Monarch Money Review: Streamlining Your Financial Management
What is Monarch Money?
Monarch Money is a personal finance tool designed to help users tackle modern money management. It offers a fully customizable dashboard for tracking finances, budgeting, and investments. Additionally, it provides financial advice and allows for the addition of household members.
Key Features
1. Complete Financial Overview
Monarch Money provides a unique feature that consolidates all financial tools into one snapshot, making it easy to add members of the household and streamlining the process of tracking finances as a couple.
2. Ad-Free
Unlike many budgeting apps, Monarch Money is ad-free, creating a distraction-free experience that allows users to focus on their financial goals.
3. Customizable Dashboard
Users can customize their dashboard to suit their financial needs, with a range of options for tracking finances, budgeting, and investments.
4. Financial Advice
Monarch Money offers expert financial advice to help users make informed decisions about their money, providing guidance on budgeting, investing, and more.
5. Household Management
The app allows users to add members of their household, enabling couples to work together to manage their finances, even if they haven't combined all their accounts.
Benefits
- Streamlines financial management, making it easier to track and manage finances
- Provides a complete financial overview, making it easier to make informed decisions
- Offers expert financial advice, helping users achieve their financial goals
- Ad-free, making it easier to focus on financial goals
Why Choose Monarch Money?
Monarch Money stands out from other budgeting apps with its unique feature of consolidating all financial tools into one snapshot. The ad-free experience creates a distraction-free environment for financial management, and the customizable dashboard provides users with the flexibility to tailor their financial experience to their needs. Additionally, the financial advice and household management features make it an all-in-one financial management solution.
Commitment to Being Ad-Free
Monarch Money has committed to being ad-free, which means no annoying pop-ups or distracting sidebars. This is a huge plus for those who find ads distracting or annoying and want to avoid wasting time or money.
No Upsell
Unlike many fintech companies, Monarch Money does not upsell or recommend products to users. This means no unwanted calls or recommendations for products you may not need or want.
Collaboration Feature
Monarch Money is designed with couples in mind, allowing users to invite other household members to their plan. Each member gets their own login, but can access the household financial picture, making it easier for couples to manage their finances together. Users can choose which accounts and transactions are added to the shared household data, making it customizable to individual needs.
Customization Options
Monarch Money allows users to make unlimited customizations to the app, including reordering or removing categories, creating custom categories, changing category names or adding emojis, and adding their own transaction tracking.
Areas for Improvement
- Cost: Monarch Money requires a fee, which may be a barrier for those who are very frugal or want free financial tools. However, the platform is robust and offers solid advice, making the fee worthwhile.
- Limited options for crypto owners: Monarch Money may not be the ideal platform for cryptocurrency owners, as it only syncs with Coinbase, requiring separate management of that portion of your financial picture.
- No credit score monitoring: Despite being an all-in-one money management platform, Monarch Money does not offer credit score monitoring. While this is not a major issue, it is a notable gap that may be addressed in the future.
Pros and Cons
- Access to a test drive: Monarch Money offers a test drive option, allowing you to access the platform before committing to a payment.
- Limited options for crypto owners: Monarch Money may not be the ideal platform for cryptocurrency owners, as it only syncs with Coinbase, requiring separate management of that portion of your financial picture.
- No credit score monitoring: Despite being an all-in-one money management platform, Monarch Money does not offer credit score monitoring.
Competitors
- Empower (formerly Personal Capital): Empower is a popular platform among the financial independence and early retirement crowd. It offers numerous free tools and thoroughly projects your financial picture. However, Monarch Money stands out with its lack of upsells and advertising, as well as its four calculators, including a Financial Health calculator, mortgage calculator, Debt Paydown calculator, and retirement calculator.
- Mint: Mint is a long-term favorite for money management and budgeting. It offers a comprehensive budgeting tool, allows you to sync your bank accounts, track your spending, and set up alerts. It also provides credit monitoring, which Monarch Money currently lacks. If you prioritize budgeting and don't mind ads, Mint may be the better choice. However, if you want a platform that helps you see your total financial picture or don't like ads, Monarch Money might be a better fit.
YNAB vs Monarch Money: A Detailed Comparison
Monarch Money offers a more holistic approach to financial management, making it a suitable option for users who want a streamlined experience. YNAB remains a valuable tool for those who prioritize budgeting and saving. Ultimately, the choice between the two tools depends on individual financial goals and preferences.
Conclusion
Monarch Money offers a comprehensive financial management platform that stands out from its competitors with its unique features, including a complete financial overview, ad-free experience, and customizable dashboard. While it may have some areas for improvement, the platform is robust and offers solid advice, making it a worthwhile investment for those seeking to streamline their financial management.
Additional Tips and Tricks
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