While most of us know the budgeting and observing spending process is incredibly important that does not make it less intimidating. It can also be time-consuming without the help of technology. How many people spend money and immediately remember to log the transaction? I doubt I am the only one who forgets.
Thankfully, there are many apps and websites that have been created to specifically help this process: Mint.com, EveryDollar, NerdWallet, and the list goes on. The purpose of these platforms is to make the process easier and more sustainable. Due to their automatically uploading your transactions, they can save you lots of time! Today, I will compare two popular spending trackers and highlight the important features of each.
Mint and NerdWallet both share several features, especially their commitment to security. They safely link to your bank, savings, investment, and/ or retirement accounts. They monitor your credit score. They also both have great visuals, especially for showing spending and net worth (assets minus debt). This allows both to track your spending patterns and give you feedback based on your spending. Though they both have a habit of miscategorizing transactions, changing those categories is an easy fix.
Mint.com
Mint does have a basic budgeting feature, but it does not allow for much customization. Mint sends alerts if you are about to go over budget and if you have a bill about to be due. Another nice feature is that it allows you to add financial goals and track your progress. If I wanted to save $1,000 for my emergency fund in the next four months, Mint would automatically calculate that I would need to save $250 a month. If you want an app that helps your track your financial goals, Mint could be a good fit. One word of caution, Mint has been known to experience technical glitches every once in a while. This includes shutting down your session midway through or signing you out of accounts.
NerdWallet App
The purpose of NerdWallet’s tool is to make it easier to see the big financial picture and provide education. To help you see the big picture it breaks your information into four main categories: net worth, cash flow, debt, and credit score. It also allows you to add your upcoming bills, which will help you see how much you have leftover at the end of the month. However, it does not remind you about them like Mint does. All it does is automatically show the money was spent after the due date passes. NerdWallet also provides information on your dashboard to help you understand your credit score and how to raise it. If you want to understand the why behind your finances and get customized tips, NerdWallet is likely the better option for you. I have found NerdWallet to be easier to use and to experience less glitches. However, the platform does not allow you to add and track goals like Mint does.
Like most things in life, there is no one size fits all. Both Mint and NerdWallet have great features that can help you accomplish your financial goals and make budgeting easier. The key to which would be better for you lies in what you find most important in an app/ website.
If you have additional questions, remember Powercat Financial is available for online or phone financial counseling sessions which may be requested via our website link at www.k-state.edu/powercatfinancial.
Links: www.mint.com, https://www.nerdwallet.com/l/app
Anabelle Sanko
Peer Counselor II
Powercat Financial
