When it comes to personal finance, most people struggle with the same three things: tracking spending, sticking to budgets, and planning for long-term goals. Over the years, dozens of money apps have promised to “simplify your financial life” — but very few actually deliver.
Monarch Money has been gaining traction as a modern alternative to Mint, YNAB, and other budgeting tools. But the big question is: can Monarch Money really fix your finances, or is it just another overhyped app?
We put it to the test.
What Is Monarch Money?
Monarch Money is an all-in-one financial management app designed to give you complete control and clarity over your money. Unlike most budgeting apps, Monarch focuses on long-term financial health rather than just expense tracking.
Here’s what sets it apart:
- All accounts in one place – bank accounts, credit cards, loans, and investments.
- Customizable dashboards – you decide which charts and reports matter to you.
- Budgeting tools – set monthly budgets, track categories, and monitor overspending.
- Investment tracking – see how your net worth grows with your portfolio.
- Goal planning – plan for retirement, debt payoff, or a major purchase.
First Impressions: Clean, Modern, and Customizable
The moment you log in, Monarch Money feels different from older budgeting apps. Its design is sleek, minimalist, and user-friendly, which makes financial tracking less overwhelming.
The dashboard can be customized to show exactly what you want: spending by category, account balances, upcoming bills, or your net worth. If you hate cluttered apps, this alone is a game-changer.
Does Monarch Money Really Fix Overspending?
One of the biggest reasons people turn to budgeting apps is to control overspending. Monarch Money helps by:
- Sending alerts when you exceed budget limits.
- Providing monthly and yearly trend charts so you can spot problem areas.
- Allowing you to set rules for categories (e.g., no more than $300/month on dining out).
During testing, we found that just seeing spending patterns clearly was enough to trigger more mindful habits. Instead of guessing, you know exactly where your money is going — and where to cut back.
The Power of Goal-Setting
Unlike most budgeting apps that stop at expense tracking, Monarch Money helps with long-term goals. You can create goals such as:
- Paying off credit card debt.
- Saving for a down payment.
- Planning retirement savings.
Each goal is tied to your actual accounts, so you see progress in real time. This makes financial planning feel motivating, not abstract.
Monarch vs. Mint, YNAB, and Other Apps
So how does Monarch stack up against its competitors?
- Mint: Great for free basic tracking, but lacks depth and is being phased out.
- YNAB (You Need a Budget): Focuses on zero-based budgeting, but requires more manual setup and discipline.
- Personal Capital (Empower): Strong for investment tracking, but weaker on budgeting.
- Monarch Money: Strikes a balance — good budgeting, goal tracking, and investment tools all in one.
If you want a comprehensive platform without juggling multiple apps, Monarch takes the lead.
Downsides of Monarch Money
No app is perfect, and Monarch has its flaws:
- It’s not free – starts at around $9.99/month (though cheaper if billed annually).
- Limited bill-pay features – it tracks, but doesn’t fully replace a bill-pay system.
- Learning curve for customization – the flexibility is powerful, but may feel overwhelming at first.
A Simple Breakdown of Monarch Money’s Core Features
Monarch Money works by connecting securely to your bank accounts, credit cards, loans, and investment portfolios, then consolidating all of that data into one easy-to-use dashboard. Once your accounts are linked, the app automatically categorizes transactions, tracks spending, and updates your budget in real time.
You can create fully customizable budget categories, set financial goals like saving for a home or paying down debt, and monitor progress with clear visual charts. Monarch also includes collaborative features, allowing couples or family members to share a single financial view for joint planning.
With built-in investment tracking and cash flow forecasting, the platform goes beyond simple budgeting — helping you understand not just where your money is going today, but how your decisions impact your long-term financial health.
Who Should Use Monarch Money?
Monarch is best for:
- Families and couples who want joint financial visibility.
- Individuals serious about long-term goals like home ownership or retirement.
- Investors who want to track portfolios alongside daily spending.
If you just want a free, basic tracker, Mint (while it lasts) or your bank’s budgeting tools may be enough. But if you want to truly understand and improve your finances, Monarch Money is worth the investment.
Monarch Money Fees: Is the Subscription Cost Worth the Value You Get?
Unlike many free budgeting apps, Monarch Money runs on a subscription model, charging around $9.99 per month or less if you commit to annual billing. At first glance, this may feel like a drawback, especially for users used to free apps like Mint.
However, Monarch positions its pricing as an investment in a more powerful financial management tool, offering features that go beyond basic expense tracking. With its customizable budgets, advanced goal-setting, investment tracking, and couple-friendly account sharing, many users find the subscription well worth it.
Importantly, Monarch is ad-free, so you don’t have to deal with constant upsells or third-party promotions inside the app. For those serious about taking control of their finances, the fee structure reflects the platform’s commitment to providing a premium, distraction-free experience.
Can This App Really Transform Your Finances?
Budgeting is at the heart of Monarch Money, and the app takes a refreshingly modern approach compared to older tools. Instead of forcing users into rigid categories, Monarch allows full customization — meaning you can create a budget that actually fits your lifestyle. The platform syncs with your bank accounts to automatically track income and expenses, while visual dashboards show exactly where your money is going each month.
You can set spending limits, track progress in real time, and even forecast future cash flow to see how today’s spending affects tomorrow’s goals. Whether you’re trying to cut back on dining out, save for a vacation, or stay on top of household bills, Monarch makes budgeting less of a chore and more of an actionable plan.
Is Monarch Money Legitimate? Trust, Security, and User Confidence
Yes — Monarch Money is a legitimate personal finance platform trusted by thousands of users. The app was founded by former Mint and Quicken developers, giving it credibility and expertise in the financial technology space.
Monarch uses bank-level security with 256-bit encryption and read-only connections to your financial accounts, meaning it cannot move or withdraw money on your behalf. It also integrates with trusted partners like Plaid to ensure safe account syncing.
While no app is entirely risk-free, Monarch’s transparent pricing, lack of intrusive ads, and growing positive reviews from financial experts and users alike suggest it is a trustworthy solution for managing money.
Is Monarch Money Safe to Use? Security Measures Explained
Safety is one of the top concerns when choosing a financial app, and Monarch Money takes security seriously. The platform uses 256-bit bank-level encryption, secure read-only connections via Plaid, and two-factor authentication (2FA) to protect user data. Since Monarch cannot move or transfer money from your accounts, the risk of unauthorized transactions is minimized.
Additionally, the company does not sell user data or bombard you with ads, making it a more private option compared to some free budgeting tools. While no digital platform is completely risk-free, Monarch Money’s security practices align with industry standards, giving users confidence that their financial information is well-protected.
How Much Does Monarch Money Cost? Pricing Plans Explained
Monarch Money offers two straightforward pricing options: $14.99 per month or $99.99 per year. Choosing the annual plan effectively reduces the cost to about $8.33 per month, making it the better value for long-term users.
While Monarch doesn’t have a permanent free version like some budgeting apps, it does provide a free trial so you can test the features before committing. For the price, you gain access to unlimited account connections, customizable budgeting tools, investment tracking, financial goal setting, and collaborative features for households.
Compared to competitors, Monarch positions itself as a premium but fairly priced solution, especially for users who want an ad-free, privacy-focused financial platform.
Verdict: Can Monarch Money Really Fix Your Finances?
The short answer: Yes — but only if you use it consistently.
Monarch Money won’t magically erase debt or boost your savings without effort. But what it does do is provide the clarity, tools, and accountability you need to make better financial decisions.
For anyone ready to get serious about budgeting, track net worth growth, and plan long-term goals, Monarch Money is one of the best tools available in 2025.
Our Take: Monarch Money isn’t just another budgeting app — it’s a complete financial dashboard that can genuinely help you take control of your money.
People Also Ask
1. What is Monarch Money used for?
Monarch Money is a personal finance app designed to help users track spending, create budgets, set financial goals, and monitor investments in one centralized platform.
2. Is Monarch Money better than Mint?
Yes, in many ways. While Mint focused on free expense tracking, Monarch Money offers a more modern design, long-term financial planning tools, and customizable dashboards. However, unlike Mint, Monarch is a paid service.
3. How much does Monarch Money cost?
Monarch Money typically costs around $9.99 per month, or less if billed annually. Some users view the subscription as worthwhile due to its advanced features and long-term planning capabilities.
4. Can Monarch Money help me pay off debt?
Yes. Monarch lets you set debt payoff goals, track balances, and create strategies that show how extra payments affect timelines. It provides visual progress updates to keep you motivated.
5. Does Monarch Money track investments?
Absolutely. Monarch Money allows you to sync brokerage accounts and retirement funds, giving you a complete view of your net worth alongside day-to-day spending.
6. Is Monarch Money safe to use?
Monarch Money uses bank-level encryption and secure connections for syncing financial accounts. While no platform is risk-free, its security practices are similar to other leading finance apps.
7. Who should use Monarch Money?
It’s ideal for individuals, couples, or families who want a comprehensive financial dashboard — not just a budgeting tool. Serious budgeters, investors, and long-term planners will find the most value.
8. Can Monarch Money replace my bank’s budgeting tools?
Yes. Unlike basic bank apps, Monarch combines budgeting, investment tracking, and goal planning, making it more versatile for complete money management.
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