Since both services are free to use, it makes it much easier to compare. There are around 100 different budgeting subcategories, and you can also create your own. Thanks for your comment. I checked a little bit later and Mint acknowledged that the transaction had been made, adjusting my balance but not my available balance. I have been a DIY investment “manager” most of the last decade plus for my wife and I, so I am not sure if I would use the paid adviser service. Is there anyone out there who’s successfully linked up an HSA with Personal Capital before? Do you know if Personal Capital can produce a Spending Report by categories for tax-prep? So between the two, I get my yin and yang for my short term and long term money goals, and I’d recommend both to any of my family and friends! Its main focus is on your net worth, investment tracking, and helping you prepare for retirement. You’ll need to enter your country and 5-digit zip code, which helps Mint find the best offers for you (more on this later). Glad you liked the post. Rather than needing to log into your checking account and credit card companies, you see everything in front of you at once, with numbers you should be able to trust. I really don’t see any reason for not using both tools. Personal Capital, on the other hand, does not offer a full-function budgeting tool. I personally do better managing short-term money goals and seeing that savings rack up over time, so I really do prefer Mint. For a tool like this, I’m much more concerned with investing and retirement planning than budgeting, so Personal Capital fits my needs much better. Even Canadian ones. Personal Capital vs. Mint, how does each app stack up? Both Personal Capital and Mint are freely accessible. I’ve heard great reviews about YNAB, but I just have no interest in keeping receipts and logging every transaction manually. I wouldn't rely on this functionality. 2. It does this with some really robust tracking and analysis tools that are available in the free and paid version, like: To learn about everything Personal Capital offers, including their paid services, you can read my full Personal Capital Review for 2020. Here’s how both Personal Capital and Mint are keeping your accounts and information safe: Mint does go one step further with multi-factor authentication, which is becoming the new standard. Same with any bank “auto-drafts” on the 1st. Personal Capital's and Mint's apps allows for fingerprint login on iOS devices that support it. But personally, Personal Capital is the most valuable one for me. Personal Capital showed a completed transaction that went through my checking account earlier that day, but Mint didn’t show it. One major difference between Personal Capital vs. Mint and YNAB is that it focuses on your cash flow instead of strict budgeting. It’s nice to read the comparison between PC and Mint, and to read all the comments for additional perspective. Both tools looks great. I like Mint for tracking my expenses and spending, I think at this point, because I’ve finally gotten it the way I like it, I find it’s more accurate and less time consuming. For example, only Mint has a credit score monitor, while only Personal Capital has thorough investment planning. Mint I check everyday, usually multiple times. Despite seeing tons of articles comparing the two, Personal Capital and Mint are actually very different programs. We know that managing finances is not easy. We have used YNAB for a few years and I will gladly pay for the service. Whereby you can then perform wire transfers, etc. I don’t know the specific number of times, but if you want to email me and let me know what the names of the banks are I’d be happy to ask them about it! Unlike Mint, Personal Capital can be used for planning for future financial goals such as retirement, saving toward college, buying a house, etc. Verdict on user experience – Personal Capital wins. Some it will say it added but wont show up under the bills. Support has not always been useful as sometimes they made me delete an account and re add it losing valuable history but they have ALWAYS responded where as Personal Capital has been AWOL to all of my support requests. Sign Up to a Free Personal Capital accout, Net Worth Trackers: Apps & Tracking Services, Cashback Rewards: How to Earn Extra Money With Rewards Apps, The Comparison of Personal Capital vs. Mint. Based on your reviews, functionality is apples to oranges. Investor Junkie does attempt to take a reasonable and good faith approach to maintain objectivity towards providing referrals that are in the best interest of readers. InvestorJunkie.com© Copyright 2020, All Rights Reserved | The downfall is that my local bank and mortgage company are not supported through PC yet. March 1, 2020Posted in: Budgeting App Reviews. Acorns Review 2020: Helpful Robo-Advisor or Waste of Time? Don’t forget to link accounts from micro savings or micro investing apps like Stash, Acorns, or Qapital. Mint uses its in-house system to sync with financial institutions, which means that Mint has been very unreliable to the point where synchronization stops working. We love that it allows lot’s of customization and customer support is always there if you need them. I saw that bill pay tool, but we already have our stuff on a system. I’m a long-time Mint user, but I love reading about all of the additional features PC has to offer. For example, under “Allocation,” I can click on “U.S. I have both. Geoarbitrage: Can it Actually Help You Retire Sooner? By showing where you’re losing money, you can make adjustments to optimize your retirement funds. I’m wondering if/how either of these tools will sync with my wife’s mobile app as well (since we share accounts). You get access to projected portfolio values, retirement forecasting, possible variables that may affect your retirement goals, and personal evaluation to see if you're on track. Looks like Personal capital will be a great addition to my toolkit. Is Personal Capital safe to use? How Blogging Helped My Wife Retire Before 30, Why Early Retirement Isn’t My Goal (and Shouldn’t Be Yours Either), 50/30/20 Budgeting Rule: What It Is & How It Works, 12 Free Budget Templates to Get Your Money Under Control. There are easy to understand graphics. I can’t give you a recommendation, but will say Personal Capital requires a minimum of $25k in net worth before you can use their advisor service. Personal Capital uses Yodlee to perform the syncing, which has been a much more stable service. The information on Investor Junkie could be different from what you find when visiting a third-party website. Personal Capital pulls the due dates from your linked accounts to remind you, but you can’t add reminders for accounts you can’t link, like utilities. If you're not sure which one you'd like, just try them both. Back in the ’90s, I helped create some of the first financial websites for firms like Chase, T. Rowe Price, and ING Bank, and later went on to work for Nomura Securities. Millennial Money Man may have financial relationships with the merchants and companies mentioned or seen on this site. Here are a few highlights of budgeting with Mint: Personal Capital’s budgeting functionality is tied to your cash flow. Furthermore, banks won’t protect you from this as they would deem the password hacked via a third party site. I use my HSA as an stealth retirement account, but Personal Capital can’t seem to find it. So I’m now happily at PC. All of my other accounts have been linked successfully and other than the annoying “this account requires you answer a security question before proceeding” sync issue on occasion, I really like PC. I haven’t used the fee analysis or retirement calculators yet, but I definitely think those are valuable features. However, it’s important to note that there are still some differences between Personal Capital and Mint. Larry Ludwig was the founder and editor in chief of Investor Junkie. And since it’s using a spreadsheet, you get all the flexibility and power you need. I currently use Quicken for Mac and am interested to switch platforms. Plus right now Personal Capital has a great deal going on for readers: You can get a FREE portfolio review valued at $799. I plan to smoke test it in the next few days. An old review, but good info. I was just about to check out PC until I happened to find Tiller. Since I’m talking about Personal Capital vs. Mint, I’m going to focus on the free version of PC, which has a lot to offer. Categories in Personal Capital are NOW customizable. Pretty simple. No thanks to PC. Investor Junkie does attempt to take a reasonable and good faith approach to maintaining objectivity towards providing referrals that are in the best interest of readers. Personal Capital has the tools to analyze your investments and tell if you're on track. Both of these apps have over a decade of growth under their belt, and they have the features to prove it. Honestly I haven’t tried that one out yet. The main thing that Personal Capital doesn’t seem to work with is HSAs. There are more categories and you can create custom categories. However, at 56 years old, I am planning to retire at 60 (if not sooner) so as I get closer that may make a lot more sense. But, Personal Capital gives you the tools to understand and utilize your investments. Can one print out Income and Expense Reports with PC? With budgets, alerts, and other tools, Mint has cornered the budget tracking space like no other. He currently resides in Long Island, New York, with his wife and three children. Personal Capital, of course, makes their money off of their paid advisor service. Mint makes money by showing users offers for outside financial services – credit card offers, brokerages, bank accounts, and more. Mint vs. YNAB 2020 | Which Budgeting App is Best? high pressure sales. It is a shame because the rest of the service is outstanding. How do the two programs compare as far as interfacing with tax software? They both cater to a U.S. audience though Mint … I vaguely remember the switch Mint made from Yodlee and how often accounts were “in error” or stopped syncing altogether. as Other Assets on PC. Jim. NOTHING ELSE NEEDED. This is meaningless (or misleading at best) for an account where you are making regular contributions. I have issues with people using that information to personally contact me like that. Two of the comparisons that I did not see with your comparison are: 1) Does Personal Capital support Canadian investment (I see below that it only supports US currency). No matter what anyone says, your credit score is an important part of your financial life. Mint really gives you more guidance when it comes to budgeting. Only downside I’ve had so far is from linking my lease whip to it (ya ya ik you hate them but I got a great deal 😉 ). You can do a manual investment where you manually update it. You don’t have to click on any of these, but know that you’ll see them. The more data, the better! They are there for your protection. Personal Capital’s budgeting feature is essentially just a chart that shows your cash flow for a period of time. A hash is stored, not a password. There is an easy to find “Help” button in the bottom right corner of the screen, and if you can’t find the answer to your question that way, just click on the “Contact Us” button that shows up within the “Help” screen. I’ve used Personal Capital for the last 5+ years now for tracking investments and when it works it’s glorious. Both were easy to link accounts, PC has a lot of intrusive Email, Popups and Sales calls Since both are cloud-based and read-only services, nothing prevents you from using both simultaneously. Hi Larry, I just recently started investing via stock trading; I have put in $1,000 in my trading account. If you are more hands off, Personal Capital offers a free Investment Checkup that analyzes the allocation, stocks, and costs of all of your investments. Have you looked at Dave Ramsey’s free budgeting tool, Every Dollar? Please address the subject of categorizing expenses. And if there is ever any fraudulent activity, your credit score and report can help you rectify that situation. I don’t use either. Mint has no way I know of to print out a year-end spending report for tax preparation. Personal Capital does show performance over time, but not clear if it is using IRR. Mint offers Chat, but it’s more of an email supported help, and I’ve never found it incredibly helpful or fast. I did an online chat and, within 10 minutes, had it solved. It has a full-featured budgeting functionality that you can access from your mobile or desktop. So I mostly use Mint for this one feature. Postmates vs Doordash – Best Side Hustle & Pay for Drivers? If you are working on building your credit score, credit reports can show you how your hard work is paying off. That means even in the free version, you aren’t seeing ads, and I really like this. Also, the constant “Security Update: You Used Remember My Device – Please Confirm” with one of my accounts (Pershing) is very annoying. Personal Capital, however, uses Yodlee to sync up financial services and has fewer reported synchronization issues. As I'm sure you can guess, Mint.com uses Intuit's synchronization service. In truth, Personal Capital and Mint.com are not competing personal finance platforms. After that, there are a few differences…. We have been using it since our last year in college. Intuit switched over to its own internal systems when the company purchased Mint — assumedly to save costs. Yes but no. Mint vs. I’m sure that PC is a good solution for a lot of people – it has a lot of fans. I think that works in Mint but not PC. Personal Capital shines in this area. I think you’ll like PC for your investing. Both money tracking tools are read-only apps, which means that money can’t be moved in or out of your accounts via the apps. Hi Larry – been following your post with interest. Here are the investment fees, which are based on assets under management: 1. When I was linking my investment accounts to Mint, I did have a couple of issues: Verdict on linking accounts – Personal Capital wins. I then went to Mint. You pushed me over the edge! Drives me nuts. 2. Linking just my checking account, credit cards, and car loan to Mint challenges me to stay within my budget each month and view automatic deposits into my savings account and 401(k) as an “expense.” I’ll then check up on these other accounts about once a month. But for my banking it’s pretty good so I can dump Quicken. Mint has worked really hard in the past couple of years to work out the kinks… we’ve got to get better at synchronization guys… and they’ve cleaned up that app a little bit. We make a decent salary but still like to budget ourselves accordingly, guessing it might be one of the reasons why we have done well for ourselves. I plan to give this a try (30 day free trial). I have used Mint for about six years now. Neither app offers much in this department, so prepare to be underwhelmed. But you have ads with Mint and they do email you with recommendations they get paid to mention. Thanks in advance! Don’t worry, I’m not judging haha! Postmates vs. Grubhub – Which is Better for Drivers? They’ve grown to over 10 million active users, seeing over 250 billion transactions per year. But, Personal Capital still offers a much better user experience IMHO. Technology has legitimately streamlined our budgeting, spending, and investment practices with a variety of personal finance apps and money tracking tools. Can you help me please? I’d love to know what you think. I have not tried Personal Capital yet but over the last few years have built my own Excel spreadsheet that tracks cash flow, credit cards, net worth, and a savings (not a spending) budget. For more information, please read our. In my house, we use both Personal Capital and Mint. Maybe when I start investing more I’ll utilize Personal Capital though. I like to see all my spending transactions as they come in and I make sure everything is categorized properly. EveryDollar vs. Mint 2020 – Which Budgeting App is Best? I had no thought that anyone would produce this kind of product and overlook something this basic. I sent Mint an email and will follow up when I get a response. Personal Capital vs. Mint – Which Is Best for You? Your full name and account numbers are never displayed. Overall, Personal Capital is more reliable and has excellent customer service and retirement planning and investing features second to none. We will focus on the follo… Another thing that irked me is that with Mint, you can at least open the online app and give it a test drive before giving up your personal bank and credit card information that is REQUIRED just to get in the front door of Personal Capital. Once you know what you are doing, then I think switching to Personal Capital will help you take the next steps in your financial journey.”. Currently also experimenting with Buxfer too, it seems promising and its free. Much smoother operation, ease of account linking and relatively successful syncing. Please read my disclosure for more information. Mint offers multi-factor authentication to protect your account. Disclaimer: This post may contain affiliate links. I then delved into the cloud apps out there. Personal Capital and Mint are two of the most popular free options, but is one better than another for managing your money? The interface is much nicer. Personal Capital, on the other hand, seems to miss many bills. Thank you for this. Mint makes its money off of ads, which are tailored to your financial situation. Or what if I make an ATM withdrawal on or near the last day of the month but want it to hit the next month where it will be spent? For each service, some features are exclusive to the mobile app or the website. That may sound like a pretty intense investing tool, and not every investor is going to nerd out about this stuff as much as I do. Mint lets you set bill pay reminders. The retirement planner is awesome as well. You can add real estate, cars, boats, jewelry, etc. YNAB vs. Mint 2020: Which Budgeting App is Best? Personal Capital was founded in 2009 and now has over 2 million users and manages over $9 billion in assets. However, constant integration problems and incorrect amounts have driven me to utter frustration. This is another really valuable free service that comes with Personal Capital, and the Retirement Planner works by analyzing: All of that is put together to show you your trajectory towards your ideal retirement age. I received my first phone solicitation from PC today as well. Check it out! Absolutely true… there’s not many free lunches out there! Not sure if it’s the same as Mint, but Mint requests your bank card # and the password you use to log into that bank card on the bank’s own website. Maybe I’m being a little over critical here, but I think this kind of stuff is important if you’re hoping to use one money tracking tool to show where you stand financially. Mint gives you quarterly updates on your credit score and also shows you what’s hurting and helping you and why. Personally, I use both. You can manage your finances, including your investments, without charge.Personal Capital does charge a fee if you want it to manage your investments. Oh wow that’s great to hear! I am glad you mentioned this. You can monitor cash flow but cannot set specific spending targets. We'll break down the comparison into these categories: Budgeting, Bill Alerts, Synchronization, Customer Service, Investment Analysis, Security, Mobile Access, and Retirement Planning. Either way…they’re free. Most money tracking tools have a pretty similar sign-up process, and Personal Capital and Mint are no different. Personal Capital, however, has a “poor man's version” that requires you to register your computer before using it. It doesn’t take much to hit their threshold for reaching out to you. I don’t need investment advice so I can track all holdings with Vanguard if Mint fails to fix itself. All products are presented without warranty. Both Personal Capital and Mint are web-based platforms that shouldn’t require much in the way of customer support, but it’s still nice to know what’s available. The account linking, while comprehensive was a bit cumbersome as it took a few tries to find the “correct” link due to the many choices (Fidelity for example). He graduated from Clemson University with a bachelor of science in computers and a minor in business. Do you happen to know how we might both be able to track our individual spending (and update our budget) so that we are both looking at the most current changes/expenditures no matter who enters it. Personal Capital and Mint are among the best personal finance apps available to web-based and mobile users. Mint doesn’t charge any fees in connection with the use of their service, so that makes it pretty easy to compare the two in relation to expense.Likewise, Personal Capital doesn’t charge a fee for its financial dashboard. Why do they not allow me to split my credit card payment into its component parts? Mint recently added a new bill pay tool. You can set your monthly Personal Capital budget to whatever you’d like, and then they use your transactions to show you where you’re at with your spending vs. cash flow… or money going out versus money coming in.
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