Thanks to personal finance and budgeting apps like You Need A Budget and Mint, it is now very easy to plan and keep track of your expenses. In this article, we will discuss the comparisons between You Need A Budget vs Mint to help you choose the most suitable solution for your finance needs.
Read on to learn more about:
– The distinctive features of You Need A Budget and Mint,
– The budgeting capabilities of You Need A Budget and Mint,
– The weaknesses and disadvantages of You Need A Budget vs Mint,
– Which app that is generally more recommended for you.
First of all, let’s see the basics of each application. You Need A Budget (YNAB) is a subscription-based service, so you have to pay some money in order to use it. It costs $5/month if you choose a monthly subscription or $50/year if you choose a yearly subscription. However, there is a trial period for new users, so you can try it first before committing. See also: Personal Capital vs Mint.
In general, YNAB is suitable for people who want a more hands-on approach. It has the right tools to bring you close and personal with your money. It helps you find wasted dollars and inefficient expenses in your budget, even the ones that you didn’t know to exist. Unlike other similar apps, YNAB encourages you to import your transactions at the end of the day and manually categorize them, so that you remain disciplined and careful with your spending.
On the other hand, Mint is designed to aggregate all your financial accounts (including loans and investments) and transactions in a single place. Mint is considerably more popular because, of course, it is free. However, it does have ads and promoted content. Through Mint, you can easily see the big picture of your financial condition. In addition, there is a paid service for credit score tracking and reporting.
YNAB is based on the zero-sum budgeting method. It requires you to budget every single dollar of your money, and it focuses on the money that you currently have rather than forecasting your budgets. It makes you deal with immediate bills and transactions first, so that you won’t miss any obligatory payment and get into debt.
After you set up an account, you will be asked to enter the amount of money that you currently have. From this day forward, you will need to import your transactions and categorize them at the end of each day. Well, there is an option for importing automatically, but the app won’t do that unless asked to. To make things easier, you can schedule recurring transactions, like utilities and rent.
At first, YNAB may feel inconvenient. You will be forced to pay attention to every detail of your transactions. However, once you get used to it, you will see that it works. By acknowledging your money and expenses, you can plan more carefully and spend more responsibly. You can sign up for YNAB here.
On the other hand, Mint is much simpler. After the initial setup, you will specify the monthly budget categories and allocate some money into each category. Afterwards, you can automatically import transaction data from your financial accounts in order to track your expenses. Mint will notify you whenever you are approaching or exceeding your monthly budgets.
As mentioned above, YNAB is actually able to import transactions automatically. It just encourages you to do a manual import so that you can really see how you spend your money. YNAB supports fewer banks and financial services than Mint, but at least the synchronization process is always smooth and straightforward. This is why YNAB is considered better than Mint in synchronization.
On the other hand, Mint supports a wide range of financial institutions, including banks, credit cards, loans, and brokers. However, it also has significantly more issues with synchronization. The problems don’t always come up, but they are quite frequent. It tends to experience connection issues from time to time, failing to connect to the financial accounts and retrieve your data. This is very inconvenient.
When choosing between You Need A Budget vs Mint, security is one aspect that you need to consider. Both apps have good security, but they have different features that may suit different needs.
Data in YNAB is encrypted, and every account is secured with a password which is salted and hashed using a key derivative function with multiple iterations. It is almost impossible for a hacker to identify the exact sequence. However, YNAB does not have other security features like two-factor authentication or Touch ID.
On the other hand, Mint has several security options. In addition to a password on every account, Mint also has two-factor authentication. This is useful if you want enhanced protection. With the two-factor authentication activated, Mint will not allow an access to your account until you validate the device, either by email or by SMS text message.
In addition, Mint also supports Touch ID for iOS. With this feature, you can get access to your Mint account by inputting your fingerprint through the sensor. This is very easy and quick.
YNAB has better customer support than Mint. YNAB promises that they can send you a reply from a real person within 24 hours. In many cases, the customer support can reply you in three or four hours. The responsive customer support is definitely a positive perk, especially when you encounter a problem with the app.
On the other hand, Mint’s customer support is not as good. The reply is slow, it sometimes takes a few days to receive a reply. The poor customer service is a recurring theme in the user reviews. Both You Need A Budget vs Mint have their own blogs where they publish educational content and tutorials so that their users can improve money management skills.
You Need A Budget vs Mint
|You Need A Budget||Mint|
|- Paid subscription, $5/month or $50/year||- Free, ad-supported|
|- More hands-on approach, zero-sum budgeting method||- Simple budgeting in which you divide your money to categories|
|- Smooth and reliable synchronization||- The syncing process often experiences connection issues|
|- Password protection||- Password protection, two-factor authentication, Touch ID|
|- Responsive customer support||- Slow customer support|
Between these two apps, You Need A Budget (YNAB) is generally more recommended. It has better overall performance without frequent connection issues. The customer support is also great. However, if you prefer a free app and don’t mind about some quirks, Mint is a good alternative.