Personal Capital vs Mint vs Quicken
Have you ever sat down to track your expenses? And how long does it take you until you are overwhelmed?
You aren’t the only one out there that struggles to keep track of day to day expenses. Luckily there are plenty of budgeting and savings apps out there to give you a hand.
Today you can easily monitor your accounts, manage expenses, and create budgets by using different tools. Some of these platforms come with a fee and others are completely free to use.
To maintain good financial health, you must know where your money is going. Many platforms can help you with tracking your financial life such as Personal Capital, Mint and Quicken.
Here we will compare these three different platforms that can help you take control of your budgeting.
- Personal Capital is a financial planning and investment management platform. The free tier offers financial planning and budgeting tools. The paid tier offers access to human financial planners and full-scale investment management.
- Mint is an easy and quick financial plan tracker. You can quickly link your accounts and view your expenses via your bank or credit card transactions and create budgets for free. Mint is unique in it offers credit score monitoring within your account.
- Quicken offers a subscription-based service and provides similar budgeting and linking of your accounts as well as bill-pay. Quicken also offers tax preparation and investment monitoring in higher level tiers.
If you want to find out which platform is best for you, first you must get an understanding of how these platforms work. Though there are some similarities, there are significant differences between Personal Capital, Mint and Quicken.
Where They Are Similar
- All three can link financial accounts, including savings accounts, checking accounts, retirement plans and also investments. This helps aggregate all your financial accounts in one single view. This allows you to keep track of your assets and liabilities.
- All these three platforms have budgeting features.
- All three platforms have a financial dashboard giving you a birds-eye-view of your finances.
What Is Personal Capital?
More than 1.6 million people are taking management services for their finance through Personal Capital. It has a free version for financial planning tools such as the cash flow analyzer and net worth calculator.
You can easily track your profile, balance your allocation of the portfolio and also track the loss and gains with this app. It also has unique tools such as fee analyzer. By using this, you can quickly analyze your investments and the fees you're paying in the account.
Personal Capital is different from other platforms because it offers more tracking tools. You also get access to free analytical tools so that you can review your expenses thoroughly.
Personal Capital Features
Cash Flow Analysis (Free)
A graphical representation allows you to see the income and total expense of all your accounts. It is basically a cash flow graph that shows where your money is coming from and where it’s going.
Net Worth Analysis (Free)
View your net worth in real time by linking your financial accounts or by setting up a financial account balance in Personal Capital. These institutions are linked safely and securely.
Link your credit card and bank account to analyze your spending and Personal Capital and can help you create a budget.
Access To Human Financial Planners
Personal Capital is unique in its offering of human financial planners in its Wealth Management tier. This service comes with both a financial planning and investment management component.
Personal Capital Wealth management requires a $100,000 minimum to get started.
Full-Scale Investment Management
Personal Capital offers full-scale investment management within their Wealth Management service tier. Using a variety of ETFs with stock and bond components, Personal Capital will manage your investments for you.
Personal Capital Service Tiers
There are basically two service tiers offered by Personal Capital:
- Personal Capital Free Financial Dashboard
- Personal Capital Wealth Management
Free Financial Dashboard is primarily a budgeting and financial planning tool. This dashboard works as a primary financial aggregator. You can easily include all your accounts; savings, expenditures, loans, checking and credits. You can gather all financial accounts in one platform—getting a birds-eye-view of your financial life.
Wealth Management is a premium tier that offers a traditional financial advisor mixed with a robo-advisor. This system uses significantly more automated tools, powerful elements like a human advisor and full-service investment management. The complete process is done by determining the goals, time horizon, and risk of the investor.
The minimum to get started with Personal Capital Wealth Management is $100,000.
Pros Of Personal Capital
- Free financial planning tools, account aggregation and budgeting.
- Wealth Management tier gives clients access to human advisors and full-scale investment management.
- Personal Capital cash account offers a service where you can park your access cash and earn an interest rate higher than most traditional banks.
- Easily reachable by phone and email 24/7 on both version free or paid.
- Interactive design and user interface.
Cons Of Personal Capital
- Large minimum for Wealth Management at $100,000.
- Fees for investment management start at 0.89% annually.
- Requires upgrades for Wealth Management.
Why Choose Personal Capital?
Both Personal Capital and Mint are freely accessible. But the Personal Capital budgeting feature is slightly limited because it is an expense management platform and provides less budgeting services. The Personal Capital app can link your accounts including investments, bank accounts and credit cards as well.
It will provide your complete balance record transactions with different categories, income balances and expenses reports. By using Personal Capital, you can set your monthly targets and check your progress.
What Is Quicken?
Quicken has a variety of features for performing full budgeting activities such as bill pay via the app. You can easily track your bank and credit card balances through the app and view your transaction history.
Where Quicken differs is that there is no free tier. Users must pay for a subscription-based service for Quicken from $34.99 to $99.99 per year.
Quicken offers numerous features to support you in managing, organizing and recording transactions to help you track your budget. Also, Quicken can alert you about your spending and upcoming bills that are due.
In addition, Quicken features enable you to plan for retirement and support you to build up your own retirement goals and specify them accordingly. The Quicken planning capability can help you set different investment goals, such as spending for education, retirement or a home purchase.
The Lifetime Planner feature offers numerous retirement planning tools. This includes income projections along with the expectations for price increases, internal rate of return, time horizon, saving rate and property appreciation.
Users can make use of the Quicken budgeting features which can help spot unnecessary spending. This could justify the cost of the subscription for the service.
With Quicken, you can track your transactions so you can view your cash inflows and outflows. Understanding where your money is going is the first step in improving your financial well being.
Debt Reduction Planning
Quicken monitors your performance history in paying off debt balances. You can also set debt reduction goals to help you stay on track!
You can link your brokerage or investment accounts securely and track your investment performance over time.
You can set a variety of savings goals within the Quicken platform for certain events or milestones.
Quicken also provides an option to connect to TurboTax for filing taxes. This makes accessing tax returns within your records even easier.
Quicken Premium and Home Business offer bill-pay services which can help you easily pay bills on one platform.
The Quicken software is a comprehensive mechanism and can link across your devices in real-time.
Quicken Subscription Tiers
Quicken is available in a variety of separate packages, each offering different services.
There are four versions of Quicken tailored to fit your unique needs and requirements.
Starter ($34.99/year): View your accounts in one place, manage and track bills, sync across platforms.
Deluxe ($49.99/year): Starter tier plus manage debt tools, custom budgets, set savings goals.
Premier ($74.99/year): Deluxe plan plus online bill-pay, customer support, track your investments and taxes.
Home & Business ($99.99/year): Premier plan plus track business expenses, profit and loss, identify personal vs business expenses, and send invoices.
How To Buy Quicken?
You can buy Quicken from Amazon or on their site. You will be able to access a complete tutorial for all steps, options and categories.
Pros Of Quicken
- View your accounts in one place.
- Track ongoing expenses and create budgets.
- Compatibility in syncing across devices, mobile, desktop, etc.
- Bill pay features at Premium, and Home & Business tiers.
- Access to online banking, documentation, taxes, and loan applications.
- Create custom invoices and records with Home & Business tier.
- Automatic net worth calculation and monitoring.
Cons Of Quicken
- Very expensive platform.
- Users have reported bank account syncing issues.
- Not smooth as compared to other interfaces.
- Slightly more of a dated platform when compared to its competitors.
What Is Mint?
Mint pioneered free budgeting and account aggregation software to users. The platform is a versatile and comprehensive budgeting platform for managing different activities regarding your finances. Also, it is able to sync with various financial accounts similar to the other platforms in this review.
Mint generates Cash flow charts, financial graphs, investment tracking, and retirement scenarios for the future.
Similar to Personal Capital, you can link your financial accounts to get a birds-eye-view of your finances. This includes bank accounts, credit cards, investment accounts, loans and other valuable assets.
Mint provides various features to make bill payments on time and monitor all transactions for making a proper record and also updating even changes occur.
Mint will track the ongoing process of your investments. This way you have an idea of how well your accounts are performing over time.
Credit Score Tracking
Users can monitor their credit score using Mint.com and track their progress if they are trying to raise your score.
Loan, Savings And Installments
Mint also performs analysis on your loan installments, and you can make payments through the app. Moreover, you can set a saving plan by implementing accurate budgeting using the Mint platform.
Why Choose Mint?
Mint performs accurate budgeting based on your different spending areas. You can monitor your spending over different time frames.
Mint groups your accounts by default, but you can rename them, or even categorize them in ways that work best for you.
Besides that, you can get notified when bills are upcoming or due.
Moreover, Mint has integrations with TurboTax since it is owned under the same company, Intuit.
Mint can sync with bank accounts, investment accounts, and credit cards. As well as loans and valuable assets such as real estate, land, or vehicles.
Pros Of Mint
- Completely free to use.
- Focus and control on spending, saving, and long-term planning.
- Build and create spending budgets and savings objectives.
- Get notified when upcoming bills are due.
- Track credit score history.
- Perform retirement future planning.
- Store documents and reports.
- Automatic account synchronization.
- Integrated with TurboTax.
Cons Of Mint
- Doesn’t sync with every bank; there are restrictions.
- Retirement tracking is limited.
- No premium service, investment management, or access to financial planners.
Conclusion: Personal Capital vs Mint vs Quicken
In a nutshell, Personal Capital, Quicken and Mint all have their own uniqueness and functionality despite the obvious similarities.
Personal Capital offers a platform where you can gain access to human advisors and full scale investment management. With free financial planning tools, anyone can get started with using the Personal Capital platform. Net worth tracking, account syncing and budgeting are all free with Personal Capital.
Mint offers a free platform similar to the features offered by Personal Capital with budgeting and account aggregation. Where Mint differs is its integration with TurboTax and its ability to track credit scores.
Quicken is useful if you are looking to separate your business accounting from your personal finances. Other than that, Quicken does not offer a free service, and the subscriptions can get expensive compared to the other platforms.