EveryDollar and Mint are two of the most popular apps for personal budgeting right now. EveryDollar only provides the most basic features through the free version and requires a premium subscription for some essential features. Mint is completely free. Of course, you want to know more about the strengths and weaknesses of EveryDollar vs Mint, so continue reading below!
In this article, you can learn more about:
– What EveryDollar and Mint are,
– The distinctive features and capabilities of each budgeting tool,
– The pros and cons of EveryDollar vs Mint, and
– Which budgeting tool that is more recommended for you.
EveryDollar : Overview
Looking for something that is great for making your month-to-month household budget? EveryDollar is the fastest tool for that purpose. EveryDollar was created by Dave Ramsey and his team, and is based on the zero-based budgeting method taught in the classes of Financial Peace University. See also: Mvelopes vs EveryDollar.
If you think that budgeting is a time-consuming task, think again. EveryDollar claims to be able to help you set up a budget within 15 minutes – and this claim is true. It takes very little effort to set budget items and allocate money to each category. It is straightforward and much faster than other similar tools.
However, both EveryDollar’s desktop and mobile apps are very minimalistic. They are only focused on budgeting, with little to no capabilities in tracking. EveryDollar is available in a free version, but you have to upgrade to the premium subscription in order to connect bank accounts.
EveryDollar: The Pros
The first advantage of EveryDollar is that it is very simple and straightforward. This tool is suitable for people who think that budgeting is necessary but hate the slow, time-consuming process. With EveryDollar, you can set up an effective budget within 15 minutes. This is much faster and easier than other similar tools in the market. Also, the interface is very clean and easy to use.
EveryDollar also ensures that you use all your money in an effective way. It is based on the zero-based budgeting method which encourages you to budget to zero. In other words, you have to assign every dollar for a specific purpose. You can make a saving category and assign your unused money there. This prevents you from spending your money unnecessarily.
EveryDollar: The Cons
There are several disadvantages of EveryDollar vs Mint. First, the free version is plagued with ads. It keeps pushing you to purchase the premium subscription. There are also lots of ads from Dave Ramsey’s ELPs (Endorsed Local Providers). More often than not, these ads are disturbing and annoying instead of being helpful.
Second, essential features like the ability to link your bank accounts and importing transaction files are only available on the premium subscription. Hence, the free version requires a lot of manual efforts.This is very inconvenient if you prefer to use a free app.
Finally, there are some quirks in EveryDollar. Even with a premium subscription, it still does not track your bank accounts. It simply connects to your bank accounts to allow transaction tracking without tracking your balances. In addition, most budget categories don’t roll money over from month to month, which is annoying when you intentionally left some money in a category for the next month.
Mint is a completely free personal budgeting tool. It was among the very first players in the competition. However, it has been updated to be more modern and advanced. Its interface today is really good-looking and easy to understand. You can sign up for free on Mint here.
Of course, Mint has the capability to connect various bank accounts and investment accounts. This is very nice, as you can now track both your balances and investments through a single app. Unfortunately, the feature for tracking house mortgage has been discontinued. The discontinuation left some users in a lurch as they couldn’t remember their progress.
Nevertheless, Mint is still preferred by many people because it works. There are great features such as historical trends, spending projections, and automatic transaction categorization. As a free app, Mint is supported by ads, which sometimes can be very annoying.
Mint: The Pros
First of all, unlike EveryDollar, Mint is completely free. You can use all the functions and features without spending a dime. This is incredibly convenient for people who can’t afford a paid app and those who want to save some money whenever possible.
Second, Mint is simple and easy to use. The interface is intuitive and pleasant to look at. It can guide you through the budgeting process step by step so that you won’t miss a thing. It can connect to bank accounts and investment accounts, and it can serve as a personal financial dashboard for you.
Third, Mint has more advanced features. The historical trends are very useful for analysis and planning. When projecting monthly spends for gas and utilities, you can look back to your previous years to determine how much money to allocate. The automatic transaction categorization is also great – you still need to make adjustments occasionally, but you won’t have to write every single thing to track your spending.
Mint: The Cons
Unfortunately, Mint also has some disadvantages. Firstly, as mentioned above, it is ad-supported. The ads can be very annoying at times. However, this is something to be expected from a free app. You can’t really complain.
Secondly, Mint is somehow inflexible. It does not allow you to rename any category. You can only use predetermined category names. Returning some money into a category is considered as an income, but there are tutorials for a workaround. Finally, it sometimes experiences connection issues and may fail to sync with your financial accounts from time to time.
EveryDollar vs Mint
|- Quick and simple budgeting||- Guided budgeting process|
|- Limited tracking capabilities||- Better tracking capabilities with historical trends & automatic transaction categorization|
|- Allows you to make custom categories||- Only allows you to use predetermined categories|
|- Has a free version with ads, but the complete features are only available on the premium subscription||- Completely free but have ads|
Between EveryDollar vs Mint, we recommend you to choose Mint. It is completely free. The interface is intuitive and good-looking. It is equipped with very nice features such as historical trends and automatic transaction categorization. These features are very useful. You can use it for budgeting as well as for tracking your spending. On the other hand, the capabilities of EveryDollar are too limited to justify the price.