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When it comes to budgeting apps, Monarch Money is physically powerful and capable. We like the fact that it syncs with your bank accounts, credit cards, loans, and investments and automatically categorizes transactions into your budget. Due to its diversity of customizable features, reports, and tools, we believe that Monarch is suitable for those who are looking for an app that goes beyond an undeniable budget and are willing to pay for detailed monetary information. The main points of the account are accurate as of June 3, 2024.
Our editors are committed to providing you with unbiased reviews and information. Our editorial content is influenced by advertisers. We use data-driven methodologies to compare monetary products and businesses, so that everyone is measured equally. You can read more about our editorial rules and our banking method for ratings below.
Monarch Money is a money tracking app that allows you to create a budget, track your net worth and investments, set savings goals, and much more. It differs from many other budgeting apps in that you can integrate all of your money accounts, just your checks and savings.
Monarch Money’s budgeting feature looks like a variation of zero-based budgeting, however, the app allows for enough customization that you can necessarily use any budgeting strategy you want. Monarch allows you to upload members of your family circle to your plan at no charging cost, making it ideal for partners or families managing their money together. The app was introduced in 2021 and is available on the internet and on iOS and Android devices.
With features, integrations, and capabilities, other budgeting apps are suitable for other people. The ideal users of the Monarch Money app are probably:
When you open a Monarch Money account, you can link all of your bank accounts to the app to help you create and budget. The app’s default settings lend themselves to a zero-based budgeting strategy, meaning it assigns purpose to each and every dollar. However, you can customize your budget to support the budgeting strategy of your choice.
Monarch Money provides a list of budget categories, which you can reorder, add, or edit. The app categorizes all your transactions, which you can edit to determine accuracy if needed. The more you use the app, the more accurate it is when categorizing your transactions.
Monarch Money has a long list of features that work as a budgeting tool. For example, you can divide transactions into categories, upload receipt photos, upload transaction notes, hide transactions, and track merchant history. You can even track your network’s value, create traditional reports, and track progress toward your goals. The app also comes with a traditionalizable dashboard so you can see your maximum applicable knowledge at a glance.
In addition to its extensive capabilities, there are some express features that set Monarch Money apart from the rest. Firstly, the app syncs with more financial data aggregators than any of its competitors, which means it’s more likely to sync with all your accounts and provide a streamlined and effective budgeting experience. Unlike other budgeting apps, Monarch Money syncs with your investment accounts as well as your bank accounts.
While not designed exclusively for couples or families, Monarch Money is a smart choice for families who need to budget together. You can upload members of your family circle to your account for free and they will be able to set up their own login.
Finally, the app has a particularly convenient tool for anyone who tends to lose track of their subscriptions. Monarch tracks recurring invoices and subscriptions, presents them on a monthly calendar, and notifies you of upcoming charges.
Customers seem to be very happy with the Monarch Money app. The app has an average rating of 4. 8 stars on Google Play and 4. 9 on the App Store, with thousands of ratings. Users report that they appreciate the app’s diversity of features and integrations. For iOS and Android apps, there is an internet edition of Monarch Money with the same features and capabilities.
Monarch Money doesn’t offer a free plan, but consumers enjoy an ad-free app with a paid subscription. There are two pricing plans available: a monthly plan costs $14. 99 per month, and an annual plan costs $99. 99 per year (or $8. 33 per month).
Although Monarch Money offers a free plan, new consumers can try the app for seven days with a free trial. Former Mint users can get a 30-day free trial.
Getting Monarch Money can involve a lot of heavy lifting, but automations and integrations can make the procedure less difficult than expected. Below are the steps you need to follow for getArray.
Both Monarch and You Need A Budget (YNAB) support a zero-based budgeting strategy and either of them can connect to their bank accounts and categorize their transactions. However, YNAB’s features are more limited to budgeting, while Monarch Money includes other features. , such as investment tracking, to provide a more complete understanding of your finances.
One of the hallmarks of YNAB is its impressive library of guides, workshops, videos, and blog posts. And while YNAB also costs money, it offers a longer 34-day free trial.
Like Monarch Money, PocketGuard allows you to link bank accounts, credit cards, loans, and investments. It also keeps track of your net worth and alerts you to upcoming recurring charges. One of the unique features of PocketGuard is a tool for making debt repayment plans, which allows you to seamlessly organize your debts and track the progress of your payments. While PocketGuard tends to focus more on paying expenses and saving money, Monarch offers a longer-term overhaul of your finances.
Unlike Monarch Money, PocketGuard offers a flexible plan. But only paid users of PocketGuard Plus can access all the complex features of the app. The price of PocketGuard Plus is comparable to that of Monarch Money: an annual subscription costs $74. 99 per year, and a monthly subscription costs $12. 99 per month.
Credit Karma is not a budgeting app. Instead, it monitors your credits and provides other similar equipment. Like Monarch Money, Credit Karma can be obtained online or as a mobile app. However, some equipment and features have been specifically designed for use in the app, which the company suggests consumers use.
With the Credit Karma app, you can view personalized approval scores for a credit card or loan, get tips for your finances, and locate money help resources. Of course, you can also monitor your credits. There’s also a high-yield savings account, Credit Karma Money Save, which you can access through the app. Unlike Monarch, Credit Karma is flexible but offers ads.
Forbes Advisor analyzed 15 mobile apps and evaluated one based on points such as rates, user ratings, integration and sharing capabilities, virtual access, security features, and more. We gave the apps ratings on a scale of one to five stars, with one star being the worst score and five stars being the best.
Our experts implemented the following categories and weightings in the research:
To learn more about our scoring, scoring method, and editorial process, consult our consultant on How Forbes Advisor Rates Banks.
Mint users who are looking for a new budgeting tool can transfer to Monarch Money. In fact, Monarch Money has a particular offer for former Mint users. If you were a Mint user in the past, you can get a 30-day bonus. Free trial and 50% off your first year of Monarch Money.
Monarch Money does not sell its knowledge or buy any of your account passwords, and moves cash between any of your accounts. In addition, knowledge providers used through Monarch Money have physically powerful security measures in place.
Whether Monarch Money or any other budgeting app is worth it depends on your preferences. If you have a flexible budgeting app that’s right for you, it may not be worth switching to a paid app like Monarch Money. But if you’re not satisfied with your existing tool and need an app with a greater diversity of features, Monarch might be worth it.
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