Personal finance is an important aspect of each person’s life. It helps one find the best system to save money, budget and spend while considering the many financial risks and future events of their lives. There are many products that aid this process online. A look at Mint Vs Quicken; both some of the best personal finance tools, will reveal which is more superior in different aspects and better for personal finance today.
Mint is an online facility for personal finance. Launched in the year 2007, it now has millions of users. Quicken on the other hand is a software that will dwell in one’s personal computer for their personal finance uses. It has been in existence for decades.
With Mint, one can draw up a specific budget and track their spending through the budgeting tool. It can be used to draw savings or loan payment goals linked to the drawn budget. Alerts for reminders can be set up for bills due but no payment can be made. One can follow up on their credit scores, investments and get personal suggestions on how to save more and cut on spending.
Quicken is more versatile with budget drawing tools, cash flow forecasting capacity, spending reports, tax deductible expenses recording, investment performance tracking, check printing, money transfers and monthly bill payments. Simply put, it can do what Mint does and much more.
Mint is free. All one has to do is register and link up their accounts. Quicken has a new version costing from $74.99 for a basic version up to around $164.99 for complex financing versions per license. Quicken users can use it for personal finance as well as business financial management. Signing up for a Quicken Rewards Visa can slice one’s costs by getting them a $60 statement credit after their first purchase. Quicken facilitates the production of tax reports and importation of data to Turbo tax. Mint is only strictly for personal finance and not made to deal with tax reporting. It is also up to date all the time and does not need updates.
Mint is accessible on PCs and Macs with free apps for Android devices, iPads and iPhones. Quicken for PCs has a variety of financial services through its many versions. For Mac however, it only has an essentials version which offers less services, Mac users therefore will prefer Mint. Quicken has a companion app which manually synced to the software can give one their account updates from their phone.
Mint accounts are accessible by their owners online. One has to log in and feed their password after which the facility automatically shows new updates like recent transactions. Data is stored on the online server and even if someone were to access the account they would just view balances and not be able to withdraw money, transfer it, see account numbers or make any payments. This is because it employs the similar 128-bit encryption banks use so your account login data is stored in a different place.
In Quicken one can command the software to automatically get data by logging in or directly log in to their online account and download data. The data is stored in the hard drive which appeals to most people as they trust the safety of their personal financial information more in their own hard drives than online servers.
Mint cannot print checks, transfer funds or make payments for security reasons; all functions of which Quicken can perform.
Mint does not have the ability to file attachments and images with one’s transactions. Quicken is able to store both. This is an important feature because the scanned image of a receipt, purchase and serial numbers among others can come in handy should there be a problem or a need such as insurance.
Mint and Quicken are both secure personal financing tools but have different ranges of suitability depending on one’s needs. Those who want versatility through a wide range of services will find Quicken superior. If however you just want personal finance at a free cost and on all your devices, then Mint is for you. Again keeping track of daily simple spending is a Mint specialty but long term complex trends of investment, tax and spending are a Quicken specialty. It all depends on your needs.