Monarch Money Review 2025: Best Budgeting App for Couples
Late last year, when Mint announced plans to shut down, it seemed like every financial app service had announced it would be shutting down. The best peppermint substitutes. Monarch Money is one of them. While I hadn’t heard of the app before Mint left, the first time I saw it I knew it could go head-to-head with the most popular budgeting apps ever.
Others seem to like Monarch Money too. The app has been rated a near-perfect 4.9 stars by more than 26,000 Apple users, and Android users are almost as impressed. The app has over 5,700 reviews on Google Play, giving it a total of 4.7 stars.
So, I took the Monarch for a test drive to see if it really deserves the applause. The conclusion is: yes. Very cool.
monarch money
like
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intuitive
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Designed for couples
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investment tracker
dislike
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Limited trial period
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On the pricier side
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Sync issues
How does Monarch Money work?
When you join Monarch Money, you will provide details of your bank accounts, credit cards, investments, loans and other asset types such as cryptocurrency, real estate and art. If you’re a homeowner, you can also use Zillow’s Zestimate feature to add your property’s value to help calculate your net worth.
I use Plaid to sync my banking information. If you have any difficulty connecting the app with your financial institution, you can use MX, Finicity or add your details manually.
Monarch combs through approximately two years of your transactions to provide an estimate of your income and regular expenses. It’s not an exact science, but I find it helpful. It provides a visual breakdown of the ebbs and flows of your income.
Every time you complete a new transaction, Monarch will automatically assign it to a category or ask you to tag it if it doesn’t recognize the merchant.
One of the features I find most valuable is the savings rate tool, which shows you how much money you save each month. As most financial experts recommend In the range of 10% to 15%an easy way to see how you’re doing.
If you can’t remember how many subscription If you make regular payments, Monarch can automatically search for recurring merchant fees and display them in a calendar view. This is an easy way to discover bills you may want to cancel.
You need to pay to use Monarch. The monthly cost is $14.99, but you can save some money by signing up for the $99.99 annual plan.
There is no free version, but there is a 7-day trial. My trial of Monarch made me feel that the service is well worth it.
notes: Use code NEWYEAR2025 when you sign up to get 50% off your first year of Monarch. You must sign up for an annual plan to qualify.
what we like
- Intuitive: When you first start using Monarch, the app sifts through your past two years of transaction history to create a budget framework. While this is by no means accurate – I’d need to tailor the app’s initial suggestions based on my irregular income as a freelancer – it’s a good starting point.
- Designed for couples: Monarch allows you to sync multiple bank accounts with a partner, and you’ll receive monthly email reports to help you discuss your progress toward specific savings goals. since Money can be an awkward conversationI really like this feature.
- Investment Tracking: Monarch Money’s built-in investment tracking tools provide a complete view of how your investments are performing. If you pick stocks yourself, this is an easy way to see trend lines without opening a separate app. In fact, I find that Monarch Money’s view provides a better picture than my homegrown Chase app.
- Cryptocurrency options: Monarch is one of the few budgeting apps that syncs with certain cryptocurrency exchanges, namely Coinbase. (But for me, this is also part of the con. Gemini – the exchange where I hold a small amount of crypto – is currently not supported.)
what we don’t like
- Limited trial period: Seven days is a relatively short window to know if a budgeting app is right for you. You can get a longer 30-day trial (until September 16, 2024) by using code WELCOME30 when you sign up. But this is only good for annual plans.
- cost: The price tag—$14.99 per month or $99.99 per year—may feel like a sizable chunk of cash to pay for your assessment. There are others Popular budgeting apps That one charges less.
- Sync issues: Before connecting my checking and savings accounts, I received a warning about a possible error with multiple Chase accounts. While I didn’t encounter any major challenges, it tells me that many others need help making a seamless process.
Is Monarch Currency Safe?
Monarch Money uses bank-grade security, which means the app’s encryption and data standards are as secure as those of your actual bank. You can also turn on multi-factor authentication for an extra layer of security.
Additionally, the company does not sell data to third parties, which is a key selling point for me. I don’t want a budgeting app to be able to profit from my data to promote credit cards or other financial services.
Who is Monarch Currency best for?
If you’re overwhelmed by the idea of ​​creating a budget, Monarch Money is a great option. Instead of sitting down and reviewing your information in person, Monarch’s algorithms can search your transaction history to identify spending and saving patterns to nudge you in the right direction. But to be clear, it won’t do everything for you. You’ll need to spend some time discovering any holes or errors in Monarch’s math.
This app is an especially good option for couples due to its monthly reporting features and shared goal tracking. That doesn’t mean it’s completely different from other budgeting apps, as many offer free access to multiple users, but Monarch labels itself as a couple’s choice. So I’d like to see more features rolled out to help happy couples stay happy when it comes to managing their joint finances.
Alternatives to the Monarch Money app
There are many others budget app Worth a test drive. We also recommend checking out rocket money. The app is cheaper — just $6 a month — with one significant difference: Rocket Money will negotiate or cancel some recurring bills for you, while Monarch will just tell you the relevant information. However, if you ask Rocket Money to cover these liabilities, the company will deduct a portion of your savings.
Manage your joint finances with Monarch Monarch.
detail
FAQ
Yes. Monarch Money is a highly regarded money management app launched in 2021
How much does monarch currency cost?
Monarch Money costs $14.99 per month or $99.99 per year. The company is currently running a promotion offering annual subscribers 30% off the first year. This promotion expires on September 16, 2024.
Is Monarch money worth spending?
It depends on your budget needs and how you want to view your financial data. The best way to determine whether you should pay for Monarch Money is to use the company’s 7-day free trial to see how the app works.
