Monarch Money Review

When it comes to managing personal finances, nothing can be as transformative as using a well-rounded budgeting app. This brings us to Monarch Money, a powerful tool that’s been making waves in the personal finance software market. Our comprehensive Monarch Money review will help you understand whether this new financial platform aligns with your financial goals.

What is Monarch Money?

Monarch Money is an intuitive personal finance app, co-founded by Val Agostino. It provides an easy-to-use interface that aggregates financial accounts, including bank accounts, credit cards, savings accounts, and even taxable brokerage accounts, enabling users to have a holistic view of their financial pictures.

Monarch Money’s Features: Streamlining Personal Finances

With Monarch Money, you can track your spending habits, set monthly budgets, monitor your credit score, and much more. One unique feature is its customizable dashboard, allowing users to personalize their financial management experience. The tool offers a 7-day free trial, allowing potential users to explore its features before deciding to commit.

Track Spending and Monitor Financial Progress

Monarch Money allows users to connect their primary bank accounts and credit cards to the app, providing a simple, streamlined view of all financial activities. The spending categories feature helps you understand your monthly spending, making it easier to make informed financial decisions.

This app stands out among other popular budgeting apps like Tiller Money, PocketSmith, and Simplifi by Quicken due to its focus on custom categories, which allow for a more tailored budgeting experience.

Rollover Budgets and Transaction Rules

Unlike the zero-based budgeting approach found in some alternatives, Monarch Money offers Rollover Budgets, which let you roll over unused funds to the next month, reducing budgeting stress and promoting financial progress.

Investment Tracking

Monarch Money provides an opportunity to have your entire portfolio, including investments, under one roof. It enables you to track expenses and investment performance all from your custom dashboard, a unique feature not commonly found in basic versions of other personal finance apps.

Security and Privacy: Bank-Level Security for Peace of Mind

Monarch Money recognizes the importance of security in managing financial accounts. It employs bank-level security to ensure your data is safe, providing peace of mind as you manage your finances.

Pricing: Basic Version vs. Premium Version

Monarch Money offers two tiers of service, allowing users to choose based on their financial needs and goals. Here is a quick overview of both.

Basic Version

The Basic Version is free to use and comes with a good range of features. It provides the ability to link your financial accounts, offers a customizable dashboard, and includes powerful budgeting tools. With the basic version, you can track your spending habits, view all your transactions, and create custom categories. This version is a fantastic choice for anyone new to budgeting or individuals with relatively straightforward financial needs.

Premium Version

The Premium Version, on the other hand, is a comprehensive financial management powerhouse. It includes everything from the basic version plus some standout features. Premium users gain access to Rollover Budgets, credit score monitoring, and expert financial advice. They can also track investment performance and utilize advanced transaction rules. For anyone seeking to dive deep into their financial management or those with complex financial pictures, the premium version is well worth the investment.

In the end, your choice between the basic and premium version depends on your personal finance needs and goals. No matter what, Monarch Money provides a robust platform that can guide you in making informed financial decisions.

Monarch Money’s commitment to providing a comprehensive view of your finances in a user-friendly format is a major plus, positioning it as a serious contender in the world of personal finance apps. Whether you’re new to managing your finances or an experienced investor, this app is worth considering.

The Verdict: Is Monarch Money Worth It?

Monarch Money stands out for its comprehensive money management platform. The app offers a premium version with advanced features, such as credit score monitoring and access to certified financial planners, but even the basic version provides an impressive array of budgeting tools.

Monarch Money is more than just a budgeting app; it’s a comprehensive tool that simplifies complex financial matters, making it easier for individuals to achieve their financial goals. Its customizable dashboard, broad compatibility with various financial accounts, and investment tracking capabilities make it a versatile personal finance tool.

So, whether you’re a financial newbie or an experienced investor, Monarch Money can be a game-changer in your journey towards financial freedom. 

Final Thoughts

In the sea of personal finance apps, Monarch Money stands out for its comprehensive yet user-friendly features. From tracking spending habits to offering advanced investment tools, the platform empowers users to take control of their financial life and work towards their financial goals.

The two-tier pricing model, with a robust free version and an impressively comprehensive premium version, ensures that Monarch Money has something for everyone. Whether you’re an individual just starting to manage your finances, or a seasoned investor, the flexibility and functionality of this platform can provide significant value.

With the added bonus of a 7-day free trial, it’s easy to dip your toes into the world of budgeting and personal finance without a significant initial commitment. This trial allows users to explore the app’s features and usability, making it easier to decide if the platform aligns with your financial needs and goals.

It’s also reassuring to know that Monarch Money places a high emphasis on security, with bank-level measures in place to protect your data.

Monarch Money has made a compelling case for being a leading tool in personal finance management. Its seamless integration of budgeting, investment tracking, and financial advice into a single platform sets it apart from other popular budgeting apps. For anyone looking to gain a comprehensive view of their finances and make proactive strides towards their financial goals, Monarch Money could be the perfect partner on that journey.

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Author Bio: Craig Hawthorne is a financial veteran who effortlessly combines his profound understanding of finance with a flair for product reviewing. Recognized for his knack in untangling complex financial concepts and delivering reliable product critiques, his insights have earned spots in multiple esteemed publications such as Modest Money. His efforts also extend to producing educational content, helping a wider audience confidently navigate through financial complexities. 

Outside the professional sphere, Craig cherishes his downtime, hiking local trails or exploring new culinary experiences, enriching his life with a healthy balance of work and leisure.