Intro – YNAB Alternative (YNAB or Mint)
YNAB is everywhere. It’s an acronym that nearly everyone across the country will have heard of, and it stands for You Need A Budget; which is true – you do. YNAB itself is a multi-platform app that consists of various ways to keep your budget in line and pay off any outstanding debts.
It’s popular and it is, the developers say, the best way to break out of the debt cycle and get back in control of your finances. It has helped thousands of people get back on track after falling foul of the problems associated with the 2008 credit crisis, and, therefore, YNAB has many advocates and is gaining in popularity.
However, just because it is popular, does that mean that alternatives to YNAB shouldn’t be looked at? There are plenty out there, some of them are even totally free, and some of them have the same or similar functions. But there is something about YNAB that keeps pulling people in; keeps them coming back. What is it? And how do other apps fare against it?
YNAB or Mint?
YNAB or Mint is a massive question that really needs to be answered. Mint appears to have always been YNAB’s biggest and best known competitor, and it is certainly one popular alternative. It could even be the most popular alternative. So what makes the YNAB versus Mint debate so interesting? Can there really be two such useful products that vie so neatly for our attention? And do we really need them at all?
The first advantage that Mint has over YNAP is that it is free. As a YNAB free alternative, Mint hits all the right spots, and it’s that initial payment that, no matter how small (and bear in mind that YNAB isn’t cheap at $60 a pop plus $5 for the app), could make some people balk at downloading YNAB in the first place; after all, isn’t YNAB about budgeting? And would it really recommend paying out for something that you can get for free? Probably not.
However, free doesn’t mean good, as we no doubt all have discovered at some point in our lives. YNAB alternatives may be less money, but that doesn’t mean they are worth more. Think about it this way; when was the last time you deleted a paid for app? When a phone becomes full, isn’t it the free apps that go first?
Mint may well be a great alternative to YNAB, but if you want to take just one more photo, and that free app is standing in your way, you’ll probably let it go whereas with YNAB, you’ll keep it. And because you paid for it, you’re more likely to use it. You want the money you spend to be worth something; you want it to pay you back. Using the app is one way where that can happen.
Image Source: YNAB or Mint
See Also: Personal Capital vs. Mint – Detailed Ranking & Comparison
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Looks Are Important
If you are looking for a YNAB alternative, and you are wavering somewhere between Mint and YNAB, you might want to consider how each app looks.
We’re taught in “real life” that looks aren’t important and it is what’s inside that count, and, for the most part, that is absolutely correct.
However, when the insides are fairly similar (Mint as an alternative to YNAB does have its differences, which we will discuss later on, but they are similar in their applications and functions), then the outside has a lot to say.
YNAP is just a better looking app. Mint is purely functional, and that’s great for the finance-minded, but for everyday people looking for a way to budget better, colors and images are going to be a better solution than graphs and charts.
It may sound simplistic, but Mint and other alternatives to YNAB don’t seem to put the user first all the time – the app needs to be enjoyable to use (and easy to use), otherwise no one will want it.
YNAB Alternative – Advertisement Comparison
Alternatives to YNAB are great if they work and if they do what you want them to do.
However, if they are constantly bombarding you with adverts for this, that, and the other, they are less useful and more distracting.
And if those ads are for credit cards and the like (even if the premise behind the ad is to tempt you to switch to a lower rate rather than get a brand new card), then it defeats the objective of trying to decrease your debts.
As great as the ad revenue is for the YNAB alternatives, they can be a real deal breaker when it comes to trying to actually use the app, and the question of YNAB or Mint becomes a much easier one to answer.
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Security – YNAB vs. Mint
Financial security can mean one of two things. It can mean that you are happy enough and well off enough to be “secure” with the amount of money you are bringing in each month. It can also mean that the money that is in your accounts is safe and not open to potential theft.
In the YNAB versus Mint debate, security is one of the things that keeps coming to the fore. One is simply better than the other when it comes to keeping your finances protected. With Mint, the app has to connect immediately and directly with your bank accounts and credit cards (and anything else you want to add to the budgeting details within it).
This leaves the entire thing open to abuse – if the connection is open, who else can see it? Who might be watching? It may be an infinitesimally small chance, but it’s a chance nonetheless that the security of your money might be compromised.
With YNAB, however, there is no direct connection. It doesn’t work that way. So although Mint might be an alternative to YNAB, if you want to feel safer about how your money is checked, you will probably want to spend the money on the latter app.
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Better Usability
It sounds like a great idea to have an app that tracks your spending and presents you with a chart at the end of it to show you how much (or how little) you’ve spent. And that’s what Mint does.
For some, that’s perfect. For some, that makes Mint the ideal YNAB free alternative. However, for others, it’s a bad idea. An app that merrily works away in the background doing the calculations may not get looked at. The knowledge that everything is working as it should be and that when you do want to see it, it will be there waiting, could mean that the app is never opened at all.
With YNAP it’s different. It’s your job – your responsibility – to input all the data. Only once you’ve done that will you receive the information you need to budget correctly. It’s almost like a reward for taking the time to sort through your receipts and spending habits and enter it all.
Plus, it’s a crafty (intentional) way of ensuring that you don’t passively start spending more without realizing. Budgeting only really works when you’re aware that you’re doing it.
Busy Lifestyles
The busier your lifestyle is, the easier it might be to choose Mint or YNAB. Despite all the advantages of inputting your spending data right there and then after every purchase, sometimes it’s just not possible. Sometimes it’s just not practical. And that’s where Mint can, for some users, work better than for others. As long as you remember to check what it has been doing and make sure it is accurate, you can get your budgeting and spending details at a glance, without needing to enter every transaction.
Credit Card Friendly
Many people have a credit card in the 21st century. In fact, around 33 percent of Americans have at least one. They can be useful tools for big purchases, allowing time to pay off the cost over a number of months. However, overuse and underpayments can make them more of a millstone than a charm.
So, is it YNAB or Mint that allows for extra focus on the credit cards, showing real-time purchases and the interest they are going to accrue? Is it Mint or YNAB that can keep you up to date on what it’s best to pay in order to keep on top of your budget?
The answer is Mint. Mint can do this; however, through the channels we’ve mentioned above – by being linked into your account, knowing all the ins and outs of what you’ve bought and spent, and what you’ve paid off.
If you like the idea of keeping track of your credit cards, even when you aren’t paying attention, but you don’t like the idea of an app being able to delve into your financial situation, then you will need to make a necessarily difficult choice if you want to use a budgeting app such as YNAB or YNAB alternatives including Mint.
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Conclusion
YNAB is an excellent tool for budgeting and ensuring that debts are paid off quickly, simply, and on time. It can run everything for you, as long as you tell it exactly what to do. Mint, the most popular YNAB alternative, doesn’t need telling – not after the first time anyway – and can have your budgeting organized within a few days of constant use.
YNAB is a more proactive way of approaching your finances; you need to get into the habit of using it day by day, filling in receipts, and ensuring that everything you pay out for is included within the app’s memory banks. Mint, on the other hand, is more passive. It does the hard work for you and gives you a nice, neat reward at the end of it all.
Both apps will explain in detail where your money is going, and both will teach you how to use your money responsibly, assuming you use them in the correct way.
The differences lie in the minutiae – although those small things can become big things over time. The first big difference is the payment issue. YNAB is paid for and Mint is the YNAB free alternative. And it is entirely the user’s preference as to which he/she is more comfortable with. The second biggest difference is that Mint needs access to your bank accounts whereas YNAB does not. And, again, it’s user preference. How comfortable are you with the idea? That will give you your answers.
If you’re really unsure, why not use both? See which you prefer and delete the one that isn’t helping you sort out your finances. This is a buyer’s market – you need to be as comfortable as possible when it comes to your finances and your debt, and if that means one app is better for you than another, then this is the app for you. It’s not so much a matter of Mint or YNAB; it’s a case of ensuring that your money is as safe and secure as you can make it.
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