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This is a sponsored partnership with The Entrust Group. Having more options for your retirement savings is always nice. And that’s where self-directed IRAs (SDIRAs) come in. These tax-advantaged accounts allow you to invest in real estate, small businesses, private equity, gold, oil, and more. An SDIRA differs significantly from an IRA or a 401k…
This is a sponsored partnership with The Entrust Group.
Having more options for your retirement savings is always nice.
And that’s where self-directed IRAs (SDIRAs) come in. These tax-advantaged accounts allow you to invest in real estate, small businesses, private equity, gold, oil, and more. An SDIRA differs significantly from an IRA or a 401k from a brokerage, where your options are limited to traditional assets like stocks, bonds, and mutual funds.
SDIRAs do give you more choices, but there is more work needed from you as they are a tad more complicated.
Key Takeaways
Self-directed IRAs can diversify your portfolio with different kinds of alternative assets.
SDIRAs can be set up as traditional or Roth IRAs.
There are cons to having an SDIRA, such as possible scams and the need for increased due diligence on the part of the account holder.
What is a Self-Directed IRA? – Complete Guide
So, what is a self-directed IRA?
A self-directed IRA (SDIRA) is simply an IRA in the eyes of the IRS.
But there is a big difference.
The most significant change with using an SDIRA is that you can invest in assets that are different from a standard retirement account (such as real estate, gold, bitcoin, and more – otherwise known as “alternative assets”), AND you can still use the same tax benefits as any other IRA.
Every investment and transaction is made on your request – not at the discretion of a financial institution.
Why have I never heard of a self-directed IRA?
Okay, so until recently, I had yet to hear of a self-directed IRA. You may not have either.
This is because SDIRAs are less common than the typical IRA you might already have. There are many different options for building your retirement portfolio out there, and this one requires more work on your end, so it’s less commonly used.
But, SDIRAs do have a wide range of potential. They are helpful for investors who want to diversify their retirement portfolio with assets beyond the usual stocks and bonds. In particular, they are an excellent option for investors with expertise in a specific area, like real estate or startups. They allow investors to use their existing retirement funds to invest in these types of assets to better take advantage of their own experiences.
How is a self-directed IRA different from a regular IRA?
The main difference between a self-directed IRA and one that is not self-directed is the different investment options available. SDIRAs can invest in alternative assets such as real estate, private businesses, precious metals, etc. However, standard IRAs are limited to stocks, bonds, and mutual funds.
If you’re looking to diversify your assets, then this may be a retirement account that could be great for you.
Types of self-directed IRAs
With SDIRAs, you can still receive the same tax benefits as an IRA holding publicly traded assets.
There are two main categories of self-directed accounts: traditional and Roth. Both have tax advantages, but they differ in how your contributions and withdrawals are taxed.
Traditional self-directed IRA – Your contributions are made with pre-tax dollars, which could lower your taxable income. There are also no income limits on contributions. When withdrawing the funds at retirement, you pay taxes on the distributions.
Roth self-directed IRA – Your contributions are made with after-tax dollars, so they don’t reduce your taxable income. All qualified withdrawals at retirement will be tax-free, including any gains your investments have made.
It’s essential to evaluate your financial situation and goals when choosing the type of SDIRA that’s best for you. There are also income and contribution limits to remember, mainly as these are updated annually.
How does a self-directed IRA work?
To invest with a self-directed IRA, you’ll have to open an account with a financial institution offering SDIRAs, often called a custodian, administrator, or recordkeeper.
After that, you can transfer or rollover money from an existing IRA or 401(k) into your SDIRA and look for an asset to invest in. You’ll be in charge of all asset decisions (this means that it’s your job to do as much research as you can), as well as ongoing account management.
It’s crucial to remember: per IRS rules, the custodian you choose does not help you to make investment choices. There are also other rules and regulations you must follow (you can read more about this at Self-Directed IRA Rules), such as avoiding prohibited transactions and staying within the annual contribution limits.
What Can You Invest In With A Self-Directed IRA?
A self-directed IRA lets you invest in various assets compared to regular IRAs.
Common investment choices
With a self-directed IRA, you can invest in assets such as:
Real estate – This could be rental properties, hotels, parking garages, or even empty land.
Precious metals – You can invest in physical gold, silver, platinum, and palladium.
Private equity – This includes investing in private companies not listed on public stock exchanges, including small businesses and start-ups.
Cryptocurrencies – Some self-directed IRAs allow investing in digital currencies like Bitcoin and Ethereum.
Commodities – You can invest in oil, gas, sustainable energy, and more.
Prohibited investments in self-directed IRAs
While there are many new things that you can invest in with an SDIRA that you may not normally do, there are some that are not allowed. Here are some examples of investments that are not allowed:
Collectibles – You cannot invest in antiques, artwork, and stamps.
Life insurance
S Corporations
Explore over 90 alternative assets you can invest in with a self-directed IRA (and learn more about the ones you can’t) here!
Understanding a Self-Directed IRA (SDIRA)
Here are some essential things to think about when it comes to self-directed IRAs:
Due diligence
Due diligence means doing careful research and checking everything thoroughly before making an important decision. Since you are responsible for all the investment choices, you’ll want to do your homework beforehand to make sure you know all the facts and risks involved.
Legalities and regulations
You should be aware of the legalities and regulations surrounding SDIRAs. As mentioned before, certain transactions, such as investing in life insurance or collectibles, may be prohibited. There are also separate IRS deadlines for some types of assets.
In addition to the prohibited transactions listed above, it’s also essential to remember that the IRS has strict regulations concerning who can materially benefit from or transact with the SDIRA – known as “disqualified persons.” These are people like your spouse and children. For example, if you purchase a rental property, you (and your family) cannot use it for a family vacation.
Fees and expenses
SDIRAs have fees for recordkeeping and making transactions. Knowing the costs can impact how much money you make from your investments and may change your decisions.
Contribution limits and rules
Like IRAs from a bank or brokerage, SDIRAs have annual contribution limits. Be mindful of the limitations and make sure that your contributions follow the rules set by the IRS.
Withdrawal rules and penalties
You should be aware of the self-directed IRA withdrawal rules and penalties. Early withdrawals made before the age of 59.5 years may be subject to a 10% penalty and additional taxes. Additionally, if the funds are tax-deferred, you must also pay income taxes on the distributed amount.
Pros and cons of a self-directed IRA
Advantages of self-directed IRA:
Diversification – You can invest in real estate, private equity, precious metals, and other alternative assets.
Tax benefits – SDIRAs have the same tax advantages as regular IRAs. You can enjoy tax benefits based on the type of IRA (traditional or Roth) you choose.
Potential for higher returns – With a self-directed IRA, you can go after investments that might earn you more money than the usual choices. This could mean your retirement savings grow faster in the long run.
Disadvantages of self-directed IRA:
Can be more complex – Managing an SDIRA can be a more complicated process due to having more responsibility in choosing suitable investments and having to do more research. There is also less transparency surrounding alternative assets than those traded on the public market.
Higher risk – There may be higher risks, such as illiquidity, lack of regulatory oversight, and market volatility. There are also more scams in the SDIRA world because the investments differ and don’t have as much oversight.
Fees and expenses – SDIRAs often have higher fees, such as custodial, transaction, and recordkeeping fees.
How to Open a Self-Directed IRA
Setting up a self-directed IRA requires a bit more work than opening one through a bank or brokerage.
Here are some steps:
Find an SDIRA provider. Often referred to as an administrator or custodian, this entity is a financial institution that handles alternative investments and fulfills IRS-mandated recordkeeping requirements associated with your self-directed IRA.
Ensure they can hold the asset you want to invest in. For example, not all SDIRA custodians allow single-member LLCs or cryptocurrencies.
Choose between a traditional or Roth SDIRA
Create your account and pay your account establishment fee
Fund your SDIRA via a transfer, rollover, or contribution
Note: Having an experienced financial advisor can be super helpful in handling your SDIRA, as they can give you expert advice on what you should do.
The Entrust Group Review
Want to open a self-directed IRA? A popular administrator option is The Entrust Group, which has been in the business for over 40 years, with over 45,000 investors and $4 billion in assets under custody.
Opening an account with The Entrust Group makes the process easy, and you can choose your funding type, including rolling over an old 401(k), transferring an existing IRA, or making a new contribution.
Keep in mind that there are increased fees associated with an SDIRA. But, The Entrust Group is open about their fee structure, which you can find on their website here. Some of their fees include:
Account establishment fee – This one-time fee covers the cost of opening an account.
Annual recordkeeping fee – This is the fee that covers IRS reporting, recordkeeping, and admin.
Purchase and sale of asset fees – This one-time fee covers the paperwork required to execute the purchase or sale of an asset.
Transaction fees – These fees are charged for transactions.
The Entrust Group has a quick calculator that you can play around with to see what your fees are. I spent some time with it to better understand the different fees; for example, if I have one asset valued at $45,000, my one-time setup fee would be around $50, and my recordkeeping fee would be $199. If I have two assets with a total value of $100,000, then my set up fee is $50, plus the recordkeeping fees of $374. However, any undirected cash in your account isn’t subject to recordkeeping fees; so you won’t be subject to these when you’re between investments.
In summary, The Entrust Group is a reputable and experienced provider of self-directed IRA services, giving you the power to invest in many different alternative assets. If you want to diversify your investment portfolio simply, The Entrust Group may be a choice for your self-directed IRA.
Download their free Self-Directed IRAs: The Basics Guide to learn how you can take control of your financial future with an SDIRA with The Entrust Group.
Frequently Asked Questions About Self-Directed IRAs
Below are answers to common questions about self-directed IRAs.
What are the risks of a self-directed IRA?
Some risks of self-directed IRAs include the potential for fraud, and higher fees, and it may be a little more challenging to manage your alternative investments because there are more rules. And you are entirely in control of your account – so it requires more of a time investment. Also, self-directed IRAs require a custodian, and fees for these services can be higher than with a regular IRA.
Do you pay taxes on a self-directed IRA?
Yes, you do pay taxes on a self-directed IRA, but as with a regular IRA, the matter of “when” depends on what type of account you have. With a self-directed traditional IRA, your contributions may be tax-deferred, and you will pay taxes on withdrawals during retirement. Comparatively, a self-directed Roth IRA holder contributes after-tax dollars and can make tax-free qualified withdrawals.
Is a self-directed IRA better than a 401k?
It depends on your financial goals and investment preferences. A self-directed IRA can give you more control over your investments, while a 401(k) has limited investment options but may include employer-matching contributions.
How do self-directed IRA fees work?
Self-directed IRAs typically have higher fees than traditional IRAs due to the increased administrative costs associated with alternative assets. Some of the fees you may come across with SDIRAs include set-up fees, annual maintenance fees, and transaction fees.
Can I invest in real estate with a Self-Directed Roth IRA?
Yes, you can invest in real estate with a Self-Directed Roth IRA. You can also learn more about this at Self Directed IRA for Real Estate: Benefits, Risks, & Next Steps.
Are Self-Directed IRAs a Good Idea? – Summary
I hope you enjoyed this self-directed IRA guide.
While it is great that you have more options in what you can invest in, SDIRAs do require a little more work on your end.
But, if you’re looking to invest in different kinds of assets than just stocks and bonds, then SDIRAs are worth considering.
Are you interested in opening a self-directed IRA? Visit The Entrust Group to schedule a consultation with one of their experienced IRA experts.
Inside: Intuit bought its popular Mint app and now it shutting down leaving users scrambling to find an alternative. This guide will help you understand Intuit’s decision to move Mint to Credit Karma and provide a list of alternatives for personal finance management.
In an era where personal finance apps are thriving more than ever, the shutdown news of Intuit’s Mint app comes as a shock for many.
When I heard the news, I couldn’t believe my ears… moving Mint’s feature to Credit Karma – a credit repair app?!?!
Once I got over the shock, I knew you wanted the best information out there to decide on what to do next.
Our guide here is dedicated to helping Mint users navigate the ongoing changes and prepare for what’s next in their personal finance journey.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
The Downfall: Intuit’s Decision to Shut Down Mint
Mint has always been a beacon in the realm of top budgeting apps; mostly due to the fact it was free.
However, Intuit’s decision to close Mint marks the end of an era. Yet, there is a teaser… Mint is propelling people to Credit Karma.
Here is a statement in the Mint App News:
“Credit Karma is thrilled to invite all Minters to continue their financial journey on Credit Karma, where they will have access to Credit Karma’s suite of features, products, tools and services, including some of Mint’s most popular features.”
Mint App News1
Mint’s commendable service, free albeit with ads, which has been helping many people manage their finances effectively, will be missed by Minters—time to understand why this happened.
Why is Mint Shutting Down?
A surprising fact is that a free personal finance app like Mint isn’t a sustainable business. Most free apps have marginal direct costs associated with their services, unlike personal finance apps. They heavily rely on expensive data aggregators to gather the necessary financial data, causing a steady revenue loss for Mint per free user.
Intuit’s model has never been able to cover these costs leading to a revenue crisis. That was a key reason why I believe Intuit decided to shut down Mint. While Intuit denied Mint’s expenses being material in their quarterly earnings calls in 2023, they did note however they are looking to grow their consumer base across all of their products. 2
The Controversy Surrounding Mint’s Shutdown
While the financial reason behind Mint’s closure is understandable, this decision has provoked a wave of consternation among the users. Massive user outcry on Reddit underscores the integral role Mint played in their lives, and some even accuse Intuit of abandoning its commitment to free financial management resources.3
Given the fairly recent acquisition of Mint into Intuit, this may be surprising for many including these Twitter users.10
Not totally surprised to see this move to kill @Mint by @Intuit. @CreditKarma had plans to compete directly with Mint while independent & it makes sense to have a single consumer portal.
Very worried about the execution. 😬 https://t.co/pki8J3R2lg
— Adam Nash (@adamnash) November 1, 2023
Intuit is shutting down budgeting app Mint and is trying to get people to instead use Credit Karma, an app without any budgeting functionality https://t.co/j2AXvLtd6F
— bart (@bart_smith) November 2, 2023
Pt 1/2 Opened my @mint app today to find that they had moved the platform over to Credit Karma! What the hell!? And worst of all, they got rid of all of the features that I liked about Mint! I loved Mint, it helped me take my personal finances seriously!!
— Trevbotplaya (@trevbotplaya) October 25, 2023
When is Mint shutting down?
Yes, Mint is being shut down. Mint’s curtains will be drawn on January 1, 2024.
From this date, users will no longer be able to access their accounts or use any Mint services as we know them today.
So, don’t be caught off-guard; stay prepared and choose the right alternative before Mint bids adieu. We have other options below to help you guide this transition.
Mint User’s Guide: Next Steps to Credit Karma
Okay, one piece of advice I always give at Money Bliss is to plan and carve your own money journey. So, let’s move from panic to planning:
What should Mint users do now?
It’s natural to feel perturbed by Mint’s shutdown. Yet, the smart step is to immediately switch to planning mode.
Some crucial actions include exporting your transactions from Mint for future use and deleting your account once you have secured all necessary information.
In this interim period, also make sure to explore personal finance app alternatives, considering their features and support services, to find one that fits your needs perfectly.
Starting Afresh: Alternatives to Mint App
In light of recent events, here are the best apps available for Minters.
Switching to a new personal finance app might feel daunting initially, but there’s no need to worry. This era offers a wide array of options, many of which employ advanced technology and provide a user-friendly experience.
Look for apps that offer seamless data importation from Mint with a CSV file, comprehensive financial overview, dependable security features, and preferably, competitive pricing as well.
Diving into Details: A Comparison of Mint Alternatives
When comparing Mint alternatives, consider factors such as user interface, functions, cost, and customer feedback. Each app has its unique strengths.
For instance, YNAB stands out for budgeting, and Quicken shines in terms of portfolio management, while Simplifi offers a user-friendly interface. You may pick a budget app based on your budgeting preference, such as budget by paycheck or zero based budgeting.
Research thoroughly to find the app that delivers your personal financial needs the best.
YNAB
YNAB, or You Need a Budget, stands out for its award-winning budgeting system. It’s not a clone of Mint, but rather, it takes a unique approach to helping people proactively track spending and work towards financial goals.
YNAB stands out in personal finance management since it allows for utmost user control with its four simple pillars:
Give Every Dollar a Job
Embrace Your True Expenses
Roll with the Punches
Age Your Money
Additionally, YNAB presents flexible customization options for category names, a feature that enhances user experience, along with an open-source toolkit for extensive reporting while maintaining supreme user data privacy.
Learning Curve: YNAB requires diligence and customization in its early stages, but offers a robust set of personalized budgeting tools once users cross the learning curve.
Import Existing Mint Transactions: Yes 4
Price: Free 34 day trial and then a subscription-based model of $14.99 monthly or $99 annually.
Most people struggle with YNAB because of the steeper learning curve as well as getting one month ahead on their money. This is YNAB’s rule #4 to age your money, which is a smart money move and one we do personally.
No need to compare YNAB vs Mint anymore.
YNAB
Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.
Pros:
Comprehensive approach to budgeting, helping you plan monthly budgets based on your income.
Offers expert advice, making it suitable for those who require an in-depth, forward-thinking budgeting strategy.
Superior synchronization skills make it the winner in this area.
YNAB has extra features like goal setting for budgeting, shared budgeting tools for partners.
Option to manually add and upload transactions from accounts each month.
YNAB prioritizes user privacy.
Start 34 Day Free Trial
YNAB vs Mint
Simplifi
Simplifi by Quicken is a budgeting app that strikes a fine balance between complexity and simplicity.
Cheaper than a gallon of gas per month, Simplifi by Quicken a great bargain that offers a clean, intuitive, and clutter-free interface. It allows users to effortlessly track their spending, monitor savings goals, capture bills, and more.
Learning Curve: Simplifi is smooth due to its user-friendly interface and detailed instructions
Import Existing Mint Transactions: Yes 6
Price: Starting at $2.39/ month for new users
Simplifi has been rated as a preferred choice for people who want a fuss-free app to manage finances.
simplifi
Manage your money less in 5 minutes each week.
Reach your money goals with confidence!
“The easiest, most comprehensive way to both see where your money is going and plan for future expenses.”
Start FREE Trial
Quicken
This is the personal finance software I have been using for over 25 years.
Quicken offers robust personal finance management tools that make it easier to track expenses, income, and investments. Many people complain their budgeting feature isn’t up to par, but their cash flow reporting overcomes this as you can see your spending and plan accordingly.
Quicken Classic Deluxe: Robust & feature-rich | Best for power users
Quicken Classic Premier: Robust & feature-rich including investment| Best for serious users
Quicken Classic Business & Personal: Best-in-class business features integrated with our flagship personal finance product
Quicken might be the most suitable option for current Mint users due to its compatibility and ease of use. Unlike Mint, Quicken is not free, but its expansive features such as detailed expense tracking, report generation, and robust investment tracking arguably justify the cost. Plus you can add attachments of receipts into the transactions.
Learning Curve: Quicken may present a significant learning curve for beginners.
Import Existing Mint Transactions: Yes 5
Price: Starts at $4.19/ month for Quicken classic for new users. All plans have a 30 day money back guarantee.
It’s a perfect match for anyone requiring a comprehensive personal finance tool. You can sync between multiple devices as I covered in my Quicken review.
Quicken
Personal finance and money management software allows you to manage spending, create monthly budgets, track investments, retirement and more.
I have used this platform for over 20 years now.
Pros:
Birds-eye view of your complete financial picture.
Conveniently download your spending activities, and automatically categorize them (Quicken connects to over 14,000 financial institutions).
Track investments with it’s features like portfolio analytics, retirement goals, and market comparison.
Cons:
Little complex to use at first, the learning curve is moderate.
Yearly subscription-based model to use the platform.
Save 40% on New Memberships
Our Review
Monarch Money
Monarch Money’s unique selling point is its robust data connectivity. Armed with state-of-art financial transaction infrastructure that integrates with various data aggregators, Monarch promises effective budgeting and financial planning. It’s not free but offers a 7-day free trial to test its features.
Its subscription charges are $14.99 per month or $99.99 per year, a fair trade for its impressive service.
This is the latest top budget app to surface as true competition.
Learning Curve: Monarch Money boasts an intuitive and user-friendly interface, making the learning curve minimal and easy for new users.
Import Existing Mint Transactions: Yes 7
Price: Try Monarch Premium for free for 7 days. Then choose between the $14.99/month or annual $99/year plan.
Monarch Money facilitates financial planning with goal setting and forecasts, allows Mint transactions importation for history preservation, has customer-driven rapid development, provides a multi-user platform for collaborative financial management, is available across multiple platforms, and provides efficient customer service.
Tiller Money
Tiller Money might be the perfect solution for spreadsheet enthusiasts. This unique budgeting tool uses spreadsheets to manage finances and daily transaction updates. It is highly customizable with categories and reports to help you stay on top of your spending.
Tiller Money is a definite contender in the personal finance app scene.
Learning Curve: While Tiller Money requires a basic understanding of spreadsheets, users can easily customize it to suit their personal budget needs.
Import Existing Mint Transactions: Yes 8
Price: Starts with a free trial for 30 days and then charges a reasonable annual fee of $79.
A notable feature is its ability to pull and categorize credit card transactions, providing an in-depth view of spending habits.
Tiller Money
Your financial life in a spreadsheet, automatically updated each day.
Tiller is the fastest, easiest way to manage your money with the unlimited flexibility of a spreadsheet.
Update your finances in one place, so you can take control of spending, optimize cash flow, and confidently plan your financial future.
Pros:
Tiller automatically updates Google Sheets and Microsoft Excel with your latest spending, balances, and transactions each day.
No more tedious data entry, CSV files, or logging into multiple accounts.
You can customize everything and finally track your money, your way.
Try Tiller Free
Empower
Empower, formerly known as Personal Capital, is a comprehensive personal finance app that provides tools for managing income, expenses, assets, and liabilities.
With its intuitive interface, Empower users can seamlessly track their spending, create custom budgets, and even get insights into their net worth which can be updated on a monthly basis, thereby aiding in effective financial management. Additionally, their retirement planner is one of the best available – plus for free.
Learning Curve: Empower has a relatively intuitive interface, making the learning curve fairly manageable for new users.
Import Existing Mint Transactions: No 9
Price: Free to use
The downfall is Empower provides wealth management services, so there is a heavy sales pitch to bring assets under management.
Empower
Empower offers powerful tools to help you plan your investment strategy along with basic budgeting features and a great net worth tool.
As a free app, Empower can help you to save money, save time, and even make more money.
Get Started
Empower Personal Wealth, LLC (“EPW”) compensates Money Bliss for new leads. Money Bliss is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.
How to Move From Mint to Credit Karma?
Yep, I gave you the alternatives to Mint first.
Yet, the goal for Intuit is to move to Credit Karma. The core issue right now is while we do know which features will be transferred from Mint to Credit Karma. We are not sure as Minters if we will like the new layout and features offered with Credit Karma.
Right now, the budgeting feature will not be offered at Credit Karma, which I know for many Money Bliss readers is a big feature lost.
Learn more on how to move from Mint to Credit Karma.
Intuit’s Current Portfolio of Products
Intuit buying out Mint in 2020, you may be wondering about the current products offered by Intuit. 10
Intuit offers a range of financial and tax preparation products, including
Most notable is the success of TurboTax and Credit Karma.
Frequently Asked Questions
Once Mint shuts down, it’s crucial to know that Intuit will no longer have access to your financial data. All account and transaction information associated with your Mint profile will be deleted permanently from Mint’s databases.
To prevent any loss of important financial information, make sure to export all your transactions from Mint before the shutdown date arrives.
This highlights the importance of regularly backing up financial data as you may not know the next steps a company has for their product.
Yes, you can migrate your Mint data to a different personal finance app before Mint shuts down.
After you export your transactions from Mint, you can then import them to your new finance management app, ensuring you seamlessly carry over all essential financial information and continue managing your finances smoothly. However, bear in mind that the steps to do this may vary depending on the app you choose as your next financial companion.
Coping with the Closure: Dealing with the Loss of Mint
For long-time Minters, Mint’s shutdown can feel like losing a trusted companion. It’s natural to feel a sense of loss and uncertainty. I completely understand. That is why I haven’t switched from Quicken because of the long-term history.
However, remember that technology promises continual growth and evolution. There are numerous other personal finance apps out there, likely even better ones suited to your needs.
So, take a deep breath, do your research, and move on to the next chapter of your financial journey with confidence.
Source
Intuit MintLife. “Intuit Credit Karma welcomes all Minters!” https://mint.intuit.com/blog/mint-app-news/intuit-credit-karma-welcomes-minters/. Accessed November 1, 2023.
Intuit. “Event Details – Intuit Investor Day 2023.” https://investors.intuit.com/events-and-presentations/event-details/2023/Intuit-Investor-Day-2023/default.aspx. Accessed November 1, 2023.
Reddit. “Thoughts on the Mint shutdown from Monarch CEO (and first Mint product manager.” https://www.reddit.com/r/mintuit/comments/17llnbu/thoughts_on_the_mint_shutdown_from_monarch_ceo/. Accessed November 1, 2023.
YNAB. “File-Based Import: A Guide.” https://support.ynab.com/en_us/file-based-import-a-guide-Bkj4Sszyo. Accessed November 1, 2023.
Quicken. “Quicken for Windows: Importing Address Book Records From Another Program.” https://www.quicken.com/support/quicken-windows-importing-address-book-records-another-program. Accessed November 1, 2023.
Quicken Simplifi. “How to Manually Import Transactions.” https://help.simplifimoney.com/en/articles/4413430-how-to-manually-import-transactions. Accessed November 1, 2023.
Monarch. “Move data over from Mint to Monarch.” https://help.monarchmoney.com/hc/en-us/articles/4411877901972-Move-data-over-from-Mint-to-Monarch. Accessed November 1, 2023.
Tiller. “How to Easily Export Mint Transactions to a Spreadsheet.” https://www.tillerhq.com/exporting-mint-transaction-data-into-a-google-sheet-spreadsheet/. Accessed November 1, 2023.
Empower. “Am I able to see more than 3 months of data in Empower Personal Dashboard after I first link my account?” https://support-personalwealth.empower.com/hc/en-us/articles/201170160-Am-I-able-to-see-more-than-3-months-of-data-in-Empower-Personal-Dashboard-after-I-first-link-my-account-. Accessed November 1, 2023.
Intuit MintLife. “Intuit to Acquire Mint.com.” https://mint.intuit.com/blog/press/intuit-to-acquire-mint-com/. Accessed November 1, 2023.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Inside: Are you thinking about moving out? This guide will help you identify the costs of moving, calculate how much you need to save, and advice on expenses. You need to learn and plan for the practicalities of living on your own.
Taking the leap to move out and start living independently is a significant milestone.
However, it’s important to ensure you’re financially prepared for this exciting new chapter in your life.
One vital step you need to take is to start saving money, essential for covering your future expenses, emergency fund, and even fun activities. Through careful budgeting, consistent saving, and efficient spending, you can make the transition smoother and stress-free.
Around here at Money Bliss, we focus on the need to save money before making a purchase or taking the next step, so you will be better equipped and stay debt free.
This way, you can fully enjoy the freedom and responsibilities that come with having your own place.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Why is Moving Out on Your Own Important?
There comes a time in one’s life when one feels the need to spread their wings and live independently. We all wanted to move out at 18 – I remember!
This crucial step, however, requires substantial planning. Yet, most just jump right to moving out.
The key thing you must do? Save. But, why so important?
Here’s why: independence means bearing your own expenses. Rent, groceries, utilities, they’re all on you.
Plus, unforeseen emergencies are less shocking when you have a well-stocked safety net.
What’s a good amount of money to have before moving out?
The amount you need to move out depends on many factors.
However, on average, you should aim to have between $6,000 and $12,000 stashed away before you pack your bags.
This sum would cover initial moving costs, deposits, furniture, essentials, and a few months of rent.
Remember, it’s not just about surviving your first month. You’ll need enough to keep you comfortable while you’re settling into your new life.
How much should I save before moving out?
Remember, there isn’t a “magic number.”
Yet, many wonder is $5000 enough to move out?
Your savings should cater to your housing costs, which ideally should not exceed 1/3 of your monthly income. Besides, factor in regional cost of living, moving expenses, and an emergency fund.
What determines the amount needed?
The amount to save before moving out varies greatly. It hinges on factors like your targeted living area because there is a wide fluctuation of HCOL vs LCOL areas, your projected expenses, and your income level. The rent in one city might be higher than in another.
As well as your personal lifestyle choices and spending habits will greatly affect monthly expenses.
Evaluation: Your Financial Status
Your financial status, including current income and expenditures, plays a crucial role in determining the proportion of your earnings you should save before moving out.
If you have a higher income with lower outlays, you can save more, whereas having roommates can significantly cut down your living expenses, enabling better savings.
A careful review of these factors allows you to create a realistic saving plan tailored to your unique financial circumstances.
You need to make sure you are on track to how much money should you have saved by 25.
Assessing your current income
Take a deep look at your income. How much do you earn each month? How regular is this income? These are vital questions.
Your net income (what you earn after taxes) sets the tone for what you can afford. This is the amount listed on your paycheck.
Learn more about gross pay vs net pay.
Understanding your debt load
Debt can be a significant hindrance when contemplating moving out. How much do you owe monthly?
You need to consider your debt-to-income ratio. This is what mortgage lenders do to figure out if I make 70000 a year, how much house can I afford.
If your debt is taking up more than 30% of your income, you need to be careful on how much you spend on rent and other mandatory expenses.
Learn how to pay off your debt faster using Undebt.it.
Know Your Expenses: Breaking Down the Costs
I’ll be honest. This is what most people overlook when they move out or even purchase a new home.
For instance, the couch I loved couldn’t fit into our new house. Sigh.
Now, is the time to learn how to save 5000 in 6 months.
Identifying the cost of moving
Moving costs can bite! They depend on relocation distance, packing supplies, and the complexity of the move.
Movers can range from hundreds to thousands. According to Moving.com, the average costs for a studio or one bedroom range from $501 – $985. 1
Thankfully, you are young and you can pay friends for help with pizza. But, you still need to account for a moving truck if needed.
Hidden costs you need to consider
When moving out, some costs aren’t glaring. These include fees for installing new services, delivery fees for new furniture, or penalties if foregoing a current lease. Yes, these hidden costs can pile up!
Even, the costs to put blinds up at your new place! A room darkening shade can easily set you back $50; I know, I like my sleep.
So, be sure to consider them when saving for your move.
Setting Up a Personal Budget
A budget plays a crucial role in being financially stable. Period.
Call it adulting if you want to, but you cannot spend more money than you make. That is a recipe for a disaster and way too much debt.
By adhering to a well-planned budget, one can prevent financial stress to ensure financial security and start your journey to financial independence.
How to start a personal budget
Starting a personal budget is simple.
List your income and expenditures. Include rent, groceries, utilities, subscriptions, and yes, even luxuries.
The goal is to spend less than you earn.
Then, you can save and plan for your future.
That means you may not be able to afford everything you want. And using credit cards to fill the gap isn’t smart.
The 50/30/20 budget rule explained
For many, the 50/30/20 rule serves as a rough guide for managing your finances.
It suggests allocating 50% of your income to necessities, 30% to wants, and 20% to savings.
This is a beginner-friendly method to manage spending without feeling overwhelmed.
Starting to use a budget app is extremely helpful.
YNAB
Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.
Pros:
Comprehensive approach to budgeting, helping you plan monthly budgets based on your income.
Offers expert advice, making it suitable for those who require an in-depth, forward-thinking budgeting strategy.
Superior synchronization skills make it the winner in this area.
YNAB has extra features like goal setting for budgeting, shared budgeting tools for partners.
Option to manually add and upload transactions from accounts each month.
YNAB prioritizes user privacy.
Avoid These Budget Downfall
The most common expenses that are forgotten are irregular expenses such as vacations, weddings, or holiday spending. These variable expenses do not occur on a consistent schedule.
To manage these, note these big-ticket events on a calendar, estimate their cost, divide by 12, and contribute that amount to a high-yield savings account each month, offering you a guilt-free way to cover these costs without stressing over money.
Make sure you remember all of your expenses by checking out this full list of personal budget categories.
Creating and Managing an Emergency Fund
Why an emergency fund? It provides you with a safety cushion.
This fund prevents unexpected expenses from ruining your plans or sending you spiraling into debt. It acts as your financial parachute when you need it the most.
Around here at Money Bliss, we consider it a staple in financial wisdom.
Ideal size of an emergency fund
As a rule of thumb, your emergency fund should cover at least $1000-2000 in savings. This will provide money to cover a car breakdown or new car tires. Honestly, the goal is never to use your emergency fund.
However, you may look at a bigger rainy day fund that will cover 3-6 months of living expenses. This will provide you with a comfortable safety net against unexpected events like job loss or medical emergencies.
But remember: start small. Even $1,000 can buffer you from financial shocks. Check out these mini savings challenges.
Enough Money for One Year
A year’s worth of savings may sound excessive.
However, it provides unmatched stress relief and financial stability that can be life-changing, especially for young adults.
This tip will change your financial landscape immensely and provide you with more opportunities than you can imagine.
You can handle life’s ups and downs more easily when you have an entire year’s expenses sitting in your bank account.
Raisin
Simply select one of the high-yield savings products offered by their network of federally insured banks and credit unions to begin your savings journey.
You can open a free Raisin account in just a few minutes!
Compare Rates
Better Planning for Potential Bills and Fees
When preparing to live independently, don’t forget to plan for unanticipated costs.
Rental fees and deposits explained
When you rent, you’re likely to encounter a range of fees.
First off, you’ll have to foot a security deposit – typically equal to one and a half month’s rent. This upfront cost acts as insurance for landlords against damages. If you leave the place in top shape, you’ll get your full deposit back!
Additional fees could include application fees or non-refundable move-in fees like background checks. Know what you’re paying for before you sign the lease.
Utilities and recurring expenses
Electricity, gas, water, and internet – these utilities fall on your shoulders when you’re living solo.
These costs can eat a hole in your wallet if unchecked!
To avoid surprises, ask for estimates before signing a lease or find a place that includes utilities.
Other recurring expenses? Consider subscriptions. Gym, Netflix, Spotify – they all add up!
Trim
Perfect for the person who hates to hassle with canceling subscriptions and checking spending.
Trim adds value in such ways as canceling old subscriptions, setting spending alerts, checking how much users spent on ride-sharing apps the previous month, and automatically fighting fees.
Learn More
Go for a Trial Run Before Moving Out
Adopt the practice of “paying rent” beforehand by setting aside a third of your income into a dedicated savings account which can test your financial readiness for the move. See if you can move out and afford it before you actually move.
Remember, being savvy with money while planning to move out involves carefully auditing your spending over the last 3-6 months and developing a budget that accounts for future expenses, savings, and essential purchases.
This may save you headaches in the future.
Smart Moves: Making Rent Like a Boss
You need to understand how you are starting to make financial decisions.
In fact, reading this financial advice for young adults would be helpful.
Understanding rent payments.
Rent payments can be daunting as prices for a single bedroom apartment are $1700/month. 2
Many landlords may tenants to earn at least three times their rent.
Payments are usually due on the first day of the month. Late payments can lead to hefty fees!
Stay organized by setting reminders or setting up auto-pay.
Considering a roommate.
On the fence about getting a roommate? It’s worth considering!
A roommate can drastically cut your living expenses. Half the rent, half the utility costs… that sounds like a sweet deal.
On the flip side, you may have less privacy and there can be disputes.
However, with clear communication and shared responsibilities, it can be a great experience. It’s a great option if your income is tight. Choose wisely!
Opting for second-hand furniture
Furniture expenses can add up quickly, but there’s a savvy solution: opt for second-hand furniture! Yes, it’s cool to be frugal.
In fact, vintage pieces can add character to your home. Perhaps snag a few items from your parent’s home, Buy Nothing Group, or thrift stores. It’s not about being cheap, but about being smart!
You can always upgrade later.
Key Takeaways Before Taking That Leap
Moving out with roommates not only gave me a firsthand experience of independent living but also exposed me to the nuances of financial management. These initial steps helped me understand budgeting and the importance of balancing expenditures with earnings.
Then transitioning into renting my own place, I was armed with the knowledge I gained and was better prepared to face the challenges, creating a smooth transition to living completely on my own.
Checklist before getting your own place
Before making the big move, have you:
Saved enough to cover deposit, rent, moving, and utility hook-up fees?
Started a personal budget, tracking income and expenses?
Drafted a rough spending plan using the 50/30/20 budget rule.
Built an emergency fund?
Discussed potential apartment rental fees and deposits?
Considered recurring expenses and variable expenses?
Weighed the pros and cons of having a roommate.
Looked into second-hand furniture?
Can you comfortably cover living expenses with your income?
Have you accounted for all possible costs? Think of moving costs, utilities, groceries, health insurance, and more.
Have you considered the cost of living in your preferred location?
How stable is your income? Can it sustain your independence long-term?
Check out this first apartment checklist.
Frequently Asked Questions (FAQs)
Before moving out of your parents’ house, aim to save at least $5,000. But, you want to start off financially sound, so aim higher like $10,000. This amount would ideally cover your moving costs, early rent payments, and the setting up of utilities.
Remember, the real magic figure depends on your cost of living and your current income.
Put simply, saving $1,000 a month is excellent!
As an expert, Money Bliss often recommends saving at least 20% of your income each month. If you can stash away $1,000, you’re well above this bar.
Remember, every little helps when working towards financial independence. Check out our 52 week money saving challenge to get started.
Start Saving for How Much Money I Need to Move Out
Taking the leap into independent living can feel daunting. But with careful planning, budgeting, and saving, it’s an exhilarating journey.
The best advice I can give someone who is looking to move out is to plan ahead for the journey in front of you.
Remember, having anything between $6000 and $10,000 saved up is an excellent starting point.
As you navigate your financial freedom, adopt the 50/30/20 rule for managing expenses. Around here we call it the Cents Plan Formula.
Most importantly, stay prepared for life’s unexpected twists with an emergency fund. And don’t be shy to make some smart moves like considering a roommate or opting for second-hand furniture.
The journey towards independence is rewarding and fun – as long as you’re financially prepared. So pop that calculator, get budgeting, and start saving for your own place!
Source
Moving.com. “Moving Cost Calculator for Moving Estimates.” https://www.moving.com/movers/moving-cost-calculator.asp. Accessed October 25, 2023.
Rent Cafe. “Average Rent in the U.S.” https://www.rentcafe.com/average-rent-market-trends/us/. Accessed October 25, 2023.
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Getting the right tax advice and tips is vital in the complex tax world we live in. The Kiplinger Tax Letter helps you stay right on the money with the latest news and forecasts, with insight from our highly experienced team (Get a free issue of The Kiplinger Tax Letter or subscribe). You can only get the full array of advice by subscribing to the Tax Letter, but we will regularly feature snippets from it online, and here is one of those samples…
Taking out a home mortgage or refinancing a currently existing mortgage? If so, you need to know the tax rules for deducting interest.
home equity loans is tricky.
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You can deduct this interest if the loan is secured by a first or second residence and used to buy, build or substantially improve a home. That’s part of the $750,000 (or $1,000,000) acquisition debt. Improvements are substantial if they add value to the home, extend the residence’s useful life or create new uses for the home. Additions and renovations count. Basic repairs and maintenance don’t.
You can’t deduct interest if you use the home equity loan proceeds for purposes other than to buy, build or substantially improve the home. Before 2018, you could use cash from these loans to buy a car, pay off credit card debt, take a trip and the like, and deduct interest on up to $100,000 of debt. But, the 2017 tax law temporarily ended this tax advantage for home equity loans.
This first appeared in The Kiplinger Tax Letter. It helps you navigate the complex world of tax by keeping you up-to-date on new and pending changes in tax laws, providing tips to lower your business and personal taxes, and forecasting what the White House and Congress might do with taxes. Get a free issue of The Kiplinger Tax Letter or subscribe.
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Bobby Berk is known for his ultra-chic yet functional decor choices. Since Queer Eye rebooted in 2018, Bobby’s helped make interior design feel more accessible to millions of people. I am obsessed with his style and love how he masterfully uses accent pieces to make a space feel more loved and lived-in without it looking too crammed with stuff.
Speaking of stuff, Bobby Berk doesn’t just decorate spaces—he designs home decor. Right now, several of his pieces from the Design Your Home With Bobby Berk collection at QVC are on major sale.
easy fall decorating that won’t break the bank.
Bobby Berk Home Decor at QVC
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I sifted through the QVC sale section to find the best home decor deals from the Design Your Home With Bobby Berk collection so that you don’t have to. These are my very favorites, but there’s a lot more on offer, with nearly 70% off some of Bobby’s collection.
Bobby Berk Woven 19″ Indoor/Outdoor Lantern
Was $84, now $41.98 at QVC Add some accent lighting to your space with the Bobby Berk Woven Indoor/Outdoor Lantern. This chic rattan lantern comes in a natural tan color and a dark black and comes with a light-up LED candle and remote to set the ambiance. The lantern works well on a porch or outdoor space in the summer and then can easily brought indoors in the fall for a seasonal fireplace display or centerpiece.
Bobby Berk Printed Floral Stripe Lumbar Pillow
Was $52, now $17.99 at QVC Accent pillows are a fun way to spice up your space with new decor. Although this floral lumbar pillow for the Bobby Berk QVC collection has a floral print, it’s actually versatile enough to use in the spring, summer, and fall, thanks to its blue and orange colorways. The pillow is made from a durable 100% polyester material and features fringed edges for some extra texture.
Bobby Berk 24″ Wall Mirror with Rattan Border
Was $116, now $49.98 Rattan is one of the most popular home decor materials this year, and the Bobby Berk Wall Mirror with Rattan Border boasts a more elevated approach than other options I’ve seen. This mirror features a tightly woven, basket-like textured frame that sits on top of a lightweight MDF board with a glass mirror.
Bobby Berk 18″ Poly Rattan Side Table
Was $81, now $44.98 If you’re looking for a side table for a cozy fall reading nook, look no further. The Poly Rattan Side Table from Bobby Berk’s QVC collection comes in three different colors—black, gray, and brown—and is durable enough for both indoor and outdoor use. I love it because it has an option storage feature that allows you to tuck away a throw blanket and pillow when not in use.
Bobby Berk 100% Cotton 2-Sided Matelasse Throw
Was $57.75, now $20.99 It’s not fall without cozy vibes—and I am absolutely eyeing this throw blanket from Bobby Berk. The 2-sided Matelasse Throw is made from 100% cotton, so it’s warm yet breathable, making it a good option for more transitional weather. Available in gray and beige, the blanket measures 80 x 60 inches, too, so it will definitely keep you covered while taking a couch nap.
Bobby Berk Faux Leather 63″ Hanging Headboard
Was $190.83, now $84.99 Adding a headboard to your bed decor can elevate the design of room and anchor everything together. If you don’t want the hassle of a headboard, a handing headboard such as this gorgeous faux leather option from Bobby Berk is the way to go. Designed from faux leather with durable stitched straps for hanging, the headboard helps tie a bedroom look together in a way that feels more intentional.
Bobby’s collection isn’t the only decor on sale this fall. I’ve already covered the best QVC fall decor and found some sneaky discounts that can help you cut costs and keep cozy. Elsewhere on the site, we’ve tackled the best Walmart fall decorations and the best Target fall decorations, but it’s not just about shopping. You need to have style as well, so don’t fall into the same old outdated fall decor.
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The terms ‘warm minimalism’ and ‘quiet luxury’ have equally dominated design discussions in recent months but for a good reason. Both these aesthetics are timeless enough to transcend fleeting trends – and they’re versatile enough to work in every style of home, not least Pamela Anderson’s.
The model-turned-actress, best known for Baywatch, shared a look inside her white living room – exhibiting soft white painted walls, indulgent marble furniture, and brassy gold finishes (all of which tap into the quiet luxury trend).
color trends long into the future. Just like ‘quiet luxury’, ‘warm minimalism’ reminds us that neutrals are by no means boring and can, instead, serve as an enduring backdrop to more daring pieces – much like Pamela’s artwork.
‘We’re seeing the return of minimalism, but in a more sophisticated and homelier manner than we’ve seen previously,’ Anne explains in the discussion of this ‘design trend.’ ‘Warm wood tones and natural textures will become a feature of themselves without compromising the simplicity and cleanliness of minimalist styles.’
Anne Haimes
The Interior Concierge, a personal home shopping service that helps you find the perfect home decor and accessories for your home.
When it comes to decorating with art, Bren Petrunick, the creative founder of Simply White Interiors, also encourages us to follow Pamela’s lead.
‘A heavily furnished room with lots of patterns and colors doesn’t need an abundance of wall art to tie the design together. On the contrary, a more minimalistic furniture layout lends itself to featuring large prints on walls,’ he says.
‘As a general rule, every wall does not need to be covered. Often, the best design is completed in stages, with time dedicated to taking in each new layer and letting your eye wander as it discovers blank pockets that need attention or areas of concentration that should be more evenly dispersed.’
From the art to the furniture, we’re entirely inspired. And we’re buying our way into Pamela’s white living room with these inspired buys below.
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Interior designer and co-founder of lifestyle brand Magnolia Joanna Gaines is inspiring us with creative fall craft ideas, more specifically flower pressing.
Taking to Instagram over the weekend, the renowned designer shared a snapshot of a stunning fall-inspired collection of flowers that were in the process of being pressed, which taps into a key floral trend for 2023.
how to press flowers is a fairly straightforward process, but we turned to the flower experts to find out more about this fall craft.
‘Flower pressing can make some beautiful home-crafted pieces and using fall flowers can make a colorful display,’ explains Georgina O’Grady, managing director at Evergreen.
‘Good fall flower options include asters, violas, sunflowers, marigolds and zinnias. Once you have picked your flowers, remove any excess foliage that might cause the flowers to rot during pressing,’ she continues to explain.
Georgina O’Grady
fall colors that reflect the warming and earthy tones associated with the autumnal months is a key step: ‘For fall, opting for warm-toned flowers such as burnt orange, mustard yellow, and muted pink will help to bring the colors you expect to see in nature at this time of year into your home.’
For best results, Blott explains that ‘flowers with fewer layers of petals work best for pressing,’ whilst you can also mix things up and ‘consider also pressing some herbs and grasses for variation in your displays.’
Kate Blott
dried flowers, to begin with rather than fresh, which Blott explains gives a unique look: ‘Already-dried flowers retain some of their contours while fresh flowers become much flatter. Fresh flowers flatten as their natural moisture is wicked away, but a dry flower has already set in its dried state, meaning a completely flattened result isn’t achievable.’
The best bit about flower pressing for fall? It’s definitely the longevity: pressed flowers look great as home decor for years to come, as Blott explains: ‘Unlike standard dried flowers that may be exposed to dirt, damp and harsh light, pressed flowers are often kept tucked away inside journals or behind glass. This will extend their lifespan.’
‘As with all dried floral products, the level of care they are given will directly affect how long they last and look their best,’ Blott concludes.
Feeling inspired to get creative this fall? We’ve rounded up 13 creative fall craft ideas to help transform your home this cozy season.
Inside: Are you looking for an affordable budgeting app that offers a range of features? YNAB may be the perfect choice for you! This guide will compare YNAB vs Mint, highlight their key features, and help you decide which is best for your needs.
Are you trying to make a choice between Mint and YNAB for managing your financials?
Here’s a comprehensive overview that would definitely point you in the right direction.
Both Mint and YNAB have proven to be efficient and reliable online budgeting tools, but their offering varies in some aspects.
While Mint shines with its free budgeting tools and comprehensive credit score and report management capabilities, YNAB stands distinguished with its robust features and specialist credit management options, making it worth its fee for some users.
Herein, we dive into the similarities, differences, and unique functionalities of both platforms to help you decide which one best aligns with your financial management needs and lifestyle.
As a finance expert, I’ve seen both YNAB and Mint apps work wonders for different people.
In my opinion, both have unique value. Novices may find Mint’s overview helpful, while more determined budgeters might prefer YNAB.
Remember, it’s perfectly fine to use both if it aids your long-term money management.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
What is YNAB?
YNAB is a budgeting software I’ve utilized that provides detailed financial tracking and education for effective money management. Also, known as you need a budget app.
Adhering to its unique Four Simple Rules for Successful Budgeting, every dollar is assigned a specific task. YNAB operates via an online account or a mobile app, involving color codes and features like ‘The Inspector’ for efficient budget overview. However, it’s important to note that YNAB caters only to the zero budgeting style and charges a monthly subscription fee.
This is a great budgeting method as it gives you a cash flow budget plan for your money.
Overall, YNAB helped me gain control over my finances by setting realistic goals, getting one month ahead on bills, and focusing on each dollar’s purpose.
What is Mint?
Mint is a free, all-in-one finance platform owned by Intuit that can be used to easily manage my money.
It links all accounts in one place for easy tracking and includes features such as budgeting, credit score monitoring, and bill tracking.
For instance, Mint categorizes transactions, monitors changes in my credit score, and sets up budgetary limits.
With over 30 million users, Mint is a leading free tool in personal finance management.
A step up from Mint would be Intuit’s Quicken platform or Simplifi budget app.
Comparison of YNAB and Mint Apps
Mint is a comprehensive, free budgeting app, that provides an overall view of your finances. It links to your accounts, tracking and categorizing spending, while also offering savings tips. Conversely, YNAB, a paid app, focuses on giving users control over budgeting. It will link to your accounts and encourage a proactive role in handling finances.
These are two of the budget apps available on the market.
1. YNAB vs Mint: Features
YNAB and Mint are both renowned budgeting apps, but they possess some notable differences.
While both support account linking, goal setting, and spending tracking, Mint pulls ahead with its investment and credit score tracking features.
YNAB distinguishes itself with a forward-thinking, zero-based budgeting strategy and benefits like manually adding transactions. Think budget by paycheck style.
From the ease of use standpoint, both are equally user-friendly.
2. YNAB vs Mint: Budgeting Snapshot
YNAB offers a rigorous, manually updated budgeting snapshot that employs a zero-based budgeting philosophy. This feature provides a detailed outlook, encouraging users to assign every dollar a job.
On the other hand, Mint has an automated tracking system that offers an all-in-one snapshot of all financial accounts and spending categories.
Mint integrates your accounts, offering useful tips and an overview of your finances. Conversely, YNAB requires a manual categorization of income and expenses but affords more budgeting control. Similar to using the ideal household budget percentages.
The budgeting snapshot in Mint is best suitable for individuals seeking a hands-off approach, while YNAB is ideal for those who prefer an in-depth, hands-on budget strategy.
A great way to move digital from your budget binder with envelopes.
3. YNAB vs Mint: Goal Setting
The Goal Tracking feature in YNAB allows users to set various budgeting goals such as saving targeted amounts of money or conversely working towards getting out of credit card debt. This in-built functionality provides a structured pathway for users to stick to and pursue their financial objectives effectively.
Your interaction with your YNAB account through the goal-tracking tool ties back to YNAB’s four Simple Rules for Successful Budgeting, aiding in fiscal responsibility.
This innovative feature assists individuals in staying focused on their planned budgets, ensuring they are empowered to make strides toward their unique financial goals.
Mint however doesn’t offer this feature.
4. YNAB vs Mint: Interface
While YNAB is ideal for meticulous budgeters prioritizing forward planning, Mint is perfect for those seeking an easy-to-use, comprehensive glimpse of their financial standing.
YNAB’s interface is focused on budgeting, featuring tools for expense tracking, goal setting, and manual transaction input.
In contrast, Mint offers a comprehensive overview of your financial health, automatically categorizing expenses, tracking investments, and offering set-up alerts.
5. YNAB vs Mint: Categorization
Mint offers automated categorization of transactions, which eases the process of budgeting for the user. However, it doesn’t allow the removal of default categories, and the addition of new ones might take time due to server communication.
On the other hand, YNAB allows a deeper level of categorization, with an option to visually nest categories, and more effortless editing of these categories.
In my opinion, Mint’s categorization feature suits a casual budgeter looking for automation, while YNAB would be ideal for those desiring granular control over their personal budget categories.
6. YNAB vs Mint: Mobile App & Cross Platforms
Both YNAB and Mint offer comprehensive personal finance management via mobile apps, compatible with iOS, Android, and desktops.
YNAB stands out with its Apple Watch integrations and a slightly better syncing experience based on user reviews on Trustpilot1.
YNAB also syncs across a desktop app as well.
7. YNAB vs Mint: Alerts
Mint provides a wide selection of alerts, including low balances, upcoming bill payments, over-budget warnings, ATM fees, and unusual expenditure notifications.
These comprehensive alerts from Mint give a more thorough financial pulse check but can be overwhelming for some.
On the other hand, YNAB recently added live push notifications based on your preferences.
8. YNAB vs Mint: Syncing
YNAB leads the game when it comes to synchronization, outshining Mint. While Mint supports numerous banks, issues with synchronization often lead to grievances among its users. YNAB, on the other hand, offers smoother syncing and fewer complaints, proving its superiority.
Many users find YNAB’s syncing consistent and reliable.
Personally, I believe that if you prioritize seamless syncing and don’t mind spending $14.99 a month, YNAB becomes a clear choice.
However, if you’re okay with potential sync issues and prefer free usage, Mint could be more suitable.
It’s crucial to pick according to your priorities and needs.
9. YNAB vs Mint: Savings Accounts
Mint offers automatic expenditure tracking and classifies my spending into categories, providing a comprehensive view of where my money is going.
YNAB, on the other hand, empowers me to manually budget my net income each month, ensuring I don’t overspend and promoting a proactive approach to saving.
10. YNAB vs Mint: Investment Tracker
Mint offers investment tracking features, allowing users to view their investment portfolio and monitor performance.
In contrast, YNAB lacks this feature, not providing any investment tracking at all.
As a user, if you highly prioritize tracking investments in one place, you may lean towards using Mint. Conversely, if investment tracking is less important to you than budgeting, YNAB’s strong budgeting emphasis, despite its lack of investment tracking, makes it a considerable option.
11. YNAB vs Mint: Learning Curve with your Finances
YNAB has a steeper learning curve, necessitating a proactive approach to money management by assigning every dollar a purpose. Thus, YNAB gives you a free 34-day free trial to understand how to use the app.
Mint, however, requires minimal user input post-account linkage and auto-categorizes your spending. For sheer ease of use, Mint might appeal to novices looking for automated budget tracking.
On the other hand, users wishing to take charge of their finances might appreciate YNAB’s proactive, behavior-altering approach. Despite having a steeper learning curve, YNAB offers an abundance of online tutorials and customer support, making the learning process manageable and rewarding.
The same is true when you are learning to use the biweekly budget template.
12. YNAB vs. Mint: Data Security
Data security is a paramount concern when utilizing online budgeting apps as they deal with sensitive financial information.
Apps like YNAB and Mint incorporate stringent security measures to protect user data.
For instance, YNAB uses a one-way salted and hashed password system and data encryption.
Mint, on the other hand, employs two-factor authentication and a Touch ID sensor for iOS for enhanced security.
Nonetheless, it’s important to note that while these apps provide bank-level security, Mint does anonymize and sell user data to advertisers.
13. YNAB vs Mint: Advertising
YNAB derives income primarily from subscription fees offering an ad-free experience, holding a straightforward revenue model. In contrast, Mint generates income through affiliate commissions by advertising financial products to users and selling anonymized user data!
Mint, contrastingly, is a free app reliant on ads and sells anonymized user data for third-party advertisements.
From my perspective, if avoiding ads and preserving data privacy matters to you, YNAB’s approach might be more appealing. However, if you prefer a free service and don’t mind the ads, Mint would be suitable.
14. YNAB vs Mint: Customer Support
When evaluating the customer support of Mint and YNAB, it’s evident that YNAB takes a more well-rounded approach.
With a commitment to respond to email queries within 24 hours, YNAB also provides educational resources such as the “get started” class, their blog, and user forums. This is in contrast to Mint, which, despite offering live chat support, has had reports of slow response times.
Both platforms offer online training materials, but YNAB seems more comprehensive and responsive in its support-providing role. Overall, YNAB appears to be the preferred choice when customer support is a primary consideration.
15. YNAB vs Mint: Cost
Mint is a free, ad-supported budgeting app while YNAB is a subscription-based model of $14.99 monthly or $99 annually.
However, for individuals seeking in-depth surgical budgeting capabilities without concerns for associated costs, YNAB’s price might represent a great investment.
Given the claimed average user saves $600 in two months and $6,000 in the first year.2
For those budgeting with minimal funds, the free price tag of Mint might be more attractive, but you are giving away your privacy.
Pros and Cons of YNAB vs Mint
Our Favorite
Key Features:
YNAB offers a comprehensive approach to budgeting, helping you plan monthly budgets based on your income. It also offers expert advice, making it suitable for those who require an in-depth, forward-thinking budgeting strategy.
YNAB’s superior synchronization skills make it the winner in this area. YNAB has extra features like goal setting for budgeting, shared budgeting tools for partners
YNAB provides an option to manually add and upload transactions from accounts each month, a feature that Mint does not offer.
YNAB prioritizes user privacy, requires an opt-in to access budgeting data, and doesn’t sell user data.
Key Features:
Mint offers a centralized platform for monitoring all your financial accounts, including credit cards and bank accounts.
It provides a complete financial overview at a glance through the auto-population of data from linked accounts.
Mint’s features include detailed reporting in multiple categories, free credit score access, and exceptional compatibility with financial institutions.
The service is free, funded by ads and offers, and it best serves those who wish to categorize spending, budget their monthly expenses, and access all financial details from one place.
Lack of investment tracking feature
Customer service is only accessible via email, which might not be ideal for urgent queries
Steep learning curve which requires time and effort to navigate through.
Mint, which belongs to Intuit, automatically accesses all data and sells the data. Thus, an intrusion of privacy.
Budgeting feature doesn’t enable effective planning of future expenses.
Mint suffers from more technical glitches and synchronization issues.
Ads included in the free version of Mint can be obtrusive and may deter users.
$14.99 monthly or $99 annually
Free to Use, But Served Ads and They Sell your Data.
Offers a 100% money-back guarantee at any point of use.
Does not require credit card information to signup, a departure from the usual free trial model)
Our Favorite
Key Features:
YNAB offers a comprehensive approach to budgeting, helping you plan monthly budgets based on your income. It also offers expert advice, making it suitable for those who require an in-depth, forward-thinking budgeting strategy.
YNAB’s superior synchronization skills make it the winner in this area. YNAB has extra features like goal setting for budgeting, shared budgeting tools for partners
YNAB provides an option to manually add and upload transactions from accounts each month, a feature that Mint does not offer.
YNAB prioritizes user privacy, requires an opt-in to access budgeting data, and doesn’t sell user data.
Lack of investment tracking feature
Customer service is only accessible via email, which might not be ideal for urgent queries
Steep learning curve which requires time and effort to navigate through.
$14.99 monthly or $99 annually
Offers a 100% money-back guarantee at any point of use.
Does not require credit card information to signup, a departure from the usual free trial model)
Key Features:
Mint offers a centralized platform for monitoring all your financial accounts, including credit cards and bank accounts.
It provides a complete financial overview at a glance through the auto-population of data from linked accounts.
Mint’s features include detailed reporting in multiple categories, free credit score access, and exceptional compatibility with financial institutions.
The service is free, funded by ads and offers, and it best serves those who wish to categorize spending, budget their monthly expenses, and access all financial details from one place.
Mint, which belongs to Intuit, automatically accesses all data and sells the data. Thus, an intrusion of privacy.
Budgeting feature doesn’t enable effective planning of future expenses.
Mint suffers from more technical glitches and synchronization issues.
Ads included in the free version of Mint can be obtrusive and may deter users.
Free to Use, But Served Ads and They Sell your Data.
Who should use YNAB?
From my experience, YNAB works best for those who are ready to seriously manage their money and spend some time learning a new budgeting approach. Its use of the zero-based budgeting system not only makes you more intentional with your money but also demands active participation in decision-making.
YNAB’s ability to link to your accounts and its multitude of educational resources available are admirable features I’ve used.
YNAB offers detailed financial tracking and built-in education, but its monthly subscription fee and suitability for a specific budgeting style may be limiting for some.
However, it comes with a monthly or annual cost – a worthy investment for those searching for a robust, hands-on, and future-focused budgeting tool. Most YNAB budgets agree they save multiples of the subscription cost.
However, it can be less suitable for those not ready for a hands-on approach or those sensitive to subscription pricing.
Who should use Mint?
On the other hand, Mint is an all-in-one app that automatically tracks and categorizes your spending.
Based on my experience, Mint is an excellent tool for novice-level budgeters seeking to track their expenses, set budgets, and manage their finances with ease. This budgeting app allows a comprehensive view of all your financial accounts, which differentiates it from YNAB.
If you’re comfortable seeing ads and not needing investing features, Mint could be a perfect fit. However, if you require the ability to assign multiple savings goals to one account or a bill pay feature, YNAB may be more suitable for you.
Therefore, Mint is most applicable for beginners seeking a free and user-friendly budgeting platform.
YNAB vs. Mint: Which is better for you?
As a content writer and budgeting app user, I find Mint and YNAB are unique in their offerings.
Mint automatically tracks and categorizes your spending, providing an intuitive picture of where your money goes, ideal for beginners in budgeting.
In contrast, YNAB promotes a proactive approach, helping to set and monitor budgets, hence perfect for those with specific financial goals. To sum up, Mint offers a simplified, passive overview, while YNAB is excellent for a detailed, forward-thinking approach to managing finances.
Personal preferences and needs really influence the choice here. Do you need intricate control and don’t mind paying a fee? YNAB might be your fit. Prefer automation and want a free option? Mint could work for you.
YNAB vs Mint: Verdict
As an expert in personal finance tools, I’ve explored both YNAB and Mint.
In my experience, there are distinct differences between YNAB and Mint. For my readers, I recommend YNAB.
YNAB, with its laser-focused approach towards budgeting, is a boon for individuals needing extensive assistance in the budgeting arena. You learn to assign every dollar with intention, thereby gaining a higher degree of control over your finances.
This proactive approach will help you to be financially independent faster.
To sum up, if detailed budgeting is your priority, choose YNAB.
YNAB
Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.
Pros:
Comprehensive approach to budgeting, helping you plan monthly budgets based on your income.
Offers expert advice, making it suitable for those who require an in-depth, forward-thinking budgeting strategy.
Superior synchronization skills make it the winner in this area.
YNAB has extra features like goal setting for budgeting, shared budgeting tools for partners.
Option to manually add and upload transactions from accounts each month.
YNAB prioritizes user privacy.
Start 34 Day Free Trial
However, for a more holistic financial insight with less emphasis on budgeting, Mint might be the better choice.
Now, make sure to check out our Quicken Review.
Source
TrustPilot. “YNAB Review.” https://www.trustpilot.com/review/ynab.com. Accessed on September 27, 2023.
YNAB. “YNAB Pricing.” https://www.ynab.com/pricing/. Accessed on September 27, 2023.
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October is officially one week away, making this week the best time to shop for and refresh your space with Halloween decor. Pottery Barn, Anthropologie, Target, IKEA, and West Elm all have some of the most fun and viral Halloween decoration ideas, but my absolute favorite place to find stylish and spooky home decor items is at JOANN. Not only does JOANN have some of the most festive, spooky season home decor, but it also has amazing prices, with sales starting super early in the season.
With JOANN’s current Lowest Prices of the Season sale, you can get between 50 and 60 percent off fall and JOANN Halloween decor, just in time for trick-or-treaters. Plus, this week’s JOANN coupons include a $1.99 shipping perk with promo code SHIP199SAVE at checkout.
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The market is awash with Halloween pieces at the moment and at this time of year you rarely find them on sale. Halloween pieces at competitors can be incredibly expensive for decor that you’ll only use once a year, so it’s smart to find finishing touches on markdown. What I particularly like about JOANN’s selection is that a lot of these pieces are made with iron instead of plastic, so they should hold up for years, saving you even more in the long run.
Place & Time Halloween Metal Moon Phase Candle Holder
Was $24.99, now $12.49 at JOANN Candlesticks are one of the biggest home decor trends of the season, and this moon phase option puts a spooky spin on the style. Constructed from 100 percent iron, this candle holder of moon phases is heavy-duty and built to last for seasons to come. It would look so cute on a tablescape with the viral DIY ghost candle from TikTok or added to a spooky fireplace display with flameless taper candles.
Place & Time Halloween LED Haunted House
Was $39.99, now $19.99 at JOANN Illuminate your mantle or bookshelf with this adorable Halloween LED Haunted House from JOANN’s Place & Time Crypts and Cobwebs collection. This haunted house is constructed from a durable mix of stone powder and resin, giving it a ceramic-like finish. We love it on its own on an entry table next to a tablescape of pumpkins and gourds or paired with other haunted houses from the JOANN collection.
Place & Time Halloween Metal Spider Bowl
Was $29.99, now $14.99 at JOANN Whether you’re shopping for a Halloween candy dish or are looking for unique serving dishes for an upcoming spooky party, the Halloween Metal Spider Bowl is another fantastic spooky addition to your Halloween decor. This 9-inch bowl features long, creepy crawly legs and a full spider body and head with plenty of room for candy corn, pub mix, popcorn, and other Halloween snacks.
Place & Time Halloween Black Metal Bats Wall Accent
Was $59.99, now $29.99 at JOANN If you want to deck out your walls for Halloween but are looking for something slightly more elevated than your traditional party decor, this chic Black Metal Bats Wall Accent from Place & Time is worth considering (and its sale price makes it a definite add to cart). The durable Halloween wall decor is constructed from 100 percent iron and would look spooktacular placed above a fireplace mantle, entryway wall, or even outdoors in a patio area.
Place & Time Halloween Orange Pumpkin & Ball Felt Garland
Was $19.99, now $9.99 at JOANN Autumn means festive garland, starting with this craftcore style felt garland featuring plush orange pumpkins. This 6-inch long garland is a fun and whimsical way to dress up your home for the spooky season and would look great placed along a mantle, wrapped around a wreath, or added to a children’s room bookshelf.
Place & Time Halloween Figural Ghost Pillow
Was $39.99, now $19.99 at JOANN If you love the viral Gus the Ghost pillow from Pottery Barn but are looking for a more budget-friendly option, consider the Halloween Figural Ghost Pillow from JOANN. This 14 x 17-inch ghost pillow is somewhat of a Pottery Barn dupe and features that same plush material and spooky spirit. It’s the perfect throw pillow for that living room accent chair, but it would also look adorable nestled up with other festive pillows on an entryway bench.
If JOANN’s sale items aren’t quite doing it for you, we’ve also covered the best places to buy Halloween decor so that you can welcome trick-or-treaters in style.