Monarch Money vs Quickin: A Comprehensive Comparison of Budgeting Apps
When it comes to managing your finances, having a reliable budgeting app can make all the difference. Two popular options, Monarch Money and Quickin, offer a range of features to help you track your expenses, create a budget, and stay on top of your financial game. But which one is right for you? In this article, we'll delve into the similarities and differences between Monarch Money and Quickin, exploring their pricing, trial options, and additional features.
Similarities Between Monarch Money and Quickin
Before we dive into the differences, it's worth noting that both Monarch Money and Quickin share some similarities. Both apps allow you to link your bank, credit card, and investment accounts to import transactions, automatically categorize transactions, and invite or share with someone else via email address. Additionally, both apps offer premium features for a cost.
Differences in Pricing and Trial Options
One of the most significant differences between Monarch Money and Quickin is their pricing. Quickin offers a more affordable option, with a yearly subscription of $48 (or $3.99/month) and a 30-day money-back guarantee. Monarch Money, on the other hand, costs $99/year (or $14.99/month) and offers a 30-day free trial, although you can get a 7-day free trial without using a specific link.
Additional Features in Monarch Money
Monarch Money has a range of additional features that aren't mentioned in this comparison. For more information, be sure to check out videos on Monarch Money's budgeting app.
Customizing Budget Categories and Subcategories
One of the most critical aspects of any budgeting app is the ability to customize budget categories and subcategories. Monarch Money comes with preset categories and subcategories, which you can rename, change emojis, and drag-and-drop to your desired position. While you can't delete categories, you can deactivate them to hide them from the app. To edit categories, you'll need to go to Settings, rather than the actual budget page. Monarch Money can import transactions and automatically categorize them, although some categorization may not be accurate.
Quickin also comes with preset budget categories and subcategories, which you can rename, edit, and delete. You can import transactions and automatically categorize them, and Quickin offers basic rules to customize categorization.
Categorizing Transactions
Both Monarch Money and Quickin allow you to set up rules to customize categorization. Monarch Money offers more options, such as categorizing by amounts, stores, or categories. Quickin's options are more basic, but still allow for customization. Be careful when setting up rules to ensure they work as intended.
Comparison of Monarch Money and QuickBooks
In addition to Quickin, Monarch Money is often compared to QuickBooks. While both apps offer a calendar view for visualizing transactions and recurring bills, they have different approaches to budgeting. QuickBooks has a simplified budget with four categories: fixed bills, variable bills, other, and remaining funds. Monarch Money, on the other hand, has a more traditional approach to budgeting, with a focus on forecasting for irregular income and expenses.
Monarch Money offers forecasting, which is great for those with irregular income or expenses. QuickBooks does not have forecasting as a built-in feature. Both apps provide a variety of reports, including visual charts, although Monarch Money's reports are still under development.
Comparison of Quicken and Monarch Money Budgeting Apps
Finally, let's compare Quicken and Monarch Money. Both apps allow you to create a watch list for specific categories or stores, providing a front-and-center view of spending and budgets. Notifications are available in both apps, including customizable notifications for going over budget or reaching a certain percentage. Customer service is available 24/7 through chatbot and help center in both apps, although Monarch Money's customer service is more user-friendly and easier to navigate, with faster response times from human representatives.
Conclusion
Ultimately, the choice between Monarch Money and Quickin (or QuickBooks or Quicken) depends on your individual needs and preferences. If you're looking for a more affordable option with a 30-day money-back guarantee, Quickin might be the better choice. If you're willing to pay more for additional features and prefer a 30-day free trial, Monarch Money could be the better option. By understanding the similarities and differences between these budgeting apps, you can make an informed decision and take control of your finances.