When Mint, a long-standing favorite for budgeting and personal finance management, announced its shutdown, users were left searching for a reliable alternative. Among the many apps vying to be the best Mint replacement, Monarch Money emerged as a strong contender. For those unfamiliar, Monarch Money might seem like a newcomer, but a closer look reveals a powerful tool capable of going head-to-head with the giants of the personal finance app world.
And it’s not just industry experts who are impressed. Monarch Money boasts overwhelmingly positive user reviews. Apple App Store users have showered it with over 26,000 ratings, resulting in a near-perfect 4.9-star average. Android users on Google Play are similarly enthusiastic, awarding the app 4.7 stars from more than 5,700 reviews. These impressive numbers suggest that Monarch Money is more than just hype; it’s an app resonating with real users.
Intrigued by the buzz and the glowing reviews, we decided to put Monarch Money to the test. After a thorough trial, we’re ready to deliver our verdict: Monarch Money is indeed pretty great, and for many, it could be the budgeting app they’ve been searching for.
Alt text: Monarch Money app logo displayed on a smartphone screen, highlighting its mobile accessibility for managing finances.
Diving Deep into Monarch Money: Features and Functionality
Monarch Money positions itself as a comprehensive personal finance platform designed to simplify budgeting, track spending, and monitor investments, all within an intuitive interface. But how does it actually work? Upon signing up, Monarch Money prompts you to link your various financial accounts – bank accounts, credit cards, investment portfolios, loans, and even assets like cryptocurrency, real estate, and collectibles. Homeowners can leverage Zillow’s Zestimate integration to automatically update their property value, providing a more complete picture of their net worth.
Monarch utilizes Plaid for secure bank syncing, a reputable and widely used service. For users encountering connection issues, Monarch also supports MX and Finicity, offering alternative syncing methods, as well as the option to manually input account details. Once connected, Monarch Money analyzes up to two years of your transaction history to establish a baseline for your income and spending patterns. While not perfectly precise, this historical analysis provides a valuable visual representation of your cash flow, highlighting income fluctuations and consistent expenses.
Transaction categorization is a core feature. Monarch automatically assigns categories to transactions, learning from your input over time. For unrecognized merchants or less common transactions, the app prompts you to categorize them, ensuring accurate budgeting and spending analysis. Beyond basic tracking, Monarch Money offers insightful tools like a savings rate calculator, allowing you to monitor your monthly savings percentage against recommended benchmarks. For those struggling with subscription overload, the app identifies recurring charges, presenting them in a calendar view for easy identification of subscriptions ripe for cancellation.
Monarch Money operates on a subscription basis, priced at $14.99 per month, or $99.99 annually for a discounted rate. While there isn’t a free version, a 7-day free trial allows you to experience the full functionality before committing. Throughout our testing, the features and ease of use of Monarch Money made the subscription cost feel justified for users serious about financial management.
Monarch Money: What We Love and What Could Be Better
To provide a balanced perspective in our Monarch Money Reviews, we’ve broken down the app’s strengths and weaknesses:
Strengths of Monarch Money
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Intuitive and User-Friendly Design: Monarch Money excels in user experience. The initial setup is straightforward, and the app’s interface is clean, uncluttered, and easy to navigate. The automatic budget framework generated from past transactions, even if requiring some adjustments for variable income like freelancers, offers a significant head start compared to building a budget from scratch.
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Designed for Couples and Shared Finances: A standout feature is Monarch Money’s focus on couples. The ability to seamlessly sync multiple accounts across partners and generate shared monthly reports fosters financial transparency and collaboration. For couples seeking to manage their finances together and have productive money conversations, Monarch Money provides valuable tools.
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Robust Investment Tracking: Monarch Money’s integrated investment tracking tool is a significant advantage. It provides a consolidated view of your investment performance, displaying trend lines and portfolio breakdowns without requiring separate brokerage app logins. In our tests, we found Monarch Money’s investment dashboard to be clearer and more informative than some dedicated brokerage apps.
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Cryptocurrency Integration: In a nod to modern portfolios, Monarch Money supports syncing with cryptocurrency exchanges, including Coinbase. This allows users to track their crypto holdings alongside traditional investments, providing a holistic financial overview. While current support is limited to certain exchanges, the inclusion of crypto tracking is a forward-thinking feature.
Areas for Improvement in Monarch Money
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Limited Free Trial: The 7-day trial, while helpful, might be too short for some users to fully explore Monarch Money’s capabilities and integrate it into their financial routines. While a longer 30-day trial is occasionally available with specific codes, the standard 7-day period could be a barrier for some potential users.
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Price Point: At $14.99 per month (or $99.99 annually), Monarch Money is positioned at the higher end of the budgeting app spectrum. While the features justify the cost for many, budget-conscious users might find cheaper alternatives appealing. It’s important to weigh the value proposition against individual budgeting needs and willingness to pay for premium features.
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Occasional Syncing Hiccups: While generally reliable, Monarch Money, like many financial apps, can experience occasional syncing issues. The app itself flagged potential issues with multiple Chase accounts, suggesting that connection stability might vary depending on financial institutions and user configurations. While not a deal-breaker, users should be aware of potential minor syncing challenges.
Security is Key: Is Monarch Money a Safe Choice?
Security is paramount when entrusting an app with your financial data. Monarch Money employs bank-level security measures, including robust encryption and data protection protocols, ensuring your information is as secure as it would be with your bank directly. Furthermore, the option to enable multi-factor authentication adds an extra layer of protection against unauthorized access.
Crucially, Monarch Money explicitly states that it does not sell user data to third parties. This commitment to data privacy is a significant differentiator and a major plus for users concerned about their financial information being monetized for targeted advertising or other purposes. This focus on privacy reinforces Monarch Money’s trustworthiness in the competitive landscape of personal finance apps.
Who Will Benefit Most from Monarch Money?
Monarch Money is particularly well-suited for individuals and couples who are serious about gaining control of their finances and seeking a user-friendly, feature-rich budgeting tool. Its intuitive design makes it an excellent choice for those new to budgeting or who have found other apps too complex. The app’s ability to automatically generate a budget framework simplifies the initial setup process, guiding users in the right direction without requiring extensive manual data entry.
Couples will find Monarch Money especially valuable due to its shared account management and reporting features, facilitating joint financial planning and open communication about money. Furthermore, individuals with investment portfolios and/or cryptocurrency holdings will appreciate Monarch Money’s comprehensive tracking capabilities, providing a unified view of their entire financial landscape. For former Mint users seeking a robust and feature-comparable alternative, Monarch Money stands out as a top recommendation.
Exploring Alternatives to Monarch Money
While Monarch Money is a top-tier budgeting app, exploring alternatives is always wise to find the best fit for your individual needs. Rocket Money (formerly Truebill) is a notable competitor, often priced lower than Monarch Money. Rocket Money distinguishes itself by offering bill negotiation and cancellation services, actively working to save users money on recurring expenses, while Monarch Money focuses on providing insights and tools for self-management. Other popular budgeting apps are available, each with unique strengths and pricing models, warranting exploration based on specific financial priorities.
Alt text: Monarch Money app interface displayed on an iPad, showcasing its user-friendly dashboard and visual financial summaries suitable for tablet viewing.
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Frequently Asked Questions About Monarch Money Reviews
Is Monarch Money a Legitimate and Trustworthy App?
Yes, Monarch Money is a legitimate and reputable personal finance app. Established in 2021, it has quickly gained recognition for its robust features, user-friendly interface, and commitment to data security and privacy. Positive user reviews and industry recognition further solidify its legitimacy and trustworthiness.
How Much Does Monarch Money Cost, and Is It Worth the Price?
Monarch Money costs $14.99 per month or $99.99 per year. Whether it’s “worth it” depends on individual budgeting needs and preferences. Compared to free or cheaper alternatives, Monarch Money offers a premium experience with advanced features like investment tracking and couples-focused tools. Trying the 7-day free trial is the best way to assess if its features justify the cost for your specific financial situation.
How Does Monarch Money Stack Up Against Mint?
Monarch Money is frequently cited as a top Mint alternative, and for good reason. It offers a similar range of features, including account aggregation, budgeting, transaction tracking, and financial reporting. Monarch Money often surpasses Mint in areas like user interface intuitiveness, investment tracking depth, and features tailored for couples. For former Mint users seeking a seamless transition and potentially enhanced functionality, Monarch Money is a compelling choice.
Final Verdict: Is Monarch Money Right for You?
Monarch Money stands out as a powerful and user-friendly budgeting app that lives up to its positive reviews. Its intuitive design, comprehensive feature set, and focus on couples make it a top contender in the personal finance app market. While it comes at a premium price compared to some alternatives, the value provided in terms of functionality, security, and user experience is undeniable. If you’re seeking a robust, all-in-one financial management tool, especially if you’re a couple managing finances together or a former Mint user looking for a worthy successor, Monarch Money is definitely worth considering. We recommend taking advantage of the free trial to experience firsthand if Monarch Money is the right app to help you achieve your financial goals.
