Monitoring and managing your expenditure might be a little tough more so without any budgeting strategies. Due to poor management skills amongst most people, it becomes a propensity within them to unnecessarily spend their finances. For that reason, there is a need to deploy a technique that will enormously supplement one’s financial management abilities.
With the advancement in software developments, there are applications specifically designed to facilitate your budgeting skills. While these apps are readily available on various platforms, you need to select the one that suits your preferences prudently. Different apps will have different features defining their reliability and effectiveness which means that there are better performing applications than the others. In this article, we shall compare between two prevalent budgeting apps, Everydollar and Mint, providing insight on their usefulness to enable you to settle on the best one for you.
Both Everydollar and Mint are essential tools for financial management enhancement. So, how do you determine the best app between them? Below is an overview of the practicality of these apps.
Mint is a popular budgeting app that was developed by a famous software development company known as Intuit. The app has attracted over ten million users since its establishment in 2006. It allows you to set up a budget to enable you to monitor the rate of your spending. It also lets you set reminders for your bills plus establish your credit rating.
The best way to monitor your finances is to have all your operations at a central point. That includes everything such as your bank accounts, credit cards, assets, loans, among other of your possessions. Mint provides the centralized platform for these chattels facilitating their observation.
Intuit has provided an easily accessible website with a friendly interface to access and sign up for Mint. Once you have set up a Mint account and linked the necessary info, the app will automatically download your financial statements. Thence, whenever you log in to your account, your financial data will be updated and presented in a fathomable, satisfactory manner.
Developed by financial specialist Dave Ramsey in 2015, Everydollar is a budgeting app that aims at helping you in your financial management strategies. The app lets you organize your finances in a way to ensure that no penny is lost or left unexploited ultimately providing financial freedom.
While developing EveryDollar, Dave Ramsey grounded its principles on zero-based budgeting technique. The technique involves finding opportunities for all the money you earn and leaving your accounts with zero balance. It means that each dollar you make has a job, an essential strategy that helps your find numerous investment opportunities. Zero-based budgeting requires you to create a new budget for every month since the last month’s budget is never carried forward.
Everydollar is crucial since you can easily track your monthly expenditure. It ensures that you only use the money you have accounted for, and with adherence to the budget, you will ultimately achieve freedom by cutting down any unnecessary spending.
Everydollar assists in situations such as:
– Clear all your monthly debts through the snowball method
– Set aside some emergency and retirement funds
– Reserve funds for your kids’ education
– Overall wealth build tactics
Everydollar Vs. Mint: Ease of Signing Up
First of all, these two platforms differ in that signing up for Everydollar will cost you some pennies while it is completely free in Mint. Everydollar provides premium services in their ‘plus membership’ which usually cost $99 per year. They accept payment using credit cards where they will charge $1 immediately you have created an account to establish the validity of the card. Nonetheless, they offer a free trial for 15 days after which you decide on whether to continue or cancel the membership. On the other hand, you can choose the free version of Everydollar which is less efficient since you will have to manually update your account’s info, unlike the paid version which automatically updates the information for you.
In addition, while signing up, Mint only requires your email address and creation of a password. After you have successfully, it is impossible to access the dashboard before linking your bank accounts and other relevant credentials. With Everydollar, after you have provided an email address and created a password, you can immediately access the dashboard which has several budget sections set zero at the moment. You can then later link your accounts, and the app will immediately start organizing your money while you assign it to various usages.
Everydollar Vs. Mint: Which Design Is Better?
Design is an essential aspect for any software platform as it determines the kind of experience a user obtains. It also defines the level of allegiance of the providers, thereby reflecting on the sort of services you are likely to receive from the platform. In that case, a good budgeting app must have an appealing design. Before you choose on whether to consider Everydollar or Mint, you need to look into them and compare their designs.
Which of the two budgeting apps has a better design? Well, they both present an easy-to-use interface letting users navigate through various sections of the apps smoothly. Besides their appealing websites, one thing would feel infuriating about the Mint site and the mobile app version; the presence of Ads. Even though you can cancel them out, Ads will typically take up part of the page causing obstruction. What makes Everydollar better in regards to design is the non-appearance of ads which makes it more pleasing.
Everydollar has more features compared to Mint since it is more centered on budgeting. These features are sectioned and strategically placed on the dashboard in the mobile app version. Everydollar regularly updates their mobile app to give it a more appealing look. Therefore, in regards to appearance and functionality, we would conclude that Everydollar has a better design than Mint.
Which Is Better for Budgeting?
What determines the effectiveness of every budgeting app is the approach it deploys on the budgeting process. With Mint, you only have the chance to manage your finances without any specific strategy as per se. That includes allocation of funds to help minimize your expenditure but you might choose on the amount to allocate and what you want to leave intact.
On the other hand, Everydollar ensures that you budget for every penny you have in your account. You have to ensure that you use your entire finances, be it for your bills, savings or else for investments. For each month, you have to budget for your earnings afresh.
Due to lack of restrictions by Mint platform, people using it for budgeting purposes might not entirely gain the spending control. Even though you have planned on how to use your money, since you might have some left, sometimes you may find yourself misappropriating it. On the contrary, Everydollar does not give a chance to any misappropriation. The way you spend all your money is planned; thereby there is no room for unnecessary spending.
It means that Everydollar is a more useful app for budgeting due to the practical approach it applies.
Which Has a Better Cost?
The associated cost is also an essential factor to consider. Depending on affordability, you can choose an app that suits your needs. However, different rate of charges would define the difference in the quality of services a particular app offers. For instance, a premium app will offer more features to the users as compared to a free app. On the other hand, some people might not afford such high rate of charges and will, therefore, go for a lower charging or a free app.
It means that determining the preference of an app in regards to its cost is dependent on the kind of customers. For those interested in experiencing better and more features, then Everydollar offers such at a relatively affordable price. However, in terms of affordability, Mint suits the category since it is free while it provides satisfactory services.
Which Is Better for Customer Services?
Mint has low customer services since they do not have a readily available support team. They only offer help through their website where they have a section containing articles reviewing commonly experienced problems. Besides that, they do not provide any other form of direct assistance to their clients. Since Everydollar has an active support system, we can term it better for customer services.
Besides Everydollar providing support in their website through forums, they also connect you to local experts. Such specialists provide additional information on how to carry out financial practices. Therefore, as long as you register for their premium membership, you are guaranteed of continuous quality customer services.
EveryDollar Vs. Mint: How User-Friendly Are They?
To render an app user-friendly, it must have an easy-to-use dashboard. Most people will find it hard to maneuver through a sophisticated panel that features several sections. For that reason, Everydollar gets a little more challenging to use compared to the Mint app. First of all, to use it you have to learn the art of budgeting for all your money. If you cannot achieve that, then you might find difficulties using the application. Besides, there are plenty of features, therefore, contains several sections in the mobile app. For that reason, you have to learn the function of each element for you to smoothly go through them.
For Mint, there are fewer features thus a simple, clear dashboard. Since the app also provides an efficient method of tracking one's finances, you might then consider it due to its simplicity. There are no skills to learn, and hence once you set up an account, you will effortlessly carry out your management activities.
Which Has Better Synchronization?
Once you sign up in any of the two platforms, they will undoubtedly provide synchronization of financial institutions with the accounts and credit cards you link with the apps. Everydollar allows you to connect with several financial accommodations, but there are more provisions for such in Mint. However, even though Mint is capable of synchronizing with more institutions, it has several endless technical failures which are rarely attended to in time. It means that the effectiveness of their synchronization, however extensive, is eventually interrupted by such issues.
Even though Everydollar provides for lesser institutions than Mint, it has a lower rate of technical issues. Besides, any emergent issue is quickly attended to by their team of professionals. Therefore, we would say that Everydollar has better synchronization than Mint.
Which Has Better Security?
If a budgeting app compromises its security, it risks most of the crucial information that you may have provided while you signed up. Such information includes your bank account plus credit card details. Therefore, a reliable platform must ensure the highest level of security as possible.
Both Everydollar and Mint apps connect to the internet, and hence they need to have an advanced security system. Mint has ensured that your account is password protected. They also limit access of an account to only a device that they authenticate through an email or SMS they send you.
Everydollar has a more advanced security system. Besides the two-step authentication during logging in, they have enhanced firewall protection for their servers. Everydollar also employs Secure Socket Layer to enhance the validity of their website allowing Google to authorize it.
Which One Will Really Help You Create a Better Financial Life?
Experiencing an improvement in your financial life does not happen abruptly. You need to consistently follow the program you choose and eventually after a considerable period you will see the outcomes. Therefore, irrespective of whatever platform you choose, you need to be consistent for guaranteed improvement. However, with consistency ensured for both apps, one will provide results more efficiently than the other. Which between the two hence guarantee better outcomes?
On top of tracking your finances, possible through Mint, Everydollar has more focus on the budgeting itself. Everydollar helps you achieve total control of your funds while giving letting you seize any investment opportunity. Investments can be essential for your current and future life. Therefore, although Mint also acts as a vital management tool, in the long run, Everydollar will help you achieve more goals than Mint would have.
Everydollar Vs. Mint: Is There a Clear Winner?
Several factors would lead to terming a budgeting app a winner or not. Such include its effectiveness, cost, ease of access, among others. Everydollar and Mint absolutely have differences along these lines. However, they all assist people in achieving a particular level in financial management skills.
While one app may seem to have benefits surpassing the other, we may not establish a definite winner between the two. The question of which app is the best for you might have responses relying on the user’s preferences. While each app exhibits a particular level of drawbacks, both also boasts several benefits. Therefore, your wants will determine which app best suits you.