Quicken vs. Mint – Which Is Better at Managing Your Money?

Daniel Penzing
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About Quicken

Quicken is a personal finance software program that tracks your income, expenses, and investments.

You can import your transactions from your bank, and it will organize them into categories and provide you with reports summarizing your financial status.

Its interface is user-friendly, so if you are looking for a program that you can use easily, you will like Quicken.

Mint is an online financial management tool that links to your bank accounts to automatically download your transaction history.

Mint allows you to access your accounts from multiple financial institutions.

If you like to monitor your finances on-the-go, check out Mint’s mobile apps.

About Mint

Mint was founded in 2006 by Aaron Patzer with the idea that all your finances should be in one place. This eventually evolved into the flagship, free website that Mint offers today. With no fees required, Mint offers you the ability to view your investment, credit card, and bank accounts in one place.

Setting up your accounts is extremely user friendly. Mint will send you an email when it processes any financial information if you have it is enabled on your account, and it requires you to manually enter the information. This might be inconvenient, but it’s easy to enter your information whether it’s your account balance, credit score, or any other information that might affect your financial health.

Available to use on Windows, MacOS, Android, and iOS devices, Mint allows you to access your finances on the go. This not only saves you time, but its ability to upload and process information automatically allows you to work effortlessly and seamlessly.

Another benefit to Mint is its ability to aggregate your financial information. It will not only pull from your current accounts, but also from your investment and asset accounts. You might not be able to view these financial accounts from your bank website, but Mint includes them in your Mint dashboard.

Features Both Quicken and Mint Offer

  • You can categorize every aspect of your financial life – from your credit cards to your grocery store rewards program.
  • Each transaction is automatically updated in multiple places, ensuring that everything is up to date.
  • Mobile apps make it easy to record expenses, even when you’re on the go.
  • You can easily schedule automatic bill payments online, which helps you avoid late payments that can take a bite out of your credit rating.
  • An easy-to-use budgeting feature will help you arrange your finances to reach financial milestones, such as retirement or a college fund for your children.
  • Both Mint and Quicken offer comprehensive reports that let you see all of your accounts at once, giving you a snapshot of your financial picture at any given time.
  • With both products, you will never be late paying a bill or forget to pay one again.

Features Unique to Quicken

Quicken and Mint both let you track your spending and identify where you might be able to save a little cash. Quicken, however, gives you just a bit more insight into your finances by doing the following:

  • Manage Investments. With Quicken, you can track your investments separately from your bank accounts. This feature might not be important to some people, but for those who invest in stocks or mutual funds, it is a valuable tool.
  • Find the Cost Basis of Your Investments. Calculating whether you have made a profit or loss when you sell an investment isn’t as easy as finding the original price you paid. But with Quicken, you can easily see the current price and the total amount you’ve invested in a particular stock or mutual fund.
  • Track Home Values. One great feature of the add-on home valuation tool is that it will track the value of your home over time. So if you have multiple houses, you can track their values over the years.
  • Track Your Net Worth Over Time. Creating a net worth statement for yourself is a great way to measure your overall financial health. And with Quicken, you can create a net worth statement for yourself on a regular basis and see how much your net worth changes over time.

Features Unique to Mint

The Comparison of Mint and Quicken

Because many people use Quicken and Mint to manage their money, it’s natural that the two finance applications would be compared. To better understand the services provided by these systems, you’ll need to know how each is similar and also how they differ in approach when it comes to money management.

Similarities

Both applications offer numerous helpful features for budgeting and credit card management. They also allow you to set up alerts for when your checking and savings accounts fall below a certain limit, so you’ll know when to transfer money into your savings to ensure that you have a healthy amount in your checking. Both applications also provide budgeting tools for tracking your spending, and they can alert you when you have gone over budget.

Quicken also offers comprehensive support for investment accounts, so you can stay on top of what you’re earning and what you’re spending on investment accounts. Both Quicken and Mint also allow you to categorize purchases from your credit cards by category, so you can use them to construct monthly expense reports as well. Some versions of the application also enable you to link your credit cards to an ATM network, so you can get a breakdown of where you spent your money.

Budgeting

Software Reviewed: Mint vs. Quicken

There are hundreds of options when you begin to look into how to manage your money online. Most people start their search with Mint or Quicken as they both are very popular finance management apps. Let’s compare Mint vs. Quicken and see what features they have and which one is best for you.

What Is Mint?

Mint is an online budgeting software that is easy to set up, easy to use, and easy to access. Unless you have a decent amount of funds to invest, Mint is free. It is also pretty easy to set up and doesn’t actually require any thinking once you have your account information entered. The software also comes with an online budget planner where you can set up your budget and track it at the same time, this makes it easy to analyze your spending habits and make adjustments to meet your financial goals.

What Does Quicken Do?

Synchronization

Cost

Quicken is a more expensive product. Costs vary on how you buy it, but generally it’s more than Mint. Both have a free version. Mint is a free site, although it does have paid upgrades where you get additional features.

Customer Service and Education

One of the first things I noticed with Quicken was how well the customer service team responded. Both questions I had were answered within hours of me sending them. The second was answered the following morning at 8pm!

I have not reached out to Mint’s customer service for assistance; however, I did search their site for answers to some questions I had and found some great articles full of advice and information.

Security

Both Quicken and Mint offer some type of security features. These security features, however, are slightly different. Quicken offers some implicit security and Mint offers others. In this article we will outline some of the security features offered by Quicken and their feature equivalents in Mint. You will see that Mint offers more options but that some are not as good as Quicken.

Freeze Alerts

Quicken allows you to freeze your account and change your password. This is very helpful when you want to protect your accounts from receiving any further transactions. Allowing users to freeze their accounts adds an extra layer of security. You will need to remember the password in order to unfreeze it. If you forget your password, you may not be able to unfreeze it for a number of days.

Mint allows you to freeze your account as well. The difference is that you cannot change your password. You need to call Mint to freeze your account and you are not able to unfreeze it yourself. This is a less secure option since an unscrupulous person may be able to use the account until Mint calls you and releases the freeze.

Password Protection

Quicken will not allow you to access your accounts if you do not enter the password correctly. Mint will allow you to access your account without even entering the password. This is a significant security drawback for Mint.

Mobile Access

The biggest difference between the two is how you access them. Quicken runs on a desktop that you must access using a device with a large screen and a data network connection. This means that you have to be in front of your computer all the time to access your account.

On the other hand, Mint runs on a mobile device that you access from anywhere and at any time. This is particularly useful if you are traveling or if you are always on the go. Quicken is not compatible with most mobile devices.

Go budget

The biggest and most exciting new addition to Mint’s functionalities is the Go Budget feature. The system automatically categorizes your purchases into different categories, based on their sub-totals, and it categorizes your bills together so that you can manage it easily.

If you do not want to use the Go Budget feature, you can customize your categories and sub-categories to your liking. The advantage of using pre-categorized categories is that you can easily see where you are spending the most.

Contrarily, Quicken organizes your transactions by categories and sub-categories, making it harder to see your spending habits. It also does not categorize your bills aside from your recent balance.

Investing

Summary

Quicken is an excellent money-management tool with lots of features that even advanced finance users will appreciate. Of all the personal finance software programs, Quicken is still undeniably the most popular. Mint is the closest competitor in the budgeting software market.

It was designed to do one thing and one thing only: keep track of your spending and help you save money. As it turns out, keeping tabs on your money-trail is pretty important and you can use that information to save a lot of money.

We’ve put Quicken and Mint head-to-head in this review to help you figure out which one will be best for you and your money-management needs.

How Are They Different?

Here’s a quick comparison to get you started.

Quicken

Quicken is the leader in personal finance software. Year after year, it’s the top-seller, the highest-rated and the highest-recommended program for tracking your finances.

Mint

Mint is very popular software for managing your personal finances. Over 11 million people use it to help them manage their money.

Both programs are available under a free version, a paid version and a subscription service.

Which Is Better?