It took a while before a solid budgeting app appeared in our app stores. A variety of free, pay, and unlockable apps are available to meet your needs. Two apps have appeared to rise above the rest–EveryDollar and Mint.
This is not going to be a Mint Review or an EveryDollar Review but it will look into both companies and compare their features. Eventually, one did appear to perform better than the other. Which app won our comparison? Read on to find out.
History of the Apps
Before we dive into the EveryDollar vs Mint battle. Let’s take a look at the history of the apps.
EveryDollar
The team over at Ramsey Solutions, led by the finance guru Dave Ramsey, have created a newer app to the market called EveryDollar. This app arrived to much fanfare as the much beloved Dave Ramsey had proven strategies to get people out of debt- mainly through budgeting. A convenient app would be just the tool to help them with their problem.
Mint
One of the originals in the budgeting app market, founded in 2006. Mint boasts a user base of over 20 million customers who use the app as a budgeting tool. Aaron Patzer, the founder of the company, grew Mint to such a degree that financial services giant Intuit purchased them in 2009.
Key Features
What do each of the apps offer you as a customer? Here are the key features of EveryDollar and Mint.
EveryDollar
Available for both Apple and Android products in the App Store and Google Play.
- Easy to Use: EveryDollar is clean and minimal in its design and performance. Everything acts as it should and it’s easy to navigate around the screens.
- Expense Planning: The lack of bill planning meant needing to find a solution. EveryDollar allows you to plan transactions in the app so that you’ll always know how much to spend and where.
- Track Spending: Acting more as a system than a tracking app, EveryDollar allows you to follow your dedicated spending plan. Each transaction is
- Budget from Anywhere: EveryDollar can sync across a number of devices. If you’re looking to budget from a PC at work, on your phone while on the go or at home, or even track vacation spending while at your destination, EveryDollar has an app available.
Does EveryDollar Replace the Envelope Budgeting System?
The below video addresses a common question about the EveryDollar app: does EveryDollar replace the envelope budgeting system?
Mint
Available for both Apple and Android products in the App Store and Google Play.
- Budgeting: This is what Mint is known for, budgeting. They allow you to track your spending and uncover areas where you can save. Using one of their customized budget plans or creating your own gets you started immediately. Just link up your accounts, set your budget, and Mint will provide you a snapshot of your financial situation.
- Bill Tracking: No need to login to many different sites just to align your bills and track payments. Mint allows you to access these together and will even do calculations using the information letting you know exactly what you’re spending and where you need to spend it soon.
- Credit Score Reporting: It’s important to know your credit score. Mint provides you full access to your financial outlook. With explanations of how your score is calculated–Mint can assist in bringing scores up or keeping right where they are.
- Track Investments: Accessing your finances and investment portfolio allows you to stay on top of your financial life. Mint allows you to compare your portfolio to market benchmarks and get an instant peek at how your assets are allocated.
- Easy to Use: Mint can convert transactions from the confusing mess that you see on your bank statement to simple English. You will know what and when that money was used. Mint is highly customizable, making categorization of expenses easy to follow.
- Up To Date Information: Mint tracks your spending and alerts you when you’ve reached goals or hit benchmarks in your financial journey. They will help you avoid unnecessary fees like ATM fees or alert you if there is unusual spending discovered.
- Security: Feel secure with Mint’s Trusted, Protected, and Dedicated online safety precautions. Multi-factor authentication for login and encryption for storage are keys to keeping your information safe. Now owned by Intuit, they have implemented even stronger security.
The Comparison
We ranked 4 categories when looking at each app. Budget planning, tracking and reporting, ease of use, and cost. You can find the results of the comparison below.
Budget Planning:
Both performed well during testing with EveryDollar offering a cleaner, professional feel and Mint offer more accessible plans. Those that are following Dave Ramsey’s methods will prefer EveryDollar while everyone else will probably choose Mint.
Tracking & Reporting: Mint
While EveryDollar does an excellent job at tracking and reporting financial transactions, MInt has more access to institutions providing clearer and more accurate data.
Ease of Use: Mint
Mint’s been around longer and has more access to the data showing which features and behaviors customers like the most when looking at an app. This gives them an advantage over the upstart EveryDollar. We believe that this margin will close if EveryDollar continues to invest in its own growth.
Cost: Mint
Mint is a completely free app and service. EveryDollar offers a free app but to meet similar feature capability as Mint, you need to sign up for EveryDollar Plus which costs $99 for a year. EveryDollar will continue to grow and if you are a diehard follower of Dave Ramsey’s methods, EveryDollar Plus might be your best option.
Conclusion
Both apps had their fair share of pros and cons. Choosing a winner was a difficult process since both apps will do an adequate job of assisting with your budgeting. One app did separate itself from the other and offered better features, lower barriers of use, and was more upfront about costs.
Winner of EveryDollar vs. Mint.com
Mint
While both apps offer similar features, Mint being a completely free app kept it in the lead throughout the battle of EveryDollar vs Mint. It’s all-in-one solution offered just enough flexibility and accessibility to do everything we wanted. While not an EveryDollar Review or a Mint Review, we recognize that EveryDollar is continuing to grow but, currently, Mint is the clear winner.