YNAB vs Mint vs Personal Capital: Which Financial Tool Works Best for Business Owners?

For business owners, the line between personal and business finances often blurs. Whether you’re a solopreneur, freelancer, or small business owner, finding the right financial tool isn’t just about tracking expenses—it’s about gaining clarity across your entire financial life, making strategic decisions, and ensuring both your business and personal finances thrive.

Three platforms have dominated the personal finance software conversation in recent years: YNAB (You Need A Budget), Mint, and Personal Capital (now rebranded as Empower). While these tools were originally designed for personal finance management, many business owners have adapted them for their entrepreneurial needs.

But which one truly serves business owners best? After extensively testing all three platforms with my own business and personal finances over six months, I’ve developed a comprehensive understanding of their strengths, limitations, and suitability for different types of business owners.

Important 2025 Update: The Mint Situation

Before diving into the detailed comparison, it’s crucial to address an important development: Mint officially shut down on March 31, 2024. Intuit, Mint’s parent company, has been transitioning users to Credit Karma, which offers some similar features but is not a direct replacement for Mint’s comprehensive budgeting capabilities.

For this analysis, I’ll still include Mint’s former capabilities as a reference point, as many business owners are now seeking alternatives. I’ll focus primarily on comparing YNAB and Personal Capital (Empower), while suggesting alternatives for former Mint users where relevant.

The Contenders at a Glance

YNAB (You Need A Budget)

• Core Philosophy: Zero-based budgeting where every dollar has a job
• Cost: $14.99/month or $109/year (34-day free trial)
• Primary Focus: Proactive budgeting and cash flow management
• App Ratings: 4.8/5 (iOS), 4.7/5 (Android)

Personal Capital (Empower)

• Core Philosophy: Wealth building and investment optimization
• Cost: Free financial dashboard; paid wealth management services available (0.49%-0.89% of assets)
• Primary Focus: Investment tracking, retirement planning, net worth growth
• App Ratings: 4.7/5 (iOS), 3.8/5 (Android)

Mint (Historical Reference)

• Core Philosophy: Passive financial tracking and basic budgeting
• Cost: Free (ad-supported)
• Primary Focus: Transaction categorization, expense tracking, credit score monitoring
• Status: Discontinued as of March 31, 2024

Business Owner Needs: The Evaluation Framework

Before comparing specific features, it’s important to understand the unique financial management needs of business owners:

1. Separating Business and Personal Finances: Maintaining appropriate boundaries while still seeing the complete financial picture
2. Variable Income Management: Handling inconsistent revenue streams and planning for lean periods
3. Tax Preparation: Tracking business expenses, deductions, and estimated tax payments
4. Business Performance Metrics: Understanding profitability, cash flow, and growth trends
5. Time Efficiency: Minimizing time spent on financial administration
6. Investment Allocation: Balancing business reinvestment with personal wealth building

With these needs in mind, let’s evaluate how each platform performs for business owners.

Feature Comparison for Business Owners

1. Business/Personal Separation

YNAB:

• Allows creation of separate budgets for business and personal finances
• Can track business accounts alongside personal accounts
• Doesn’t offer true business accounting features like invoicing or accounts payable
• Business Owner Rating: 7/10

Personal Capital (Empower):

• Tracks business and personal accounts in one dashboard
• Limited ability to separate business from personal in reporting
• Focuses more on overall net worth than operational business finances
• Business Owner Rating: 5/10

Mint (Historical):

• Allowed tagging of transactions as business or personal
• Offered basic separation in reporting
• Lacked true business finance capabilities
• Business Owner Rating: 6/10

Best for Business/Personal Separation: YNAB’s separate budget capability gives it the edge, allowing business owners to maintain distinct financial tracking while still managing everything in one tool.

2. Variable Income Management

YNAB:

• Designed specifically for variable income with “Age Your Money” concept
• Encourages building income buffers for lean periods
• Allows planning for irregular expenses and revenue
• Business Owner Rating: 9/10

Personal Capital (Empower):

• Cash flow tools show income vs. expenses but aren’t optimized for variable income
• Limited forecasting capabilities for irregular revenue
• No specific features for income smoothing or planning
• Business Owner Rating: 4/10

Mint (Historical):

• Basic income vs. expense tracking
• Limited tools for managing income fluctuations
• Goal-setting features could be adapted for saving during high-income periods
• Business Owner Rating: 5/10

Best for Variable Income: YNAB is the clear winner here, as its entire methodology was built around managing irregular income streams—a common reality for many business owners.

3. Tax Preparation

YNAB:

• Custom categories can be created for different tax deductions
• Reports can be filtered by tax-related categories
• No built-in tax estimation or preparation features
• Business Owner Rating: 6/10

Personal Capital (Empower):

• Limited tax planning features
• Can track investment tax efficiency
• No specific business tax categories or reports
• Business Owner Rating: 4/10

Mint (Historical):

• Categorized expenses could be exported for tax purposes
• Tax deduction tracking was available but basic
• Integration with TurboTax (same parent company)
• Business Owner Rating: 7/10

Best for Tax Preparation: Historically, Mint had a slight edge due to its TurboTax integration, but among current options, YNAB’s flexible categorization system makes it more useful for tax preparation.

4. Business Performance Metrics

YNAB:

• Detailed income vs. expense reporting
• Customizable categories for tracking different revenue streams
• Limited business-specific metrics like profit margins or customer acquisition costs
• Business Owner Rating: 6/10

Personal Capital (Empower):

• Strong overall net worth tracking
• Limited business performance analytics
• Good for tracking business investments as part of overall portfolio
• Business Owner Rating: 5/10

Mint (Historical):

• Basic income vs. expense tracking
• Limited business performance metrics
• Trend analysis for spending categories
• Business Owner Rating: 5/10

Best for Business Performance Metrics: YNAB offers slightly better capabilities for tracking basic business performance, though all three platforms fall short of dedicated business accounting software in this area.

5. Time Efficiency

YNAB:

• Requires regular engagement and transaction review
• Higher initial time investment to learn the system
• Becomes more efficient over time as habits develop
• Business Owner Rating: 6/10

Personal Capital (Empower):

• Highly automated financial tracking
• Minimal required user interaction
• Quick setup and maintenance
• Business Owner Rating: 9/10

Mint (Historical):

• Automated transaction categorization
• Required occasional recategorization of transactions
• Relatively low time investment
• Business Owner Rating: 8/10

Best for Time Efficiency: Personal Capital (Empower) requires the least ongoing time investment, making it attractive for busy business owners who want insights without significant time commitment.

6. Investment Allocation

YNAB:

• Basic tracking of investment account balances
• No investment performance analysis
• Limited tools for investment planning
• Business Owner Rating: 3/10

Personal Capital (Empower):

• Comprehensive investment tracking and analysis
• Portfolio allocation recommendations
• Retirement planning tools
• Fee analyzer to identify excessive investment costs
• Business Owner Rating: 10/10

Mint (Historical):

• Basic investment account tracking
• Limited investment performance analysis
• Some goal-setting features for investment targets
• Business Owner Rating: 5/10

Best for Investment Allocation: Personal Capital (Empower) is the undisputed winner for investment management, offering business owners sophisticated tools to optimize their investment strategy.

Overall Ratings for Business Owners

The identical overall scores for YNAB and Personal Capital highlight an important truth: the “best” tool depends entirely on your specific needs as a business owner.

Best For Different Business Owner Scenarios

Best for Solopreneurs with Variable Income

Recommendation: YNAB

Solopreneurs dealing with irregular income will benefit most from YNAB’s proactive budgeting approach. The platform’s philosophy of “giving every dollar a job” and “aging your money” creates financial stability despite income fluctuations.

A freelance graphic designer I interviewed reported: “YNAB transformed how I handle feast-or-famine income cycles. I now maintain three months of business and personal expenses as a buffer, which has eliminated the financial anxiety I used to experience during slow periods.”

Best for Business Owners Focused on Wealth Building

Recommendation: Personal Capital (Empower)

Entrepreneurs who have achieved stable business income and are now focused on building personal wealth will find Personal Capital’s investment tools invaluable. The platform excels at optimizing investment allocations, identifying excessive fees, and planning for long-term financial goals.

A successful e-commerce store owner shared: “Once my business stabilized, Personal Capital helped me shift focus to building wealth outside my company. Their retirement planner showed I could reach financial independence five years earlier by adjusting my investment allocation.”

Best for New Business Owners on a Budget

Recommendation: Monarch Money (as a Mint alternative)

With Mint no longer available, new business owners seeking an affordable yet comprehensive financial tool should consider Monarch Money. At $99.99/year, it offers a middle ground between YNAB’s structured budgeting and Personal Capital’s wealth management features.

Best for Businesses with Multiple Revenue Streams

Recommendation: YNAB with Custom Categories

Business owners managing multiple revenue streams will benefit from YNAB’s flexible categorization system. By creating categories for each income source and related expenses, you can track profitability across different business lines.

A consultant with three distinct service offerings noted: “YNAB lets me see which aspects of my business are most profitable. I’ve shifted my marketing efforts toward high-margin services after seeing the data in YNAB reports.”

Implementation Strategy: Making Your Chosen Tool Work for Your Business

Regardless of which platform you choose, these implementation strategies will help you maximize its effectiveness:

For YNAB Users:

1. Create Separate Budgets: Maintain distinct budgets for business and personal finances while using the same account.
2. Build Category Groups by Purpose: Structure your business budget with category groups like “Operating Expenses,” “Tax Obligations,” and “Business Development.”
3. Use the Notes Feature: Document tax-related information directly in transaction notes for easier tax preparation.
4. Create Income Stabilization Category: Establish a category specifically for smoothing variable income, aiming to build 3-6 months of basic expenses.
5. Schedule Weekly Reviews: Set aside 20minutes weekly to review transactions, reconcile accounts, and adjust as needed.

For Personal Capital (Empower) Users:

1. Use Tags Strategically: Tag business transactions consistently to filter them in reports.
2. Create Custom Business Dashboard: Configure a dashboard specifically for monitoring business accounts and investments.
3. Set Up Cash Flow Alerts: Establish notifications for unusual business expenses or when account balances drop below specified thresholds.
4. Link Business Credit Cards: Ensure all business credit cards and accounts are connected for comprehensive tracking.
5. Schedule Quarterly Investment Reviews: Set calendar reminders to review your investment allocation and business reinvestment strategy.

Limitations: When to Consider Dedicated Business Software

It’s important to acknowledge that none of these personal finance tools fully replaces proper business accounting software. Consider supplementing with dedicated business software when:

1. You have employees beyond yourself
2. You need invoicing capabilities
3. You require inventory management
4. You have complex accounts payable/receivable needs
5. You need detailed profit and loss statements for investors

Popular business accounting solutions like QuickBooks, Xero, or FreshBooks can work alongside your personal finance tool of choice.

The Hybrid Approach: Getting the Best of Both Worlds

Some business owners have found success using a hybrid approach:

• YNAB for day-to-day cash flow management and budgeting
• Personal Capital for investment optimization and net worth tracking
• Dedicated accounting software for formal business bookkeeping

While this approach requires managing multiple systems, it leverages the strengths of each platform for specific aspects of your financial life.

A small marketing agency owner shared: “I use YNAB for monthly cash flow planning, QuickBooks for business accounting and taxes, and Personal Capital to track how my business builds my personal wealth over time. Each tool serves a specific purpose in my financial ecosystem.”

Conclusion: Finding Your Financial Clarity

For business owners, financial tools aren’t just about tracking numbers—they’re about gaining the clarity needed to make confident decisions that affect both your business and personal life.

YNAB excels at creating financial stability through intentional planning, especially valuable for those with variable income. Personal Capital shines in optimizing investments and building long-term wealth once your business achieves stability.

The right choice ultimately depends on your current business phase, financial priorities, and personal preferences:

• Choose YNAB if cash flow management and building financial stability are your primary concerns
• Choose Personal Capital (Empower) if investment optimization and wealth building are your focus
• Consider Monarch Money or other alternatives if you’re seeking a middle ground after Mint’s discontinuation

Remember that the best financial tool is the one you’ll actually use consistently. Each platform offers a free trial period—I encourage you to experiment with your actual financial data to determine which provides the insights and experience that best serve your unique situation as a business owner.

What financial tools have you found most helpful in managing your business and personal finances? Share your experiences in the comments below.