Setting Up the Calendar Feature in Monarch Money

As a financial coach, I help clients set up a budget that is realistic for real life, but often they don't use the calendar feature in Monarch money. The calendar feature is optional, but it can be really useful for getting a clear view of upcoming bills and expenses. The goal is to get out of the habit of worrying about the timing of paychecks and bills, and to have a clear plan for your finances.

Step-by-Step Guide to Setting Up the Calendar Feature

To start, navigate to the reoccurring section of the calendar feature. If you click on this for the first time, it will ask you if you want to do this manually or if you want to have Monarch pull in everything it's seeing as reoccurring. Most users will probably choose to have Monarch pull in everything, but this can get messy and pull in subscriptions that you haven't paid for in months.

To clean this up, you can mark merchants as not reoccurring by clicking on the three little dots next to each expense. Once you mark a merchant as not reoccurring, it will be removed from the calendar and from the list of expenses. You can also edit the merchant to set the frequency of the expense, such as monthly, quarterly, or annually.

Tips for Using the Calendar Feature

The green color on the calendar indicates that the expense is a reoccurring one that went through with the exact dollar amount expected. The yellow color indicates that the expense went through, but with a slightly different dollar amount than expected. You can set the dollar amount for each expense, but it will probably fluctuate slightly over time. Chipotle, for example, is unlikely to be an every-month expense, so you can mark it as not reoccurring to keep it off the calendar.

Common Use Cases for the Calendar Feature

You can use the calendar feature to track upcoming bill payments and make sure you have enough money in your account to cover them. You can also use the calendar feature to track your income, such as your paychecks. The calendar feature can help you stick to your budget by giving you a clear view of upcoming expenses and income.

Setting Up Recurring Expenses in the Calendar

When setting up recurring expenses in the calendar, make sure to set the starting date correctly, usually when setting it up for the first time. Verify that the amount is correct, and click "Active" or "Canceled" to determine if it shows up on the calendar. Finally, save the changes to save it in the calendar and show up at the desired frequency.

Marking a Merchant as Recurring

To mark a merchant as reoccurring, find the transaction and add it to the reoccurring calendar. Alternatively, find the merchant in the list of transactions and click the three little dots to mark it as reoccurring.

Creating a Rule to Change the Merchant Name

If there are multiple transactions with the same merchant name, but not all are recurring, create a rule to change the merchant name. Go to settings > rules and create a new rule. Set the conditions to match the specific merchant name (e.g. "Starbucks") and set the amount to match the recurring expense (e.g. $5). Rename the merchant to distinguish it from one-off transactions.

Renaming Merchants and Creating Rules

Renaming Merchants

Rename merchants to differentiate between similar charges, such as mobile phone bill and quarterly service charge, or insurance policies with different billing frequencies. Use a consistent naming convention, such as adding a descriptive phrase to the merchant name (e.g. "Starbucks Subscription"). This will help keep track of different charges and make it easier to manage recurring transactions.

Creating Rules

Create rules to automatically rename merchants based on specific criteria, such as charge amount (e.g. $5 for Starbucks) or charge frequency (e.g. monthly or quarterly). Use the rule to rename the merchant and then change the merchant name to the new one. This will ensure that the correct merchant name is used for recurring transactions.

Examples

Starbucks subscription: Rename all Starbucks charges to "Starbucks Subscription" and set the merchant name to "Starbucks Subscription" for recurring transactions.
Apple storage: Rename Apple charges for storage or other recurring services to "Apple Storage" and set the merchant name to "Apple Storage" for recurring transactions.
Zel: Rename Zel charges for cash payments to "House Cleaning" or other descriptive name and set the merchant name to "House Cleaning" for recurring transactions.

Benefits

Easier to manage recurring transactions and keep track of different charges
Reduced manual effort and errors when renaming merchants
Improved accuracy and consistency in tracking merchant names

Notes

The merchant name does not matter, but it's recommended to use a consistent naming convention for better organization and tracking.
Rules can be applied to recurring transactions to automatically rename merchants and set the correct merchant name for future transactions.
It's recommended to review and adjust rules regularly to ensure they are working as intended and to make any necessary changes.

Recurring Calendar Overview

The recurring calendar is a separate feature from the Monarch system's budget feature, allowing you to view all your bills in one place. You can rename a merchant to "Zel House Cleaning" if you have multiple Zel transactions at $200, and change the merchant name as needed.

Marking Transactions as Recurring

Click on the carrot next to a transaction to mark it as recurring or not recurring. Marking a transaction as recurring will automatically apply the recurring schedule to future payments.

Editing Merchant Details

Click on the three dots next to a transaction to edit the merchant details. Update the expected amount to match the actual payment amount to avoid errors and warnings.

No Connection to Budget

The recurring calendar does not have any connection to your budget in Monarch. Changes made to the recurring calendar do not affect your budget.

Tips and Reminders

Review your recurring calendar regularly to ensure accuracy and make changes as needed.
If you notice a discrepancy in the expected versus actual payment amount, update the merchant details to reflect the correct amount.
The recurring calendar is a useful tool for tracking and managing your bills, but it's not connected to your budget.

monarch money duplicate transactions: How to Set Up and Use the Calendar Feature in Monarch Money for Effective Budgeting

monarch money duplicate transactions: Learn how to set up and utilize the calendar feature in Monarch Money to track upcoming bills and expenses, stick to your budget, and manage recurring transactions with ease.