What is Monarch Money?
Monarch Money is a comprehensive financial management platform designed to offer users a holistic view of their financial status. Founded by Val Agostino, Monarch Money integrates with thousands of banks and institutions, streamlining the process of tracking account balances, transactions, and investments.
Beyond mere financial tracking, the platform equips users with tools for setting and achieving financial goals, budgeting, and ensuring high-level data protection. With its all-inclusive approach to financial management, Monarch Money caters to individuals, couples, families, and investors, prioritizing clarity, security, and user-friendly experiences in personal finance.
Monarch Money Overview
Monarch Money is a modern financial management tool designed to simplify and streamline personal finance. It provides users with a comprehensive view of their financial status by integrating various financial accounts in one platform. This all-encompassing approach makes it an ideal solution for individuals, families, couples, and investors seeking clarity and control over their finances.
The platform stands out for its user-friendly design, making complex financial data easily understandable and manageable. Whether it’s tracking income and expenses, monitoring investments, or setting financial goals, Monarch Money equips users with the tools they need to make informed financial decisions.
External Monarch Money Review & Ratings
|4.9 from 32 reviews
|Apple App Store
|4.8 from 2,857 reviews
|4.5 from 683 votes
|The Savvy Couple
|Best Wallet Hacks
I read through the majority of Monarch Money reviews available online and here are some of the most revealing reviews, from traders who have experienced the platform firsthand:
“Monarch has hit the nail on the head with feature set and market fit. They offer a wide enough range of good tools for us to manage our monthly finances.”
“Top tier budgeting tool.”
“I’ve tried several financial apps and this is by far the best and most integrated one. All of my accounts seamlessly connect (although I wish they would update faster). I use the iOS app and the browser version on my iPad. I hope they release an iPad version soon. The UI and product experience is great, although I do wish that they made the “planning” experience feel a bit more intuitive and structured. I found it difficult to understand how to set my budgets and where to compare what my typical spending for each expense type was. Even though that was part of the process it wasn’t immediately apparent how to set things and what they meant. It’s still a better experience than any of the other apps I’ve tried. I really like that I can add my fiancé and that we can both begin to see how our combined financials look like. I like that they show what features they are currently working on and allow users to provide input directly. I look forward to using Monarch and to see them improve on an already great experience.”
“Monarch provides an innovative approach that finally makes it possible to stay on top of my finances in the amount of time it takes read an email.
After I added my accounts and went through an initial review of my transaction categories it’s very straightforward to keep track of what it’s impacting my net worth, what expenses are upcoming and how I’m progressing towards my goals.
I used to spend 1-2 hours per month using a spreadsheet just to do basic bill management and still didn’t get a view of my of my overall financial progress.
I now have a continuous view of everything impacting my financial picture incomes, investments and expenses.
I also like that Monarch not only aggregates my account transactions but they translate the transaction data into meaningful insights like identification of new recurring expenses, missing bill payments, over budget spending, investment balance ups/downs, etc.
Finally, it gives me a way to show my wife how we’re doing on our financial picture in way that simple, clear and always up to date.
It’s well worth the money.”
With a 4.8 out of 5 rating in the Google App store, people have a lot of good things to say about Monarch Money. Common themes I noticed in the Monarch Money reviews I read were how great the interface and user experience of the app were. The auto-categorize function works better than the competition.
As far as the negative Monarch Money reviews, the most common complaint is certain bank accounts not syncing or being disconnected. This could be because of the safety features of individual banks and not a problem with Monarch Money.
If you want to take a deeper dive into reviews, you can consider following the Monarch Money Reddit reviews. I checked them out for myself and most of the comments were not helpful. The main topic discussed in the Monarch Money Twitter sphere are centered around how to migrate Mint accounts to Monarch Money.
Get Started With Monarch Money
Monarch Money was founded by Val Agostino, a seasoned expert in the field of financial technology. Having experienced first-hand the difficulties in managing his personal finances, he envisioned a platform that simplifies the complex world of financial management and allows individuals to make substantial progress in their financial journeys.
Val Agostino’s mission was clear: to build a financial platform that provides users with the tools necessary to create and manage monthly budgets effectively, keep track of their financial progress, and make informed decisions about their money.
With this vision in mind, Monarch Money was born. The platform’s focus on financial progress rather than just tracking expenses sets it apart from other financial tools in the market. It’s designed to help users gain a clear understanding of their financial status, create personalized budgets, set and track financial goals, and make more informed financial decisions.
The Monarch Money platform incorporates the use of cutting-edge technology to provide an all-in-one financial management solution. It connects with thousands of banks and financial institutions, allowing users to manage all of their accounts, investments, and financial plans from one place.
In addition, Monarch Money provides financial advice to its users, offering guidance on how to achieve financial goals and make smarter money decisions. This educational aspect has been instrumental in empowering users to take control of their finances and make meaningful progress.
From its inception, Monarch Money has always been about more than just numbers and budgets. It’s about empowering individuals and families to understand their financial situation better, take control of their money, and move confidently towards their financial goals. Val Agostino’s vision continues to guide the company as it innovates and strives to improve the financial lives of its users.
Key Features of Monarch Money
- Comprehensive Account Syncing: Monarch Money’s ability to connect with a vast range of banks and financial institutions allows users to have a unified view of all their financial accounts, including checking, savings, credit cards, and investments.
- Joint Account Management: Unique to Monarch Money, this feature enables couples or partners to manage their finances collaboratively, fostering transparency and shared financial goals.
- Investment Tracking: Users can monitor their entire investment portfolio, including individual account performance, asset allocation, and overall investment growth, all within the app.
- Goal Setting and Tracking: The platform helps users set various financial goals, such as saving for retirement or paying off debt, and tracks progress, offering guidance to stay on course.
- Customizable Budgeting and Reporting: With its advanced budgeting tools, users can create personalized budget categories, receive spending alerts, and access detailed reports and visualizations to understand their financial habits better.
Security and Privacy
Monarch Money places a significant emphasis on security and privacy, which is crucial in today’s digital world where data breaches and privacy concerns are rampant. The platform employs bank-level security measures to safeguard user data, ensuring that sensitive financial information is protected with the highest standards of encryption and security protocols. This includes the use of multi-factor authentication, SSL encryption, and secure servers to prevent unauthorized access.
The platform operates with a read-only access model, meaning that while it can display your financial data, it cannot initiate transactions or move money. This adds an extra layer of security, as even in the unlikely event of a security breach, your funds remain safe.
Monarch Money’s commitment to privacy is evident in its promise not to sell user data to third parties. This approach not only respects user privacy but also builds trust, ensuring that personal and financial information is used solely for the purpose of enhancing the user’s experience on the platform.
For users concerned about data privacy, Monarch Money offers transparency in its data handling practices. Users have control over their data and can choose the level of information they wish to share. This user-centric approach to security and privacy makes Monarch Money a reliable and trustworthy platform for managing personal finances.
Monarch Money offers a transparent and straightforward pricing structure, designed to cater to the diverse needs of its users. The platform provides two main types of plans: the Basic Plan and the Premium Plan. The Basic Plan is a free version that offers limited features, suitable for users who want to explore the platform’s capabilities without any financial commitment. This plan allows users to get a taste of Monarch Money’s interface and basic functionalities.
The Premium Plan, on the other hand, is a paid subscription that unlocks the full range of Monarch Money’s features. Priced at $9.99 per month or $89.99 per year, this plan is designed for users who seek comprehensive financial management tools and insights.
The annual subscription offers a cost-effective option, providing a significant discount compared to the monthly subscription. This plan includes advanced features such as detailed investment tracking, goal setting and tracking, customizable budgeting and reporting, and enhanced security measures.
For new users, Monarch Money offers a two-week free trial of the Premium Plan, allowing potential subscribers to fully explore the platform’s capabilities before making a financial commitment. This trial period is crucial for users to determine if the platform aligns with their financial management needs and goals.
Who is Monarch Money Best for?
Monarch Money is a versatile financial management platform that caters to a broad spectrum of users:
Individuals and families seeking financial clarity
Whether you’re a working professional, a homemaker, or a retiree, if you’re looking to gain a comprehensive and clear understanding of your finances, Monarch Money is for you. It provides an aggregated view of your financial picture, helping you track income, spending, and savings all in one place.
Couples and partners
Offers a unique feature that allows you to invite a partner to join your finances without switching banks. This shared view can be a game-changer for couples or partners looking to manage their joint finances effectively and transparently.
If you have a diverse investment portfolio spread across various institutions, you’ll find Monarch Money’s all-in-one investment tracking extremely useful. The platform provides real-time updates on your investments’ performance and allocation.
If you have specific financial goals, such as saving for a new home, paying off debt, or planning for retirement, you can track your progress towards these goals. It helps create a plan and offers assistance to get back on track when life’s unexpected expenses occur.
Monarch Money is also a great tool for those who wish to stay on top of their spending. Its budgeting feature automatically monitors your bank account spending against your budget, providing notifications when you exceed your limits and assistance to realign with your goals.
If data privacy and security are your top concerns, Monarch Money assures bank-level security with a read-only access model, ensuring your money cannot be moved. They also promise not to sell your data to third parties and provide an ad-free experience.
In essence, Monarch Money is best for anyone seeking a comprehensive, secure, and user-friendly platform to manage and optimize their finances.
The Competitive Edge of Monarch Money
While the market is crowded with numerous budgeting and personal finance apps (like YNAB, and Tiller Money), Monarch Money distinguishes itself through a combination of unique features and user-focused design.
Comprehensive financial view
Monarch Money enables users to sync with over 11,000 banks and institutions, providing a complete and up-to-date view of their entire financial portfolio. From checking and savings accounts to credit cards and investment portfolios, everything is housed in one platform for easy management and oversight.
Collaborative financial planning
Monarch Money breaks down barriers to joint financial planning by allowing users to invite a partner to join their finances. Each partner gets their own login, facilitating collaboration without compromising individual access or privacy.
Goal tracking and planning
The app goes beyond just tracking spending and income. It allows users to set up custom categories and track their financial goals, whether it’s saving for a vacation, paying down debt, or planning for retirement.
Customizable dashboard and charts
Monarch Money understands that different users have different priorities. As such, it offers customizable reports, charts, and visualizations, allowing users to focus on what matters to them most.
Robust budgeting features
Monarch’s budgeting features are designed to help users stay on track with their financial goals. Users receive notifications when they go over budget and get assistance to realign their spending with their targets.
Taking user privacy and security seriously, Monarch Money employs bank-level security measures and operates with a read-only access model, ensuring your data is safe and your money cannot be moved.
Easy Account Syncing
The Monarch Money App stands out with its impressive capability to integrate with over 11,000 banks and financial accounts.What sets Monarch apart is its utilization of various data collection services, enhancing its access to a broad array of information beyond what traditional banks provide.
The app simplifies financial management by consolidating account activities from multiple institutions onto a single dashboard for user convenience.
Users have the ease of monitoring transactions from their main banking accounts, such as deposits, payments, and transfers, all within the app.
Additionally, the app can be linked with property valuation applications, providing homeowners with up-to-date property values that can inform their decisions about when to put their homes on the market.
In a world where ads are ubiquitous, Monarch Money promises an ad-free experience, ensuring that users can focus on their money management without distractions.
Monarch Money has been designed to be an all-encompassing money management platform, truly embodying the modern way to manage your finances. It offers an excellent blend of functionality, user-friendliness, and security, making it a standout choice in the realm of personal finance apps.
Integrating Financial Management with Lifestyle Goals
Monarch Money stands out by integrating financial management with users’ broader lifestyle goals. This holistic approach aligns users’ financial activities with their life aspirations, such as planning for a dream vacation, buying a home, or preparing for retirement.
By not just focusing on numbers but also on what those numbers mean in the context of real life, Monarch Money brings a more personalized and meaningful perspective to financial planning. It encourages users to see their finances not just as figures in an account but as tools to achieve their life dreams.
This integration makes financial planning more relatable and engaging, particularly for users who view their finances as a means to an end rather than an end in itself.
Community-Driven Financial Insights and Support
Monarch Money differentiates itself by fostering a community-driven approach to financial management. This feature allows users to engage with a network of like-minded individuals, sharing insights, experiences, and strategies for financial success.
This community aspect not only provides a platform for learning and discussion but also adds a social dimension to what can often be the solitary activity of managing personal finances.
Users can benefit from the collective wisdom of the community, gaining diverse perspectives on tackling financial challenges. This communal support system can be particularly valuable for users who are new to personal finance or those seeking motivation and encouragement in their financial journey.
Monarch Money Alternatives
For those considering other options, Monarch Money competes with several other personal finance apps:
YNAB (You Need A Budget)
YNAB stands out for its proactive and disciplined approach to budgeting. It is based on the zero-based budgeting principle, where every dollar is assigned a specific role, be it for expenses, savings, or investments. This methodology is particularly beneficial for those looking to gain tight control over their finances, reduce debt, and live within their means.
YNAB’s interface is user-friendly, making it easy for beginners while offering powerful tools for seasoned budgeters. It encourages users to be intentional with their spending and saving, fostering a mindset of financial responsibility and goal-oriented planning.
The platform also offers educational resources and a supportive community, making it more than just a budgeting tool but a comprehensive financial wellness program.
Tiller Money appeals to users who prefer the versatility and familiarity of spreadsheets for managing their finances. It integrates with Google Sheets and Microsoft Excel, offering unparalleled customization and control. Users can create their own categories, set up automatic transaction imports, and generate personalized reports and dashboards.
Tiller Money is ideal for those who enjoy a hands-on approach to their finances, offering the flexibility to design and tweak their financial tracking and budgeting systems to their specific needs. The platform also provides pre-built templates and community-supported tools, making it accessible for users with varying levels of spreadsheet expertise. Tiller Money’s unique blend of automation and customization sets it apart in the realm of personal finance apps.
Simplifi by Quicken
Simplifi offers a streamlined and intuitive approach to personal finance management. It provides a comprehensive view of your financial picture, including bank accounts, investments, loans, and credit cards. Simplifi’s strengths lie in its ability to forecast cash flow, track spending, and set and monitor savings goals.
The app’s user interface is clean and easy to navigate, making financial management less daunting, especially for those new to budgeting. Simplifi also offers personalized insights and alerts, keeping users informed about their financial status and potential opportunities for savings.
For users looking for a balanced mix of automation and manual control in their financial tracking, Simplifi by Quicken presents a compelling option.
Final Thoughts – Is Monarch Money Worth it?
Absolutely! Monarch Money is not just a budgeting app – it’s a comprehensive financial management tool. With its seamless integration with thousands of banks and institutions, a unique transaction notification system, goal-setting capabilities, and robust budgeting features, Monarch Money helps users to effectively and efficiently manage their finances.
It’s perfect for individuals, families, couples, investors, goal-oriented savers, and anyone who values data privacy and security. Its well-thought-out, user-friendly interface makes it easy to get a complete picture of your financial status, understand your spending and saving habits, track your investment performance, and stay aligned with your financial goals.
Monarch Money provides a feature-rich platform that truly offers an all-in-one financial management solution. I believe Its collaborative financial planning, customizable dashboards, high-level security, and an ad-free user experience sets it apart in the crowded space of personal finance apps.
To get started with Monarch Money, click here. Take control of your financial future today, and get a 7-day free trial!
Get Started With Monarch Money