Monarch Money vs Simplifi 2024

Jeremy Biberdorf
By: Jeremy Biberdorf
 
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When seeking out methods to improve your personal finances, choosing the right budgeting app is crucial for effective money management. This comparison delves into two leading budgeting apps: Monarch Money and Simplifi.

In this article, I’ll thoroughly evaluate both platforms to highlight their unique strengths and capabilities. My objective is to provide a balanced overview, helping you determine which app aligns best with your financial management needs.

Monarch Money is Better for:Simplifi is Better for:
Ideal for comprehensive financial tracking and planning.Great for straightforward budgeting and spending tracking.
Perfect for users seeking an all-in-one financial dashboard.Ideal for users who prefer simplicity in budget management.
Best for those who appreciate customizable budgeting options.Best for quick insights into spending habits and patterns.
Suitable for couples needing a shared finance management app.Suitable for individuals focusing on short-term budget goals.

Introducing the Platforms

Monarch Money

Monarch Money stands out as a versatile financial management tool that offers users a comprehensive view of their financial landscape. It excels in providing a customizable experience, allowing users to tailor the app to their specific financial goals and habits.

From tracking investments and savings to managing monthly budgets, Monarch Money’s all-encompassing approach makes it a standout choice for those who desire a detailed and holistic view of their finances.

Additionally, the app’s capability to accommodate joint account management makes it an excellent choice for couples looking to manage their finances together. Read my full review of the platform for more information.

Simplifi by Quicken

Simplifi, developed by the financial software veterans at Quicken, offers a streamlined and intuitive budgeting experience. It is designed for users who prefer a straightforward approach to managing their personal finances.

Simplifi’s strength lies in its ability to provide quick insights into spending patterns and upcoming bills, making it an ideal tool for those focusing on short-term budgeting goals.

The app simplifies the process of tracking expenses, categorizing transactions, and setting savings goals, making it a strong contender for individuals seeking an easy-to-use budgeting tool. Check out my comprehensive review of Simplifi to dive even deeper into the features, pros, and cons of the platform.

Monarch MoneyLogo Simplifi Logo
Type of Service Comprehensive financial tracking and budgeting Streamlined budgeting and expense tracking
Best Use All-in-one financial management Simple, intuitive budget management
Customer Support Responsive support with community engagement Reliable support with extensive help resources
Investment Tracking Detailed investment account tracking Basic investment monitoring
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Factor 1: Budget Customization and Flexibility

Monarch Money excels in offering highly customizable budgeting features

  • Simplifi provides essential budgeting tools with less customization.
  • Monarch Money is preferred for its adaptable and personalized budgeting approach.

Monarch Money’s strength lies in its highly customizable budgeting features, allowing users to create and adjust budgets that align with their unique financial goals and circumstances.

The platform offers a range of tools, from setting customizable budget categories to creating specific rules for transaction categorization. This level of flexibility makes Monarch Money a top choice for users who require a more tailored approach to managing their finances, especially for those dealing with complex financial portfolios or joint financial accounts and credit cards.

Simplifi, while offering essential budgeting tools, opts for a more streamlined approach. It focuses on providing users with a basic yet effective set of budgeting features, such as tracking monthly spending and setting up savings goals.

While this simplicity is appealing to users who prefer an uncomplicated budgeting experience, it lacks the depth of customization provided by Monarch Money. Simplifi’s straightforward design is excellent for quick budget planning but may not satisfy those who need more nuanced financial management tools and a customized spending plan.

Factor 2: User Interface and Ease of Use

Simplifi is renowned for its straightforward and intuitive design

  • Monarch Money features a detailed, yet user-friendly interface.
  • Simplifi wins this category for its exceptional ease of use and simplicity.

Simplifi’s interface is designed with simplicity and user-friendliness at its core. The app’s layout is intuitive, making it easy for users to navigate and access key features like spending tracking, budget creation, and bill reminders.

This simplicity is ideal for individuals who are new to budgeting apps or prefer a no-fuss approach to managing their finances. Simplifi’s clean and uncluttered design ensures that users can focus on their financial data without being overwhelmed by too many details or options.

Monarch Money, while offering a detailed and customizable interface, may require a slight learning curve for new users. The app’s dashboard provides a comprehensive view of all financial aspects, from budgets and investments to savings plans and debt tracking.

While this detailed approach is beneficial for those seeking a thorough overview of their finances, I think it may be more complex than necessary for users who prefer a more streamlined experience. Monarch Money’s interface is well-organized and feature-rich, making it a great fit for users who enjoy having an array of tools and data points at their fingertips.

Factor 3: Investment Tracking and Management

Monarch Money offers robust investment tracking capabilities

  • Simplifi provides basic investment monitoring features.
  • Monarch Money leads in this area with its comprehensive investment management tools.

Monarch Money excels in the realm of investment tracking and management. The app allows users to connect various investment accounts and financial institutions, providing a detailed overview of their portfolio, including performance analytics, asset allocation, and investment gains or losses.

I believe this comprehensive approach is particularly beneficial for users who have diversified investment portfolios and need a tool that can capture all aspects of their investments.

Monarch Money’s ability to aggregate and analyze investment data makes it a standout choice for those who are serious about tracking their investment progress alongside their everyday budgeting.

Simplifi offers basic investment monitoring capabilities, suitable for users who have a straightforward investment strategy or are just beginning to delve into investments. The app allows users to link their investment accounts and view basic information such as account balances and recent changes.

While this feature is useful for keeping an eye on investments, it ha limited features and analytical tools when compared to what is offered by Monarch Money. Simplifi’s investment tracking is sufficient for casual investors but may fall short for those requiring detailed investment analysis and reporting.

Factor 4: Bill Tracking and Reminders

Simplifi excels with its auto-detect bills feature and reminder system

  • Monarch Money provides functionalities for tracking bills and setting reminders.
  • Simplifi takes the lead in this category for its superior bill-tracking and reminder capabilities.

Simplifi’s bill tracking and reminder system is one of its standout features. The app’s ability to auto-detect upcoming bills and set reminders ensures that users stay on top of their bill payments, reducing the risk of late fees or missed payments.

This feature is particularly valuable for individuals who have multiple recurring bills and want an easy way to manage them all in one place. Simplifi’s user-friendly interface makes it simple to view upcoming bills, set reminders, and track payments over time.

Monarch Money also offers bill tracking and reminders, but its capabilities in this area are not as advanced as Simplifi’s. Users can manually input and track their bills, setting reminders to ensure timely payments.

While this functionality is useful, it requires more input and management from the user compared to Simplifi’s automated system. Monarch Money’s bill tracking is effective but may be more suited to users who prefer a hands-on approach to managing their bill payments.

Factor 5: Cost Considerations

Although Not as Feature Rich, Simplifi is Cheaper than Monarch Money

  • Monarch Money costs $14.99 per month or $99 for an annual subscription
  • Simplifi costs $3.99 per month or averages out to $2.99 if choosing the annual subscription fee.

Simplifi does not offer the range of features that Monarch Money does, but it is considerably cheaper. If you are on a very limited budget or do not need the robust, premium features offered by Monarch Money it could offer a better value.

If you are serious about your personal budget and want a money management platform with advanced reporting capabilities, then I think Monarch Money is worth the additional cost.

Monarch Money and Simplifi Alternatives

If you have read this far and are convinced that Neither Monarch Money or Simplifi is right for you, I have some other alternatives I would like to present. The first alternative I will cover is Rocket Money.

If you are into zero-based budgeting, maybe you have already heard of this budgeting app created by Haroon Makhtarzada and his team. Users like it’s negotiation feature that helps them cut down on unwanted subscriptions. Their bill alert feature prevents users from unnecessary late fees. To see how they compare, consider reading my Monarch Money vs Rocket Money article.

Another notable company in the personal finance app space is Copilot. Copilot utilizes the latest AI technology to generate personalized spending insights, helping users better understand spending habits and where they can save money. Copilot also has a Google Sheet integration for those spreadsheet enthusiasts. My Monarch Money vs Copilot breakdown will help you better understand how they compare.

Monarch Money vs Simplifi: The Verdict

In my comparison between Monarch Money and Simplifi, both apps demonstrate their unique strengths in helping users manage their personal finances.

Monarch Money stands out with its comprehensive financial tracking, customizable budgeting options, and in-depth investment management tools. Its ability to provide a holistic view of financial health makes it an ideal choice for users seeking an all-encompassing personal finance app.

On the other hand, Simplifi excels in offering a user-friendly interface, efficient bill tracking, and straightforward budgeting tools. Its focus on simplicity and ease of use makes it an excellent option for individuals who prefer a more streamlined approach to managing their finances.

While both apps have their merits, Monarch Money’s comprehensive features and detailed financial analysis capabilities give it a slight edge in my opinion. Click here to discover more about Monarch Money and how it can assist you in achieving your financial goals.

If Simplifi more closely aligns with your needs, go here.

Learn More About Monarch Money

Learn More About Simplifi

FAQs

Is Monarch Available on Mobile?

Yes, Monarch Money is available on Android, iPhone, and iPad devices. You can download the mobile app by searching “Monarch Money” in your favorite app store.

How is Simplifi Different Than Quicken?

Simplifi and Quicken offer different experiences in managing personal finances. Simplifi, a standalone product from Quicken, is entirely web-based, allowing users to manage their finances through any supported web browser or via the Simplifi Mobile App on mobile devices, eliminating the need for a desktop application.

Both platforms serve unique financial needs, with Simplifi aiming for streamlined, user-friendly financial oversight and Quicken providing a robust, detailed financial analysis tool.

How Much Does Monarch Cost per Month?

Monarch costs $14.99 per month. Although this might be expensive for some users that are accustomed to using a free personal finance app, Monarch Money’s rich features make it a value for many users. They also offer a free 7-day trial, so users can experience the platform for themselves risk free.

Who is the CEO of Monarch Money?

The current CEO of Monarch Money is Val Agostino. Monarch Money was founded in 2018 by Jonathan Sutherland, Ozzie Osman, and Val Agostino. The company is headquartered in California.

Can I Migrate From Mint to Simplifi?

Yes, you can migrate from Mint to Siimplifi and the process is pretty straightforward. When transferring transactions from Mint into Quicken Simplifi, select the “Mint” option for importing. Keep in mind, there’s a cap of 10,000 transactions for each import from Mint.

Does Simplifi Sell Your Data?

SimpliFi does not lease or sell Personal Information to marketing entities or independent third parties. Instead, SimpliFi circulates personal information among its own institutional branches for the purpose of delivering its Services and conducting internal administrative tasks.

Can Couples Use Monarch Money?

Yes, Monarch Money allows couples to view accounts and transactions of each other. It allows the invitation of additional household members to join. Each member receives their own login while gaining visibility into the collective household finances.

Monarch Money recognizes that every couple has unique financial management styles. It offers users the flexibility to select which accounts and transactions should be included in the shared household overview, accommodating different preferences and needs.

Does Monarch Money Have Customer Support?

Monarch Money does offer customer support. You can email them at support@monarchmoney.com. You can also call them at 1 (206) 537-0692. Customer support availability is answered in the order it is received and wait times vary.

Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. He’s a father of 2 beautiful girls, a dog owner, a long-time online entrepreneur and an investing enthusiast.