Monarch Money vs Rocket Money 2024

By: Jeremy Biberdorf
 

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If you’re navigating the world of budget apps and struggling to choose the right one, Monarch Money and Rocket Money are two top contenders to consider. Both apps cater to a range of financial management needs, from setting up savings goals to creating comprehensive savings plans. With their unique features, they simplify the often complex process of money management.

This detailed review compares Monarch Money vs Rocket Money, highlighting their functionalities to help you determine which app aligns with your financial priorities and budgeting style.

For more detailed analysis of each product check out our full reviews:

Monarch Money is Better for:Rocket Money is Better for:
Best for tracking financial transactions across various accounts.Liked by users preferring the zero-based budgeting method.
Customizable budget options suited for individual financial situations.Efficient investment tracking for diverse investment accounts.
Comprehensive features for credit score monitoring.Upcoming bills alert ensures timely payments.
Seamless integration with Google Sheets for detailed financial reports.Negotiation feature to cut down on unwanted subscriptions.

Introducing the Platforms

Monarch Money

monarchmoney.com website

Monarch Money, more than just one of the popular budgeting apps, offers a comprehensive view of your financial landscape by integrating with various financial services like bank accounts and credit cards. Co-founded by Val Agostino, Jon Sutherland, and Ozzie Osman, this subscription-based app is designed to assist users in setting and achieving financial goals. Its standout features include credit score monitoring and services to negotiate unwanted subscriptions, making it a holistic tool for financial management.

Learn more about Monarch Money by reading our full review.

 

Rocket Money

rocketmoney.com website

Rocket Money, formerly known as Truebill, distinguishes itself with a zero-based budgeting approach where every dollar is allocated a purpose. Its range of features extends beyond standard budgeting tools, including investment tracking, alerts for upcoming bills, and a unique negotiation feature for managing bills and cancelling subscriptions. While access to most of Rocket Money’s features requires a subscription, its comprehensive suite of tools offers a robust solution for personal finance management.

For a more insightful dive into the platform, check out our dedicated Rocket Money Review.

Monarch Money Logo Rocket Money Logo
Type of Service Personal finance app Personal finance and investment tracking app
Best Use Comprehensive financial monitoring Zero-based budgeting & investment accounts
Customer Support Responsive email support 24/7 chat and email support
Integration Google Sheets, multiple bank and credit card accounts Broad range of financial institutions
Modest Money Review Monarch Money Review Rocket Money Review
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Modest Money Overall Rating
4.5 rating based on 5 ratings
4.6 rating based on 5 ratings

Monarch Money & Rocket Money Review Videos

Factor 1: Comprehensive Financial Integration

Monarch Money excels in offering an integrated view of various financial accounts

  • Rocket Money focuses on bank accounts, investment tracking, and financial institutions.
  • Monarch Money takes the lead with its comprehensive financial account integrations..

Monarch Money’s strength lies in its ability to pull together data from multiple accounts, from bank statements to credit cards, providing users with an overarching view of their finances. The convenience of tracking financial transactions from diverse sources in one place can’t be overstated.

Rocket Money, while offering a seamless experience with bank accounts and investment accounts, leans heavily into its strength of investment tracking. Its integration with numerous financial institutions ensures users can track their investments with ease.

Factor 2: Budgeting Tools and Methodologies

Monarch Money Stands Out With Its Customizable Categories and Expense Tracking

  • Monarch Money offers customizable budgets tailored to individual money philosophies.
  • With its unique zero-based approach, Rocket Money offers a service to a niche budgeter.

Monarch Money offers users a plethora of budgeting tools, from setting financial goals to tracking monthly spending. Its flexibility in allowing users to craft budgets based on their financial situations is a significant boon.

Rocket Money, on the flip side, is rooted in the zero-based budgeting philosophy. Each dollar is assigned a task, ensuring users are conscious of their spending habits. The envelope method furthers its budgeting capabilities, giving users a structured approach to their monthly budgets.

Factor 3: Premium Features and Offerings

Monarch Money’s Financial Advice and Budgeting Assistance Make It They Winner

  • Monarch Money impresses with credit score monitoring and negotiation services for unwanted subscriptions.
  • Rocket Money’s approach to investment and budgeting are commendable.

Monarch Money’s premium version offers a suite of tools beyond the basics. Credit score monitoring is a standout, allowing users to keep a close eye on their financial health. Further, the negotiation services aid users in minimizing unwanted subscription costs, offering genuine value.

Rocket Money Premium, in contrast, dives deep into zero-based budgeting, a favorite among those keen on detailed budgeting. Furthermore, its robust investment tracking feature offers insights into various investment accounts.

Factor 4: User Experience and Interface

Monarch Money provides an ad-free, streamlined desktop and mobile interface with clear spending categories

  • Monarch Money offers a clean, intuitive desktop and mobile experience, enhanced by Google Sheets integration.
  • In terms of seamless user experience, Rocket Money isn’t bad.

Monarch Money understands the importance of a clean user experience. Its integration with Google Sheets allows users to generate custom budget reports with ease. The platform ensures that both novice and experienced users can navigate their financial data without any hassle.

Rocket Money allows the categorization of spending, combined with clear spending categories, making it easy for users to understand their current month’s spending compared to the previous month.

Factor 5: Support and Additional Services

Both Monarch Money and Rocket Money Standout with Stellar Customer Support

  • Monarch Money offers responsive email support, ensuring users’ concerns are addressed.
  • With its commitment to continuous support, Rocket Money wins this round.

Monarch Money places a high emphasis on customer satisfaction. Their responsive email support ensures that users can get assistance with any financial transactions or app-related concerns.

Rocket Money, understanding the urgency that often comes with financial queries, offers 24/7 chat and email support. This round-the-clock assistance is a testament to their commitment to their user base, ensuring that help is always just a click away.

Factor 6: External Customer Reviews & Ratings

External Monarch Money Reviews & Ratings

SiteRating
Product Hunt4.9 from 32 reviews
Apple App Store4.8 from 2,857 reviews
Google Play4.5 from 683 votes
The Savvy Couple4.5

External Rocket Money Reviews & Ratings

SiteRating
Google Play4.4 from 46,676 votes
Apple App Store4.3 from 54,380 reviews
Wallstreetzen3.5
Moneywise3

Monarch Money and Rocket Money Alternatives

With popular and free budgeting software Mint shutting down recently, many are on the lookout for new financial tools to help track expenses.

Monarch Money vs Mint 250

Luckily there are plenty of alternative budgeting apps out there. If you were a Mint user, you can see how Monarch stands up side-by-side in my Monarch Money vs Mint review.

Monarch Money vs Simplifi 250

Another popular budgeting app that you can consider is Simplifi by Quicken. If you don’t need the comprehensive budgeting features offered by Monarch Money, Simplifi offers a basic version ideal for those that prefer simplicity. This Monarch Money vs Simplifi article will dig into all the details.

Monarch Money vs YNAB 250

The last budgeting platform I will cover is YNAB. YNAB is popular in the zero-based budgeting crowd. YNAB safely links to your credit accounts and has an advanced toolkit for credit card payment management. To learn how this works, read my Monarch Money vs YNAB comparison.

The Verdict

The face-off between Monarch Money and Rocket Money is intense, with both platforms offering robust tools for financial management. Rocket Money, with its focus on zero-based budgeting, investment tracking, and unwavering customer support, is a decent option.

However, Monarch Money takes the prize, offering complete financial management tools that can help users reach their personalized savings goals. If a comprehensive overview of all financial accounts and credit score monitoring is what you seek, Monarch Money is your go-to.

Regardless of your choice, both platforms promise to revolutionize your approach to budgeting and personal finance. Go Here to get started with Monarch Money. If Rocket Money seems more your speed, Click here.

Learn More About Rocket Money

Learn More About Monarch Money

FAQs

Is Rocket Money a Good Budgeting App?

What makes a good budgeting app is very subjective. Rocket Money app might suit those seeking to streamline their finances, offering a unified view of accounts and identifying unnoticed recurring subscriptions in its free version. However, in my opinion there are alternative budgeting apps that could provide greater overall value.

Who Owns Rocket Money?

Rocket Money, previously known as Truebill, is owned by Rocket Companies (NYSE: RKT) following its acquisition in late 2021. The deal, valued at $1.275 billion, was led by Rocket Money’s CEO and Co-Founder, Haroon Mokhtarzada. The acquisition aimed to establish a comprehensive platform for consumers to manage all aspects of their financial lives.

Is Anything Better Than Mint?

Mint is shutting down and becoming part of Credit Karma. There are a number of budgeting apps and savings tools that have comparable features to Mint. Monarch Money is a comparable budgeting app to Mint that offers its own unique set of standout features.

Monarch Money vs Rocket Money Cost

When comparing cost, Monarch Money is slightly more expensive than Rocket Money. Monarch Money costs a straightforward $8.33 if you choose to pay annually. Rocket Money, although slightly cheaper, offers a confusing sliding scale and gives users the option to choose what they pay. After all of that confusion, Rocket Money usually comes out to a cost of $4 to $5 per month.

How Do You Budget With Monarch?

Monarch Money’s budgeting approach centers on a monthly cash flow model. It starts with your anticipated monthly income, then deducts expenses and savings to form a balanced budget for the month. This system is designed to align your spending with your income effectively.