There are a lot of different budgeting apps on the market these days. How do you know which one is right for you? In this blog post, we will compare two of the most popular budgeting apps: Mint and Personal Capital. We will discuss the pros and cons of each app, and help you decide which one is right for you.
Budgeting Apps
While there seems to be a new budgeting app available every time you open the app store, some have emerged as leaders in their field. And as a CERTIFIED FINANCIAL PLANNER professional who’s downloaded and reviewed pretty much every budgeting app that exists, I can tell you that the ones that constantly pop up in conversation — You Need a Budget (YNAB), Mint, and Personal Capital — each have a distinct purpose. Here’s why they may be worth adding to your devices.
Mint
Mint is one of the oldest and most popular budgeting apps available. It’s a great choice for people who want an all-in-one solution to track their spending, find ways to save money, and stay on top of their bills. Mint also offers some unique features, like the ability to track your credit score for free.
Pros:
- Easy to use
- Connects to all your financial accounts in one place
- Helpful features like credit score tracking and bill reminders
- Free to use
Cons:
- Can be overwhelming if you have a lot of debt or complex finances
- Does not offer budgeting advice or educational resources
Personal Capital
Personal Capital is a newer budgeting app that has quickly gained popularity for its focus on helping people invest and save for retirement. While you can still track your spending and find ways to save money with Personal Capital, its investment tools are what sets it apart from other budgeting apps.
Pros:
- Offers a wide range of investment tools, from retirement planning to portfolio tracking
- Can help you find ways to reduce fees and maximize your investment returns
- Free to use
Cons:
- Budgeting features are not as robust as some other apps
- Does not offer bill reminders or credit score tracking
You Need A Budget (YNAB)
YNAB is a budgeting app that takes a different approach to managing your money. Rather than trying to track every penny you spend, YNAB focuses on helping you create a monthly budget and stick to it. This can be a great choice for people who have trouble controlling their spending.
Pros:
- Helps you create and stick to a monthly budget
- Offers helpful educational resources on budgeting
- Free trial, then $11.99 per month
Cons:
- Does not connect to all your financial accounts in one place
- Budgeting features are fairly basic compared to some other apps
- Limited free trial period
YNAB’s approach to money management is that every dollar should have a job. Therefore, any money you earn is going somewhere—toward the mortgage, childcare, savings, a vacation, property taxes, and so on. This robust web-based software and mobile app lets you dive deep into your income and expense planning each month. It’s a favorite for couples looking to get on the same page about budgeting and specific goal savings.
Which One is Best For You?
Of course, the best budgeting app is the one that you will actually use, so consider the pros, cons, price, and even the user interface before you make a decision about which one to download. There is no wrong decision, and regularly using any app can help you become more familiar with your own financial behaviors.
My one piece of advice in using any of these apps: Stick with it, even if the app doesn’t seem useful at your first (or fifth) log in. When it comes to budgeting, consistency is the key to forming a habit, and that means you should stick with an app for at least a month. Try all the budgeting apps to figure out which one feels like a fit for your needs. And if you like the features from multiple apps, feel free to mix and match. After all, you’re the CEO of your finances, and one of these or all of them could help you navigate to your financial goals.
I leave you with this. The app that is easy to use and gives you a plan. Will always work in your best interest!