Mint vs Quicken: Which Personal Finance Software is Best?

mint vs quicken: which personal finance software is best?

Mint vs Quicken this is what we will look at when deciding and to understand the fact of how keeping track of your personal finances is extremely important. It helps balance your budget, monitor investments and keep track of where all of your money is (and how you're spending it). However, attempting to do this with a spreadsheet on the computer or through the aid of a pencil and paper is going to be far more difficult than it needs to be. You can't perform extensive calculations this way and, if you try, you open yourself up to mistakes, which can toss off your entire bookkeeping.

 

That is exactly why you need to consider personal financial software. There is a number of different options, but two of the most popular are Mint and Quicken. Quicken has remained one of the most popular titles, and its longevity is impressive. Mint is one of the newer personal finance options out there for you to consider using. While there are some pros and cons of each kind of software, it is important for you to select one that works best for your needs. That is why you should look at Mint vs. Quicken to see exactly what offers the best fit for your personal finance needs.

Qualities of Mint Accounting

mint finance software

With the rise of mobile banking and financial transfers, there have been a number of personal software titles made to go along with the other program advancements. One of these is Mint. Mint is designed by Intuit. You likely know Intuit best by the Turbotax software brand (you probably see a good amount of Turbotax software commercials during tax season). The company also sells titles like Proconnect and Quickbooks. Intuit also at one point in time owned Quicken although it recently sold off the software. Due to this, the two programs are now competitors (and why Intuit developed Mint).

There is a number of main selling points for Mint. For starters, it is a free application. It doesn't cost a cent to sign up and begin using the accounting service. This instantly makes it a valuable addition for someone who is interested in a personal finance software but who don't want to spend money on it. Additionally, as it is a mobile application (for both smartphone and tablet), it is a streamlined application that uses a cloud-based storage feature. This way, it doesn't take much in the way of data in order to use the application.

Using a cloud-based storage method also allows you to log onto your account from any Internet-connected device. So if you're at the office and want to check some personal financial information, or if you purchase a new phone and don't want to transfer everything over, all you need to do is log onto your account.

It is easy to upload information from all your banking and investment accounts. This includes your credit cards, loan accounts, bank, debit accounts, and even your student loans. This way, you can sync up your payments and personal monetary information to see what's going on with just a few swipes of your fingers.

Whenever you log onto the application, your personal financial information is updated automatically. It is especially user-friendly, and you can schedule transactions between the different accounts. In way of tools, it isn't as extensive as Quicken, but it is easy to use. When looking at Mint vs Quicken, this is just one of the many features you will consider.

Qualities of Quicken Accounting

quicken finance software

When looking at Mint vs Quicken, it is important to consider Quicken as it is one of the original personal finance programs. In fact, it first came out back in 1983, so it's been around the block for some time. There are a number of variations of Quicken. The software manufacturer makes a Windows and Mac version, both of which provide the same features. For those who like the power and features of Quicken but want it on a mobile device, Quicken also comes for both Android and iOS.

Quicken is a far more powerful accounting software than Mint. Mint is relatively basic. It is designed for individuals who want quick access to their accounting information but who may need nothing more than just the general monitor and transfer features. Few who run a small business will use Mint while those who start a small business will probably take advantage of Quicken (although there are more powerful programs out there for small businesses as the companies expand).

With the Quicken software, it doesn't just monitor money and pays bills. It also allows for investing. If you own a home or other real estate investments, Quicken will monitor the value of the property. This way, should you reach the desired value you may sell the property.

In terms of the Mint vs Quicken question. it all comes down to what you are interested in and how you intend on using the software. There are major benefits to each, so selecting one isn't cut and dry. What's right for you might not be what's right for the next individual.

Mint vs Quicken

When looking at Mint vs Quicken, it's necessary to first identify what features both software share. For starters, each offers budging information that allows you to monitor your current budget. You can directly import financial data and synch up with varying accounts to stay on top of everything in real time. Additionally, you can use the applications on mobile devices and log into your account through a number of different devices, thanks to the cloud-backed storage service.

Credit Tracking

credit tracking

Both programs also offer you credit report monitoring, so you will be notified if there's something that doesn't look right on your account, and the programs will send out a weekly email summary, which allows you to stay on top of everything that's going on with your finances.

Features Mint

Mint, as a mobile-dedicated application, comes with a number of features you're not going to find on Quicken. First, you'll receive text message alerts about paying bills or upcoming expenses that are about to hit your wallet. This way, if you need to move money around ahead of time, you can.

There is a solid investment tracking tool here that will show your real-time value, although you cannot really buy or sell investments through Mint. The application can sync up with Apple Watch, giving you update directly to your wrist without ever needing to pull out your phone, and you can even check out your net worth with just a few flicks of your finger.

Features Quicken

As for Quicken, the original personal finance application gives you more in-depth features, should you need them. Mint is for the average individual who needs nothing extensive but wants a free program to monitor their accounts. If you need something more powerful, Quick is the way to go. It has a reconcile bank statement feature. Quicken gives you the power to record transactions and compare against current bank statements. It also allows you to store information locally on your personal computer. This way, you need not log onto the Internet to view your data.

If you're wondering whether you budgeted properly for an upcoming week, quarter or further out, you can use "The Inspector" tool, which will analyze this information and inform you whether you need to change the current budget structure. The title also comes with retirement planning and tax reporting services. Yes, you can download the financial information from Mint to a tax reporting software (such as TurboTax), but Quicken makes it easier to fill out required documents and form prior to ever sending it to any tax programs.

Last, you also have a bill payment feature in Quicken. This allows you to pay bills through your Quicken account. By doing this, you no longer need to log into an individual banking account or other application in order to transfer money or to pay bills. You can use Quicken which is already open. Mint does not have this kind of feature (it use to, but it has since been discontinued).

There is no one size fits all approach when it comes to finances and tracking your personal wealth. both Mint and Quicken offer a number of exceptional features. It's up to you to decide which of these program titles works best for your particular needs.

Conclusion

There are a number of personal finance applications out there. Quicken and Mint are two of the very best. When trying to identify a program that works right for you, it is important to consider Mint vs Quicken. Each of these programs offers you something slightly different.

Thankfully, as both are owned by Intuit, it is possible to create a mobile Mint account first and then transfer the information over to Quicken, should you decide you want more tools and features that might work out well for your personal finances and your small business. It is important to identify which of the Mint vs Quicken programs is best for your individual needs, but you can't go wrong with either of the titles.

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