Managing your finances on your own is time-consuming and complicated. As your assets or debt balances increase, the process becomes even more challenging, and you generally have little room to make mistakes. With this in mind, it makes sense that many consumers actively take advantage of financial management tools for enhanced capabilities. There are many money management tools and programs available to you for a fee, but two of the top free options to consider are Personal Capital and Mint. If you are trying to decide between using Personal Capital vs Mint, it is important to understand what each tool offers and where the strengthens and weaknesses lie.
What Is Personal Capital?
Personal Capital is a popular financial management tool to consider. One of the most important things to remember when comparing Personal Capital vs Mint is that some of the Personal Capital tools and resources are only available under a paid premium service. The free version of this program, however, does offer budgeting tools. They can help you to streamline and simplify this aspect of your life. If you choose to pay for the premium version, you will receive personalized investment assistance.
The free budgeting tools are fairly basic, and they allow you to easily monitor cash flow and spending from all of your accounts in a consolidated format. Because the budgeting services available through Personal Capital are not robust, many people who use this program do pay for the premium version. The premium version is truly excellent because it consolidates all of your finances into one fully-functional platform for ease of use.
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What Is Mint?
Mint is purely a budgeting and financial planning tool, and it does not offer any investment management features. It is an entirely free resource for you to use. And it is affiliated with the Quicken family of financial software programs. Through this program, you can link your checking and savings account, your credit cards, your retirement account and more. So you can easily see all assets and debts on one screen. As is the case with Personal Capital, this program only gives you a read-only view of your accounts. And you will not be able to transfer funds, pay bills or take other steps through Mint.
If you need to make changes to your accounts, you will need to log into those accounts directly through the affiliated financial institution. Notably, Mint provides you with the ability to set alerts for your accounts. Such as if you are about to go over your credit limit or reach a certain low point in your checking account. You can also create goals for savings, debt reduction and more, and you can monitor your progress toward those goals.
Mint also offers other financial resources that help you to better monitor your financial health and well-being. For example, through this financial management program, you can locate banks that have lower fees or higher rates of return on a savings account. You can even check your credit score. And receive notices if there is suspicious activity on your credit report that you need to be aware of.
What Is the Difference Between Personal Capital Vs Mint?
When you compare Personal Capital and Mint, you may be able to tell right away that there are several key differences between these two programs. However, you may want to know more about how these differences will affect you. With a closer look at the differences between Personal Capital vs Mint, you can make a better decision about which resource to use to manage your finances.
Security is a top concern for many people who are deciding between Personal Capital vs Mint. To use both resources, you are required to provide login information and details for all of your personal accounts. It can be discerning to give a service that is new to you and that may be unfamiliar or untrusted access to all of your financial information. However, Personal Capital uses bank-level security features and encryption to protect your privacy and data. Mint is not as open with its security processes. Because it is an affiliate of Quicken, a highly reputable financial program, it likely has superior security features as well. However, these features are not publicized in the same way Personal Capital’s are.
Another notable difference between Personal Capital vs Mint is the dashboard design. There is no clear superior option between these two. And you will need to decide for yourself which style you prefer. Both list the current balances for all of your assets and liabilities on the side of the screen. But Mint provides you with separate totals for assets and liabilities as well as your total net worth. Mint provides you with a list of alerts at the top-center of the screen as well as tabs for easy movement through the different screens. Personal Capital has graphs of your net worth and monthly spending and income in the middle of the page. Because this program can also link to your investment accounts and has management services available, it shows your top investments in terms of performance.
Goals and Budgets
Some people only want to use these programs to see a snapshot of their financial status from time to time. Others want to use them for daily budgeting and goal tracking efforts. Mint is the only one of these two programs that offers built-in features for robust budgeting and goal tracking. However, because the information from your accounts is readily available and easy to read through Personal Capital, it is possible and convenient to use an outside program for this activity if you decide to use Personal Capital.
A Premium Version
Both of these programs have free versions. The Mint program is rather robust considering the fact that it is a free resource for you to use. The Personal Capital free version is more basic in terms of its abilities. But there is a premium version available for a fee. The fee is affordable, and it provides you with personalized investment management services. For those who need extra help and support with all of their investments, Personal Capital is a great resource to consider.
So, Which One Is Best for You?
Now that you have taken a closer look at the differences between Personal Capital vs Mint, you can see that these two programs are different in many areas. In order to determine which platform is better for you, analyze the current challenges you face with financial management. For example, are you more concerned about budgeting and meeting goals or about getting investment management assistance? If you need management assistance, are you willing to pay for it?
Exploring the differences between Personal Capital vs Mint can be eye-opening. These two programs are usually compared closely together and are often viewed as being almost the same. However, they have very significant differences, and you may find that one is preferable for your needs and objectives. Now is a great time to open a new account with the program that you decide to use. And start tracking your assets and liabilities more closely.