Do you know how much you spend on groceries each month? How about your net worth – how has your wealth grown over the past five years?
Wealthica and Mint are two powerful wealth-tracking and budgeting tools that can give you more control over your personal finances by tracking your spending, investing and net worth over the long term.
With 47% of Canadians living cheque to cheque, it’s more important than ever to keep track of your spending.
If you’re looking for the ultimate Wealthica vs. Mint comparison, then you’re in the right place. Today, I’ll compare both of these tools based on the following criteria:
- Ease of Use
- Everyday Budgeting
- Investment Tracking
- Tracking Your Family Net Worth
- Bill Negotiation
- Bonus Features & Versatility
Are you ready to get back on top of your finances?
Wealthica defines itself as “The ultimate 360-degree tracker” and is capable of tracking most major assets and investments, including:
- Cryptocurrency investments
- Personal finances
- Your investment portfolio
- Your net worth
Once you create an account, you’ll be able to link all of your bank accounts and investment accounts. Wealthica will automatically scan all of your bank statements and records, aggregating the data into simple, easy-to-read charts.
Then, you’ll be able to track both investment accounts separately or aggregate the combined profit and loss data into a single chart, allowing you to see how your investments have progressed over time.
Wealthica can also keep track of all of your crypto investment accounts, so you can follow along as the combined value of all of your crypto portfolios changes.
That’s not all, though.
Wealthica allows you to link all of your personal bank accounts, TFSAs, RRSPs, RRIFs, and more, giving you a complete view of your overall net worth. You can even add joint family accounts, so your entire family can track their progress.
- Want to learn more? Click here for my full review of Wealthica.
- Keep track of all of your stock portfolios
- Keep track of your crypto investments
- Free version has a lot of great benefits, paid version has even more
- Fully customizable, depending on your needs
- Capable of tracking your family’s net worth
- Doesn’t offer debt-tracking
- Tracking is updated daily rather than hourly, which may be inconvenient for some
- Exporting data is a paid feature
Mint was founded in 2006, making it one of the oldest personal budgeting tools on the internet. The company was purchased by Intuit in 2009 and added to the parent company’s repertoire of personal finance applications.
Most of the features offered by Mint are free to use. However, users can also subscribe to Mint’s premium features for just $5 per month, which is pretty affordable compared to other budgeting apps I’ve reviewed.
Like Wealthica, Mint allows users to add all of their bank accounts and credit card accounts, so they can keep track of every dollar they spend across all of their accounts. Mint’s intuitive system will automatically categorize each expense into categories, such as:
- Phone payments
- … and more
One of the coolest features of Mint is that you can create your own categories and attach them to merchant transaction codes, which allows you to really micromanage your budget.
In addition to keeping track of your bank accounts, Mint also helps you manage all of your paid subscriptions. Many people have way too many paid subscriptions that they don’t even realize. However, the small charges all add up at the end of the month, and it’s nice to see the big picture.
Lastly, Mint offers a super-useful bill negotiation service that can help you reduce your bills, subscription payments, and more to save you money.
- Link your bank accounts and credit cards to track spending
- Set personalized budget goals
- Track investment portfolios
- Track crypto portfolios
- Create custom spending categories to micro-manage your spending
- Bill negotiation tool
- Subscription tracking tool
- Most features are free to use
- Mint has a lot of ads
- Mint can’t track joint accounts
Now that you have a good idea of the key features offered by each company, it’s time to dive into our head-to-head comparison. Below, I’ll compare both of these personal finance tools, so you can see for yourself which one best fits your needs.
First, though, here’s a quick chart for visual reference:
|Most services are free to use||Mostly free to use|
|Premium features from $50 per year||Premium features for $5 per month|
|Track investment portfolios and stocks||Track stock investment portfolios and crypto|
|Track expenses on your cards and bank accounts||Track expenses and create custom categories based on merchant codes|
|Track joint accounts and family wealth accounts||Can’t track family or joint accounts|
|No bill negotiation feature||Bill negotiation feature can reduce your bills and subscription costs.|
Wealthica vs. Mint: Which Is Cheaper?
If you’re on a budget, the first thing that you should consider is the cost of using the service. The last thing you want is yet another paid subscription draining your bank accounts.
That being said, both Wealthica and Mint offer free versions.
Most of the budgeting and wealth tracking features offered by both platforms are available with a free subscription. This is nice because it allows you to try each platform for free and see how you like them.
If you enjoy the free features of both platforms, then you may want to upgrade to each platform’s paid version.
Wealthica currently offers two paid subscriptions:
- Unlimited Connect – $50 per year
- Premium Unlimited -$150 per year
Here’s what you’ll get out of each:
|Unlimited Connect ($50/year)||Premium Unlimited ($150/year)|
|Share your dashboard with 3 users||Share your dashboard with unlimited users|
|Free exporting to Google Sheets||Access to the enhanced holdings view|
|Manually add data from before you joined Wealthica||View 15-minute delayed quotes within your holdings view|
|Create custom attributes within data sheets||Add unlimited portfolios to your account|
|Access to premium support||Access new beta features before they’re released on the free version|
|Connect with your USD accounts|
By contrast, Mint has just one paid subscription, which runs for $5 per month. Currently, the Mint Premium is only available on the iOS app, which may be a bit disappointing to all my Android users out there.
With Mint Premium, you’ll get access to all of the paid features, plus:
- Subscription cancellation through Billshark
- Mint Premium arcade games (good for kids who want to learn budgeting)
- Advanced graphs and data visualization tools
Your subscription to Wealthica will be billed annually as a single payment. While some may prefer this, others prefer Mint’s more affordable monthly subscription, which can be cancelled anytime.
As far as cost goes, Mint is the cheaper option. However, it doesn’t offer as many advanced features for its paid version as Wealthica.
Budgeting should be easy. The more complicated an application is, the less likely you are to use it.
Thankfully, both Mint and Wealthica are straightforward and relatively easy to use. Even those who aren’t the most tech-savvy should be able to get the hang of the apps with a little bit of practice.
Both platforms offer a fully web-based platform which gives you a wider view of your overall finances. However, each also offers an Android and iOS app so you can keep track of your budget and finances as you’re on the go or travelling.
Some of the advanced charting and graph features used for tracking your investment portfolios may be difficult to use (on both platforms). However, there are plenty of tutorials to help guide you through the process.
Regarding ease of use, Wealthica and Mint are tied.
Wealthica and Mint allow users to add their bank and credit card accounts to their dashboards. The platforms will automatically scan your card and bank statements, categorizing each and every dollar you spend. Charges that aren’t recognized by the system will be set aside, so that you can manually categorize them or create custom categories.
That being said, Wealthica has one key feature that helps it stand out from Mint. Namely, Wealthica allows users to track spending on joint accounts, which is very useful for couples or business partners who share an account.
With this in mind, Wealthica is the winner when it comes to budget tracking capabilities.
Again, both Mint and Wealthica allow you to add your stock and crypto investment portfolios to your dashboard. Your trading data can be viewed separately or can be aggregated, allowing you to view your progress over the long run.
That being said, Wealthica was specifically designed with investors in mind. The charts and investment data features you’ll find on Wealthica are more advanced and allow users to customize their data spread to view micro and macro changes.
While Mint Premium offers the same, these advanced features are currently only available on iOS, which means that many of Mint’s users will never be able to take advantage.
Regarding investment tracking capability, I’d say that Wealthica is the clear winner.
One of the great features I like about Wealthica is that it allows you to view your family’s net worth and total wealth, as you progress over time. By aggregating bank account data and investment data, you’ll be able to see your wealth grow (or fall) over time.
Mint is excellent for tracking your personal finances. However, Mint doesn’t allow you to add other users to your dashboard, connect joint accounts, or track family investment accounts.
Wealthica is, by far, the better app if you want to include your family in your financial plan.
Currently Wealthica doesn’t offer any bill negotiation features.
By contrast, Mint has partnered with Billshark to help its users negotiate bills and subscription payments down. Mint and Billshark have a 65% success rate for negotiating bills down, and you won’t pay anything for bills that don’t get negotiated down.
If the negotiation is successful, then Mint will take 40% of the amount saved for 24 months. After two years, you’ll keep 100% of your savings.
For negotiating bills down, Mint is the clear winner.
Wealthica is very clear about the services that it offers. Mint, on the other hand, offers a wide range of additional services, including:
- Personal financial coaching
- Credit card marketplace
- Loan marketplace
- Mortgage marketplace
As your wealth grows, Mint will automatically pair you with pre-qualified offers for all of these financial products, which can save you some time that you’d otherwise spend doing research on your own.
In regards to bonus features, I’d say that Mint offers more.
Both Wealthica and Mint are excellent tools. Both offer many of the same (or very similar) features. However, I’d say that certain individuals can benefit more from one platform:
- For investments and overall wealth tracking – I recommend Wealthica
- For daily budgeting – I recommend Mint
Wealthica has better data aggregators for viewing your net worth and investments, while Mint has a better dashboard for keeping track of your daily spending habits by allowing you to create custom categories and budget goals.
Looking for even more great tools? Keep on reading to see my list of the best personal finance tools in Canada!