Both Monarch Money and YNAB pack a lot of features into their apps, but there are some differences. Here's a rundown of what each platform offers in several different categories.
Monarch Money and YNAB offer tools to help with budgeting. Monarch Money positions itself as a Mint replacement, while YNAB stands for "You Need a Budget."
Both platforms allow users to connect their bank accounts and investment accounts to track their balances. They import bank account transactions automatically to help keep track of money flowing in and out of accounts.
Having said that, You Need a Budget is clearly the more budgeting-focused of the two, aiming to help people spend less than they make every month, and this is reflected in its budgeting tools.
Many customer reviews (especially from people who have tried both) say that when it comes to budgeting, YNAB is the more forward-looking and proactive approach, while Monarch Money is more of a reactionary tool, focused on adapting to what has already happened in your financial accounts.
Investment tracking
This is one area where Monarch Money shines. While both platforms allow you to connect your investment accounts and keep track of your balances, Monarch Money takes it a step further and tracks your individual investment holdings in all of your accounts.
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Monarch Money is the more long-term focused of the two apps. It aims to help its users with their future financial strategies, not just with current budgeting (this is why it tracks investments).
Monarch Money does things like import your home's value from Zillow and your vehicles' current value. It offers financial goals tracking, investment tracking, spending reports, a calendar of recurring bills, and much more.
YNAB's zero-based budgeting isn't as forward-looking, treating each period as a separate budget. To be fair, there are some longer-term features, such as setting savings targets, but that isn't the focus.
Customer support
There is no clear winner in this category, as both platforms have highly rated customer support. Both have excellent community forums and offer support through several channels, such as email.
Subscription sharing
One of the more interesting features of both platforms is that they allow users to share their account. Monarch Money allows unlimited "collaborators" in the same household, all of whom get their own logins and have full access to each others' accounts. Similarly, YNAB allows you to share your subscription with up to six partners or family members.
In other words, with either app, if you and your spouse/partner want to jointly manage your finances, you won't need to create and pay for two separate accounts.