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When it comes to controlling your personal finances, there is a lot to be said for pinpointing the details with an intuitive app. The recent fintech options allow you to get live updates of your bank balances, debt and long-term savings all at once. Having this information is essential to making the financial decisions necessary to budget effectively and achieve your savings goals.
The two most popular personal finance apps are Personal Capital and Mint? But which app is the best for you? Both are good, but depending on your daily needs and long-term financial goals, one may be better for you than the other.
For people who are tired of logging into six different banks to view their retirement, investments, checking and savings accounts, Personal Capital is an ideal option. The browser and app-based dashboard created by Personal Capital presents your entire linked financial picture, enabling the big picture for strategic planning.
Mint is the original budgeting app. You can link Mint to your bank accounts to get an instant picture of your financial situation when you need it. With its built-in budgeting features, many use Mint to develop a budgeting strategy. Mint is owned by personal finance giant Intuit.
Personal capital vs mint: who does what?
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Developing a budget
Developing a budget is a key part of strengthening your financial health. Personal Capital and Mint both have budgeting options.
The Personal Capital application incorporates an automatic budget system that tracks your expenses. You set goals for the month and can compare your actual spending to those goals in real time right in the app.
Not only can you plan your budget in Mint, but you also get support from AI. The Mint app automatically categorizes your purchases so you can keep track of what you’ve spent and how your budget changes with daily spending.
You can also automate your spending tracking when you take advantage of the Mintsights included in the Mint app, which compares prices over multiple months and lets you know if your subscription spending has increased.
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Personal Capital and Mint also aim to help you monitor your debt. This includes big debts like your mortgage or small debts like your next phone bill.
Personal capital net worth calculator
Personal Capital’s Net Worth Calculator can be used to track debts related to linked accounts. For things like loans and mortgages, Personal Capital will keep track of your assets versus liabilities so that you have a realistic view of your cash flow.
Mint keeps tabs on assets and debts
Mint has a space to monitor your loans and your property. When developing your overall budget and financial plan, having your mortgage information in front of you will help you develop a more specific plan.
In Mint, add your bills so that you can see not only how much money you have, but also how much money you owe. This gives the most accurate picture of what you have to spend. It also helps you pay on time and avoid overdraft fees.
Have a plan for the future
Having a long-term financial plan is one of the best ways to stay on budget. Personal Capital and Mint both have financial planning capabilities, but with slightly different goals.
Retirement planning with personal capital
Personal Capital makes room for serious retirement planning. Not only do they have retirement planning tools, they also offer free 401 (k) fund advice so you can make strategic choices about your retirement funds.
See the retirement portfolios on Mint
You can add your 401 (k) or IRA wallets to your Mint account for fee viewing and analysis. Mint does not offer more options for retirement planning, however. Instead, it connects users to outside investment options.
Invest in your future
Personal Capital wants you to monitor all your investments in a single dashboard. Its personalized portfolio options combined with tools to find hidden fees in your investment accounts give you a holistic view of your investments and savings opportunities.
If you want to deepen your financial health, you can opt for Personal Capital’s paid financial planning services. Personal Capital meets the advanced needs of high net worth clients through financial planning and other wealth management options. Users can also choose socially responsible investment options with Personal Capital.
Mint allows you to view your investment portfolios in the app. You can also log into brokerage or microinvestment accounts through other institutions through Mint.
Just as calorie counting becomes unsustainable for long term weight management, so does hyper-budgeting. Financial experts want people to rethink budgeting from penny counting to moving the Benjamins. Instead of wondering where every dollar goes, structure your budget to pay off your most important categories first – retirement, emergency funds, rent – then count the leftovers like this: available funds.
Personal capital and mint aim to settle your finances
If you’re looking for a dashboard to connect all of your accounts and give you a big picture of your net worth at any given time, Personal Capital and Mint can both help you keep track of where your money is and where it’s going. Choosing between apps simply depends on what information you personally want to have at hand.
Personal capital: Wealth management
But Personal Capital is more focused on established finances and growing wealth. With net worth tracking tools, cash management options up to $ 1.5 million, and multiple long-term investment strategy options, Personal Capital is a one-stop-shop for wealth management.
Mint: Ideal for beginners
Mint, on the other hand, is designed to appeal to consumers new to money management. Many clients use Mint to control their debt or learn how to start budgeting first to manage things like spending goals and forecasting bills.
Mint has some of the advanced capabilities of Personal Capital, such as investment monitoring, but it’s very here-and-now oriented, while Personal Capital is built with your long-term financial goals in mind.