By comparing Mint vs EveryDollar, you will get to understand more what these two budgeting tools have to offer, and in the end, will make you gauge which one is the best based on your personal needs and/or lifestyle.
Let’s be honest here, budgeting and personal finance are two of the most excruciating things to deal with especially among moms. Do you agree? It can really be tough. It’s challenging to say the least.
But good thing is, thanks to innovations brought by digital technology, budgeting, and personal finance management apps or software were born. These tools help make day to day life easier for most of us.
Just an overview of American spending/financial habits —
According to the 2016 Financial Capability in the United States study released by the Financial Industry Regulatory Authority (FINRA) Investor Education Foundation, “fewer Americans find it difficult to cover their expenses and pay their bills, and more are satisfied with their overall financial condition“.
In addition, it says that the “percentage of Americans who say they have set aside three months’ worth of living expenses in case of an emergency is up to 46% from 40% in 2012“. However, only “39% report having ever tried to figure out how much they need to save for retirement, and over half worry about running out of money in retirement“.
These numbers only show that Americans these days are more responsible when it comes to handling money. We believe that access to personal finance and budgeting tools is one way that helped build such kind of attitude towards money.
But then, while the numbers are pretty much higher compared to previous years, if you come to think of it, more than fifty percent of Americans have yet to work on their financial habits. Which means, there is still so much that needs to be done. More people have yet to be educated on matters of personal finance and budgeting.
Having said that, it makes sense that today, we are going to talk about two names that are known when it comes to budgeting and personal finance software.
You know, just a little segue, we thought that in this day and age when digital media rules, it’s really a great way to influence and educate people when it comes to handling their finances. Don’t you think?
Anyway, so, without further talkies, let’s start with the real deal. Let’s dissect what Mint and EveryDollar have to offer, and by the end of this, hopefully, we to come with a verdict on which between Mint vs EveryDollar is the best budgeting and personal finance software.
MINT VS EVERYDOLLAR: COMPANY OVERVIEW
Before anything else, before talking about the pros and cons, commonalities and differences if there are any, let us first get to know these budgeting and personal finance tools.
Mint was founded in 2006 but was eventually acquired by Intuit in 2009. Eventually, in 2016, it has become the company’s sole focus when it comes to personal finance management.
Mint offers free services, which is a really good thing. It is also very easy to use. In fact, the tools do not even require you to install any local software like other budgeting and personal finance tools. It is very much accessible with any web browser, and more so, with any smartphones.
We’d like to think that Mint was thinking real hard about their users because they ensured that their tool is very user-friendly. Sparing people from getting overwhelmed with a lot of features that sometimes some of them are not even necessary.
Furthermore, Mint can incorporate all your existing financial accounts like loans, credit cards, investments, and even bank accounts, which makes you worry-free about handling your personal finances. Basically, the platform allows you to see the entirety of your financial situation in just one site.
As we have said, Mint is completely free to use. It is supported by ads that are linked to suggested financial products based on your activity on the site.
To put it simply — this tool helps you manage your budget, investments as well as your debts, at the same time, help you track down your progress towards your personal financial goals. Well, these are just two of the many more features that Mint has to offer.
By the way, Mint is not just web-based, it also has an app that is downloadable both for Android and iOS users. Thus, making it really handy.
EveryDollar was launched in 2015 and was started by Dave Ramsey, a very well-known personal finance guru who has a strong anti-debt view. EveryDollar describes itself as a “10 minutes to a better budget” kind of budgeting and personal finance tool.
This platform has two available versions. One is the free one, and the other one, which is called EveryDollar Plus is a paid version, amounting to $129.99 per year.
If you are interested to know more about the difference between EveryDollar free version and the EveryDollar Plus version, we suggest you check the below video by Craig Dacy. Dacy shares the difference between the two to help you decide which is better.
It is EveryDollar’s goal to make budgeting easy, accessible, and stress-free — basically what every user wants, right?
EveryDollar’s app uses a top to bottom budgeting system, which means, you can start by simply inputting your income, and then break your expenses out by category. Yes, unlike Mint, you have to enter all your transactions manually — at least for the free version.
EveryDollar is primarily focused on zero-based budgeting, which means, you take your income and then divide it into a number of spending categories (like savings, housing, food, transportation, insurance, debt, etc.) until nothing is left.
Just like Mint, EveryDollar also comes with a downloadable app that is available for both Android and iOS users.
MINT VS EVERYDOLLAR: EASE OF USE
Now it’s time to dig deeper into what to expect when using Mint and EveryDollar. Let’s take a look which among the two is a hit when it comes to ease of use.
Mint budgeting and personal finance software pretty much work for a lot of people.
To create a budget via Mint, all you have to do is set up every budget item yourself. Mint does not have a pre-set budget items. It allows you to set your budget items that carry over leftover money from the previous month.
Mint does have categories for budgets, and they are listed in alphabetical order, which makes it easier to find. Also, it comes with color indicator — green bar means you are under budget, while a yellow bar means you are on a budget. There’s also a red bar, which indicated you are over the budget set.
Now, let’s move on with EveryDollar.
Upon logging in, you are going to be presented with a page wherein you can set up your budget.
The page is clean and easy to understand, which is a good thing. Budgeting in itself can get overwhelming, which makes having too many items in front of you excruciating.
Anyway, with EveryDollar, you can just type in values to get your budget going. Based on our experience, we get to finish everything in just a couple of minutes, which again is great.
Everything is categorized, which makes it easy to find. With EveryDollar, there is less clicking to do as you can edit your entire budget in just one screen without the need to refresh the browser constantly.
MINT VS EVERYDOLLAR: REPORTING
Both Mint and EveryDollar have their own reporting matrix. Let’s find out which is better when it comes to this category.
When it comes to reporting features, we have to give it to mint. We have to say, it’s probably one of the best things to like about Mint. You can see a pie chart that basically shows the breakdown in every category of spending. Also, you can create a report for any particular period that you like. This allows you to see how much you spend and you least you spend on particular items.
You can also drill down any piece of the pie to check for additional breakdowns. Then, you can click on a single sub-category to see every transaction you made in the report.
The sub-category view lets you see an amazing amount of information. If you are still a work in progress when it comes to budgeting and personal finance, Mint’s reporting will surely help you realize your spending habits and work towards correcting it.
Unfortunately, EveryDollar does not have a lot of reporting features as compared to Mint, which is precisely why we have to give this to Mint.
MINT VS EVERYDOLLAR: UNIQUE FEATURES
While Mint and EveryDollar are both serving the same purpose, they are equally unique from one another. There are things that you can only find in Mint, or things that you can only use via EveryDollar.
Having said that, here are some of each tool’s unique features:
First thing is that Mint can be used free of charge. Yes, it’s totally free. You do not need to pay anything to be able to use it. Some people call it a jack of all trades personal finance software. Compared to other apps or software, Mint is not just focused on budgeting, but looks into every nook and cranny of your hard-earned money.
The major features we found that are unique to Mint include a goal tracker, investment analysis, the front-and-center budgeting tools, as well as being able to take a look at your credit score and other related factors.
The app is more than just budgeting — although we have to mention that Mint’s budgeting feature is not as comprehensive as EveryDollar and other personal finance and budgeting software.
If there is one thing we really like about EveryDollar, it’s really the ease of use. It makes managing your personal finances simple.
Upon signing up, you will be asked to choose one or more money goals, and then they will guide you through the process of building your personal budget.
The app includes a budget section specific for charitable giving, which is what Dave Ramsey is known for. Also, it has a feature to help you track your debt payoff so you get to eventually enjoy a debt-free lifestyle. Meanwhile, for paying customers (those you avail the paid version), they get to access a personal finance coaching through phone and a priority support.
Overall, it’s great. However, unlike Mint, you have to pay for the live bank connection.
MINT VS EVERYDOLLAR: FEES AND CHARGES
As earlier mentioned, Mint is free to use. Anyone can access its features and use it by simply downloading the app or through their website.
Meanwhile, although EveryDollar does have a free version as well, if you want to take advantage of more advanced features, you will have to sign up for their premium version, which costs $129.99 per year.
MINT VS EVERYDOLLAR: CUSTOMER SERVICE
Unfortunately, in this category, Mint has a very poor review. Users who have encountered problems using their app have very mediocre support. Well, it’s basically getting what you pay for.
Meanwhile, with EveryDollar’s premium version, customer reviews say that they have received really good customer service. Well, they better have because they have paid for it, right? The paid version includes phone support, while the free version is only limited to email support only. Basically, you are encouraged to pay if you want good service.
MINT VS EVERYDOLLAR: LOOK AND FEEL
When it comes to the look and feel, we have to say that both Mint and EveryDollar did well in this aspect.
Both used clean and minimalist themes for their sites, and from a user’s perspective, it is really pleasing to the eyes.
Sure, we mentioned about ads, but setting that aside, we love how simple the sites look. Needless to say, the choices of colors look really fresh and doesn’t hurt the eyes.
MINT VS EVERYDOLLAR: SECURITY FEATURES
We know how crucial putting personal information out there can be – especially we are talking about money.
Having said that, we also looked into the security aspect of both Mint and EveryDollar, and we have to say that both apps are equally secured. Both come from very reputable teams and have shown really strong security. Both Mint and EveryDollar use bank-level security features as well as encryption to ensure that your money, as well as personal information, are safe.
We would like to believe that both apps take security very seriously having not read or heard any complaints or worries about it from their respective users.
MINT VS EVERYDOLLAR: DOWNSIDES
Based on what we have so far, as you can see, both apps have their own highs and lows. Both have their respective great functionalities that will help you with your budgeting and personal finance management needs.
The downside really depends on the user if we talk about features and all. But ultimately, what really caught us off-guard are the ads. Both tools show ads.
With Mint, the ads are right in your face, which is understandable because it’s for free. However, it can get quite irritating as they’re there from start to end. Ads are all over the place, and yeah, it can make you feel like kind of fussy.
With EveryDollar, although their ads are not as obvious as Mint’s, they are still there. You will find them on the left side of the page, under your budget, and more.
But you know, if you don’t mind seeing ads, this should not be a problem at all.
MINT VS EVERYDOLLAR: QUICK FACTS
For your reference, here are a quick facts about the two budgeting and personal finance management apps:
MINT VS EVERYDOLLAR: OVERALL PROS AND CONS
For your reference, here’s the list of pros and cons of both apps. This hopefully helps you make a better judgment on what’s right for you.
|MINT||EVERYDOLLAR FREE||EVERYDOLLAR PLUS|
|Absolutely FREE for use||Not updated||Amazing interface||Manual transaction entry||Automatic transaction entry from your accounts||Costs 129.99 per year|
|Automatic importing of transactions||It takes much longer to create budgets||Stress-free budget creation||Account balances|
|Account balances||Budgets are not as intuitive or simple||User friendly||Amazing customer service|
|Superior reporting||Budgets tend to be buggy|
FINAL THOUGHTS ON MINT VS EVERYDOLLAR
Mint and EveryDollar are two of the popular names when it comes to budgeting and personal finance management software or apps. It’s amazing knowing that today, people can just download apps to help them with their budgeting and personal finance management needs.
Now, we have to say that both Mint and EveryDollar have their respective highs and lows. They both have their own great features, but they also have downsides. Needless to say, they are focused on two totally different things – Mint is more on the personal finance side, while EveryDollar is more on budgeting.
Having said that, we, therefore, conclude that battling off EveryDollar vs Mint does not work, because, at the end of the day, it will all depend on what your needs are as a user. It will boil down to whether you need a personal finance management tool more or a budgeting tool.
So, with all that’s been said, which between will you go for, Mint or EveryDollar?