Monarch Money Budgeting App Mobile Version: A Comprehensive Review

The Monarch Money budgeting app mobile version is a powerful tool designed to help individuals, couples, and business owners take control of their finances. With its customizable dashboard, easy account connection, and robust features, this app is a game-changer for anyone looking to manage their money effectively.

Dashboard

The Monarch Money app dashboard is fully customizable, allowing users to rearrange the layout to show the information they want to see. The available options include net worth, spending trends, progress towards goals, income vs. expenses, transactions at a glance, reoccurring bills and expenses, and investment performance.

Adding Accounts

Adding accounts is a breeze with the Monarch Money app. Users can easily connect to thousands of institutions through the "plus" button at the top of the screen. They can log in with their bank account credentials through the app, making it easy to track their financial data. Additionally, users can move data from Mint to Monarch, although it's recommended to do this on the desktop version due to CSV file requirements.

Transactions

The transactions feature in the Monarch Money app allows users to view a list of all their transactions, quickly recategorize them on-the-go, and customize categories to suit their needs. Categories can be deleted, added, or sectioned off into custom sections, and even emojis can be changed to represent categories.

Features for Couples and Businesses

The Monarch Money app is designed to cater to the needs of couples and business owners. Couples can log in and customize their dashboard, while business owners can easily connect their accounts, track investments, and customize their dashboard to suit their business needs.

Limitations

Although the video doesn't specify any limitations, it's essential to explore the app's features and limitations to ensure it meets your financial needs.

Overall

The Monarch Money app is an incredibly useful and slick mobile app designed for everyone, including couples and business owners. Its easy-to-use layout and navigation make it an excellent choice for anyone looking to manage their finances effectively.

Categorization and Tagging

The categorization and tagging feature in the Monarch Money app allows users to categorize transactions to identify recurring expenses and add notes to remember what each transaction is for. Users can also use tags to further categorize transactions, making them easily searchable. This feature is particularly useful for couples, as it allows them to assign transactions to be reviewed by others in the household and send push notifications for review.

Receipt and Data Upload

Uploading receipts and data is a breeze with the Monarch Money app. Users can take a photo of their receipts and upload data or photos for transactions, making it easy to keep track of their financial data.

Cash Flow and Budgeting

The Monarch Money app provides a comprehensive cash flow and budgeting feature that allows users to view their cash flow by category or merchant, toggle through days, months, and years to see income, expenses, and savings, and view budgeting on a monthly, quarterly, and yearly basis. This feature enables users to track their spending and make informed decisions to achieve their financial goals.

Budgeting in Monarch

The budgeting feature in the Monarch Money app is designed to help users set a budget plan and track their spending to achieve their financial goals. Users can toggle between the budget plan and actual spending to make adjustments as needed, creating a surplus for savings. The app allows users to make informed decisions about their spending and create a budget that works for their lifestyle.

Budgeting Features

The Monarch Money app budgeting feature includes the ability to toggle between "remaining" and "actual" budgets, showing users how much is available to spend in each category and how much has already been spent. This feature helps users make informed purchase decisions and stay within their budget. Regularly checking the budget helps users take proactive strategies to maintain their budget and make adjustments as needed.

Forecasting and Goal Setting

The Monarch Money app allows users to forecast expenses for future months and plan accordingly. Users can set goals for savings and investments and track their progress towards reaching them. The app provides a calendar view to help users visualize their financial goals and expenses.

Other Features

The Monarch Money app includes several other features, such as tracking reoccurring expenses, connecting investments, and adding a household member or advisor to help with budgeting and financial planning.

Tips for Using the App

To get the most out of the Monarch Money app, users should regularly check their budget to stay on track and make informed financial decisions. They should also use the forecast feature to plan for future expenses and income, set goals, and track their progress towards achieving them.

Benefits of Using the App

The Monarch Money app provides several benefits, including taking control of finances, making informed decisions about spending and saving, and providing a clear picture of financial situations. The app helps users stay on track towards their goals and plan for the future.

Monarch Money App Overview

Setting Up the App

Setting up the Monarch Money app is easy, and users can get a budget that works for their lifestyle goals and values, a debt payoff plan, and other features. The app can be set up completely, taking the heavy lifting off figuring out the features and budgeting.

Advisor Feature and Rules

The Monarch Money app has an advisor feature that facilitates outsourcing and hiring help. Users can set up rules to categorize transactions in a particular way, such as categorizing business expenses, setting dollar amounts, and customizing notifications.

Customizing Notifications

Notifications can be customized to show specific transactions or budget alerts. Users can turn off notifications if they prefer, and the app sends a lot of push notifications, but it's customizable.

Cost and Value

The Monarch Money app costs $100 per year, but it's well worth the cost if it helps users make smart financial decisions. The app can pay for itself in a few months if users make a few smart financial changes.

Consulting and Coaching

If users need more help setting up the app or creating a budgeting plan, consulting and coaching services are available. Financial coaching can help users set concrete goals, create a debt payoff plan, and establish a budget that works for their lifestyle.

In conclusion, the Monarch Money budgeting app mobile version is a powerful tool designed to help individuals, couples, and business owners take control of their finances. With its customizable dashboard, easy account connection, and robust features, this app is an excellent choice for anyone looking to manage their finances effectively.