I’ve never been so in control of my budget and actually stuck with it. They recently switched from Mint to YNAB and can’t help but wonder how much further along they would be financially if they had only found YNAB sooner. A lot of folks (including myself) had budgets in Mint, but never really used it to actively manage our daily spending and prioritization. Fair warning: switching to the YNAB method takes some adjustment to the way you think about budgeting, so go at it with an open mind and really use the YNAB resources and also Nick True's YNAB videos on YouTube to familiarize yourself with the new system. What do you mean by this? mint vs ynab Two of the biggest budgeting apps out there are Mint by Intuit (the creators of Quicken) and YNAB , short for “You Need a Budget”. Mint Basics. It's a bit harder to use than most budgeting apps and that's because most budgeting apps have you budget money you don't have. Don't know why people keep making this comparison. Sold on starting with YNAB, and transitioning out of using Mint for budgeting. YNAB vs Mint. Ynab and mint aren't even in the same category. Thank you so much for the detailed response! Categorizing stuff was always a headache for me because I never remember what I mean to categorize it to. It's a bit harder to use than most budgeting apps and that's because most budgeting apps have you budget money you don't have. It has a cult following for a reason. Budgeting methods. This category is where Mint and YNAB begin to differentiate themselves. For example, when my wife would say, “can we afford this vacation?” I would look at my balance and think, well, there’s enough in there, but what other short and long term commitments do I need to cover with this money? I've gotten three people to try it. But I can’t be happier and feel much more in control. Updated July 29, 2020. Unable to get a fuller view of accounts + transactions , and which transactions appear in which account, and what the balances on the accounts are. YNAB vs. Quicken: Customer Service. Does YNAB let you track future charges, like lets say if an old gym membership charges you out of the blue? Okay; where are you taking that money from? Will bookmark this YouTube channel and use it as a reference. Quicken vs. YNAB: Whom Are They Better For? (It costs money, but after what happened to Mint I consider "sustainable business model that doesn't involve selling your data" a feature for this sort of service.) Unable to remember category based on merchant. 4.7 star rating. I appreciate it! All my accounts in one place sort of thing. They’re both designed to show you how and where you spend your money, but it’s clear they offer slightly different … It's basically the bank integration that Mint and YNAB have, but instead of being forced to use their interface it backs out the data into an Excel/Google spreadsheet that you can build your own system on top of. Ruth Lyons July 10, 2020. Definitely a bit overwhelming with all the options/layout. Thanks for responding :)) Mint feels passive and hasn’t been working for me. Personal Capital vs. YNAB vs. Mint – Where each app shines. I’m excited try something other than a static budget, which is all Mint really gives me. Lustre recommends the best products at their lowest prices – right on Amazon. Yeah, I agree. it’s really similar to how YNAB 4 had a “budget [next month]” category. So when comparing YNAB vs Mint, which one wins? After watching Millenial Money, I noticed some of their audience heavily praises YNAB. The budgeting tool is so user unfriendly :(( And the categorizing takes forever, I almost always have to do it manually since Mint doesn’t often categorize it correctly. The user interface is lacking. In this case, there’s actually a very clear winner. I don't look at my account and have to guess at what bills I need to pay before me money comes in. 100% Upvoted. Find the best product instantly. But in five months, it has absolutely changed everything. I used mint for a bit alongside a spreadsheet. I’m not alone on that either. Related to personal finance, budgeting, money and financial matters. Going to give the YNAB free trial a shot. Much different than Mint, and I’m still trying to switch my understanding to budgeting for the money I have in my account versus future cash flow :)). Advertising Disclosure This article/post contains references to products or services from one or more of our advertisers or partners. While this is a manual process and somewhat confusing at first once you get it it will change your life. Mint tracked what I did after the fact, and it was something I'd look at and go "oops went over" while continuing on with overspending. There is a 34-day free trial, and then you can be billed monthly at $11.99/month or pay for a full year at $84. Forward planning. To compare YNAB vs. Mint effectively, you have to break them down by category. That money is long gone. A lot of people like it. The biggest difference for me comes when looking at my bank balance and knowing what all the dollars have commitments for. Mint saved me from the budgeting woes of Quicken almost a decade ago. I’ve used Mint and Every Dollar and they didn’t work for me. My main hesitation is that something doesn't sit right with me about paying for a budgeting tool, but I am really curious about the differences between the two platforms. That’s the whole point. Both applications are accessible via the web and on mobile devices, but YNAB will set you back a small monthly fee whereas Mint is 100% free. General. Press J to jump to the feed. I’ve been using it since 2011 and I don’t have the same anxiety about money anymore. YNAB is older than Mint and aims to create total control of your money. Mint vs. YNAB – Which Budgeting App Is Better? Conclusion. It's not fluff. And it can be argued thatYNAB shines here because helping you budget is its stated mission and gets greater emphasis. Going to the app, you are bombarded with a bunch of things (not just the ads but other graphs and whatever too) before being able to view your budget categories, Unable to customize budgeting categories, leaving you with a huge list. When my wife says, hey I want to spend an extra $1000 on this next vacation, I can just say, “show me what categories it’s coming from.”. I actually love YNAB. Thank you for the thoughtful comment. If you set up all your accounts, and get an email at the end of the month full of pie charts showing that you spent an obscene amount of money in restaurants—you still spent an obscene amount of money in restaurants. Published on September 16, 2016 January 2, 2020 by MinimalMelody. You can think of YNAB as a personal finance app that specializes in budgeting whereas Mint has a broader suite of tools that include budgeting, bill payments, tax reporting, and investment tracking. But, they do have a few key differences that you should consider when selecting the right option for you. share . My wife finds it nice for being able to see at a glance all of our accounts, since we have a number of investment accounts in particular that she’s paranoid she will forget somehow. Below is a summary of their features to help you make … Exactly what I need right now. save. I’m saving an insane amount of money toward multiple long-term goals, putting aside money monthly toward periodic expenses ranging from biannual bills to Christmas and birthday gifts... It’s so much more than I would have expected it to be. I’ll most likely keep both, for the same reasons you listed above. YNAB has you fund these categories as you receive income, all the dollars are allocated somewhere. Not all budgeting apps are made equal; it's all about perspective. I’ve been reading through this post and looking at some other resources. Mint vs YNAB. It is freaking amazing. With YNAB, you can plan your budget months in advance. I have been a Mint user since mid-2017 and quickly jumped on-board when I first heard of Simplifi’s release, hoping to have finally found a paid alternative to Mint. I used Mint for years, was always a little unsatisfied and could never put my finger on why until looking into YNAB. Me too. Everyone justifies the cost because it's gotten them out of massive debt but I just see it as an expense. Investment Management: Personal Capital is the only app of the three that can manage your investments (for a fee). The best way to explain it is Mint is more detailed but less hands on while YNAB is more simplistic and more hands-on. While Mint and YNAB both offer bill management tools, Personal Capital does not. Mint vs YNAB: Which app should you choose? A lot of people steer clear from budgeting because they think budgets are going to hold them back. The one thing I miss about mint is being able to assign money to category groups and not just categories, but that is a small fix in YNAB by just having to do an additional manual step. Do you have a simpler way to understand it? YNAB is completely different, took a little getting used to and I was very hesitant to pay the $84. Feel free to post any news, questions, budget strategies, tips & tricks and advice related to YNAB. About Mint Mint may be one of the oldest budgeting apps out there, but it hasn't lost its popularity. Thank you for the recommendation (and warning). Money expert Clark Howard is a fan of Mint.com and says it’s great for automatically tracking your expenses. After watching Millenial Money, I noticed some of their audience heavily praises YNAB. This past year I didn’t reach my savings goals... despite working from home and not spending money traveling/restaurants/coffee/transit etc. It's much easier to enter a transaction manually. But I was very reluctant to pay for a budgeting app; seemed counterintuitive. I had watched multiple videos. Discuss and ask questions about personal finances, budgeting, income, retirement plans, insurance, investing, and frugality. While both services can be very helpful in the creation of budgets, they have slightly different approaches. The first difference you should know about these companies is that Mint is free, whereas YNAB is going to cost you. YNAB, all the way. Be the first to share what you think! YNABs app is a lot more simple and straight to the point yet easier to get a more holistic view on your finances. What will you not save for, or give up until next month? Both Mint and YNAB were designed to help you create a budget and analyze your spending patterns so you can make the modifications necessary to reach your financial goals. In this video, I'm going to do an overview of the three most popular budgeting apps: Mint, YNAB, and EveryDollar.Please subscribe and leave comments below! This point combined with 2 is the main reason it's such a pain. With YNAB, when you need (or want) to spend more than you've budgeted, YNAB's method encourages you to adjust your plan rather than keep it as is to acknowledge that the money for that extra spending has to come from somewhere. A discussion subreddit for popular budgeting software You Need A Budget. It's a web-based app but also available for mobile devices, where you can link your bank accounts, credit cards, brokerage accounts, loans and credit cards. Log in or sign up to leave a comment Log In Sign Up. Mint offers the most general personal finance features of these apps. A lot of people are mentioning forward planning vs backward tracking, but that wasn't what bothered me. I'm genuinely curious because I've been using Mint for a couple years now, but have heard great things about YNAB. The answer depends on your own financial situation and what you need the budgeting app to do. There is no direct phone or email contact available. I can’t say that Mint is better than YNAB or vice versa. Ynab only lets you budget what you have and forces you to prioritize it in real time. I personally like mint as an overall financial tracking tool. 16 8 minute read. This is why you’ve never heard anyone say that Mint changed their lives. Unless they added a bunch of stuff. You get a month free see what you think! Or do you have to track that yourself? It's much easier to set up and change your budget. bit.ly/2jYB7sH Join my top rated program Source: https://millennialmoneyman.com/ynab-vs-mint-which-budgeting-app-is-best/ Mint does have the benefit of being integrated with every single bank account and company … If you feel like Mint is more of a tool for looking at data and graphs than tool for helping you spend your money more wisely, than YNAB might be worth a try. Unique Features Features Unique to Mint . We've also taken a closer look at Mint vs. YNAB. Mint is a free app that also offers you access to your credit score. Founded in 2006, the company was acquired by Intuit in 2009. After having experience with all three of these money tools, I’ve noticed some standout features with each. The amount of people that went from huge debt to debt free and months ahead is massive. Mint vs Simplifi. 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