If you’re looking for an easy, convenient, and secure way to manage your money, check out Monarch Money.
Monarch Money is a new financial planning app that simplifies tracking and budgeting your accounts.
In this blog post, we’ll provide an in-depth Monarch Money review, from its best features to its pros and cons.
Here’s what you need to know about Monarch Money:
Table of Contents
Monarch Money Review: Key Takeaways
With Monarch Money, you can connect all your financial accounts – bank accounts, credit cards, and investment accounts – in one place. This makes it easy to keep track of your balances, transactions, and investments.
The Monarch Money app analyzes your spending patterns and provides insights on optimizing your budget. You can set up custom categories and budgets to monitor expenses and avoid overspending.
Monarch Money also tracks your investments and provides performance analysis. You can see how your portfolio is doing and get personalized investment recommendations.
The app helps you create a financial plan based on your goals and income. You can set up savings goals, debt reduction plans, and retirement plans to stay on track with your financial objectives.
Monarch Money has a user-friendly interface that makes it easy to navigate through different features. You can customize the dashboard to show the information that matters most.
What Monarch Does
Monarch Money is an app that helps users track their income, track their expenses, and create budgets.
The app’s features are designed to help users stay on top of their financial accounts and make sound financial decisions.
The app allows users to set up multiple accounts and connect them to the app to track their spending and budget to save money easily.
Monarch Money also features various tools that make it simple to view accurate financial reports and monitor account activity.
Monarch Features
Account Syncing (Bank Integration)
One of the most powerful features of the Monarch Money App is its ability to sync with over 11,200 financial institutions.
Monarch is different from other companies because it uses multiple data aggregators to get more information from different sources other than financial institutions.
It allows you to see all your financial institution account activity conveniently in one place on the app dashboard.
You can easily view all your primary bank accounts’ transactions, including deposits, payments, transfers, etc.
It’s also possible to sync up with realtor apps to see your home’s value, which can help you decide when to sell your house.
Monarch Dashboard
The Monarch Dashboard is an interactive money management tool that allows users to analyze their financial habits over time so they can grow their net worth.
The dashboard shows graphs and charts that illustrate trends in income versus expenses.
You can get an objective overview of how much money you make or spend each month or year and your net worth.
The dashboard also provides personalized budgeting tools like bill reminders and debt payment plans so you can tackle debt easier than ever.
Create Financial Goals
Creating financial goals doesn’t have to be complicated with this financial app.
With Monarch Money, you can set up as many goals as you need in seconds!
With the financial goals, you can specify how much money you want to save each month, how much you want to invest, or any other financial objectives.
And with the Monarch Money intuitive dashboard, you can easily add those goals and track your progress!
Just input the amount you’ve saved toward each goal and watch as the progress bar fills up- it’s that simple.
Track Income & Expenses
If you’re like most people, keeping track of all your income and expenses can be challenging.
That’s why Monarch Money App makes it easier to track spending and see where all your money is going.
The app automatically syncs with your bank account to track your income and expenses in real-time.
That means you don’t have to manually put in any information or have tedious spreadsheet updates- everything is taken care of for you automatically!
Investment Tracking
If investing is part of your overall financial plan, then Monarch Money can help you track investments and create a financial plan.
With the app, investment tracking your entire portfolio is easy, including your 401(k) plans and taxable brokerage accounts, and you can see how they’re performing over time.
Users can view detailed analytics such as profit/loss, return on investment (ROI), overall performance, etc., all essential information when making decisions about investing strategies.
It also provides helpful insights into which investments may be best suited for meeting different goals depending on individual needs and risk tolerance levels.
Net Worth Tracker
The Monarch Money net worth tracker is a tool that allows you to view your total assets and liabilities in one place.
With this single view, you can easily see where your money is going and track your progress toward your net worth goals.
And it’s all updated in real-time, so you always have an accurate picture of your finances.
The app also provides visualized charts and graphs that help you see changes in your net worth over time and keep tabs on your overall progress.
Bill Center
The Bill Center feature helps users stay organized by keeping track of all their recurring bills in one place.
You can add payments due each month or create customized payment plans for each vendor or creditor if needed.
The Bill Center will send notifications when bills are approaching their due date, so you’re always aware of upcoming expenses.
However, don’t mistake Monarch Money for your bank- it doesn’t pay the bills for you, only tracks them and reminds you to pay them on time.
Personalized Financial Advice
The Monarch Money App also provides personalized advice tailored to users’ needs and goals.
After analyzing a user’s financial data, the app will provide helpful suggestions on managing their money and reaching their desired objectives faster.
This feature is especially valuable for those new to managing their finances or who need more experience.
Whether it’s budgeting advice or investment strategies, it can provide detailed guidance to help you make informed decisions about how best to manage your money.
Plus, all advice is free of charge- no hidden fees or extra costs!
Monarch Pricing
Here are your current options for a Monarch Money account:
Free Trial
Monarch Money doesn’t offer a free account, but it provides a 7-day free trial to test its features.
After the 7-day free trial, Monarch Money charges a subscription fee.
Premium Account
Premium is their main account as of this writing, and you have 2 ways to pay for the same great features:
Monthly Plan: $14.99 per month
Yearly Plan: $99.99 per year
You can expect the same service and benefits regardless of your chosen payment plan.
It ultimately comes down to personal preference and what works best for your budget and usage needs.
Monthly plans are ideal for users who want to test a service or product for a short period before committing to a longer-term plan.
However, choosing the yearly plan can save you some money in the long run.
The yearly payment is cheaper even though it’s an upfront cost. It comes to about $8.33 a month.
How To Sign Up For Monarch Money
1. Sign Up Page
Go to Monarch Money.
Click the “Sign Up Button” at the top.
They send a verification code to your email- verify it to finish up.
Set up a strong account password.
Then set up your account.
2. Select Payment Plan
You can choose to sign up first with the FREE 7-day trial.
Or, sign up for a monthly or yearly plan.
3. Pay & Start Using
Enter your payment information.
Click Enter.
You’ll then be ready to set up your Monarch Money dashboard.
Pros & Cons
Pros
All-in-one platform- get your entire financial picture
Easy budgeting
Inexpensive paid program- only $14.99 per month or $99.99 per year
Investment tracking
User-friendly interface
Cons
No free account
Monarch only works with Coinbase for cryptocurrencies
Doesn’t pay bills directly- only sets reminders
FAQS
Is Monarch safe to use?
So, is Monarch Money safe to use?
Absolutely! With its emphasis on security and privacy, you can trust Monarch with your financial information.
Monarch uses Plaid as its primary data aggregator, the industry leader in data aggregation, and maintains strict security standards.
This means that your financial information is protected by one of the most trusted names in the business.
To further enhance security, Monarch offers multi-factor authentication for account logins, so even if someone has your password, they need additional verification to access your account.
How easy is it to start budgeting?
We found it very easy to use Monarch Money for budgeting, and you can undoubtedly use it quickly and easily to manage money.
Once you download the financial app from the App Store or Google Play, create an account and link your financial accounts.
From there, you can start tracking your expenses and setting up a budget that fits your lifestyle.
Can people outside the U.S. use Monarch?
At this time, Monarch only works with the United States dollar as a currency.
You might be able to connect accounts with different currencies (Euros, British Pound Sterling, etc.), but the numbers would be shown as United States dollars and might be inaccurate.
We don’t recommend doing this, especially if you mix accounts with different currencies because it can be more complicated and inaccurate compared to other budgeting apps.
Yes, Monarch Money offers the option to create shared accounts for couples and families.
This feature is especially useful for financial planning with joint finances or households with multiple income streams.
To share an account, simply move your cursor over the account you wish to work with, click the gear icon, and select “Share Account” from the menu.
When you invite someone to your household in a Monarch Money account, they receive a separate login and view all the same data and financial info you do.
They can edit and add things as needed, just like you can, which is great for couples to update their income and make sure all credit cards are added to track everyone’s expenses.
Other Budgeting Options
One of the best things about the Monarch Money app is its user-friendly interface. You don’t need to be a financial expert to use this app – everything is laid out clearly and concisely.
The app provides personalized financial advice based on your spending habits and goals.
But Monarch Money isn’t the only customizable finance app that people use to track their money- and there are some free options out there to use.
Here are three other budgeting apps and other options that can do just that:
The Savvy Couple Budget Binder
Are you interested in budgeting templates so you can do budgeting by hand rather than using your phone?
The Savvy Couple Budget Binder is a great budgeting option that likes paper-based financial planners to track their financial progress rather than digital software.
This binder includes everything you need to set up your budget, including forms, charts, and worksheets.
It also provides helpful tips on how to stay organized and keep track of your complete financial picture. Plus, it’s very affordable at just $27 on sale right now!
Empower
Empower (formerly Personal Capital) is another great option if you’re looking for a budgeting app that automatically does the work for you.
It’ll help you stay on top of your personal finances without feeling overwhelmed by too many bells and whistles.
Empower offers automatic savings programs that make sure your money is going towards long-term goals like retirement or emergency funds instead of frivolous spending.
It also has credit score monitoring and keeps track of it so you can make informed decisions about when to apply for new loans or credit cards.
Empower also sends actionable alerts, so you know what steps to take next to reach your financial goals faster!
Read our in-depth Empower Review to see what features they offer to manage money and investments.
Mint
Mint is one of the most popular free personal finance apps- and it’s easy to see why!
Mint allows users to sync all their money accounts into one platform to get a comprehensive view of their financial situation at any given time.
With Mint, users can easily create custom categories to categorize expenses into different buckets, such as “entertainment” or “groceries,” which makes tracking spending much easier.
Plus, they can set up customized budgets based on these categories, so they always know exactly how much they should save each month!
Check out how Mint compares to other financial accounts in our Mint Vs. Empower article!
Our Thoughts
Gone are the days of blindly earning and spending money- it’s time to spend wisely and save more so you can reach financial freedom fast!
Monarch Money is an excellent budgeting app for those who want an easy-to-use platform for managing their financial accounts.
From budgeting tools to investment tracking, it has everything needed to keep track of your money without searching through multiple websites or applications.
Monarch Money is a paid service at $14.99 per month or $99.99 per year, but this fee is quite reasonable compared to other platforms offering similar features and services.
So if you are looking for an all-in-one personal finance app for managing your money, try Monarch Money today!
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