them into predefined categories. Yes, Mint does the work for you.

Unfortunately, you are not allowed to modify the top-level categories. However, you can create and add your own subcategories.

To simply put it, here are some of the things Mint offers its users:

  • Budgets
  • Syncing capabilities
  • Allows you to see your net worth
  • Bill-tracking and reminders capabilities
  • Credit scores
  • 100% Free to use

QUICKEN VS MINT: SIMILARITIES

Although Quicken and Mint are two different things, they do have some similarities. Some of their common features are:

Budgeting Capability Quicken and Mint provide a program that allows you to know exactly where you are spending your money in an easy-to-understand, graphical presentation.
Direct Import/Synchronization Quicken and Mint let you link your financial accounts (e.g. bank, credit cards, loans, etc.). Both tools also allow you to import transactions automatically, and synchronize your entire financial picture in one place.
Multi-Device Capability Quicken and Mint allow you to make changes to your account on any device (smartphone, desktop, tablet, laptop) and the changes will be automatically carried over to other devices you are using.
Credit Report Monitoring Mint and Quicken allow you to monitor your credit score.
Weekly Email Summaries Quicken and Mint allow you to see what has happened in the past week with your finances.
Mobile App Quicken and Mint are available for both Apple iOS and Google Android users.

QUICKEN VS MINT: NOTABLE FEATURES

Now, let’s move on to what both Quicken and Mint has to offer to its users. Let us talk a look at some notable features between Quicken and Mint:

QUICKEN

One of the major strengths of Quicken is that it is one of the most comprehensive personal finance app available today. More so, it stores your information on your own computer instead of storing it on Quicken itself or onto the cloud, which is more common these days.

Quicken does have four different packages available, each with its own services. Some of the major services include:

– Tracking the Market Value of Your Home

By simply entering your home address, Quicken will regularly update the estimated market value of your home. This feature is available on Quicken’s Premier and Home and Business plans.

– Bill Pay

Quicken allows you to pay bills directly from any checking account that you have inputted on the platform. Like the above feature, this is also available on their Premier and Home and Business plans.

– TurboTax Tie-in

Quicken allows you to export data directly into TurboTax for tax preparation purposes.

– Reconcile Bank Statements

Quicken allows you to look into your recorded transactions against your current bank statement.

– The Inspector

This allows you to see a summary of information about your budget, and provide you with quick options. It will also allow you to see if you have budgeted enough for an expense or not.

– Investment Features

In Quicken’s Premier and Home and Business plans, you can take advantage of the following:

  • Track loans, investments, as well as retirement accounts
  • Evaluate investments using Morningstar’s Portfolio X-ray tool
  • Understand how your returns compare to market averages
  • Track investment cost basis as well as generate Schedule D tax reports
  • Compare buy-and-hold options with improved portfolio analysis
  • Create better buy/sell decisions with market comparisons

– Business & Property Management Features

You will get to enjoy below features that are exclusive to Quicken Home & Business edition:

  • Categorize and separate personal and business expenses
  • Keep track your business profit loss and tax deductions
  • Manage lease terms, rental rates, and security deposits
  • Track outstanding and paid rents
  • Add payment links directly to invoices
  • Run Schedules C and E reports streamlining tax time
  • Generate and email custom invoices and estimates
  • Save rental documents directly to the Quicken app

MINT

As mentioned earlier, Mint is a popular personal finance platform and budgeting app as it brings all your financial records in just one platform. With Mint, you can link various financial accounts. Also, every time you visit the site, the system automatically updates the information.

Some of the interesting features of Mint include:

– Investment Tracking

Mint allows you to include taxable brokerage accounts, mutual funds, IRAs and 401(k) accounts — all of these in one place. More so, you can compare your own account performance to different market benchmarks, and see for yourself how you are doing.

Mint also has a fee analyzer service that allows you to see fees being paid to investment advisors, brokerages and even 401(k) providers.

– Bills Tracking

Mint enables you to keep your bills organized in just one place. The app indicates both the due date and the amount to be paid, and also allows you to get bill reminders to ensure you won’t miss any of your bill obligation.

– Mint Find Savings

This feature enables you to find better deals on various service providers. This feature helps you find better deals with bank accounts, credit cards, brokerages, loans, as well as retirement plans, and insurance.

– Net Worth Report

This feature allows you to see your calculated net worth and displays this at the top of your account to stay informed.

– Apple Watch

For those using Apple Watch, Mint is available in there. Yes, you can check your financial status through the watch.

QUICKEN VS MINT: PRICING

Some of us, our primary factor in choosing a budgeting app or a personal finance platform is — cost. If so, then this has to be very easy to decide on.

Quicken and Mint are totally opposite in this matter. While Mint can be used for free (without hidden fees), Quicken retails at $34.99 to $99.99 (although Quicken offers promotions, which you can check on their site).

Perhaps you are wondering how then Mint makes money if they offer their service for free. Well, there are various ways wherein they get to make money. This includes the following:

  • They offer “ways to save” by recommending different financial services wherein they get a referral fee.
  • They offer premium access to your credit report for a very little fee.
  • They do have banner ads located in different parts on their website.
  • They sell aggregate financial data to different providers.

Meanwhile, Quicken offers four different plans to choose from. These are:

  • Starter Plan – $34.99 per year
  • Deluxe Plan – $44.99 (originally at $49.99) per year
  • Premier Plan – $67.49 (originally at $74.99) per year
  • Home and Business Plan – $89.99 (originally at $99.99) per year.

Quicken offers a 30-day money-back guarantee if in case you are not satisfied with their product. You are also allowed to change the plan any time you want to.

QUICKEN VS MINT: CUSTOMER SERVICE AND EDUCATIONAL RESOURCE

With Quicken, they offer a live chat through My Pure Cloud, which is an app. Through it, you can get in touch with customer service representatives regarding any concerns. Unfortunately, Quicken does not offer phone support.

Quicken does have an FAQ page, Common Help Topics page (under the Learn & Support tab), and the Quicken Community wherein you can ask of find answer to some app-related concern.

In addition, Quicken also provides a Money Management Tips page, which offers personal finance-related topics like how to stop living from paycheck-to-paycheck, teaching your children how to save and spend wisely, how to save money, and many more.

Meanwhile, Mint offers customer service via email or live chat, which is available seven days a week from 5 in the morning until 9 in the evening.

Furthermore, “Mint Help” is also available with a limited number of topics, which are related to the operation of the Mint app.

Unlike Quicken, Mint does not offer various educational resources.

QUICKEN VS MINT: SECURITY

As users, one of our major concerns when using digital platforms is security. All the more in this case when we are divulging not just personal but financial details as well.

Having said that, we looked into both Quicken and Mint’s security details. Here’s what we found:

QUICKEN

Through the below processes, Quicken is able to protect your personal and financial information:

  • Use of 256-bit encryption
  • Firewall-protected servers in its data center
  • Password issued by your financial institution that has to be entered every time you connect to the Internet
  • Integrity checks, which helps ensure that a message received is not changed after it leaves the sender
  • Offers an option to password protect your data files
  • Information is transmitted using an encrypted, secure socket layer (SSL) technology

MINT

Meanwhile, Mint follows below security measures:

  • Multi-factor authentication that requires special security questions or code supplied either via email or text
  • Security screenings using VeriSign, which helps ensure security for the transfer of sensitive data
  • Information in a read-only fashion
  • Four-digit code to look into your information
  • Offers an option to set up your account with TouchID

QUICKEN VS MINT: WHICH IS THE BEST?

Both Quicken and Mint offer amazing features. Based on what we have shared with you, the two apps differ a lot when it comes to pricing or cost.

Thus, if you are looking for a no-frills, and free budgeting app, we got to say Mint wins.

However, if you are after a personal finance app or budgeting app that includes investing activities, then, Quicken is the best option.

As you can see, at the end of the day, the better one between the two will depend on you.

FINAL THOUGHTS ON QUICKEN VS MINT

As we have mentioned, both Quicken and Mint have notable features. Thus, it is so hard to choose between the two.

Basically, you just have to look into your needs and preferences, and based your decision in there. Because we have to say that…

The winner between Quicken vs Mint will be determined based not on what works for us or the majority, but what will work for you according to your needs, preferences, and of course, your financial goals.

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