YNAB vs Mint vs EveryDollar | Which Platform is Best?

YNAB vs Mint vs EveryDollar:

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The first thing I'm going to tell you right off the bat before we even start talking about the features is that if you do not want to pay for a budgeting platform then of these three, mint is going to be the best and really only option. You need a budget and every dollar do have free versions or free trials but in order to access all of the features that we're going to talk about today, both are a paid service.

So starting off the mint, this is by far the oldest budgeting platform of the three, and if you don't know it's owned by Intuit who is also the creators of QuickBooks and TurboTax. So mint is going to allow you to input all of your external accounts whether that be your bank accounts, investments, credit cards, loans, and any other financial account so that you can keep track of everything under one platform. From there, you're able to create your monthly budget and mint will automatically sort your expenses from your various accounts into different categories to make sure you are staying on track with your budget. Now for a free platform, Mint is pretty awesome and it is what I used for about two years when I was just getting started with budgeting.

EveryDollar platform is a little bit more methodical and heavily adheres to the financial principles of the person who created this platform which again is Dave Ramsey. If you know anything about Dave Ramsey then you know that he teaches his seven baby steps and firmly believes that every single dollar needs to have a purpose whether that be budgeting it in a certain spending category or saving or investing that dollar. Either way, you need to know where every dollar is coming from and where it is going which as a general budgeting tip is pretty great advice. So just like mint and YNAB for that matter, you're able to input all of your external accounts and then create your monthly budget right from within the mobile platform. I do want to mention that every dollar does have a free option but in order to really get the full value out of this service, you are going to want to use the paid service and again if you're just looking for a free option to get started with budgeting then mint would probably be a better choice for you. So the whole guiding principle with the everydollar app is really about making your personal finances as simple as possible. Right when you sign up for the platform and open your account, you'll be asked to choose from one or more of six different money goals that the platform will then build your budget around.

You need a budget is very similar in that you have to give every single dollar a job or purpose so that you have a balanced budget but YNAB uses a bit of a different approach and focuses on not spending money that you don't have. For example, when you typically create a regular budget, you are taking whatever your standard monthly income is, and then subtracting your expenses from that based on what you are used to. However, YNAB is unique in that it creates your budget based on last month's income meaning if you have a very inconsistent income that is not the same each month, then this might be a fantastic option for you since your budget might change slightly depending on the change in your income. However, I do love the idea of not spending money that you don't actually have yet so I would definitely give YNAB a thumbs up there.

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I am not a Certified Financial Planner®. The topics presented in this video are for entertainment purposes only. You, and you alone, are responsible for the financial decisions that you make.

Видео YNAB vs Mint vs EveryDollar | Which Platform is Best? канала Magnified Money