Top perks of Monarch Money
Monarch Money has a lot to like.
Shared access for multiple users
Monarch Money makes it easy for couples to share finances (or for users to get third-party advice on their budgets, such as by inviting a financial advisor to weigh in). Everyone gets a unique login and password, but will have access to the household finances set up in the app.
See all your finances at once
A lot of people have more than one bank account (perhaps a checking and a savings account). Plus, they might have a brokerage account or two, plus credit card accounts with multiple issuers. It can be confusing to keep everything straight and consider your entire financial picture, but Monarch Money makes it easy.
Customization
Want to make the app your own? You can do that. Monarch Money generates a dashboard that lets you see everything at once, and customize your view by keeping the widgets you like and turning off the ones you don't. You can see your net worth, recent purchases, spending reports, budget, and more.
No ads or higher tiers
While you may not be thrilled to pay money for help with budgeting and financial management, it might be worth it. Monarch Money has no ads, so you won't be sold to while you're trying to get your finances in order. Plus, there are no add-ons or higher tiers of membership (with additional features) that you'll be pressured to buy.
Easy to see where your money goes
Monarch Money comes with a ton of useful spending categories built right in, but you can also add your own, change the names of existing categories, or customize with emojis. Who says budgeting has to be boring?
And you can also easily split a purchase over multiple categories. If you buy both toilet paper and a video game on Amazon, put part of the charge into Groceries and part into Entertainment, for example.
What could be improved
No financial app is perfect, after all.
No free version
This is where no ads becomes a downside. If you're coming to Monarch Money from Mint, you can get a deal on your subscription. But if you're not, the most cost-effective way to use this app is to shell out $99.99 per year for it.
Not all financial institutions are partnered with the app
You may need to manually add some of your financial accounts, which shouldn't be a dealbreaker.
App sometimes miscategorizes expenses
This is a fault with many budgeting apps, especially because many of us shop with retailers that sell items that could fit into multiple categories. If you make a purchase at the drugstore, is it groceries, medical, or something else entirely? Luckily, you can modify the expense category.
No credit score monitoring
If you want access to your credit score, you won't find it on Monarch Money. Thankfully, it's fairly easy to find credit scores offered by banks and credit card issuers (for the most bang for your buck, look for your FICO® Score, as it's most popular with lenders).
Not great for crypto investors
If you're deep in the world of cryptocurrency, Monarch Money likely won't be a fit for you. It only works with Coinbase and no other crypto exchanges.
Fact Checked
Eric McWhinnie
