If you’re like many people, you’re trying to get your financial situation in order. Maybe you weren’t taught efficient money-management skills as a teenager or a young adult. Perhaps you’ve run into some hard luck and your finances took a turn for the worse.
Whatever the cause, it is important to keep close track of your money, bills, subscriptions, and transactions in your accounts.
It can be overwhelming, though, to navigate through the many money-management services available. Sure, “there’s an app for that,” but what about when there are a dozen apps for that? Which one is the best for your situation?
We’re going to explore two options in this article: one that people might be familiar, Mint, and a new alternative, WellPaid.
The Ins and Outs of Mint
Mint is an app that helps you track your spending and set goals for the future. These are important aspects of becoming financially independent and secure!
There are many different ways that Mint helps. Mint tracks your expenses, finds opportunities for savings, and enables planning for savings.
These features are helpful. Yet, the options can be overwhelming for someone needing a simple option to organize their budget. If the goal is a simple tracker of spend, Mint's interface might be too complicated.
Fortunately, many of Mint does not charge a fee for features like budget planning, credit monitoring, and tracking spend. However, to the service is cluttered with advertisements and the free-functionality is limited.
Mint can provide the basic needs of monitoring spending in connected accounts, but it is only designed for a single user. If you live with someone else, the service does not allowing sharing or tracking bills with others.
The Ins and Outs of WellPaid
WellPaid is a user-friendly and simple tool to share expenses as a household. Similar to Mint, WellPaid connects to your bank accounts and allows tracking of expenses. Unlike Mint, WellPaid lets a group track and split payments for bills like rent, utilities, or subscriptions.
Do you have a spouse or roommates that pay for services that you use? Do you split the cost of rent or utilities? WellPaid allows a group to track bills together and allows recurring bank transfers to split the cost.
As an alternative to Mint, WellPaid lets you can track shared expenses, like a family cell phone plan or Netflix charges. (Pro tip: Check out sharing rules in their services pages) If you split the bill, you can assign a percent or fixed amount to others to get paid back automatically. Any time you are charged, your roommates or family are automatically requested to pay you back.
WellPaid even allows one-time charges to be added to the group ledger. Settle all your bills at the end of the month and simply keep a running total of who owes who during the month.
For the budget planner in you, WellPaid allows you to track your share of connected charges. Instead of dividing up the costs of shared bills to plan for your share, you can see the total and your estimated share all at once.
Finally, WellPaid uses simple transfer routines to enable auto-savings or splitting payments in advance. Property managers can collect rent or roommates can collect rent from roommates on a set schedule. Additionally, the service even can set aside a percentage of deposits to cover taxes or rainy day savings.
WellPaid is perfect for many types of people. WellPaid simplifies finances for co-living with roommates, co-parenting with your ex, a small-business owner tracking expenses, or a couple learning to manage finances together. Instead of pooling assets into a joint account, most of us still share some expenses that WellPaid can simplify.
Although Mint has some ways that it can help the serious financial saver and goal-setter, its best features are held in the paid version. While the service is great for a simple overview, if you live with someone else, then WellPaid is a better bet.
The majority of Americans share bills, subscriptions, services, and costs with other people. Sharing tracking of bills and joint expenses doesn't need to be in a joint account. There is an easy option to manage shared expenses without changing your spending or saving habits. WellPaid enables simple tracking for people that live with other people or share common expenses.
You deserve a platform that is easy to use, that streamlines your life, and that makes spending, saving, and bill paying seamless. As an alternative to Mint, WellPaid will do that for you.