Mint vs Quicken, which one is better?

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By guest writer Jay Wilner

Mint and Quicken, both Intuit offerings, are highly rated, extremely popular, finance management options. They are designed to assist with personal and small business financial organization, budgeting, planning and more. Both options promise to alleviate much of the pain and suffering associated with money management. So, which one is better?

Is Mint better than Quicken? Is a car better than a truck? Is it better to live in the city or the country? The answer to these and many other taxing questions can only be decided by the user. Individual circumstances play a major role in determining the correct answer to any of these questions. Each user has unique preferences and needs. In other words, Mint is a better choice for some users and Quicken is better for others.

Try out the two finance apps to find out which one would be most suitable for your needs. Both, Mint and Quicken, have awesome capabilities for organizing and managing personal or small business finances. Both offer valuable functions, impressive features and useful tools, and most are virtually painless to use. The following comparison presents a number of the most noteworthy attributes of each.

Mint.com

Mint is a free, online, cloud based, personal finance management service offered by Intuit. The technological concept and original version of Mint was created by Aaron Patzer. Intuit acquired the already hugely successful financial management program in 2009, two years after its launch. Mint has received numerous industry awards, honors and accolades through the years.

Automation is one of Mint’s most appealing attributes. Innovative technology automatically collects, compiles and categorizes information to make it easy for users to track and manage income and expenses. While compiling data, the program learns and uses what it learns to provide useful tips and information for the user. A Mint account is easy to set up, easy to use and Mac friendly. Features and tools make it simple to organize and track finances, set financial goals, receive alerts and create informative financial graphs. Mint offers convenient mobile apps for Windows 8, Windows 8 phones, iPhones, iPads, Android phones and tablets.

Quicken

Quicken is a top selling packaged personal finance software product from Intuit. Quicken is a well-established, widely recognized and trusted finance management product. Intuit offers several versions of Quicken to meet varying user needs. Software prices range from about $40.00, for the starter edition to $165.00 for the rental property management edition. Many people prefer Quicken’s enhanced features, additional functions and added capabilities. Users can pay bills, print checks, attach files to transactions, manage investment portfolios and retrieve tax information with Quicken software programs. Quicken now offers mobile apps, as well.

Where they fall short

Despite all of their advantageous capabilities, both Mint and Quicken have their shortcomings. Mint falls short with limited customization and limited investment managing tools. Mint users cannot store images or files with transactions, or interact with tax preparation software. Mint does not allow automatic bill payment or any type of money transfer. Mint is free for users but pays its bills through targeted advertising.

Quicken’s most notable drawback is Intuit’s “sunset policy.” It requires users to upgrade every three years for continuing online services. Upgrading requires purchasing a new software package. Mac users need special editions for optimal experiences. Plus, Quicken mobile apps do not perform all of the same functions as Mint mobile apps.

Are they secure?

Mint and Quicken are money management programs. Naturally, security is a major concern for most users. Security is a priority at Intuit. The cloud based Mint service uses encryption to protect data. Plus, Mint is validated by VeriSign and TRUSTe, whereas Quicken’s packaged software must be installed and mainly relies on the computer’s existing security.

Mint vs Quicken: which one is better?

Both products are great personal finance management options. Choosing between Mint and Quicken is a bit like shopping for shoes. Choose shoes that fit comfortably, and, choose the finance management option that suits you best.

About the author: Jay Wilner is managing partner at Out of Bounds Communications based in Kansas City. He writes on a variety of financial, military and technology topics. He wrote this article on behalf of SET Financial Corporation, an up and coming community financial lender based in Fort Mill, SC.

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