Managing finances across multiple banks and brokerages, along with keeping track of assets and liabilities, can become overwhelming. Monarch Money steps in as a solution, consolidating your financial life onto a single platform. It’s designed for individuals who need to budget, monitor spending, and strategize for the future, providing all the necessary tools in one place.
In this review, I’ll dive into my preferred features of Monarch Money, while also addressing a common question: is Monarch Money free? Alongside this, I’ll outline the available subscription plans to give you a complete understanding of what Monarch Money offers and how it can streamline the management of your finances.
Learn More About Monarch Money
Is Monarch Money Free?
Addressing the common query: is Monarch Money free? As of summer 2023, the platform discontinued its free membership tier. However, it does offer a 7-day free trial, allowing you to explore its features before deciding on a subscription.
Post-trial, Monarch Money simplifies its pricing to either a monthly fee of $14.99 or an annual fee of $99.99, which breaks down to $8.33 a month.
Opting for either subscription grants access to comprehensive features designed to streamline your financial management, including unlimited bank connections, credit score monitoring, and in-depth analyses of your spending patterns.
How Does Monarch Money Work?
Monarch Money operates by letting users add and synchronize their financial accounts, including bank and brokerage ones, known as Synced Accounts. The app categorizes transactions automatically and allows for adjustments and personalized categorization.
For assets not automatically synced, manual entry is possible, aiding in a comprehensive net worth tracking within the app. Following account synchronization, Monarch suggests budgets and evaluates your net worth, also facilitating the creation and monitoring of financial goals.
Users can allocate a specific amount of available funds toward their financial aspirations. This allocation is more about categorization within accounts rather than actual fund transfers. Additionally, while Monarch can sync with over 11,200 financial institutions and employs multiple data aggregators to expand coverage, it currently offers limited support for cryptocurrencies, with only Coinbase integration available, though future expansions are planned.
For those transitioning from Mint to Monarch, the relatively smooth process involves exporting Mint transaction data in CSV format and importing it into Monarch, ensuring a smooth transition by matching categories and accounts and confirming successful import.
If you’re moving from Mint or simply starting fresh, Monarch Money adapts to fit your financial landscape.
Where Monarch Money Shines
Now that we have covered that Monarch Money is no longer free, and how it works, time to get into where it shines. Here are the features that I believe will impress new users:
- Complete Financial Overview: Consolidates various accounts like savings, credit cards, and investments into one platform for easier management, particularly beneficial for couples.
- Ad-Free Experience: Ensures an uninterrupted financial management environment without distractions from advertisements.
- No Upsell Tactics: Monarch Money focuses on user needs without pushing unnecessary products or making intrusive sales calls.
- Collaboration Features: Allows multiple users, such as partners or family members, to manage finances together seamlessly.
- Customizable Dashboard: Offers flexibility to personalize the dashboard by adding, removing, or rearranging categories to suit individual preferences.
- Financial Planning and Goal Setting: Syncs with over 11,200 financial institutions, enabling users to set and track financial goals while providing a comprehensive overview of assets, liabilities, and transactions.
- Investment Tracker: Integrates data from brokerage accounts and investment apps to provide a detailed view of your portfolio’s performance and asset allocation.
- Net Worth Tracker: Monitors a wide array of assets and liabilities, including bank accounts, investments, and property values, to calculate and display real-time net worth.
- Recurring Bills & Subscriptions Tracker: Automatically detects and organizes recurring payments, sending reminders to help manage subscriptions and avoid late fees.
- Transaction Rules: Custom rules for automatic categorization of recurring transactions to streamline budgeting and financial tracking.
- Personalized Advice: Utilizes the Advice Wizard to offer customized financial suggestions based on user responses, adhering to fiduciary standards.
- Account Collaboration: Enables sharing and joint management of financial accounts and goals without additional costs, ideal for couples or households sharing financial responsibilities.
Final Thoughts
Managing finances across multiple accounts can be complex, but Monarch Money simplifies this by bringing everything onto one platform. Although it’s no longer free, the 7-day trial offers a great chance to explore its capabilities before committing to a monthly or annual plan.
Monarch Money is especially useful with its ad-free environment, shared financial management, and customizable features. It stands out for its straightforward approach, making it easier for couples or families to work together on their finances. Plus, its commitment to providing detailed financial insights, from tracking spending to investment performance, helps users make informed decisions.
If you’re transitioning from Mint or just starting to get serious about organizing your finances, Monarch Money could be what you need. Ready to streamline your financial life? Click Here to start your Monarch Money journey with a trial.
Get Started With Monarch Money