Personal finance aggregators are tools that help users manage and track their financial accounts, including bank accounts, credit cards, investments, and loans.
An aggregator is a piece of software that takes data from multiple sources and provides centralized access to it. When it comes to personal finance aggregators, Mint has been the best game in town for several years now, despite some stagnation. In fact, Mint.com looks pretty much the same as it did in 2009 when the company was bought by Intuit, the makers of QuickBooks and TurboTax. This is a familiar story: big company sees meteoric rise of upstart innovator, big company buys innovator, innovator cashes out and walks away, big company milks the cash cow for as long as it can while not rocking the boat by making any significant changes. Still, despite the fact that the number of user-visible changes in the last few years can be counted on one hand, no rival has managed to unseat the champion. This is an analysis of how Mint changed the game and why you should be using it, until something better comes along.
The average person has 15 different financial accounts: checking and savings, credit cards, student loans, investment accounts, and more. To keep your financial future on track, the simplicity of being able to see everything in one place has obvious benefits. However, there are unique challenges to this space that explain why Mint has been the undisputed leader for so long.
When comparing these personal finance aggregators, there are a few key features to consider:
| Mint | Personal Capital | YNAB | MonarchMoney |
|---|
| Budgeting tools | Yes | Yes | Yes | Yes |
| Investment tracking | Yes | Yes | No | No |
| Retirement planning | No | Yes | No | No |
| Bill reminders | Yes | Yes | Yes | Yes |
| Credit score monitoring | No | Yes | No | No |
| Fee | Free | Free | Paid | Paid |
Mint is one of the most popular personal finance aggregators, offering a wide range of features such as budgeting tools, investment tracking, and bill reminders. Personal Capital is similar to Mint, but also includes retirement planning and credit score monitoring. YNAB is focused on budgeting and is a paid service. MonarchMoney is also a paid service and offers budgeting tools, bill reminders, and more.
In summary, each personal finance aggregator has its own set of features and capabilities, and the right choice for you will depend on your specific financial needs and goals. Mint and Personal Capital are both great options for those who want a comprehensive view of their finances, while YNAB and MonarchMoney are more focused on budgeting.