Mint.com is shutting down and migrating users to Credit Karma in early 2024, with an unclear feature migration plan. As someone who uses/has tested dozens of tools, here is my take if you are looking for a replacement.
Great recap. I personally have remained on Excel sheets but there’s definitely a trade off in terms of it being more manual. Although that has helped make my numbers stick better in my head by doing everything by hand.
Empower does not have all the credit unions. Example Virginia Credit Union the largest in the state is not included. Also they don't include all the credit card companies or mortgage companies.
I really want to try Monarch but I can’t help but worry a bit about the security side of things. Any thoughts on that? Feels like the stakes are somewhat high when linking accounts like this.
There are some threads on the subreddit trying to get some info on compliance eg with SOC2. No response from the team so far.
Hey Andre! Great article. I have a couple of questions about personal capital.
1. The Savings Planner always picks up incorrect transactions as savings and I never get an accurate view of how much I save in a year from the tool. What has your experience been like ? Do you do any manual tagging or corrections ?
2. Emergency fund - This isn't a huge deal but it bothers me. The emergency fund only takes checking/savings accounts into consideration. I have a dedicated fidelity account for emergency funds and it's all in CDs. Is there a way to tag accounts as emergency funds so that it shows up correctly within PC ?
Great recap. I personally have remained on Excel sheets but there’s definitely a trade off in terms of it being more manual. Although that has helped make my numbers stick better in my head by doing everything by hand.
I went with empower. I didn't want to pay for mint-alternative and wanted to look at all accounts/assets in a single place.
Thoughts on Copilot? It's on iOS and coming to windows as well. It's been super solid for us
Empower does not have all the credit unions. Example Virginia Credit Union the largest in the state is not included. Also they don't include all the credit card companies or mortgage companies.
Check out Neontra. Just out of beta. Similar to Monarch, but cheaper. There cashflow/forecasting is the best I've found so far.
I really want to try Monarch but I can’t help but worry a bit about the security side of things. Any thoughts on that? Feels like the stakes are somewhat high when linking accounts like this.
There are some threads on the subreddit trying to get some info on compliance eg with SOC2. No response from the team so far.
Example:
https://www.reddit.com/r/MonarchMoney/comments/181sxxz/monarch_security_concerns/
Hey Andre! Great article. I have a couple of questions about personal capital.
1. The Savings Planner always picks up incorrect transactions as savings and I never get an accurate view of how much I save in a year from the tool. What has your experience been like ? Do you do any manual tagging or corrections ?
2. Emergency fund - This isn't a huge deal but it bothers me. The emergency fund only takes checking/savings accounts into consideration. I have a dedicated fidelity account for emergency funds and it's all in CDs. Is there a way to tag accounts as emergency funds so that it shows up correctly within PC ?