Fitness apps allow you to monitor your physical health and even suggest you take several steps like diet, exercise, yoga, sleep routine and other aspects for a healthy life. Fitness apps are no less than your personal fitness trainer who is residing in your pocket or palm. But what about financial wellness, are you financially well? Does your budget bother your peaceful sleep? Are you running out of money? Guess what, just like a physical fitness app, the best budgeting app can help to be financially fit.
Here are some of the Apps to Begin Your Financial Fit Journey:
Mint Personal finance is a great app to keep the track of expense and income, but also help to give an overview of the whole financial state. Here it will ask you to link the app to the bank, credit card, and loan.
- It is free of cost
- Easy to set up
- Keep the track of your progress
- Its paid version offers connection with bank and other categories to control expenses
- Easy to understand financial report
- Categorize income and spend for easy understanding
- Sends financial summary and alerts through emails and text messages
- High security for data aggregation
- The paid version is quite expensive
- Works on budget of current months(lack calculation for future months)
- Too many advertisements
- Unable to connect to American Express and other renowned financial institutions
- Lack of support for multiple currencies
- Account reconciliation not available
- Restrict multiple budgets in one account
YNAB is older than Mint and aims to create total control of your money. It is more safe and secure budgeting application. Have a glimpse of its pros and cons to take the final decision.
- Robust account reconciliation
- Allows multiple budgets in one account
- Easily work with almost all major banking institutions and credit cards
- Category tracking allows keeping the budget graph in check
- Goals are flexible and helpful in long term tracking
- Ad-free services
- Automatic match the manual entries with bank import
- GPS friendly app, as it helps you to store favorite location
- Support available including videos, message board, live online classes, and commendable staff support
- It needs constant attention and involvement
- Its own budgeting philosophy makes it difficult to adjust with other accounts
- No free version available
- Not reliable for calculating higher dent payoffs
Every Dollar follows the steps of Dave Ramsey’s Zero-Based Budgeting to get out of debt. Every transaction gets recorded in the app to have better tracking of the budget. It is easy to use in a web browser as well as in a mobile app.
- It has got a basic version at zero cost
- Great for beginners
- Easy to track progress
- Easy to set up
- Features Dave Ramsey’s Baby Steps for paying the debt off
- User-friendly interface
- Connect with the local expert for the financial information
- Does not sync with the bank and credit card details for the better budgeting
- The paid version is very high
- Focuses on a monthly basis instead of weekly
After discussing the pros and cons of the respected best budgeting app, lets put three of them on the same scale and find out who turns out to be a winner. So are you ready for mint vs ynab vs everydollar?
Also Read: How To Budget Your Money In A Smart Way?
Mint and Every Dollar are available at the zero cost whereas YNAB will cost you. Every Dollar offers 15 days free trial version and its annual subscription fee is $99 per year. Mint annual fee is 16.99 per month and YNAB costs you $5 per month. The free version of Mint and Every Dollar comes with limited features and to unlock these features, you need to pay the respected subscription amount.
Winner: Mint, as it offers much better features when compared to other free budgeting apps
All three are great at budgeting purposes. Mint offers auto categorizing to classify different types of expenses and help to keep an eye on multiple investment platforms. YNAB offers basic budgeting to upgrade one and focus to offer a user-friendly platform while talking about Every Dollar, it focuses on baby steps given by Dave Ramsey which ultimately leads to financial freedom.
Winner: Tie between Mint and Every Dollar
Every Dollar supports email support in case of free version while its paid version allows solving financial queries by talking with the representative via phone.
Mint also provides email support but it is not efficient as Every Dollar and there is no phone support, however, you can have a chance to talk to them via chatbot.
YNAB offers email support where you can get a reply within 24 hours and an online forum to solve the query issues. You can expect a better service from the paid-up app.
Winner: YNAB for a prompt solution
Security is the main concern when it comes to budgeting apps since any breach of security affects entire financial life.
YNAB uses the following security measures
- Data is encrypted, even in case data gets stolen, information remains undisclosed
- Staff members do not have access to the customer unless requested by the respected customer
Mint user needs multiple authentications to get access to your account
Every Dollar too has tight security but not as effective as YNAB and Mint.
Winner: Mint and YNAB are the clear winners
By comparing mint vs ynab vs everydollar you can find out the best application for your need. When comparing these two Every Dollar lost the battle. Based on your needs and requirement you can choose between YNAB and Mint. If you want a free and easy tool, then Mint is the right choice but if you want full-featured budgeting software then YNAB should be your call. For all financial queries, keep reading FinanceShed.