![]() ![]() Compared to Mint and Monarch, with YNAB you have to actively assign new money as it comes in vs setting a budget and letting the software track it for you. It only allows you to budget dollars that are actually in your accounts, think of having to stuff envelopes with money (you cannot put an IOU in there). You can learn more about how it works here, but the gist of their philosophy is that every dollar has a job. If you are coming from Mint and have never experienced an envelope-based budget system, YNAB will certainly take some getting used to.Pricing: $99 / year or $14.99 / month (34-day free trial).If you want the option that feels familiar and you don’t mind the cost, go with Monarch. For the data nerds out there, they also have the option to see a Sankey diagram of your cash flows. It gives a customizable dashboard so you can add/remove the sections you want to see most. You will create your customized budget in the app and then as transactions pull through you will be alerted as you go over categories. It has a simple interface that makes clear the different sections that you can choose from. You will need to link or manually add accounts for it to begin tracking transactions and your net worth over time. It offers an easy import of transaction history from Mint. Monarch will seem the most similar to Mint because of its founding – it was founded by Val Agostino, the first product manager at Mint.Account Linking: Multiple sources (Plaid, Finicity, and MX).Pricing: $99.99 / year or $14.99 / month (50% off with code MINT50 and also 30-day free trial).It can not only make you aware of categories you are overspending, but can also free you up to spend more on the areas you really value. Being aware of your budget over time will benefit you and your long-term financial plan. While there are a lot of options and they all have their strengths and weaknesses, the important part is picking one and sticking with it. I will briefly touch on the plethora of other options at the end. A free option, if you are a Beacon client, is to utilize our financial planning software RightCapital. If you want an envelope-based budget system (or zero-based budgeting) that several people in the Beacon office utilize, check out You Need a Budget ($99 / year). TLDR: Monarch will be the option most similar to Mint from a user interface and features perspective, but it does cost $99.99 / year instead of being free like Mint. Please note if you have long used Mint, you can still go in and download your entire history to Excel. I will explore them in depth below but will give a quick TLDR (too long didn’t read) before. It is unfortunate that this is happening, but it provides a good opportunity to revisit the budgeting options. It has been around since 2006 and we know of many clients that have been using it for over a decade at this point. Part of it will be rolled into Credit Karma (owned by Intuit), but most of the budgeting features will cease to exist. ![]() By now you have likely heard the news that Mint, the well-known budgeting app, is discontinuing at the end of the year. ![]()
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