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November 12, 2023
Mint was one of the most popular financial planning tools online. They are shutting down and like a lot of you, we are sorry to see them go. After all, budgeting is an important habit of financial wellness and they did a good job with it. However, budgeting is only one aspect of doing well with your money. Financial wellness also requires good decision making that balances today’s priorities (your month to month cash flow) with all of tomorrow’s possibilities (your financial plan).
Think of it this way: Mint was just one small shrub and you need a complete and healthy garden of planning tools for real financial peace of mind.
A quick Google search will show you that there’s no shortage of companies vying for former Mint users. Here we’ll take you through a quick rundown of the top offerings in different categories. Whether you’re just looking for a budgeting replacement for Mint or if you are ready for a comprehensive financial planning tool, you’re likely to find what you need below.
Here is a comparison of the 5 best financial planning tools. We compare on:
Comprehensiveness: Do they cover all aspects of personal finance.
Strategic decision making: How well any of these tools help you to make solid decisions about your future?
Financial monitoring: What kind of tracking is offered?
Budgeting: Which tools offer the kind of detailed budgeting that Mint offered?
Support: Who has resources to answer questions and improve your know-how?
Let’s take a look:
This tool aims to put financial wellness into your own hands and Forbes Magazine it, “A new approach to planning.” The NewRetirement Planner gives people the ability to make better decisions, build wealth, and find their path to a secure and happy future.
If you want to make better decisions about your future, NewRetirement is the tool for you. They offer unparalleled flexibility in modeling future scenarios.
It is odd that Credit Karma is closing Mint since they don’t have a full suite of budgeting tools. However, their site says that “you will be able to bring the majority of your Mint financial account balances, historical net worth, and 3 years of transactions over to Credit Karma.”
If credit monitoring and improving your credit score is your goal, use Credit Karma.
If monitoring your finances monthly is your thing, Empower might be the right tool. Plus, it offers some planning capabilities.
Quicken is a classic that has been improved over the years. If you want to customize reports and manipulate data, then try Quicken.
Monarch Money is similar to Empower – good financial tracking and monitoring – but with arguably better budgeting functionality and without the sales pitch to let them manage your money.
If you were using Mint, you may only be interested in finding a new app for budgeting, not a more complete financial planning tool. Here are a few of your options:
YNAB: YNAB stands for “You Need a Budget.” They are passionate about budgeting and offer a schedule of fantastic classes and community groups to support you in your budgeting endeavors.
Copilot Money: Users claim that Copilot Money is extremely intuitive and easy to use with superior categorizing of budget items.
PocketGuard: PocketGuard promotes features that they claim will help you monitor spending and achieve goals.
Rocket Money: Rocket Money offers some unique features like their subscription management tool that monitors for services you might not be using.
Tiller: People are loving Tiller. It is basically a really good spreadsheet. Check out Rob Berger’s review.
The answer to most financial planning questions is , it depends. And this question is no different. If you primarily want:
Do it yourself retirement planning: easy, comprehensive, reliable
Take financial wellness into your own hands and do it yourself retirement planning: easy,
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