The key to a healthy financial life is knowing where your money is at all times. A quick Google search for “best budgeting methods” will net you over 32 million results—so where should you start?
Although a pen and paper budget will do just fine in a pinch, there are many electronic financial management options available with advanced features, investment options, and more.
This article compares three top financial management tools—Empower, Mint, and Quicken—to see which financial tracking system is right for you!
While Quicken was around way before Mint and Empower (Personal Capital), the latter are now viable free Quicken alternatives.
And if you’re only seeking the best budgeting apps, then focus on Quicken vs. Mint.
The Mint vs. Empower (Personal Capital) choice is a trickier comparison
You'll find that through this Empower vs. Mint vs. Quicken comparison that more sophisticated investors will likely prefer Empower (Personal Capital) or Quicken.
It is also likely that investors will find use in utilizing both Empowers free tools along with Quickens subscription. The combination of both of them is one of the most powerful suites of tools in the country for managing your investments and finances overall.
Those seeking basic budgeting, Mint is an outstanding tool as well. Just know that it's not as comprehensive, and considering both it and Empower are free, I'd be choosing Empower all day over Mint. You can click the button below to get started with Empower.
Empower (Personal Capital) vs. Mint vs. Quicken—Overview
Financial management software is an effective way of quickly keeping an eye on your budget, spending, and investments. Yet not all platforms are created equal! Depending on your financial needs, you might be looking for:
- A quick-and-easy budget tracker (Mint)
- An in-depth financial log to make filing taxes a breeze (Quicken)
- An investment management platform (Quicken or Empower)
In order to really measure Mint vs. Personal Capital vs. Quicken, you should first know that the three platforms, while they have many overlapping features, are actually quite distinct and have the capacity to serve very different purposes.
This Empower (Personal Capital) vs. Mint vs. Quicken Review will help you understand the similarities and difference between these three financial management apps and decide which one(s) are for you.
Empower vs. Mint vs. Quicken—Top Features
Common Features
Features that the Mint, Quicken and Empower (Personal Capital) apps have in common include:
- The ability to link to financial accounts, including checking, savings, and retirement accounts, as well as investment accounts. This includes account syncing, which saves you from logging into multiple accounts.
- A dashboard which shows a snapshot of your financial situation; the included information varies based on the software being used and whether you’re looking on a computer or on a smartphone.
- Budget tracking.
Now, a peek into the top features of each of these financial management apps.
Empower —Top Features
- Cash balance, retirement savings and investment portfolio growth graphs
- Investment checkup – to make sure that you’re on the right financial track
- Cash flow analysis
- Retirement calculator and planner
- Ability to invest through the company—Empower is also a RoboAdvisor!
- No software to install—easy viewing on a web browser
- Empower app (for Android and iOS devices)
Overall, considering the fact that Empower's tools are completely free, it is almost a no brainer to sign up and give them a go. Especially considering it only takes 5-10 minutes to get set up. Just click the button below to get started.
Quicken—Top Features
- Budgeting, investment tracking, financial reports
- Debt reduction planner
- Guide to reach savings goals
- Links to TurboTax for easy tax filing
- Optional bill pay feature, depending on membership type
- 5GB free online storage from Dropbox with membership
- Computer software required; Quicken app is also available (Android or iOS)
If you're looking for more of a budget based platform rather than an investment/net worth tracker, Quicken is likely the most comprehensive option for you. This is why I stated the best situation for many people is to actually use Empower for their investments and Quicken for their budgeting. It really is best in class.
The best part is you can take a 30 day free trial of the platform by clicking the link below.
So, with in 10-15 minutes, you could be utilizing Empower's tools and Quicken's for absolutely no cost.
Mint—Top Features
- Easy budgeting and help creating a budget you can stick with
- Guide to help reach savings goals
- Recommendations for financial services that are tailored to your financial situation, such as credit cards and debt consolidation companies
- No software to install—easy viewing on a browser
- Mint app (for Android and iOS devices)
Overall, Mint is a strong option but is the most simplistic of the three. I'd suggest it for those who want very basic budgeting and expense tracking. However, I view it as a step behind platforms like Empower and Quicken.
This isn't exactly a knock on the platform or anything. Empower has a massive robo-advisory firm behind it to be able to offer the tools for free, and Quicken charges a subscription. So, we cannot expect Mint to put up an equal platform in terms of quality when there is no charge.
However, as mentioned, for basic budgeters, it gets the job done.
Overall winner of unique features: Empower
Empower vs. Quicken vs. Mint —Who Benefits?
The right financial app for you depends on your needs and wallet.
Since Empower and Mint are free and easy to access, they move to the top of our list.
Although, if you want extensive reports and customization, then Quicken can be worth the money. We like the budget in Quicken and the ability to track expenses by category.
The Quicken personal budget app offers in depth financial analysis and comparisons with average spenders. If you're willing to pay an annual fee, then Quicken is a solid Empower (Personal Capital) alternative.
Although, since Empower is free, the most effective combination in my opinion is simply utilizing both.
Mint
If you’re looking for an easy-to-use, free budget app, you can’t go wrong with Mint. The software is essentially autonomous once you connect all your financial accounts, although occasionally (very rarely!) accounts do not sync automatically—a bit of a glitch that is more annoying than detrimental to your financial success.
Mint, like the other platforms, lets you know what you have, what you owe and where you can cut back.
You can create budgets, track investments and learn ways to save.
Mint is ideal for the younger adult or those just beginning to manage their money.
Empower (formerly Personal Capital)
Empower is also a free budget app that is easy to use if you’re looking for something simple, but with the many other features and calculators, this software might be most beneficial to someone with active investments.
Empower goes beyond simply calculating what percentage of your budget was spent on Starbucks this month, and gives detailed retirement predictions based on your investments, goals, and lifestyle changes.
The free Empower dashboard is a comprehensive investment tracker to monitor your own investments and compare them with the market.
Whether you use Mint or Quicken, considering Empower's tools are completely free, it's a no brainer to test them out.
Sign up and linking accounts is quick and easy. Just click here!
The free Empower (Personal Capital) app provides updates to bank and investment accounts, spending, portfolio performance, investment allocations, sector weightings and your home value.
Empower also analyzes your investment fees and asset allocation and offers helpful suggestions for improvement.
If you're looking to learn more about their free tools, I did an overview here.
Quicken
Finally, those who have small businesses, want multiple printable reports, or access to a host of other financial products would benefit most from Quicken.
The Starter option allows you to upload all your accounts, create a budget and manage your bills. While, the Deluxe offers a customized budget and debt management and savings goals.
Quicken offers 4 subscription options with graduated features and fees:
Starter
- See all your accounts in one place
- Download transactions from bank & credit card accounts automatically
- Automatically categorize expenses to see exactly where your money goes
- Conveniently access, download & pay your bills directly from Quicken
- Access Quicken on multiple devices, and on the go with free web & mobile app
Deluxe
- Includes everything in Quicken Starter plus many more popular money management features
- Download transactions from retirement, loan & investment accounts automatically
- Create a 12-month budget with ability to customize goals month by month
- See how to pay off loans faster & save by tracking principal & interest payments
- Access Quicken on multiple devices, and on the go with free web & mobile app
Premier
- Includes everything in Quicken deluxe plus many more investing features
- Simplify your taxes and investments
- Pay any bill directly in Quicken for free, plus priority access to official Quicken customer support (a $49 value)
- Advanced investing features, including investment performance analysis & investment activity report
- Access Quicken on multiple devices, and on the go with free web & mobile app
Home and Business
- Includes everything in Quicken premier plus many more small business and rental property management features
- Easily categorize and separate personal & business expenses
- Track your business profit/loss, identify tax deductible expenses, and run schedule C & other reports to make tax time easier
- Create and email custom estimates & invoices with payment links, and save business & rental documents directly to Quicken
- Access Quicken on multiple devices, and on the go with free web & mobile app
Though this financial management software is not free, Quicken makes managing your finances—even small business finances—easy.
Importing your data into TurboTax is a breeze, so self-employed individuals don’t need to worry about paying an accountant to file your taxes.
The printable report options in Quicken are a strong addition to those available on Empower.
There is no overall winner here. Each platform provides a different angle of attack for people who want to improve their finances and investments.
Quicken vs. Empower vs. Mint — Fees
These three financial management software programs have vastly different fee structures, but Mint is the easy one: it’s free!
Mint
Mint makes its money off of ads, which are tailored to your financial situation. That means that if you open a credit card with a recommended company, that company pays Mint.
Empower
Empower is also free for its basic features, making it comparable to Mint in that way. If you are looking to only manage your day-to-day budget or track your investments and retirement goals, the free version of Empower will do the trick. Empower is best for investors and those looking to plan for retirement, analyze investments, cut investment fees, and track net worth.
For those who want to combine budget tracking with investing management, Empower also has options. Their robo-advisor comprehensive financial management requires a minimum initial investment of $100,000, however, which makes it out of reach for many beginning investors.
Their fees also start at 0.89% AUM and, although the fees drop as your investment portfolio grows, this is on the high end of robo-advisors. Although, there are many free and low-fee investment management robo-advisor options available.
Keep in mind, there is no obligation to actually sign up for their robo services when you utilize their free tools. So in my mind, it's almost a no brainer to get started with them for free.
Quicken
Quicken's fees are relatively reasonable. Depending on the plan you choose, it can cost you anywhere from $2-$5 a month.
When we think about how much a proper budgeting and financial tool can save us (depending on your situation, it could be thousands of dollars a year) the ROI from paying for something like Quicken, which provides a little more in-depth functionality than something like Mint, can be drastic.
Along with this, it does offer a wide variety of discounts and sales, depending on the time of year. You can click the button below to see which ones they have active now.
Overall winner of fees: Empower
Deep Dive
If these financial management software programs are so different, how can we possibly compare them?
Here are a few more ways you can differentiate between Empower, Quicken or Mint and determine which one is for you.
Customizability
Formatting the financial information in a way that works for you is important.
Quicken
Quicken wins this category with Mint and Empower tied for second place – but for different reasons.
Quicken Deluxe allows complete budget customization and a free online Quicken budget calculator. The report allows you to examine your finances through various lenses.
All reports allow you to customize the time frame and include or exclude categories.
Some of our favorite Quicken reports are:
- Banking (The itemized transactions is one of our favorite reports as it shows every single expense and income item for your preferred time period.)
- Comparison
- Investing
- Net Worth and Balances
- Spending
- Tax
- Business
If you’re wondering “Is Quicken Worth It?” our answer is that if you want to dig deep into your financial and investment data, then yes.
Mint
Mint is very easy to customize. Users can adjust their overall budget and category allocations as needed, and can even break up larger categories into much more specific ones.
For example, the “Food” category can measure the overall dollar amount spent on food and differentiate between fast food, groceries, and date night restaurants.
We consider Mint like your first introduction into money management. If you're just starting out with money management, then Mint will suffice, in the Mint versus Quicken battle.
As you advance, you’ll probably want additional heft with more advanced investment management apps and platforms.
Empower
The Empower (Personal Capital) retirement planner helps you customize for your future as well as the present. Their retirement calculator allows you to enter in lifetime milestones, like the birth of a child, large purchases, and vacations, and will analyze that information in addition to projected salary increases or time off from work.
The Empower retirement analysis gives you a predicted success ratio for achieving your retirement goals.
And all of the Empower money management tools are free! If you're looking for a more in-depth look at the tools, just click here.
Business and Side Hustles
In this category, Quicken stands alone. Although in practice users can create a Mint or Empower account connected only to their business accounts, why not use a tool designed to separate business and home expenses in one place?
While users will need to purchase the Home & Business edition of Quicken, which is the most expensive option, the program is designed to make your financial life as a self-employed professional hassle free.
Plus, they boast excellent customer service!
Empower vs. Mint vs. Quicken—The Takeaway
These three financial management software programs will help you manage your money, period. Each one offers budget tracking and utilizes clear dashboards and/or summaries that help you see exactly where your money is going.
What differentiates the three is their main purpose. All three have a “focus,” and they’re very good at what they focus on.
- Empower is geared towards investors, with comprehensive retirement planning software and an a fee-based Hybrid, human financial advisor and automated investment management component for investors with at least $100,000 available as a minimum investment amount.
- Mint is the average Jane or Joe budgeting tool, with free money management systems that make tracking your spending a breeze.
- Quicken is a membership-type program, with various Quicken packages to customize the financial services they offer. They’re great for more detailed budget, investment and business tracking or for users who need additional financial services.
Serious money and investment trackers will probably benefit from utilizing both Empower and Quicken.
Since the Empower Financial Management tools are free, there’s really no reason not to sign up.
While Mint is fine for those with simpler financial needs, more on a budgeting basis.
If money is a concern, then the best free budgeting apps are Mint for beginners and Empower for those with investments. If you're looking for alternatives for Quicken, we did write an article on some free ones.
Which one you pick depends on how much structure you need (ranging from Mint’s pie chart budget tracker to Quicken’s ability to import data to excel and spew out multiple reports), how much you’re willing to pay (Mint and Empower’s basic programs are free), and what you really need out of a financial budgeting and money management app.
The best way to decide which budgeting and money management app is best for you is to consider your needs and financial situation. Regardless of which financial app you choose, the ultimate consideration is keeping track of your finances, for now and the future.
If you want to get started with Empower's free financial tools, just click the button below
If you want a more advanced budgeting tool but one that comes at a cost, click below to grab a trial of Quicken.
If you're a stickler for price, grab Mint for free below.
Can Empower (Personal Capital) Import Quicken Data?
With the popularity of the Empower dashboard, this is a widely asked question. Unfortunately, Empower can’t import Quicken data. Mint, Quicken, and Empower all import data directly from your financial and investment institutions.
Although, Mint, Empower and Quicken allow export to CSV or spreadsheet. This allows you to work with data on your own.
To be honest, integration is so easy these days that import/export functionality is rarely needed anyways.
Which is better Empower (Personal Capital) or Mint?
Empower is better for investors. Mint is better for budgeters. Why not sign up for both - since they're both free, you can benefit from Empower's in depth investments and retirement planning tools and use the saving and budgeting tools in Mint.
Is there a better app than Mint?
That depends upon what you are seeking. It's important to understand your goals first, then choose an app that will help you. Here are some our favorite money management apps.
Is Empower Worth the Fee?
The Empower app is free and allows you to track your spending and investing, plan for retirement and much more. There's every reason to sign up for theEmpower free tools.
The Empower Advisors charges a fee to manage your investments and meet with financial advisors. We believe that the fee is worth it, as the service is quite comprehensive and compatible with a fee-only financial advisor.
