Monarch Money Budgeting App Review 2024

The right budgeting app can turn managing your money from a chore to an enjoyable one. Monarch Money With an intuitive system to help you track your expenses, create budgets, and even monitor your investments, this app might suit your needs.

Below, CNBC Select reviews Monarch Money’s features, pricing, and whether it’s right for you.

Like other fintech platforms, Monarch Money Before you sign up for the app and purchase a yearly subscription, there are some pros and cons to consider.

Strong Points

• The dashboard is very easy to navigate and setting up your account is simple.
• Like many other budgeting apps on the market, Monarch Money lets you connect your bank accounts, investment accounts, and credit cards so that every time you log in, your dashboard automatically updates to reflect your transactions, balances, and net worth.
• The dashboard shows you your monthly recurring expenses so you can easily identify subscriptions, memberships, and other recurring payments.
• The dashboard also includes a net worth tracker, a monthly progress tracker for income and expenses, a portfolio and cash flow investment tracker, and expense and income reports.

Cons

• Monarch Money costs $99.99 billed annually ($8.33 per month, or $14.99 billed monthly), which may be too much to pay for a budgeting app.

Monarch Money gives you a bird’s-eye view of where your money is going by syncing information from your bank, credit cards, and investment accounts. Users can also connect their student loans, other debts, and assets (including cryptocurrency, real estate, and vehicles). You can create a monthly budget and monitor transactions and recurring expenses. You can also use the app to track your net worth over time and monitor your investment portfolio activity.

Some of Monarch Money’s useful features include:

• Personalized and prioritized goals: You can create a list of custom goals (such as “down payment on a house” or “trip to Paris”) and assign a financial account to each one. Monarch will then provide simple recommendations to help you reach your goals based on the amount you set for each goal, the balance of your linked accounts, and other factors. While the app’s advice is helpful, for more complex goals like saving for retirement, we recommend working with a financial advisor.
• Zero-Based Budgeting: In terms of budgeting, Monarch Money allows for a zero-based budgeting approach. WainabIt tells users exactly how much money they have left to spend each month, but doesn’t force them to give a role to all of it.

Monarch Money’s comprehensive dashboard (and subscription fee) is perfect for anyone who wants to see their financial situation at a glance and actually use the app to make decisions about what to do with their money.

$8.33/month or $99.99/year (billed annually)

$14.99/month (billed monthly)

Monarch Money offers a 7-day free trial.

You can register Monarch Money Follow the instructions to enter your name, email address, and other information via the website or by downloading the app, available on Google Play and the App Store.

Monarch Money is a powerful budgeting and expense tracking platform, but it’s not the right choice for everyone.

If you don’t want to pay for a budgeting app Empower is another platform that can sync with your online account to track your transactions and monitor your investments. Unlike Monarch Money, however, Empower is free to use unless you add on the investment management service, in which case you’ll pay 0.89% of your portfolio (for accounts under $1 million).

If you’re looking for a budgeting app that takes a different approach to managing your money, Good Budget It’s worth a look. It effectively brings to life a cash envelope system. Your first 20 envelopes are free, but unlimited envelopes cost $70 per year. At this price point, Goodbudget is a bit more affordable than Monarch Money, but the approach to budgeting is quite different.

CNBC Select’s mission is to provide our readers with quality service journalism and comprehensive consumer advice to help them make informed decisions about their money. Every personal finance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge. Budgeting product. While CNBC Select earns commission from affiliate partners on many offers and links, we create all content without input from our commercial team or any outside third parties and pride ourselves on our journalistic standards and ethics.

Check out more coverage from CNBC Select credit card, Banking and moneyand follow us Tick ​​tock, Facebook, Instagram and twitter Get the latest updates.