It’s hard to find a budgeting or personal finance app that has everything you need to manage your finances. It’s even harder to find an app that gives you these tools without charging you a fee! Personal Capital does it all.
EveryDollar vs. Other Budgeting Apps
EveryDollar
The purpose of the EveryDollar app is to make budgeting simple, free of stress, and accessible. The basic features are free with a subscription plan available, including a live data connection. The Dave Ramsey team created the app with a budgeting system enabling the user to enter income before using categories for different expenses.
Mint
The Mint app was established in 2006 and has become popular since acquired by Intuit. Mint is free due to the advertisements for financial products based on user activity. The app helps with budget, debt, and investment management and tracking financial goals.
YNAB
The YNAB or You Need a Budget app assigns a dollar amount for every job, such as living expenses, paying off debts, and investing or saving for the future. A two-month free trial is available.
Features of EveryDollar vs. Mint
As a free app, Mint is appealing. The main issue is the product suggestions and advertisements are distracting. EveryDollar, on the other hand, is free from such distractions. Mint is easier to try first since no payment is required. EveryDollar does offer a basic version at no cost. Either way, the user literally has nothing to lose. For fans of Dave Ramsey, EveryDollar is the clear winner since users receive suggestions from his team of financial advisors.
Features of EveryDollar vs. YNAB
EveryDollar provides categories for multiple income types to make budgeting easier. In comparison, YNAB uses a zero-based budgeting approach. It can become monotonous to assign a category to every dollar, but it is effective and offers an active connection to help ensure better financial decisions. EveryDollar offers a live-data stream with a paid subscription to simplify the process even further.
Annual Fees
When comparing, Mint vs. EveryDollar, the Mint app is free with no premium version available, there is a free basic version of EveryDollar, and there is no free version of YNAB.
- Mint – 100% Free
- YNAB – $84 / year
- Everydollar – Free Basic version, or $129.99 / year for the premium version.
Security
All three apps are secure and released by reputable teams. There are no security concerns regarding linking a bank account and budgeting app with any of these apps. All three apps also use the same encryption and security banks use to ensure both information and money remain safe. The apps can read new balances and transactions through linked bank accounts and are used regularly by millions of individuals. Since security is taken extremely seriously, the risk of a data breach is almost nonexistent.
Customer Service
When comparing Everydollar vs. Mint, the customer support reviews for Mint are only fair. EveryDollar and YNAB both have good reviews. No real fixes are currently available for most Mint customer service issues, including long wait times for support. The premium version of EveryDollar offers phone support, but only email support is available with the free version. The customer support teams from YNAB and EveryDollar will work hard to answer questions and fix any issues.
Which App Is Best?
Each app has strengths according to the specific needs of the user. Therefore, the best app is dependant on what the user wants to accomplish. When comparing Mint vs. EveryDollar, Mint does not provide an interface as focused or clean as EveryDollar. Mint does provide budget management for free, including dashboards to track money from various overviews. The Mint goal-tracking feature is suitable for anyone with specific financial goals for the future.
When comparing EveryDollar vs. YNAB, EveryDollar is great for people enjoying the money management style of Dave Ramsey. YNAB works well for individuals interested in receiving more specific details regarding their money. YNAB offers users control over small details while providing zero-based budgeting. Although there is only one version of the other two, users receive additional features with the premium version of EveryDollar.
EveryDollar Pros and Cons
Pros:
- The setup is fast and easy depending on the number of categories used and requires as few as 10 minutes.
- Users can be particular due to the multiple categories. This can help prevent overspending in certain categories simply by typing in transaction details after setup.
- After completing the setup, transaction details can be added quickly, such as category, vendor, and the dollar amount spent.
- EveryDollar is accessible on tablets, mobile phones, and desktops. Data will sync automatically to make budgeting simply and convenient regardless of the location.
Cons:
- With the free EveryDollar version, it is not possible to sync bank accounts. This information needs to be entered manually. If there are numerous transactions, this can require a lot of time. There is also a potential for clerical errors.
- EveryDollar does not offer more complicated investment options. This includes the premium version of the app.
Conclusion
As with most things in life, there are pros and cons to each option. For some, the cost for premium features will be too great; for others, they will be well worth the expense. All offer stability, security, and ease of use.
Blogs You May Like:
