With all of the personal finance applications available, tracking your costs in Excel or Google Sheets is a thing of the past. There are so many to choose from, but the most of them are about as basic and difficult as Excel.
You’ve definitely heard of Truebill and Mint if you’re looking for fantastic applications to help you manage your finances.
Although they take somewhat different methods, both of these finance apps are good solutions for helping you manage your finances and avoid wasteful spending.
Truebill (formerly Rocket Money) and Mint applications connect to your bank account, allowing you to classify transactions, create savings goals, and perhaps cut your costs.
Let’s take a look at two of the most popular applications that claim to put money back in your pocket: Truebill vs Mint.
Truebill Overview
Truebill differs from Mint in that it not only shows all of your spending patterns, but also actively assists you in making improvements.
It’s free to download, but when you subscribe to the premium plan (less than $5 per month), you may remove subscriptions with the click of a button.
The software is also quite good at distinguishing between your actual subscriptions (such as Netflix) and your monthly invoices. Unlike rivals, it is quite simple, and that is all that is required.
They also provide bill negotiating services as part of the savings package. If they discover savings for you, you will only pay them 40% of the savings.
Truebill’s colors and interface are somewhat prettier than Mint’s; it’s the most accessible financial program you will come across. It is not enough to make a significant impact.
Truebill Pros And Cons
Pros
Truebill has several advantages. Their features do a lot of things that other applications do not.
Their bill negotiation services, for example, allow you to save money by canceling undesired subscriptions and negotiating reduced payments for recurring invoices.
Furthermore, they will do all of the work for you in exchange for a fixed commission based on how much money they save you.
Truebill also notifies you when bills are due, allowing you to avoid overdraft costs. The app’s real-time synchronization keeps your financial transactions up to date.
Accounts that are synced allow you to share that information with members of your household. If you’re unsure whether Truebill’s premium features are ideal for you, they offer a seven-day free trial to get you started.
Cons
Truebill has a lot of fantastic features, however there are a few areas where the software falls short. The most serious flaw is their perplexing compensation structure.
They take between 30% and 60% (you select the proportion) of your yearly savings on top of their monthly cost, which varies based on whatever premium services you join up for.
Mint is a far superior solo budgeting program if you don’t require help canceling subscriptions or negotiating payments.
While Truebill allows you to build and manage a budget, Mint’s budgeting capabilities outperform Truebill’s, despite the fact that Mint is free.
Mint Overview
Mint is undoubtedly the most well-known of the two programs, owing to its existence since 2006. We also like the snappy name.
Mint, which focuses on budgeting, allows you to track your spending habits, link your various bank accounts, and more.
If you make a report on the app, it will be downloaded as an Excel file, therefore you won’t be able to entirely disconnect from the monster.
Users frequently complain about smaller banks failing to update, uneducated customer support employees, and new purchases being mislabeled when they arrive.
Mint’s subscription edition includes advising services and credit reports.
Mint Pros And Cons
Pros
Mint offers several advantages, including the fact that it is a free program. Their budgeting capabilities outperform all other applications in terms of budget creation and management.
Even when compared to premium budgeting tools, Mint excels in this category.
Users may construct personalized budgets depending on their earnings and expenses. Mint users may track their costs and income in real time, which is an essential element for modern budgeting.
Mint includes a section dedicated to helping you locate information regarding credit cards, savings accounts, loans, and insurance, in addition to their high-quality budgeting tools.
Cons
The major complaint about the app is that while it is free, it is also covered in adverts. While most people realize that Mint must generate money in some way, the commercials may be somewhat irritating.
Mint’s savings recommendations are concealed in another tab of the app. Truebill recommendations come to you uninvited, whereas Mint recommendations must be sought out.
This is significant for certain customers who seek Mint’s advice on how to improve their financial condition through the usage of specific products.
Because Mint is free to use, they will not be handling any of your financial matters directly. While they might provide useful assistance, you must undertake the job of canceling subscriptions or negotiating fees on your own.
Which Is Better?
Mint is superior to Truebill if all you need is a budgeting tool to help you manage your spending and remain on track.
The free edition of the program has all you need, including budget category customization, which Truebill’s free version lacks. The ability to manage your financial portfolio and track your net worth are further advantages.
Truebill, on the other hand, is superior to Mint if you want to start cutting back on monthly expenditure and require a significant helping hand.
The app is handy for keeping track of subscriptions and for negotiating cheaper prices on certain monthly expenses. However, if you want to make use of the most of Truebill’s features, you need a budget of at least $36 a year for the Premium version.
Summary
While the applications are similar, they both do an excellent job of assisting you in creating a budget and tracking your expenditures. One is not always superior to the other.
Rather, they concentrate on various aspects. Truebill is unquestionably the better option if you desire bill negotiating and subscription monitoring, as Mint does not provide these capabilities. Truebill also appears to be more adept at automatically classifying your transactions.
However, Mint provides all of its capabilities for free, and it is clearly superior for consumers who wish to dive deep into their costs.
If you want unique budget categories, credit reports, or the option to export your data, you must subscribe to Truebill Premium.
Truebill does not include a savings goal tracker, although Mint does. Both budgeting applications provide excellent customer service.
As a current Mortgage Underwriter with 15 years of experience, I have seen my fair share of money-related issues. Whether that be high levels of debt, not enough credit, or simply a lack of funds - I’ve had clients who fit into these categories.
Here I will share tips, tricks, and experiences on how you can get yourself back in control of your finances.
- How To Start A Hot Shot Business [2023] - November 24, 2022
- Basic Personal Finance Concepts [2023] - November 22, 2022
- Where To Put Retirement Money After Retirement [2023] - November 4, 2022
