Should You Sign Up For Monarch Money

Jeremy BiberdorfBy: Jeremy Biberdorf

November 1, 2023November 1, 2023

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Monarch Money is an all-in-one financial management platform that provides an integrated view of your financial life. Developed by Val Agostino, the service connects with thousands of financial institutions to aggregate all your accounts, transactions, and investments in one place.

Monarch Money offers many useful budgeting features for individuals and families. You can link checking and savings accounts, credit cards, brokerages, retirement funds, mortgages, and more to see your balances and transactions in real-time.

The platform provides budgeting tools to set financial goals and spending limits. You’ll receive customized financial advice and recommendations based on your financial situation and goals. Why not sign up for a free trial and see how Monarch Money can simplify your financial life? You have nothing to lose and a lifetime of financial wellness to gain.
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Pros of Using Monarch Money

If you’re tired of juggling multiple financial apps and websites, considering an all-in-one money management tool like Monarch Money may be worth considering. Here are some of the major pros of signing up:

Effortless Account Aggregation

Monarch Money connects to over 11,000 banks and financial institutions, automatically importing and categorizing your transactions in one place. No more toggling between sites to check balances or track spending.

Shared Access for Couples

Are you struggling to stay on the same page with your partner about money matters? Monarch Money allows you to link bank accounts and share access so you both can see where your money is going and have honest conversations about your financial goals.

Investment Monitoring Made Simple

Can’t keep up with all the ups and downs in the stock market? Monarch Money tracks the performance of your investment accounts, displaying clear visualizations so you know if you’re meeting your targets. Customize to see metrics for specific stocks, ETFs, and other assets.

Budgeting That Fits Your Life

Set up customizable budgets that work for you. Choose from over ten budget types, set limits that roll over, create budgets for irregular monthly expenses, split transactions between categories, and more. Monarch Money provides the flexibility and control you need to gain awareness of your spending and make real financial progress toward your financial objectives.

Potential Drawbacks to Consider

While Monarch Money offers many useful budgeting and expense-tracking features, it may be overwhelming or frustrating for some. Consider these potential downsides before diving in.

Steep learning curve

Monarch Money provides a ton of functionality, but that also means there’s a lot to learn. If you’re new to budgeting apps or personal finance tools, the sheer volume of features and customization options could feel daunting. Getting familiar with everything may take time, and setting up a system that fits your needs may take time.

Requires active participation

Monarch Money isn’t a “set it and forget it” budgeting app. To get the most out of it, you need to actively login, review your accounts and transactions, set budgets, track your spending versus your budgets, and make adjustments as needed.

Can be pricey

While Monarch Money offers a free version, to access many advanced features like bill pay, investment tracking, and debt management tools, you’ll need to sign up for one of their paid plans, which starts at $9 per month. The higher-tier plans provide more features but cost up to $15 monthly. The monthly subscription fees could be a deterrent if you’re on a tight budget.

Monarch Money Pricing

Monarch Money offers two plans: Basic and Premium. The Basic Plan is free to use and great for those just getting started with budgeting. It allows you to link all your financial accounts in one place so you can see your balances and transactions at a glance.

You can also set monthly budgets, get customized reports, and receive alerts about large transactions. The Premium Plan costs $9.99 per month or $89.99 per year for more advanced tools. Along with the features of the Basic Plan, the Premium Plan offers bill pay, custom categories, and investment tracking.

It also gives you access to your free credit score and reports so you can monitor your credit. For new users, there’s a two-week free trial of the Premium Plan so that you can try out all the features risk-free.

Final Verdict: Should You Sign Up for Monarch Money

So, should you sign up for Monarch Money? In a word, absolutely! Monarch Money is not just another budgeting app; it’s a comprehensive financial management tool that can help you gain control of your finances.

With its seamless integration with thousands of banks and institutions, Monarch Money gives you a single place to view all your accounts in one spot. Its unique transaction notification system alerts you in real-time whenever there are deposits, withdrawals, or balance changes, so you always know where your money is going.

The goal-setting features are robust, allowing you to save for everything from a dream vacation to a down payment on a house. Set a target amount and time frame, and Monarch Money will calculate how much you need to save each month to reach your goals. To get started, click here for your free 7-day trial. Take control of your financial future today with Monarch Money!
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Jeremy Biberdorf
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.

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