Quicken vs. Mint

How does Quicken compare to Mint and which should you choose as your financial management software? Here is the ultimate comparison guide to help you pick.

QuickenMint
● Offers four packages starting at $34.99 annually
● Reconciling bank statements
● Local data storage
● Retirement planning
● Tax reports
● Free
● Investment tracking
● Credit score tracking
● Accessible through Apple watch
● Email and SMS alerts

Today’s budgeting tools make it simple to keep track of your personal and business finances. While some are entirely free, others have more to offer if you pay a small price.

Quicken and Mint are two of the most widely used budgeting software programs. While the applications are similar, they each have their unique strengths.

The most significant distinction between the two is that, although Quicken is a commercial service offering various packages, Mint is entirely free.

Is Mint, therefore, the superior of the two systems? Certainly not. Quicken has more features than Mint, which may be sufficient to warrant the monthly price.

Or maybe not.

Let’s look at the two side-by-side–Quicken vs. Mint and see which one is the most cost-effective and suitable for you.

What Do They Have To Offer?

Features

Mint and Quicken both offer a lot of different features so we’ll start by comparing what each of them can offer you in this section.

Quicken

Quicken’s big attraction is that it’s one of the most comprehensive personal finance applications on the market.

It covers a wide range of personal financial operations, reducing the need for additional services from other applications.

One of the most significant advantages of Quicken is that your data is saved on your computer rather than on Quicken’s servers or the cloud.

The ability to keep data on your computer, on the other hand, reduces the security dangers associated with cloud storage.

Quicken offers four different packages, each with its unique set of features. Among the primary services provided are:

Tracking The Market Value of Your Home

Enter your home address, and Quicken will update your house’s estimated market worth regularly. This functionality is only accessible on the Premier and Home & Business subscriptions.

Quicken Bill Pay

Pay any bill straight from any of the platform’s checking accounts. Only the Premier and Home & Business plans include this service.

Credit Score

Equifax provides your credit score. The number displayed is the VantageScore, not your actual FICO score (this is common practice with free credit score providers).

The service’s drawback is that your score is only updated every three months (most credit score services report on at least a monthly basis).

Mint

Mint is an online personal finance app that consolidates all of your financial data into one place.

It allows you to link your numerous financial accounts, and the information is automatically updated each time you visit the site.

It gives you a glimpse of your financial data, complete with graphs and charts for visual presentation.

Mint has the following features:

Investment Tracking

To your Mint account, you may add taxable brokerage accounts, mutual funds, IRAs, and 401(k) accounts.

To evaluate how well you’re doing, you may compare your account’s performance to several market benchmarks.

They also offer a fee analyzer, which shows the fees paid to investment advisors, brokerages, and even 401(k) providers.

To optimize the return on your investment, they’ll identify the ones that aren’t needed.

Credit Score Access

TransUnion sends your credit score to Mint and tells you how your score is determined and how you may improve it.

TransUnion will send you credit notifications anytime new credit information is received from creditors.

Track BillsMint allows you to keep track of all of your expenses in one place.

Recurring costs, such as rent, utilities, and loan payments, as well as variable expenses, such as paying the babysitter, are included.

Both the due date and the payment amount will be displayed in the app.

You can also get bill reminders to remind you what’s due, how much it costs, and when it’s due. Reminders for bills can be sent to your phone.

The program also sends you notifications when your money is running low or your accounts show any odd or suspicious behavior.

The app will also show you how much money you’re wasting on expenses like ATM fees.

Price

Quicken

Quicken offers its users four different packages, each having its structure and specific features. They include:

  • The starter pack starts at $34.99 annually.
  • Deluxe park at $49.99.
  • Premier park at $67.49
  • Home & Business at $89.99

Mint

Mint is completely free to use, and there are no different plan tiers to choose from. However, if you’re wondering how the site became so successful without collecting fees, there’s a reason for it.

Let me explain why:

Mint generates money via third-party vendor advertising on the site, similar to Credit Karma. The Find Savings function is used to do this.

Mint will get a small fee for linking you with the service provider if you join up for one of the products or services featured on the site.

The service provider does not charge you anything extra; thus, the entire Mint income process is entirely hidden and even irrelevant to the user.

Budgeting

Quicken

All four Quicken programs include budgeting. You may use a budget to track your spending, automatically classify your costs, and export your data to Excel.

On the same site, you may access all of your bank and credit card accounts.

Based on your spending history, the app creates a realistic household budget. You may personalize your spending objectives, making it easier to pay bills and budget.

The software predicts your balances, sends you bill-paying reminders and keeps you updated on how much money you have in your accounts.

Mint

Mint budgets are based on your typical per-category spending. You can keep track of your expenditures month by month or year by year. This allows you to build a budget based on your spending habits.

Moreover:

They’ll generate a budget for you based on your spending habits, but you may tweak it as needed.

Mint gives pre-set categories for your spending accounts, but you may rename or even recategorize them in ways that work best for you.

The software allows you to budget for both one-time and recurrent monthly costs.

You may also use predictions to estimate how much money you’ll save if you cut back on a particular category of expenditure.

Security

Quicken

Quicken safeguards your data using the following procedures:

  • Encryption of 256 bits
  • Integrity checks guarantee that a message received has not been tampered with after it leaves the sender. A firewall secures Quicken data center servers.
  • Your banking institution will assign you a password that you must input each time you connect to the Internet. You can also password secure your data files.
  • Secure socket layer (SSL) technology is used to transfer information.

Mint

To keep your information safe, Mint employs the following security measures:

  • Multi-factor authentication necessitates the use of unique security questions or a code sent through email or SMS.
  • To see your information, enter a four-digit code.
  • VeriSign security checks to assure the security of critical data transfers
  • Information that can only be read (Mint has no control over any of the accounts displayed in your app.)
  • Touch ID authentication is an option for setting up your account.

Customer Service

Quicken

Quicken provides live chat through the My Pure Cloud app. They don’t offer telephone assistance.

They include a FAQ page, a list of Common Help Topics (under the Learn & Support menu), and a Quicken Community where users may discuss app-related concerns.

These sections might assist you in learning how to get the most out of the Quicken platform.

But wait, there is more:

They also have a Money Management Tips page with personal finance-related subjects such as how to save money, how to avoid living paycheck to paycheck, how to educate your children, how to save and spend wisely, and more.

Mint

Mint provides customer care by email or live chat, accessible from 5:00 AM to 9:00 PM Pacific time seven days a week.

A limited number of subjects, typically relevant to the platform’s functioning, are also available under “Mint Help.”

Mint may not have the same range of instructional materials as Quicken, but it is an entirely free program to use.

Quicken vs. Mint

Quicken (Rating: 4.0) Mint (Rating: 4.2)
It starts at $34.99Free
Excellent money management featuresStandard money management features
Excellent customer supportGood customer support

Review Summary

Mint and Quicken are both financial management programs that show you how and where you spend your money.

Both provide a simple way to enhance your money management abilities — and your financial future — by assisting you in creating a budget.

They are now available as online services that are compatible with whatever device you want to use.

On the other hand, Quicken’s cost might be off-putting, especially to Millennials who just want a basic, free software to handle their personal finances. Mint is a superior offer for this demographic.

Conclusion

Mint is the better of the two platforms if you’re searching for a free, no-frills budgeting tool.

If you have to choose between Mint and the Quicken Starter version, which costs $34.99, you should probably go with Mint.

Both are simple budgeting programs with no bill-paying capabilities.

If you’re seeking a personal finance platform that incorporates your investment activities, mint is quite limited in this sense and will only give basic features.

Morningstar Portfolio X-ray, enhanced portfolio analysis, and the ability to analyze cost and prepare Schedule D tax returns are all included with Quicken Premier or Home & Business.

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Matt Castillo Bennet is a former banker and restaurant worker. After paying off $30K of student loan debt and saving up for a couple of years, he left his job to manage Cash Math full-time and help others achieve financial freedom.