The Money Manager Battle: Quicken vs. Mint
Thu, 04/28/2011 - 07:29 — David
Money management has always been a big concern for people and it seems that during the recent economic issues, things have become much more serious for more people. In order to make sure that you are doing everything right when it comes to your personal finance, it is recommended to use the best money manager software that you can find; this will allow you to track every transaction you make as well as offer valuable information regarding your expenses, spending habits, financial estimations and more. There are many such programs that can prove to be useful but two of them seem to rise above the bunch, Quicken and Mint. Each of these two tools offers great functions and can be a good choice but they also come with unique aspects that set them apart from each other.
Quicken is a great personal finance management tool designed and developed by Intuit, Inc. that comes in two versions; for Windows and for Macintosh. While it is great that the program covers both of these two systems, there are differences between them. For example, the latest Quicken Essentials for Mac doesn’t have all the features found with Quicken, such as paying bills online, but they can be found on an earlier version, the Quicken Mac 2007. Considering this fact, you should also know that there are four versions now available for purchase that offer different money management features depending on what the customer needs. So, instead of paying a big price for one package with applications you wouldn’t need, Quicken offers the possibility to buy exactly what you want.
You may have noticed that when talking about Quicken, we have to talk about purchasing it as it is, not a free software like some of its competitors. The price for a Quicken product can range from $29.99 to $99.99 (now one sale for $79.99) depending on the package and what you intend to use it for.
After buying it, Quicken will quickly start to grow on you and there is also a tutorial video that can be found online which shows how to get things started. Basically, all you need to do after you install it is to introduce your bank account information and it will start working. The whole idea is to have all of your personal finances and bank account information in one place to be easy to read. On top of that, Quicken can also be used as a way to stay on top of your expenses because it lets you know of any upcoming bills according to previous transactions. It takes your spending history and analyses it to let you know where you can save more money and also offers a realistic budget for the next period. All in all, it is a great money management tool that can be used to get more out of your money no matter if you are looking to save up or find the most efficient way to get out of debt.
Quicken drawbacks: the fact that it has a price tag makes it a slightly worse option for some customers, especially if we consider the fact that there are free alternatives available. There is also the problem that it can only be used on the hardware it was installed on, while other softwares can be used online from any computer, laptop or even smartphone. There is an online version but it has only a few features which don’t make it a reliable option.
Quicken strong points: it is easy to use, perfect for any type of customer and it is secure. The many features allow it to be used for basically everything regarding personal finance and everything is just a click away.
Quicken Mac 2007
Quicken 2010 Deluxe
Quicken Table Of Features For All Products
The second money management software is Mint.com, a free web-based service that can be used in US and Canada. Already, we can see a difference between the above mentioned management tool, the fact that Mint.com doesn’t require any purchase. It can be used for pretty much the same things such as tracking bank transactions, credit card use, investments, loans and more. There are also the options of setting up budgets for the next period and also setting goals and the ways to reach them. A strong point of Mint.com is that users can link their online bank account as well as any loans that have an online tool that is featured on Mint. This allows you to know at any given time what your net worth is due to the fact that it has all of your assets and liabilities. It can also be used as a reminder for bills as it takes the information from previous months regarding your payments and lets you know what bills are approaching.
Due to the fact that everything is done online, Mint.com is a great tool that can be accessed from anywhere; you just go online, log in and introduce your most recent expenses. It is reported that as of March 2012, there are more than seven million customers that use Mint.com.
There are many features that are similar to those find with Quicken but this shouldn’t be a surprise considering the fact that Intuit, the makers of Quicken, have acquired Mint.com in 2009. It is still a different product that is aimed at a different audience.
Mint.com drawbacks: it doesn’t have as many features as other tools. The user has to link certain online tools.
Mint.com strong points: it is free and can be accessed from everywhere online. It is easy to use and can categorize needed information within seconds. It is safe and secure.
Mint.com Screenshot 2
- Safeguard online banking data
- Track spending
- Check balances anytime, anywhere
- Make tax preparations easier
- Find savings
- Track investments
- Bill reminders
In conclusion, Quicken and Mint.com are both useful money management tools that have their own advantages and can be used by individuals for various financial reasons. If you want something great and you are willing to pay for it, Quicken is the perfect choice. On the other hand, if you are looking for something free that can be accessed online from anywhere at any time, Mint.com is the place to go.