Personal Capital vs Mint vs YNAB Review
Budget planning and keeping track of your business is a key factor if you wish to stay ahead of your competitors. However, neither budget planning nor tracking your business makes the easier. Budgeting is harder than you think and you need automated tools to help you. And thankfully, there are various such tools available. However, among them are three tools that outshine others. Consequently, the war between them has raged on. Check out Personal Capital vs Mint vs YNAB Review to know for yourself.
With a good budgeting, you can save enough to have a good retirement plan. However, you need to know different types of Retirement Plans before choosing one.
Table of Content
- 1 Personal Capital vs Mint vs YNAB Review
- 1.1 Personal Capital Reviews
- 1.2 Mint Review
- 1.3 YNAB Review
- 1.4 So, what’s the verdict?
Personal Capital vs Mint vs YNAB Review
Personal Capital Reviews
What is Personal Capital?
The online financial advisor, Personal Capitol, is made up of two services, i.e.:
- Free Financial Software
- Wealth Management
You can create a free account on the financial software. To make the software work, you need to add different account types to it- bank account, credit card, mortgage and investment accounts.
Some of the features offered are:
Retirement Planner – If you are starting to plan your retirement, this can provide the needed assistance,
Budgeting – The Cash Flow Analyzer can help you follow your weekly, monthly and yearly income and spending habits.
401(k) Fee Analyzer – In case you ever thought how much your retirement plan is costing you! You will be amazed to see the amount lost in fees.
Investment Checkup – This is on a person’s investment asset allocation. As it determines your risk profile, Personal Capital will advise you the right asset allocation.
Asset Allocation Target – Determining whether you are overweight or underweight in any major equity categories.
Upcoming Bills – This shows you all your upcoming bills along with their due dates.
Email Notifications – Personal Capital sends you daily or weekly summaries of your investment portfolio and spending.
Wealth Management Service
The Personal Capital Advisor service is fee-based. You can use advisory service to help manage your portfolio. But the trick is, you must have at least $100,000 to start using this service.
What is Mint?
Mint.com is a web-based simple personal financial program. The signup is free and adding your accounts take only seconds. You can add your different accounts, just like with the Personal Capital.
Some of the key features offered by Mint are:
Budgeting and Expense tracking
The primary feature of Mint makes budgeting easy to setup. After the initial downloading and syncing your transactions, they automatically get categorized. However, manual changes to your transactions can also be made. Mint memorizes the changes you made and later categorizes them accordingly.
Creating and managing your goals
This is another amazing feature! Creating goals like saving for a new home or paying off your credit card debt will easily reflect in your monthly budgeting.
Monitoring Credit scores
Their new feature, “Free Credit Score Tracking option”, enables you to keep track of your entire financial plan. A job made simple! All you need to do is click on “Show Details” to see your credit score, payment history, the age of credit accounts, etc.
What is YNAB?
A CPA named Jesse Mecham originally designed YNAB (You Need A Budget) to help him and his wife Julie deal with real-life financial struggles. And who would have thought that it would go on to become one of the most popular budgeting software packages!
How does YNAB work?
Now a web-based software, YNAB allows you to automate your budget. Moreover, the latest version allows you to take live online courses to learn the system’s working.
The budget strategy applied by YNAB is built on three rules in order to help you design and function well within your means. Those are as follows:
#1 Give every dollar a job – Every dollar in your budget should be designated to a certain job.
#2 Embrace your true expenses – Smooth out your budget and reduce the stress by carefully keeping the money for all your expenses, including insurance, vacations, etc.
#3 Roll with the punches – Expect for any overspending and adjust accordingly, and try to stay on the track with long-term goals.
So, what’s the verdict?
If budgeting is all you want Mint and YNAB are both great choices. They both are simple to use and “quick on the trigger”. However, if you want more than budget, like managing your investments and your portfolio and if you have $100,000, there is nothing better than Personal Capital. If you have some extra savings, you can always look for an investment. Here are The 7 Best Short-Term Investment Plans For You!
There would be times, when you would have a tough month. No need to dishearten. You can take a personal loan from LendUp even if you have a bad credit score. However, check out the LendUp Reviews to know for yourself.