We’re comparing Truebill vs. Mint in-depth so you can make the best decision possible. There are many apps for personal finance available that can assist you in setting up a budget and keeping track of your spending.
Two well-known examples are Truebill and Mint, and you might be trying to decide which app is best for you.
You can make personalized budgets and keep an eye on your monthly spending with Mint and Truebill. However, there are significant price disparities.
Additionally, Truebill has additional features like subscription cancellations and a bill negotiation service, while Mint almost exclusively concentrates on budgeting.
- Learn about Mint and Truebill budgeting app
- Which is the Better Free Budgeting App?
- Truebill vs. Mint – Feature Comparison
What is Truebill?
Truebill is a budgeting and bill negotiation app that debuted in 2015. The app’s premise is to use AI to help users monitor their spending and automatically set aside money every month.
Premium users also receive benefits such as bill negotiation through its concierge team, potentially lowering monthly expenses such as phone and cable bills.
Truebill claims to have saved its 3.4 million users over $245 million. It has also assisted in the cancellation of more than $155 million in unused subscription fees for these members.
What is Mint?
Mint is a personal finance and budgeting app that was founded in 2006. Intuit purchased the platform in 2009, and it has remained one of the most popular budgeting apps on the market.
Mint allows you to consolidate all of your financial accounts under one roof, giving you a complete picture of your finances. It also has excellent free budgeting tools to assist you in planning and tracking your monthly spending.
Truebill vs. Mint Feature Comparison
Mint is primarily a budgeting app, whereas Truebill is a personal finance app that includes budgeting, credit reporting, and bill negotiation features.
This means that while Mint is more comprehensive for creating custom budgets and managing your spending, Truebill has a wider range of features.
Mint and Truebill, in addition to budgeting, allow you to work towards different savings goals in addition to creating an overall budget.
The goal system in Mint is very straightforward. You set goals, such as saving for a vacation or becoming debt-free and then track your progress toward these objectives. You can assign goals to different accounts, such as a high-yield savings account, or leave goals unassigned.
Truebill, on the other hand, takes a more granular approach to assist you in reaching various financial goals. Its spending insights tool analyzes your monthly income, bills paid, current spending amount, and the total amount of discretionary spending left.
Premium users can then create goals within their Smart Savings account, with three different types of goals available:
- Emergency Fund: This goal will assist you in quickly accumulating a $1,000 emergency fund.
- Safety Net: Once you’ve established an emergency fund, this goal will assist you in saving three months’ worth of expenses.
- Custom: Create your own goal, such as purchasing a new car or saving for a wedding.
What’s nice is that Truebill offers two options for funding your new goals. The first option is to use Smart Savings, which uses artificial intelligence to transfer small amounts of money from your checking account to your Smart Savings account when it makes sense.
Truebill is similar to micro-savings apps like Digit in that it does not transfer more money than you can afford to save to avoid overdraft fees. The second method of funding is to set up custom transfers.
Winner: Mint has better goal-setting tools because of Truebill charges for Smart Savings.
Credit Score Reports & Monitoring
Mint provides free credit score reports as part of its partnership with TransUnion. You also get free credit monitoring, and Mint notifies you when TransUnion receives new credit information.
Premium Truebill users also receive credit reports and real-time alerts about changes to their credit scores. However, because it is free, we prefer Mint over Truebill for credit reporting and monitoring.
Winner: Mint provides free credit reports and credit monitoring.
Pricing & Paid Plans
One of the primary distinctions between Mint and Truebill is that the majority of Mint features are available for free, whereas Truebill Premium unlocks a plethora of additional budgeting and saving tools.
Mint provides almost every feature for free. Mint Premium is available for $4.99 per month. This plan removes advertisements and adds more data visualization tools and breakdowns. Through its partnership with BillShark, you also get a bill negotiation service. However, most users will see no benefit from paying for Mint.
In contrast, Truebill Premium has a monthly price range of $3 to $12, and it’s “pay what’s fair” pricing structure lets you decide how much to pay. If you pay $3 or $4, you pay annually; otherwise, you are billed monthly.
Unlimited budgets and custom budget categories; premium customer support; Smart Savings accounts to automatically save for your goals; real-time balance syncing; credit reports and monitoring; bill cancellation service are some of the benefits you receive with Truebill Premium.
Unfortunately, if you want to use Truebill to its fullest potential, you must purchase Premium. If you don’t care about budget customization or some of the other automatic tools, you can get by with the free plan, but it’s not nearly as feature-rich as Mint when it’s free.
Winner: Although Truebill has a wider range of features, Mint is preferable if you want to remain free.
Mint and Truebill have budgeting features, but Mint focuses on assisting you in creating a budget, whereas Truebill focuses on just one aspect of using it.
To begin using Mint, you must first sync your bank account to the app so that it can download all of your transactions and account values. Transactions are then automatically classified into categories such as entertainment, rent, and food. You can also add new categories to your budget to make it more specific, as well as edit any incorrectly assigned values.
It also allows you to break down your spending by category so you can see if you’re spending within your means.
Truebill and Mint both have budgeting systems. When you connect your bank account, the app automatically categorizes your spending. It also highlights historical spending patterns, so you can see if you’re overspending in a particular category. The app also computes “spending allowances” to assist in avoiding monthly overspending in various categories.
Truebill and Mint have similar budgeting features in general. Just keep in mind that Truebill is primarily a mobile app with a very limited desktop version. Mint, on the other hand, works the same way on your phone and computer.
Also, the free version of Truebill does not allow you to create unlimited budgets or custom budget categories, which is a significant disadvantage when compared to Mint.
Winner: Mint offers more free budgeting tools than Truebill.
The Unique features of Truebill
Truebill doesn’t just concentrate on budgeting, unlike Mint. The app uses a number of additional distinctive features to reduce monthly spending, including:
- Cancel Subscriptions:
Truebill’s selling point is that it monitors and highlights your monthly subscriptions, so you don’t pay for services you don’t use. Premium members can also request that Truebill’s concierge team cancel their subscriptions on their behalf.
- Bill Negotiation:
Premium members can request that Truebill negotiate lower rates for monthly bills such as cell phone, cable, and car insurance. Simply upload a photo of your bill to the app and request that Truebill looks for a lower rate.
To save money, it never downgrades or removes services. Instead, it attempts to obtain lower interest rates or account credits. If Truebill discovers savings, it charges a success fee of 30% to 60% of the discovered savings, and you decide how much you want to pay.
- True card Credit Card
Truebill has launched a new credit card for premium members. This card aims to keep credit utilization low and payments on track so that you can gradually improve your credit score. Select brands will also offer cash-back rewards on the card in the future.
The Unique features of Mint
The budgeting tools in Mint are the main draw for using it. However, this popular budgeting app also has a number of other helpful features, such as:
- Investing & Crypto Tracking: You can use Mint to track your investment portfolio by linking your investment accounts. You can track your Bitcoin holdings thanks to a partnership between Mint and Coinbase.
- Net Worth Tracking: Using Mint, you can monitor your net worth after connecting all of your accounts.
- Bill-tracking: You can set up Mint to monitor your bills and notify you when they are due or if there are insufficient funds in one account to avoid paying overdraft fees.
Pros & Cons of Truebill
- Assists you in monitoring monthly subscriptions to avoid paying for services you don’t use
- Provides useful spending insights
- Can assist premium users in saving money by negotiating lower monthly bill rates
- To access the best features, you must pay for Truebill Premium.
- Not as comprehensive as Mint for budgeting, especially if you stick with the free plan.
Pros & Cons of Mint
- Almost every feature is available in the app’s free version.
- With the free plan, you can create custom budget categories.
- Contains an investment and Bitcoin tracker • Allows you to easily track your net worth
- The mobile app is very user-friendly, and it also works on the desktop.
- Issues with account syncing are a common complaint and the reason people use Mint alternatives.
- Lacks Truebill’s money-saving features, such as bill cancellation and negotiation.
Which is the Better Free Budgeting App between, Truebill vs. Mint?
Mint is superior to Truebill if all you need is a budgeting app to help you track all your spending and stay on track. The free version of the app includes everything you need, including budget category customization, which Truebill’s free version lacks.
The ability to monitor your investment portfolio and track your net worth are also advantages.
Truebill, on the other hand, is superior to Mint if you want to start cutting back on monthly spending and need a serious helping hand.
The app is useful for keeping track of subscriptions and for negotiating lower rates on certain monthly bills. However, if you want to take advantage of the majority of Truebill’s features, you should budget at least $36 per year for the Premium version.
Hopefully, our Truebill vs. Mint comparison helps you choose the best or an alternative between the two services. If you have any experience with either app or have a preference, please let us know in the comment section below.
How trustworthy is Truebill?
Truebill was accredited by the Better Business Bureau with a “B” rating as of July 2022.
Does Truebill actually cancel subscriptions?
One of the key features of Rocket Money (formerly Truebill) is the ability to locate and cancel subscriptions that are no longer in use. TrueBill does this by connecting to your bank accounts and analyzing your transactions for subscriptions.
How much is Truebill monthly?
Truebill Premium costs between $3 and $12 per month, and its “pay-what-is-fair” model allows you to choose how much you pay each month. If you choose $3 or $4, you will be charged annually, whereas other amounts will be charged monthly.
Is Mint safe to use for budgeting?
Yes, Mint’s parent company, Intuit, uses cutting-edge security and technology to safeguard its customers’ personal and financial information. Software and hardware encryption, as well as multi-factor authentication, are examples of security measures.
Does Truebill sell your data?
Truebill protects your information with bank-level encryption and does not sell your financial information. In addition, the company has partnered with Plaid to handle users’ online banking credentials, ensuring that data is never stored on its own servers.
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