In this Monarch Money Review, I'll explain everything the platform has to offer. From features to pricing and whether or not the new Monarch app is a good fit for you.
If you have any interest in improving your financial health, this article is for you!
First, let's start from the ground up to understand what exactly Monarch is.
What is Monarch Money?
Monarch is the first all-in-one personal finance platform. Their mission is to improve people's financial health and help them achieve their dreams.
They are a privately held company based in San Fransisco, CA.
So, how does Monarch work?
How Monarch Works
1. Link Your Accounts
Link all of your accounts and transactions into one easy-to-use dashboard. Monarch syncs with just about any financial institution you can think of!
2. Create A Financial Plan
This includes a customized budget, setting goals, tracking expenses by categories and MUCH MORE!
3. Track Your Progress
Don't just set goals and hope for the best. Track every expense and understand where your money is going.
Monarch Money Features
Assets & Liabilities
Overall Rating: 4.5/5
Monarch integrates with over 11,200 institutions to easily sync your bank accounts, transactions, assets, and liabilities. This will help you track your financial situation over time.
Finally, one place to see all of your accounts!
Overall Rating: 4/5
See the exact steps you need to take to achieve your goals, and even tell you the exact day you’ll achieve them.
Talk about motivation to easily set specific goals and track them along your journey.
It's time to reach you goals!
Overall Rating: 4.5/5
Time to plan for the future by creating a custom budget for your spending.
Track all expenses and see your progress through out the month.
Expenses can seem overwhelming, but they don't have to be!
The Monarch platform allows you to manage all of your finances in one place.
You can track spending, goals and net worth!
It's the ultimate money dashboard that helps you understand your complete financial picture at a quick glance.
Monarch Money Pricing
Monarch pricing is pretty straightforward with two plans available.
The first plan is to pay $9.99 monthly where you can take your time seeing if the platform is right for you.
The second plan is to commit to a full year where you're billed $89.99 ($7.50/mo).
Both options are extremely affordable.
If you're ready to commit to the annual plan, you can save yourself around $2.50/month.
You have nothing to lose because they also offer a 14-day free trial!
Monarch Money Pros & Cons
Monarch has pros and cons like any other platform, but the pros seemingly outweigh the cons.
The app is easy to use and will help you track everything in one place!
You can take it month by month and cancel any time with their affordable plans.
However, there is no free plan for those not wanting to shell out a few bucks a month.
Utilize the 14-day free trial and see if it's a good fit for you.
Who Should Use Monarch Money?
Now, it's time to determine if Monarch is a good choice for you.
Are you in debt or looking for a tool to help you track expenses?
Do you have goals and want to get a better grasp on your savings?
If you're looking to see your entire financial picture in one place, then Monarch is for you!
There are only two people I wouldn't recommend an app like Monarch to.
Those looking for comprehensive financial planning and those looking for free options.
This app is built more for budgeting and tracking your financial accounts, not for complex matters such as estate or tax planning.
The Monarch app and platform provide a great opportunity for those looking to improve their financial health.
Many people are going to be turned off by the fact there's no free plan.
However, the benefit to this is that they aren't going to plaster you with ads on the app or try to upsell you with things like credit cards.
Pick your poison.
They have to monetize in some form to pay back their investors.
Would you rather pay a small monthly fee or have a bad user experience with ads popping up everywhere?
Their focus is going to be on improving the apps functionality and providing you with the best service.
Heck, I sound like an account rep for Monarch trying to pitch the product!
I'm not even affiliated with them in any form (hint, hint: throw me some sponsorship money)!
In a nutshell, I like what I've seen from Monarch and believe it's a great option if you're looking to get a better grasp on your financial situation!