Mint vs. EveryDollar: What’s the best personal budgeting app for you?

FeaturesMintEveryDollar
Budget Tracking
Allows users to set spending limits for various categories and sends alerts when spending exceeds the budget.
Operates on the principle that every dollar has a job, forcing users to allocate all earnings to specific categories.
Transaction Logging
Mostly automated, linking with bank accounts and credit cards for real-time tracking.
Encourages manual input of each transaction, fostering a greater awareness of spending habits.
Spending Analysis
Offers a Trends feature that tracks and analyzes spending patterns over time, revealing habits such as compulsive online shopping.
Manual transaction logging leads to heightened awareness of where money is going, including online shopping habits.
Goal Setting and Tracking
Supports goal setting, but not as a primary feature.
Allows users to create and track savings goals, motivating them to save instead of indulging in online shopping.
Credit Score Tracking
Provides free credit score tracking, helping manage credit card usage often linked to online shopping.
Does not offer credit score tracking.
Alerts
Alerts for excessive spending in specific categories and large transactions.
No alert system.
Price
Free version available, with ads.
Free version available, with a premium upgrade ($129.99/year) that offers automatic transaction import.

As a financial planner, I’ve had the privilege of working with clients who have successfully transformed their financial lives through the use of budgeting apps. These digital tools have become instrumental in helping individuals gain control over their spending habits, particularly for compulsive online shoppers. Today, I will be comparing two popular budgeting apps – Mint and EveryDollar – exploring their features and how they can aid in understanding and curbing online shopping habits.

Mint

Created by Intuit, the same company responsible for TurboTax and QuickBooks, Mint is one of the leading names in the budgeting arena.

Overspending Alerts

A standout feature of Mint is the ability to set spending limits for various categories, like groceries or dining out. When your spending in a category exceeds the budget, the app sends you an alert. This can be particularly beneficial for compulsive online shoppers, acting as a digital alarm bell to signal when you’re overspending.

Trend Analysis

Mint allows users to track their spending patterns over time with their Trends feature. This helps you understand where your money is going. If online shopping is your Achilles heel, Mint will reveal that with a detailed spending analysis.

Credit Score Tracking

Mint also offers free credit score tracking, which could be helpful for online shoppers looking to control their credit card usage and improve their overall financial health.

EveryDollar

On the other side of this dueling match, we have EveryDollar. Developed by the team behind finance guru Dave Ramsey, it follows the zero-based budgeting system.

Budgeting Philosophy

EveryDollar operates on the principle that every dollar has a job. This means that every dollar you earn should be allocated to a specific purpose, whether it is for living expenses, debt payment, savings, or investments. This approach can be very helpful for those with a habit of compulsive online shopping, as it forces them to account for every dollar spent.

Manual Transaction Logging

EveryDollar encourages users to manually input each transaction. While this might seem tedious, it fosters a greater awareness of your spending habits. This mindfulness can be especially useful for online shoppers who may impulsively add items to their cart without fully realizing the financial impact.

Goal Tracking

EveryDollar allows users to create savings goals and track their progress. This can be a motivational tool for compulsive online shoppers, inspiring them to save for their goals instead of spending on unnecessary items.

While both Mint and EveryDollar offer robust budgeting tools, their approaches vary. Mint leans more towards automation and comprehensive financial tracking, while EveryDollar emphasizes manual logging and the zero-based budgeting philosophy. Both, however, can be powerful allies in understanding your online shopping habits and taking steps to control compulsive spending.

Remember, the key to successful budgeting is consistency and commitment. Whichever app you choose, ensure it aligns with your financial goals, lifestyle, and tech-savviness. And don’t forget, if you need further advice or guidance, a financial planner is never far away. Happy budgeting!

What Else? Are these not the perfect fit?

Curious what else is out there in the land of personal budgeting apps? Not convinced that this is right for you? No worries! We’ve analyzed and compared 42 (!) different pairs of personal budgeting apps and you can check out our main jumping-off point for the set of reviews here: Choosing a Personal Budgeting App – What’s Right for You?

Have a personal budgeting app that you’d like our thoughts on? Drop us a line and we’d love to add it in. 🙂