Ynab vs Mint: Comparison, Features & Review

Last Updated on 9 months by Anoob P T

Here is a complete comparison of Ynab vs Mint with details of features, pros, cons, reviews and which one you should choose.

Ynab and Mint are both great platforms and in this post, we compare Ynab vs Mint to identify which is better for your use case. I

Ynab vs Mint: Comparison, Features & Review

Mint: Overview and Features

Mint is a full-featured free personal finance app that does not require any software installation.

It can be accessed with any browser, all you need is an internet connection.

Mint was launched in 2006 with the premise that to see where you stand financially, you need to see everything in one place.

For Mint, linking your bank account is imperative because that’s what they are known for.

The process is fairly simplified, you can link both your mortgage, banking and investment accounts and check their progress under one roof.

Mint only supports accounts linked to banks in North America(United States and Canada).

One interesting feature is that mint can estimate the value of your property which can give you an even more holistic view of your finances. But it does not support properties outside of the United States. 

After linking your account the next step is to set up your budget for the month.

You only need to include the categories of essentials and life choices and not your financial priorities because mint only counts your spendings as part of your budget. 

Another noteworthy feature is the ability to tag transactions which helps you review how much you are spending in each tagged category that you want to monitor closely.

You can set up different tags for different expenses like work-related etc. You don’t need to know how to budget to use Mint as most of it is automatic.

Official website of Mint: https://mint.intuit.com/

YNAB: Overview and Features

YNAB( You Need A Budget) was launched in 2004 and has four simple rules that act as the guiding philosophy for the company. They are:

1. Rule 1: Give every job a dollar- This essentially means zero-based budgeting.You have to justify each expense and allocate every dollar until you are down to zero. 
2. Rule 2: Embrace your true expenses- This makes you acknowledge any large upcoming expenses. It is necessary to set an amount you want to reach each month.
3. Rule 3: Roll with the punches. You need to be flexible enough to and adjust for overspending to achieve your long term goals.
4. Rule 4: Age your money. The idea here is to not spend everything the moment you get your paycheck, it is recommended that you wait at least 30 days before spending your money.  

YNAB’s onboarding process is very smooth. It carefully maps out everything you need to do to get started with the app.

They also have distinct training material on their website that not only includes “How-To” instructions but also illuminates their budgeting philosophy.

Even if you choose not to use YNAB, checking out their website would help you apply some useful learning on your budgeting journey.

Where YNAB shines is it’s Budgeting categories. As soon as you log in, it comes up with curated Budget categories for you.

You can use them as is or modify them using the 50-20-30 rule and categorize your Budget into Essentials, Financial priorities and Life choices.

The flexibility of the Budget Categories and the ease of its usage makes this app a go to for non-budgeters.   

There are three ways through which YNAB allows you to input transactions:

1. Through linked accounts- You can Which means that you don’t have to type in your transactions one by one. All your daily transactions are recorded in your YNAB account automatically which not only assures accuracy but also saves a lot of time and effort. 
2. Importing files- You can do this by simply going to your online banking website, finding the export functionality and then importing the files to YNAB. This approach is both convenient and  also more secure than a linked account.  
3. Manual entering of transactions- You can manually enter your daily transactions into the app. This can be a bit tedious and time intensive but it definitely helps you keep a better track of your spendings. 

Official website of YNAB: https://www.youneedabudget.com/

Does Free necessarily mean good?

Although a free app Mint does not match up to the level of YNAB.

The budgeting feature is where the Mint is inferior to YNAB. It doesn’t allow you to create multi-level budgets.

Mint also comes with a lot of default categories and there’s no way to remove them and not everything applies to everyone. There is also no way to reorder your budgets which leaves everything jumbled.

As soon as you link your account Mint will automatically try to categorize all the transactions for you but they don’t get it right everytime and you will end up having to review and adjust things accordingly.

There is a possibility that you may run into some bugs while recategorizing your transactions and the app tends to slow down at times.

Mint has usability problems, it  takes some time figuring out the workings of the app.   

Why is YNAB better?

It is extremely convenient and easy to use and access. The app design was made by keeping in mind the challenges a non-budgeter might face.

Those who are skeptical about taking the leap at the price can log in for a Free 34 day trial and test out the app.

Students have a major advantage with this app as it is free for them as long as their current academic status is verified.

There are even some discounts for new graduates.

But one downside is that the linked accounts feature can only be accessed by people who have banks in North America (United States and Canada)

Which one should you choose?

If you have student loans or debt or if you have a more aggressive set of financial goals, I would recommend YNAB even though it is paid, it is well worth the price.

YNAB is more strict and it forces you to take a clearer look at your finances everyday. Mint might offer you a comprehensive picture of your personal finances but YNAB is a much better and user-friendly tool for budgeting.

Mint might be good for those who are looking for something short term and do not want to pay a price to get their finances right. 

Frequently Asked Questions

Is Ynab or mint better?

YNAB seems like a better option for budgeting and Mint helps you get your overall finances in order. So which is better for you, depends on your requirement.

Is Ynab worth the money?

It depends. As per YNAB website, on average, new budgeters save $600 in their first two months using YNAB so looking at the long run, YNAB is worth the money.

Can I trust Ynab?

Of Course! YNAB is trustworthy and data you pass on to Ynab is secure.

What does Ynab stand for?

YNAB stands for You Need A Budget.

What are the four rules of Ynab?

• Rule 1: Give Every Dollar A Job.
• Rule 2: Embrace Your True Expenses.
• Rule 3: Roll With The Punches.
• Rule 4: Age Your Money

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