There is no shortage of budgeting tools available today. Some are available for free, while others require a fee for more tools. Mint and Quicken are two popular budgeting apps. Here is a quick look at the features each one offers and how they compare to each other.
Both apps have similar budgeting features. For example, you can easily track your expenses by linking your financial accounts to both apps. You can also use both apps on multiple mobile devices. Additionally, Quicken and Mint each offer a free credit score. However, Quicken charges an annual fee while Mint is available for free.
Since Quicken charges a fee, you have access to an array of personal finance tools. Some of the packages offered include paying your bills automatically, tracking the value of your home, or managing your entire investment portfolio from one platform.
If you own real estate or you are a small business owner, a paid package is available to help you manage your properties or your business. You can manage lease terms, track paid and outstanding rents, track your profit and losses, or add payment links to invoices. Quicken offers many more advanced features through different paid packages. For example, you can buy a package that includes tying-in all your financial data from Quicken into Turbo Tax.
Mint is free to download, and it offers most of the basic personal finance tools available today. You can link all your financial accounts to the app giving you the ability to manage your money from one platform. The app also lets you easily track your bills, including any rent or mortgage payments, utilities, or any type of variable expenses.
Mint also provides you with an alert that reminds you to pay upcoming bills. You can set it up to receive a notification displaying the bills due date and the total amount you owe. The app also has an alert that informs you when your financial accounts are low on funds. Mint does offer investment tracking capabilities, but they are not as comprehensive as Quicken’s paid investment tracking service.
Is Quicken better than Mint? Not exactly. Although Quicken has more specialized features, you might not need all those additional tools. The basic budgeting features offered by Mint might be all you need to keep your budget balanced and your bills paid.