Tuesday, March 5, 2013

YNAB vs Mint

Get a $6.00 Coupon Code by clicking this link

I've tried many different personal finance software. From the uber complex Quicken, to the free services of Mint.com, and now YNAB. I've gone over why YNAB is superior to Quicken. To quickly sum up why, it is because YNAB helps you on the path of saving money by being a forward thinking financial program. Quicken is excellent looking at past data but it doesn't show you were you are going.

When I compare Mint against YNAB the choice is clear. YNAB is the best choice to start controlling your financial destiny.

Mint is a less robust version of Quicken. It imports and categorize transactions in your checking account, and creates fancy graphs. It allows you to track (though limited) investments. It is a great way to get organized with your finances, and get a complete picture of your state of affairs. The biggest problem I have is that Mint then tries to sell you financial items (credit cards, home loans, auto loans, etc...).Another issue is that its budgeting tool is mediocre at best. The best factor of Mint, its free.

YNAB is 60 dollars (get 6 dollars off by clicking this link). It is as expensive as Quicken Deluxe. It doesn't offer the same reporting or major tracking abilities like Quicken and Mint. At first this was a reason why I didn't buy this program, but I realized that if I don't get my money in order, no amount of reports will change my habits. I switched to YNAB and used it, and the methodology does work.

Unlike my last post about YNAB vs Quicken, if you are just starting to get into managing your personal finances. Start with Mint, since it is free. I would just go straight to YNAB. My wife and I started March first with 1395 in our checking account. We ended March with 1675, which is a gain of 280 dollars. Trust me, one month of using YNAB will easily pay for itself.

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