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Finding the right budgeting and money management method for you can be hard, and since Mint was recently retired by Intuit, a lot of people are on the hunt for a new finance app. Enter Monarch Money.
Bottom line: Monarch Money is not a free app, but in exchange for paying a monthly or annual fee, you get to share household expenses with a partner and view all your accounts in one place.
Monarch Money is a budgeting app that helps users sync their financial data all in one place. It has either a monthly or annual cost, and it also allows users to link all of their financial accounts.
The types of accounts and assets Monarch Money supports include:
If you were a Mint user before Intuit shut that service down at the beginning of 2024, you'll find a lot to like about Monarch Money. Mint only worked for a single user -- if you wanted to collaborate with someone else, you had to share your login and password. But Monarch Money lets multiple users manage the same household with different logins, and you can use it on your phone, tablet, or computer.
Monarch Money has a lot to like.
Monarch Money makes it easy for couples to share finances (or for users to get third-party advice on their budgets, such as by inviting a financial advisor to weigh in). Everyone gets a unique login and password, but will have access to the household finances set up in the app.
A lot of people have more than one bank account (perhaps a checking and a savings account). Plus, they might have a brokerage account or two, plus credit card accounts with multiple issuers. It can be confusing to keep everything straight and consider your entire financial picture, but Monarch Money makes it easy.
Want to make the app your own? You can do that. Monarch Money generates a dashboard that lets you see everything at once, and customize your view by keeping the widgets you like and turning off the ones you don't. You can see your net worth, recent purchases, spending reports, budget, and more.
While you may not be thrilled to pay money for help with budgeting and financial management, it might be worth it. Monarch Money has no ads, so you won't be sold to while you're trying to get your finances in order. Plus, there are no add-ons or higher tiers of membership (with additional features) that you'll be pressured to buy.
Monarch Money comes with a ton of useful spending categories built right in, but you can also add your own, change the names of existing categories, or customize with emojis. Who says budgeting has to be boring?
And you can also easily split a purchase over multiple categories. If you buy both toilet paper and a video game on Amazon, put part of the charge into Groceries and part into Entertainment, for example.
No financial app is perfect, after all.
This is where no ads becomes a downside. The most cost-effective way to use this app is to shell out $99.99 per year for it.
You may need to manually add some of your financial accounts, which shouldn't be a dealbreaker.
This is a fault with many budgeting apps, especially because many of us shop with retailers that sell items that could fit into multiple categories. If you make a purchase at the drugstore, is it groceries, medical, or something else entirely? Luckily, you can modify the expense category.
If you want access to your credit score, you won't find it on Monarch Money. Thankfully, it's fairly easy to find credit scores offered by banks and credit card issuers (for the most bang for your buck, look for your FICO® Score, as it's most popular with lenders).
If you're deep in the world of cryptocurrency, Monarch Money likely won't be a fit for you. It only works with Coinbase and no other crypto exchanges.
Monarch Money offers a free seven-day trial so you can see if you like it before paying for the app. It's priced at $14.99 per month (which will cost you almost $180 if you stay on the monthly payment plan), or you can pay for a whole year for $99.99 -- definitely the better deal ($8.33 per month). And for that price, you can share your account with other collaborators (such as a spouse or a financial advisor) at no extra cost.
Rocket Money is a good alternative for anyone looking for a budgeting tool that can help reduce unnecessary subscriptions, negotiate bills on your behalf, and monitor your credit.
If you want an app that helps you control your spending: You Need a Budget is serious about giving every one of your dollars a job. If you need help with impulse purchases and overspending, YNAB may be better for you. But using it effectively does have a learning curve, unlike Monarch Money.
If you need help managing your household finances, alongside a partner or a financial advisor (or both), Monarch Money could be a good fit. If you have a lot of different accounts and money in different places, this app can help you keep it all straight.
If you don't mind paying a subscription fee to avoid a ton of targeted ads (or ads of any kind!), Monarch Money might be right for you.
The app and business is supported by subscription costs (which is why you won't see ads).
Yes, Monarch Money is a legitimate budgeting and finance app. Its website notes that it was developed by former employees of some of the best technology companies in the world.
Monarch Money says it will never sell your financial data to third-party companies.
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