Taylor's Guide to Monarch Money and Quick and Simplify: Choosing the Right Budgeting App for You
As a financial coach, I've worked with numerous individuals to create cash flow systems that help them achieve their financial goals. Two popular budgeting apps that I often recommend are Monarch Money and Quick and Simplify. While both apps have their strengths and weaknesses, it's essential to understand their features, pricing, and limitations to determine which one is best for you.
Cash Flow System: The Foundation of Budgeting
Before we dive into the comparison of Monarch Money and Quick and Simplify, it's crucial to emphasize the importance of a good cash flow system. Without a solid understanding of your day-to-day cash flow, any budgeting app will not work effectively. As a financial coach, I offer workshops to help individuals create budgets and can provide email notifications for upcoming workshops through my newsletter.
Features Comparison: Monarch Money vs. Quick and Simplify
When it comes to features, both Monarch Money and Quick and Simplify have their unique selling points. Monarch Money boasts a more aesthetically pleasing layout and user-friendly interface, making it easier to navigate. On the other hand, Quick and Simplify has a more functional layout, but it's less visually appealing. Both apps offer category customization, with Monarch Money allowing for drag-and-drop functionality and Quick and Simplify offering more customization options.
Pricing: Which App Offers the Best Value?
Monarch Money is normally priced at $9.99 per year or $15 per month, with a 30-day free trial. Quick and Simplify, on the other hand, is priced at $3.99 per month (billed yearly) with no free trial, but a monthly option is available. Considering the features and value offered, I believe Quick and Simplify provides a more affordable option.
Category Customization: Setting Up Your Budget
Both apps allow for category customization, which is essential for creating a budget that works for you. Monarch Money's drag-and-drop functionality makes it easier to set up, while Quick and Simplify requires more manual effort. However, Quick and Simplify offers more customization options, giving you greater control over your budget.
Additional Features and Notes
When deciding between Monarch Money and Quick and Simplify, it's essential to consider the additional features that each app offers. Both apps allow manual entry of accounts and linking of bank accounts, as well as tracking assets, such as real estate or cars. Quick and Simplify has unique features, including the ability to track watch lists and set up notifications for specific categories, share the space with someone without creating a separate account, and invite a financial advisor as a second or third person.
Budgeting Process: A Comparison of Monarch Money and Quick and Simplify
The budgeting process in both apps is designed to help you manage your finances effectively. Monarch Money has a traditional budgeting approach with customizable categories and income assignments, while Quick and Simplify has a more flexible budgeting system that allows for one-time and monthly expenses. Monarch Money's budgeting process is more structured, with a baseline budget and adjustments for variable income, whereas Quick and Simplify has a "daily spend" feature that helps you track your expenses.
Additional Features and Advantages
Both apps have additional features that make budgeting easier and more efficient. Quick and Simplify offers features like balance view, calendar view, and list view, which help you track your expenses and income. Monarch Money has more advanced rules for automating budgeting, including merchant name matching, amount matching, and split transactions.
Comparison with Quicken/Simplifi
When comparing Monarch Money with Quicken/Simplifi, it's clear that each app has its strengths and weaknesses. Monarch Money has a more visually appealing user interface and is easier to set up and use, while Quicken/Simplifi has a lot of features and customization options, but can be overwhelming and confusing at times. Monarch Money's data entry and editing process is more streamlined, while Quicken/Simplifi's process is more complex and requires more clicks and navigation.
Conclusion
Ultimately, the choice between Monarch Money and Quick and Simplify depends on your individual needs and preferences. I recommend trying both apps and seeing which one works best for you. As a financial coach, I offer workshops and email notifications to help you create a budget that works for you. Remember to check the promotions on the website for both apps and take advantage of the 30-day free trial for Monarch Money using my referral link. By choosing the right budgeting app, you'll be one step closer to achieving your financial goals.