Is there a better Mint alternative? After all, who wouldn’t want free budgeting software, especially one of the most popular in the world?
Mint, on the other hand, is not without competition, and there is plenty of it. EveryDollar is a relative newbie, at least in comparison to Mint.
In many ways, it’s comparable to Mint in that it allows you to create simple budgets.
It varies, though, in that those budgeting abilities are based on a particular set of financial techniques developed by Dave Ramsey, a well-known personal financial counselor.
Both budgeting applications have advantages and disadvantages. Which is the superior option? Depending on your specific requirements and tastes, either option can work for you.
However, if you’re serious about improving your financial situation, one of the two stands out as the superior option, let’s have a look at both applications and see which one wins.
What Do They Offer
EveryDollar
EveryDollar’s zero-based budgeting method assigns each dollar in your budget to a specific area. You’ll need to input your income and plan your spending ahead of time each month.
You may then create multiple budget categories and designate a certain amount of revenue to each. The app will keep track of your expenditures daily.
The free edition has the drawback of requiring you to enter your financial details manually. You may link your numerous bank accounts, and the software will automatically import your transactions if you pay for the premium edition, known as EveryDollar Plus.
The program informs you when the deposits are made once you enter your expected monthly income.
It will then tell you how much money you have available for spending, saving, and other purposes. The software will also allow for church tithe and charity giving, as it is based on Dave Ramsey’s budgeting.
You may use different accounts to separate the savings allocations. You’ll begin by setting up a primary emergency fund, which is a Dave Ramsey requirement.
You may also include additional savings objectives, such as a vacation fund, saving for a down payment on a car or a home, or even saving for your children’s future college education.
The EveryDollar Plus, which is the paid edition, offers everything the free version provides with several valuable perks such as:
● Automatic Account Syncing
EveryDollar Plus connects to your bank accounts and uploads your transactions automatically. This eliminates the need for manual transaction input, which the free version requires.
● Financial Peace University
Your paid subscription includes access to a course. Financial Peace University is one of the most popular personal finance courses ever produced, with over 5 million individuals enrolling.
It’s a nine-lesson motivational course that will teach you how to save money, pay off debt, and build wealth. You’ll have the option of taking the course online or in person.
● Phone Support
The free edition only offers email assistance, whereas Plus offers live phone service.
Mint
Mint connects all of your financial accounts in one place. It has the advantage of automatically updating your transaction details. It is updated every time you visit the website.
Not only does the app provide you with up-to-date financial information, but it also does it with style.
It includes a user-friendly interface with graphs and other visual representations to make the platform more appealing.
Mint provides you more alternatives when it comes to analyzing your whole financial picture, and it includes several features to assist you in managing your money, including:
● Free Credit Score
You may view your credit score and the reasoning behind it.
● Bill-Tracking
You can keep track of your bills, when they’re due, and how much they cost. However, they just discontinued their bill-paying service.
● Budgets
When comparing EveryDollar to Mint, Mint’s budget section appears like an afterthought, yet it is there.
- Goal Setting
You may establish objectives for debt repayment, savings, and major purchases, among other things. You set the goal and the money, and Mint figures out how to get there.
- Investment Tracking
Mint offers you a quick snapshot of your investments.
Pricing
EveryDollar
This app’s basic version is free. However, you must manually enter your transactions. However, if you’re just getting started with budgeting, this may be a positive thing.
Entering all of your spendings as you go gives you a sense of empowerment and enlightenment. It can assist you in determining how much money you’re spending before you go beyond.
You’ll have to pay for EveryDollar Plus if you wish to import transactions straight from your bank account. You may join up for a free 15-day trial, but the service costs $99 per year after that.
Mint
Signing up for, downloading, and using the Mint app is entirely free. The firm makes money by connecting you with third-party marketers that provide comparable services.
If Mint detects that you have a high credit score, for example, you may receive an email advertisement encouraging you to join up for a high-end credit card, home loan, or brokerage company.
Mint may recommend a consolidation loan or a balance transfer card if you have a lot of credit card debt. Mint does an excellent job of connecting you with services that you might want to utilize.
If you spend a lot of money on groceries, for example, Mint may recommend a credit card with a high cash back percentage on groceries.
Mint receives a commission if you sign up for one of these services. Mint also provides some paid premium services. Mint’s credit monitoring service, for example, costs $16.99 per month.
Signing Up
EveryDollar
Creating an account with EveryDollar is as simple as providing them with your email address and password. After that, you may begin planning your budget.
To sync with your bank account, however, you must first sign up for the free trial and then connect the app to your bank account.
You use the app to log into your bank account so that EveryDollar can pull in your transactions. It may take a little longer to get started on your actual budget.
According to EveryDollar, you can make a budget in ten minutes. And you most likely can if you have a straightforward, well-organized budget.
However, if you have a more complicated budget, it may take a little longer to put together. But it all comes down to how well you understand your income and spending, as well as how many budget categories you’re likely to create.
Mint
To create a Mint account, go to the top-right corner of your browser and click the orange Sign Up icon.
After that, you must establish an Intuit account by providing basic personal information. Then you’ll be prompted to connect your external bank accounts by logging into them using the Mint site.
On your iOS or Android mobile device, you’ll go through a similar registration procedure if you download the app.
Security
EveryDollar
EveryDollar, like many other budgeting applications, employs data encryption and a multi-factor authentication method.
It also maintains a data center with people on the premises at all times to assure the physical security of the data kept on EveryDollar’s servers.
Mint
Intuit, Mint’s parent business, takes security very seriously. Mint utilizes the security scanning tool Verisign, and multi-factor authentication is frequently required for account access.
You may also establish a pin code or activate TouchID to prevent unauthorized persons from accessing your data if you lose your phone.
When you log in on a new device, you may expect to be asked security questions.
Customer Support
EveryDollar
EveryDollar offers online customer service. It has positive internet reviews, especially if you have the premium edition of the software.
Customers who have paid for the app will receive priority customer service.
Mint
Mint provides live chat and self-service customer assistance. According to their website, chat assistance is accessible seven days a week from 8 a.m. to 6 p.m. East.
Unfortunately, there isn’t a phone number for customer service. However, you may call Mint Credit Monitoring at 1-800-499-4466 if you have any questions.
Support is also available via live chat and email.
Comparison Table
| EveryDollar | Mint | |
|---|---|---|
| Features | Excellent | Good |
| Price | Good | Excellent |
| Compatibility | Excellent | Excellent |
| Security | Excellent | Excellent |
| Ideal For | Budgeting, monitoring spendings, and savings | Budgeting and investment tracking |
Conclusion
EveryDollar and Mint excel in certain areas while falling short in others. EveryDollar, for example, is without a doubt the best option if you want to improve your financial condition and even attain financial independence.
It lays forth the fundamental processes and structure required to take that step. You’ll be able to use the basic EveryDollar app, but you’ll also be able to enroll in Financial Peace University for a comprehensive financial education.
The automated synchronization of your financial transactions will bring the budgeting section up to Mint’s level.
On the other hand, Mint would suffice if all you need is a simple budgeting and financial aggregator. And it will do it for free, as long as you are willing to put up with the constant barrage of advertising.
