Compare Mint vs. Quicken. See pros and cons of Mint vs. Quicken and easily decide which accounting software is right for you.
Mint and Quicken are both personal finance management tools that are quite the hit these days. But, there can be only one that works best for you? So, which one is that?
Well, that’s exactly what we are here to find out in our “Mint vs. Quicken” battle. However, before we go any further, let’s first get to know each tool a little better.
Mint Vs. Quicken Accounting Software Comparison
Mint is a cloud-based finance app and that means you can access it from, pretty much, anywhere. It’s available for both, Android and iOS.
Mint came into being in 2006, and in 2009, it was acquired by Intuit. Here’s the interesting part – Quicken, Mint’s closest rival, is also from Intuit. So, we’ve got some major sibling rivalry going on here. Over the years, Mint gradually managed to get Intuit’s attention, eventually causing the company to sell Quicken.
The application’s platform allows you to incorporate most types of financial accounts. This includes loans, credit cards, banking, and investments. The best part is you can do it all in one place. The accounts can be added during installation via a smooth download process.
Once the download is done, Mint syncs everything and even categorizes the accounts automatically. Now, the categories are all pre-defined and you can’t do anything to change that. However, what you can do is add sub-categories for more detailed classification.
When that’s done, you’ll never have to bother again because Mint will remember all your recurring transactions and match them to the set categories.
Mint refreshes your data every time you open the site. An efficient interface presents all your information while graphs break down the data on an easy-to-use dashboard.
Quicken, unlike Mint, started as a desktop application. It could only be installed on your PC or Mac. After all, it’s the first of its kind, meaning, almost every other personal finance application or program out there owes its existence to Quicken.
Quicken has been in business since the days of MS-DOS. In case you don’t know what MS-DOS is, let’s just say Quicken is really old; 34 years old to be exact. It’s the daddy of all modern personal finance management tools.
However, Quicken isn’t some outdated application. It’s so good that people still use it and naturally, that means it has evolved over the years.
Today, you have several versions of the tool; one for Windows, one for Mac, one for Android, and one for iOS.
Also, the desktop versions sync with their mobile counterparts.
Of course, Quicken isn’t the only king in the jungle now; it has several rivals, with Mint being it’s greatest. So, can Quicken survive the battle? Well, it’s a worthy contender and has similar capabilities. You can keep track of your bills, budgets, and investments.
In fact, you even have a special feature that allows you to monitor the value of your property/home.
Now, it’s time to find out which one of the two is worth investing in. So, let’s begin.
So, they’re both budgeting applications and here’s the thing – they’re both equally good. Hence, in this round of Mint vs. Quicken, the verdict is a “tie”. We can’t help it. They’re both equally good and we’ll tell you why.
Both applications give you a good idea of where your money is being spent or saved. So, money management can be done with ease on either of these tools. They are also quite versatile, assisting even the most amateur budgeters in setting up a system to pay off credit card debt, avoid over-drafts, save, and generally manage expenditure.
You also get alerts on any unusual activity from both applications.
Of course, Quicken wasn’t always this good; the competition from Mint is what forced developers to start making changes and the efforts have paid off.
So, if it’s basic budgeting you’re looking, we’re here to tell you that Mint and Quicken are equally capable. Just make a random choice and you’re good. If you can’t, just draw straws.
In the pricing department, Mint leads the way because it’s a free service. You might go “that’s not possible.” Well, it is. Mint doesn’t even have hidden fees. So, how does Mint make money? They have their ways. For instance, they make some money from advertising.
Financial services often market themselves via Mint and Mint, in return, collects referral fees. Other than that, the app has banner ads on its site, which also serve as a source of revenue. Then, there’s the credit report, which is a paid feature. So, people who really want their credit reports have no choice but to pay.
Mint also sells some of the data it acquires. Of course, this is done anonymously and therefore, won’t affect you as a user.
So, as you can see, Mint has its ways.
As for Quicken, things are more straightforward. Depending on the particular version, you can end up shelling out anywhere from $34 to $119.
This round of Mint vs. Quicken clearly goes to Mint.
Both Quicken and Mint offer data synchronization features for your accounts (all types and institutions). But, Mint seems to have some occasional trouble with the synchronization process. Plenty of complaints have been received regarding this. Making things worse is the fact that Mint rarely does anything to fix the issue.
Quicken still relies on Intuit’s servers for synchronization, which means it can experience similar issues. However, our tests show that Quicken is much better than Mint in this department. In fact, Quicken has a slight edge here – it allows manual entries. Mint doesn’t.
In other words, if Mint fails to synchronize, you are left without the latest information.
So, yup, Quicken wins this round of Mint vs. Quicken.
Now, there are a lot of other areas that we could compare, but we have to limit ourselves due to a lack of space. As you can see, we don’t have a clear winner. But, if we had to choose, we’d go with Mint for the simple fact that it’s a free application.
There might be a few differences in the capabilities they offer, but let’s just say that, when it comes to basic financial management, the two aren’t all that different. Mint only wins this battle because it’s free. Otherwise, this would have been a tie.