Last Updated on February 15, 2020 by Editor Team
Quicken has been the big name in personal accounting from the beginning. Created in 1988, this software was also run by Intuit until 2016 when it was acquired by H.I.G. Capital. Quicken offers an incredible number of features. Although Quicken is a locally-installed software, there are still mobile apps available.
Mint is a cloud-based, It is easy to use finance tool that’s been around since 2007. The software was acquired by Intuit in 2009 and today it features expense tracking, investment tracking, budgeting, planning, and more. Mint also offers well-developed mobile apps, so you can easily check your spending on the visit.
Quicken and Mint are two of the budgeting software systems available. When they both are similar apps, each has its own specializations. And perhaps the biggest difference between the two is that when Quicken is a paid service or Mint is completely free.
What Quicken & Mint Both Offer
The basic features of both platforms are very similar. Each provides budgeting, enabling you to know how and where your money is being spent. They do this by enabling you to link your various financial accounts–bank accounts, loans, credit cards, investment accounts, etc.–and automatically importing transactions. This enables you to synchronize your entire financial life on one platform. Each works on multi-devices. You can set up either account on your laptop, but also access it from your smartphone or other devices. Both also provide you with access to your credit score, as well as regular email or text updates, keeping you informed of the latest developments and trends in your finances.
Features Both Quicken and Mint Offer
- Budgeting – Quicken, and mint both provides a program that lets you know exactly where you are spending money in an easy to understand, graphical format.
- Direct Import/Synchronization – Both software platforms allow you to link your accounts (bank, credit cards, loans, etc.) and import transactions automatically, synchronizing your entire financial picture in one place.
- Multi-Device Capability – Changes made to your account on any device (smartphone, desktop, tablet, laptop) automatically carry over to other devices you’re using.
- Mobile App – Both Quicken and Mint offer mobile support via Apple iOS or Google Android.
- Credit Report Monitoring – Mint and Quicken allow you to monitor your credit score.
- Weekly Email Summaries – Find out what’s happened in the past week with your finances.
Some Unique Features of Quicken
- Reconcile Bank Statements – Quicken allows you to check your recorded transactions against your current bank statement. Think of this as the online version of balancing your checkbook.
- Data Stored Locally – Quicken keeps your data on your own computer, so you don’t need to worry about it being unsecured in the cloud.
- The Inspector – This feature allows you to see summary details about your budget, as well as provide quick options. It will let you know, whether or not you’ve budgeted enough for an upcoming expense.
- Retirement Planning – Quicken has the functionality to help with setting and meeting your retirement savings goals.
- Tax Reporting – With Quicken you can either directly import into services like TurboTax, or generate tax reports to hand over to your accountant.
- Bill Payment – You can pay your bills with Quicken, whereas Mint no longer offers this functionality.
Some Unique Features of Mint
- Alerts via email or SMS – Mint will alert you about pending bills and fees that hit your accounts and will suggest ways to save money on transaction fees.
- Credit Score Tracking – View and monitor your credit score, account usage, payment history and errors at a glance.
- Investment Tracking – Mint offers investment tracking although it’s ok at best. If you’re more of a buy and hold than an active investor, the investing section offered by Mint may be all you need.
- Net Worth Report – Mint calculates your net worth or displays that figure prominently at the top of your account.
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Both apps are stellar at budgeting. You know where your money is going and can manage your finances well with either one. Plus get alerts for unusual activity. Quicken offers a robust budgeting tool that has greatly benefited from recent improvements. Mint’s budgeting software is also easy to use or visually appealing. And both have been around long enough that they’re viable options to choose between for basic budgeting. Both are excellent budgeting apps and comparable to each other in most ways.
Both platforms provide automatic synchronization of your bank, credit card or loan accounts with many financial institutions. When Mint supports a large number of banks and financial services, it also seems to have a lot of technical problems with synchronization. This complaint is an ongoing one among customers; you can feel their frustration when you read their comments on synchronization on Mint’s forums. Mint seems to have a lot of disruptive issues, but they also seem to have a bad reputation for not fixing the synchronization issues in a timely fashion. Synchronization is an area where Quicken is better than Mint, though because it uses Intuit’s online services, it may have similar synchronization issues.