Considering a money app to help manage your finances? How does Mint compare to Personal Capital? Both are free personal finance apps that allow you to sync your financial accounts in one location. So which personal finance app is best for you?
Financial Freedom Goals
Everyone’s financial situation are unique. Before determining which personal finance app is better suited for you, first determine your financial goal.
Are you looking to create a budget? Do you prefer to focus on investing more towards your retirement?
A Personal Experience
I first started using Mint in 2010 to track my different financial accounts, to include student loan accounts. Over time, my financial situation changed since when I first started out.
I paid off my loans, have a higher salary, and own a condo. More importantly, my financial goals have shifted. I am focused on investing my disposable income to create enough passive income towards financial freedom.
That’s why I started looking at other personal apps that offer investing tips from 401K fee analyzer to (early) retirement planning. After hearing great reviews of Personal Capital by several financial experts, I did some further research…
Mint vs Personal Capital
Mint incorporates all of your financial accounts from bank accounts, investment accounts, credit cards to other loans. It provides an overview of your entire financial situation on one website.
Personal Capital has a lot of similarities to Mint, but focuses primarily on investing. It provides two services combined into one: the free personal finance app and paid financial advisory service.
Budgeting: Personal Capital monitors cash-flow. At this time, it does not create a budget.
Saving: Mint provides recommendations on ways to save on the money spent on your credit cards, investing, insurance and loans. I have saved hundreds over the years by switching to a different checking account and credit card based on their suggestions.
Credit Report Monitoring: Why is a credit report important? Banks check your credit report before approving you for credit cards and loans, including a mortgage or auto loan. Mint monitors changes overall credit score on a quarterly basis for free.
Personal Capital Advantages
401(K) Fee Analyzer: Help your 401(K) grow faster! In order to maximize your 401(K) balance, Personal Capital’s fee analyzer can help you determine which funds in your retirement plan are costing you the most.
Retirement Planner: Personal Capital can help you determine if you are on track towards retirement and play “what if” scenarios.
Asset Allocation Target: Personal Capital provides their assessment to help you determine if your assets are over or under weighted in any of the major equity categories.
Financial Management: Personal Capital can manage your money and give investment advice.
Depending on your financial situation and goals, both are great apps to help you along your journey to financial freedom.
Got your specific financial goal in mind? Assess the key similarities and differences between the two apps that can help support you along your path to financial freedom.
For different phases of my financial journey, I enjoyed Mint for budgeting and saving goals and Personal Capital for investment goals.
As mentioned, I have saved hundred of dollars based on Mint’s recommendations. When it comes to investment goals, Personal Capital can be used for financial planning such as retirement, buying a house, and other future financial goals.
Financial Independence, Retire Early (FIRE)
If FIRE is your goal, then it’s time to get your financial ducks in a row! Calculate your net worth to see what you need to do in order to achieve financial freedom.
Speed up your journey to financial freedom by making your money work for you. This can be investing in rental properties to index funds. The possibilities can seem endless!
Looking to create passive income on the side? Interested in a side hustle to increase your net worth?
Get FIRE’d up about financial freedom.
There are a endless ways to create side hustle income and reach FIRE. Investing in stocks, owning rental property, creating your own online biz, and so forth.
But it doesn’t mean you need to do it all. Just pick 1 or 2 that gets you excited.
Everyone's financial situation and personal interests is unique. It’s important to try out different side hustles to see what works best for you.
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