Mint vs. Quicken will be an important decision for you to get a handle on your money.
Have you given much thought to your finances?
You may want to know the best apps to track your money, develop a budget, manage investments, and improve your finances.
Quicken and Mint are two popular money management tools that can be used to track your personal finances.
Although they both have a lot of good features, there are a few important differences that you should know about.
Let’s take a look at their differences so you can decide which one is the better budgeting tool for your needs.
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Description: Take complete control of your finances with Quicken! Plan for today and tomorrow with their award-winning software and apps. |
Description: Say hello to the FREE app that takes the work out of personal finances. Track spending, detect fraud, and keep tabs on rising subscription costs. |
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Take complete control of your finances with Quicken! Plan for today and tomorrow with their award-winning software and apps.
Say hello to the FREE app that takes the work out of personal finances. Track spending, detect fraud, and keep tabs on rising subscription costs.
Mint Vs. Quicken Snapshot
Mint is a family favorite for budgeting, making it simple and easy for just about anyone- but some people are looking into Mint alternatives to see what other features they would benefit from.
They have both been around for a while and have a lot of features in common.
However, they do have some important differences that you should consider carefully before deciding between them to manage your finances.
Mint
Mint is a free cloud-based application that has been around since 2006.
You can connect with whatever financial institutions or banks you use, and manage all of your financial data like tracking your bank accounts, credit cards, and investments, and also create budgets in one place.
Because Mint is an online tool, the app is always kept up to date with the latest information.
You can access your accounts from anywhere by using a computer or other web-enabled device. No need to worry about having enough storage on your phone to download the app.
One of the positives in Mint’s favor is that the online interface has security measures built into the cloud-based app.
However, one of the negatives working against Mint is the fact that Mint’s customer support system lacks email or phone support specifically for Mint.
Customer service for Mint is through Intuit’s customer service and can be slow.
Quicken
Quicken is another popular budget app that has been around for almost 30 years helping people manage their money. It is sometimes known as “the granddaddy of personal finance software”.
Users must download the software and the dashboard is usually restricted to desktop usage with Quicken.
With Quicken, if one device has an issue or malfunctions, you need to download the software again on a different device.
The Quicken software is available in four versions – Starter, Deluxe, Premier, and Home & Business.
There is also a new Quicken app named Simplifi that is available to use on iOS, Android, and web platforms.
Quicken has excellent customer support with a quick response time to both phone and email. The customer service reps are knowledgeable and quick to help.
Mint Vs. Quicken Breakdown
There are similarities between the two budgeting apps, but also many crucial differences.
Mint Vs. Quicken Similarities
1. They have similar capabilities when it comes to helping you manage your money.
They can both accurately categorize receipts, payments, transactions, and so on to assist users in seeing where their money is going each month.
2. The two budget apps have online account integration so you can upload transactions from your bank accounts and credit cards.
Although both are good budgeting tools, they have many differences.
Which one is better for you?
Pricing
Do you not use budgeting software because you’re worried about what it’ll cost you?
Pricing is one of the first differences that you should consider especially if you are on a budget. And one of the main Quicken vs. Mint differences is how much they each cost.
Mint
What makes Mint so popular is that it is completely free to use. That’s right! Mint is free for your personal finance needs!
It doesn’t have any hidden in-app purchases fees that you will need to pay after setting it up and using it for a bit.
Mint makes money by showing ads on their website and the mobile app. They don’t show a lot of ads like some sites but they are there to help keep the site and app free.
Quicken
Quicken’s software and Simplifi app are not free to use. The software packages also come with a companion app on iOS and Android.
The basic Quicken software package is called “Starter” and is currently priced at $35.99 a year. The other packages go up in price.
The most expensive is the “Home & Business” and is regularly priced at $103.99, but don’t forget to check for deals and sales on the software.
At the time of this writing in late November 2021, the software was marked down 40% on all packages except for the Starter package.
The Simplifi by Quicken app is also not free to use and is a finance management app. It is currently is available in two plans – a yearly and a monthly.
The yearly plan is currently $2.99 a month and is billed yearly. The monthly plan is currently $5.99 a month.
Read our full Simplifi Review here. See how Simplifi compares to Mint in my Simplifi Vs. Mint article.
Budgeting Tools
Not a fan of doing budgets by hand? Well, that’s where Mint and Quicken can help you!
You can use personal finance software or mobile app to help manage your money by tracking spending.
In this section, we will look at the different ways you can manage your budgets through Mint and Quicken.
Mint
The Mint app has a lot of features and tools that can help you make budgets, plan for bills, save money, and more.
Mint has one that you can use before you even sign up for a Mint account.
The Mint free budget calculator can help you understand your monthly finances and provide insights into where you’re spending the most money (and where you may cut back!).
The app’s simple interface makes it easy for anybody to operate.
Just enter your details, and it will calculate your total monthly income, total monthly expenditures, and total monthly savings automatically.
You can see whether you’re spending above or below your budget by consulting the provided results.
Mint allows you to create budgets that track your income and expenses with their Budget Tracker.
You can set goals like saving for an upcoming vacation or purchase and see how close you are to meeting that goal.
You can connect your financial accounts like your credit cards, bank, investment, mortgage accounts, etc.
It will track all of these accounts to help you see where you are spending your money and create a budget to help you stay on track. It also can recommend ways to save more money.
Quicken
Quicken has a lot of the same budgeting tools as Mint. It is a powerful money management tool that you can use to create a budget.
The Quicken software looks at your spending and income and creates a budget based on those values.
It allows you to create roll-over budgets and forecast your balances, and it’s simple to import Excel data from Quicken.
Monthly, quarterly, and yearly budgets are also easy to make and can be changed as needed.
The software can also help you set goals for yourself like saving up money for a vacation or home repair.
Savvy Tip: If you are new to budgeting, make it easy and less stressful by choosing the tool that may not have all the features you want at first but will help you take smaller steps to learn to budget.
Credit Score Monitoring
Your credit score may be the most valuable tool you’ve ever used. A strong one may save you a lot of money on items like loans, credit cards, insurance, and other expenses.
Let’s take a look at the Mint vs. Quicken Credit score monitoring tools.
Mint
Mint has a great credit score monitoring tool that is easy to use and understand.
With Mint, you can access your free TransUnion 3.0 VantageScore. It allows you to monitor the different factors on your score and how it changes over time.
Within minutes, you’ll receive your free credit report summary after you verify your identity.
It’s really handy to have your credit score and accounts all in one spot. You don’t have to log in anywhere else to another website.
Quicken
Quicken offers a credit score monitoring tool that is easy to use and understand. While Mint offers TransUnion’s score, Quicken offers the credit score from Equifax.
You can get your free VantageScore credit score model based on Equifax data from Quicken as well.
It tracks your different credit accounts and what you have paid for each one, as well as other factors that affect your score.
The software also offers a detailed analysis of the factors that affect your score and how it may be improved.
Savings
Both Quicken and Mint have features that allow you to track your savings goals- and try to get that $1,000 emergency fund like Dave Ramsey suggests.
Some key differences are worth pointing out:
Mint
Mint has a savings goal feature, but it’s pretty limited if you want to do more in your personal finances.
Users can create only one goal for savings at a time with Mint.
This is helpful if you are saving up for something specific like a vacation, car repair, or house. But it limits you if you are saving for several different things.
When your savings goal is linked to a savings account and the total in this account equals or exceeds your target, the program indicates that your aim has already been achieved.
Quicken
Quicken can handle multiple savings goals at once and allows you to save more than one savings goal at once.
The software allows you to set up multiple buckets of money with different names for each one.
For example, if you are saving up for a vacation and also for Christmas gifts, you can do both of these things at the same time.
You can even set your savings goals on an irregular schedule like bi-weekly or monthly.
Debt Repayments
It is important to have a plan for paying off your debts. Quicken and Mint both allow you to see your debt in one place and then create a plan to pay off your debts.
Mint
Mint did, at one time, offer Bill Pay. They discontinued offering Bill Pay in June 2018.
Even though you can’t pay the bill with Mint, you can still keep track of all your bills and money in one location. You’ll be aware of when you’re required to pay when it’s due, and what you can afford.
Mint also offers the Credit Card Payoff Calculator. It helps you determine your monthly payment amount and when you can completely pay off a credit card.
Quicken
Quicken has switched to a new Bill Pay system besides having pointers on taking care of your debt! Quicken Bill Manager includes two options for paying your bills with Quicken:
- Quick Pay: Quicken can send electronic payments to billers (payees) that have online accounts that may be accessed by Quicken. There are over 11,000 billers listed in this category.
- Check Pay: You can send a check to anyone in the United States with an address. The payment is processed through Quicken. You won’t have to print or hand out checks anymore.
Quicken offers a debt reduction planner to help you repay your debt sooner.
Basically, what you do is put in your debt amount and the amount of the monthly payment you want to make.
The software will tell you how long it will take to repay the debt.
It’s not exactly 100% accurate, but it can be helpful.
Retirement Accounts
Do you track your retirement investments? This can help you to grow your money for the future.
Mint
Mint has a Retirement Calculator that you can use before you sign up. The Retirement Calculator helps you see how much money you will need to save for retirement.
Mint can help you figure out how much money you’ll need for retirement.
Fill in the calculator with your data and retirement goals, and Mint will give you an estimate of how much cash you’ll require to make your retirement aspirations come true.
You may try out a variety of scenarios to see how your retirement outcomes vary depending on circumstances like your retirement contributions.
This tool will help you keep track of your retirement savings progress and make sure you’re on track to retire comfortably.
After you sign up for Mint, you can link your retirement accounts including IRAs, pension plans, and 401(k)s to Mint. You can add a variety of investment accounts and each one will be listed separately on the app.
Mint users may create retirement goals and a budget to reach them to stay on top of their retirement planning.
If you’re comparing a normal and Roth IRA, Mint can also help you choose which is the better option.
Quicken
Quicken offers the ability to link your tax-deferred accounts like 401(k)s and IRAs. It also allows you to keep track of your education savings plans, like 529 plans.
You can create financial goals or even watch lists for opportunities that might open up in your different accounts.
Quicken vs. Mint, retirement accounts, personal finance
Tracking Investments
It’s difficult to keep track of your investments, especially if you have several different investments.
One way to make it easier is to use a personal finance tool that can help you with investment tracking.
How does Quicken vs. Mint investment tracking abilities compare?
Mint
Mint is an investment aggregator. It does allow you to link your investment accounts, but the capabilities are limited.
If you are only looking for an Investment Calculator, Mint has one that you can use before signing up for an account.
You can create investment objectives, project investment growth, and search for opportunities to improve your portfolio’s performance by entering a few important figures!
Quicken
There are some investment tracking features offered in the Quicken Deluxe version but there are even more investment tracking available in premium plans – Premier and Home & Business versions.
Quicken lets you:
- track any publicly traded equities you don’t own to monitor them, create stock watchlists.
- track your assets and retirement accounts
- use Morningstar’s Portfolio X-ray tool to analyze your assets.
- Examine your cost basis and produce tax reports to see whether any changes are required.
Finance Reports
The reports that you may create are an important weapon in your money management arsenal. Mint and Quicken provide personal finance reports to help you manage your money.
Mint
Mint has mini-reports that cover your Net Worth, Credit Score, Current Debts, Monthly Income vs. Monthly Expenses, and Investing Performance.
It also allows you to find out your daily statistics, a monthly summary, and an annual overview of your spending.
Quicken
With Quicken, users can get more comprehensive financial reports including budget spreadsheets, monthly spending by category, and cash flow projections.
Quicken has reports on cash flow from investments, purchases by payee or category, and recent investment activity, among other things.
You may personalize this report to include only the data that is of interest to you.
You can export your reports as PDFs and then print or share them electronically with tax professionals or advisors to help with your tax reports.
If you are comparing Quicken vs Mint in the area of financial reporting, it’s easy to see that Mint has limited capabilities when it comes to creating reports about your personal financial situation!
Bank Reconciliation
A bank reconciliation report is a comparison of your financial transactions between your bank card statements and the bank statements.
Mint
Mint currently doesn’t provide a bank reconciliation report.
Quicken
Quicken provides a bank reconciliation function that can help reconcile both online banking account balances and the bank account with a paper statement.
Reconciling isn’t required, but some people want to reconcile their accounts to ensure that their data in Quicken matches what appears on their bank’s statement.
Transactions in the period indicated on your current bank statement, as well as prior transactions, might all have an impact on reconciling.
You also have the option to reconcile accounts connected to online services in addition to the accounts where you have manually entered transactions.
Property Management
Property management is all about keeping records of your house or any real estate you manage.
It’s important to know the value of your home, the amount you owe on your property, and also keep up with tax-related payments.
Mint
One of the features Mint offers is a property management feature.
With this feature, you can add your vehicles, real estate, and other property you may own. This will help calculate your net worth.
Quicken
Quicken also offers property management in a couple of different ways.
You can add your personal property like in Mint but Quicken Home and Business also has the feature to manage your rental property.
There are numerous things you can do with the Rental feature.
You can get a report of lease payments, accept online rental payments through PayPal, check security deposits, and you can also track tax-related payments and export them to the tax software.
Usability
One of the things you should look for when comparing financial software is how easy it is for the user to learn and use the software or app.
Mint and Quicken both have similar features but you must decide which one is more user-friendly for you.
Mint
The Mint user interface is simple to use and readily accessible. Even a first-time user will be able to grasp it quickly, as the app walks you through each step.
It is easy to navigate the sleek and modern Mint dashboard. Since it is free for users, you will see a few advertisements.
Quicken
Quicken is also very accessible and somewhat easy to use. It takes a few steps before you can get started and it can be a little complicated to understand the software once you start using it.
Customer support is there to help answer and guide you in any questions you have about the software.
Final Verdict: Mint Vs. Quicken
It’s hard to say which one is the better budgeting tool because Quicken and Mint both have their strengths and weaknesses as budgeting tools.
It all comes down to what features you desire and need in the end. Here are some suggestions for making your decision.
Pick Mint If:
- it comes down to your financial situation. Mint is free and can get you by with the basics.
- you are looking for a mobile app with a user-friendly interface. Mint has a simple and modern interface that is easy to use.
- a cloud-based application is what you are looking for in a personal finance tool.
- you don’t mind slow customer support.
- budgeting is new to you and you don’t want to stress about learning a new software while learning to budget.
Pick Quicken If:
- budgeting software to download to your computer is what you need.
- you need the extra features that Quicken has such as property management for rental properties.
- need more detailed reports run than Mint offers.
- you are willing to pay the yearly cost of the program.
- quicker customer support (email, phone support, etc.) is a requirement.
- you are used to a money management program to help you pay your bills in one place.
Other Alternatives
Mint and Quicken are not the only personal finance software.
There are several great alternatives to Quicken and Mint for financial management:
Empower (Formerly Personal Capital)
Empower is a powerful tool to manage your investment accounts.
It not only tracks your spending and investments, but it also can help you optimize your asset allocation, financial goals, and even retirement planning.
Did we mention that it is free for you? When it comes to comparing Empower vs. Mint, once again it comes down to what you need in a personal finance app.
EveryDollar
EveryDollar is also a good alternative to Mint and Quicken, making it easier for you to manage your money.
It’s especially useful if you find yourself not sticking to your budget because it forces you to stay within the guidelines of your weekly allowance.
Tiller
Tiller is an easier alternative if you just want to track your spending. It doesn’t have all the bells and whistles of Mint or Quicken, but it is free and without any ads.
Final Thoughts
Mint and Quicken are both great personal finance tools to manage your money, pay off debt, and more. Picking the best one always comes down to you- it depends on what you’re looking for in budgeting tools.
If you need help getting started with your budget, then Quicken and Mint can both get the job done with their simple set ups and great service tools.
Quicken is a fantastic option for individuals searching for an in-depth approach to actively manage every aspect of their finances. It’s great for people who would rather have locally installed software on their computer.
Mint is the best personal finance tool for individuals who want something that is free and is simple to use. It’s perfect for those who enjoy cloud-based software and powerful mobile apps that can keep up with a busy schedule.
The best advice we can give is to take into consideration your needs and then pick the one that best meets them. You can try Mint since it’s free first, see how you like it- after all, why pay for something when you can get by on freebies.
