How does Monarch Money make money?

The app and business is supported by subscription costs (which is why you won't see ads).

Is Monarch Money legit?

Yes, Monarch Money is a legitimate budgeting and finance app. Its website notes that it was developed by former employees of some of the best technology companies in the world.

Will Monarch Money sell my data?

Monarch Money says it will never sell your financial data to third-party companies.

Monarch Money Review 2024: Pros, Cons, and More

I made my first budget years ago using the free version of Mint, but like many others, I was left on the hunt for a new budgeting app when Intuit recently discontinued Mint. Enter Monarch Money.

Monarch Money is not a free app, but in exchange for paying a monthly or annual fee, you get to share household expenses with a partner and view all your accounts in one place.

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Monarch Money

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Get 50% off your first year

For a limited time get 50% off your first year of Monarch Money with code NEWYEAR2025. Offer is valid from 8:00 a.m. PST 12/26/24 until 8:00 a.m. PST 1/12/25.

Pros

Easy for multiple people in a household to use
Dashboard to see all your finances at once
No ads
Customization options

Cons

Not a free app
Connectivity issues with some institutions
No credit score monitoring

What is Monarch Money?

Monarch Money is a budgeting app that helps users sync their financial data all in one place. It has either a monthly or annual cost, and it allows users to link all of their financial accounts.

You can also use the platform to track your net worth, as well as your progress toward various goals, like building an emergency fund or saving for a vacation.

The types of accounts and assets Monarch Money supports include:

Bank accounts
Brokerage accounts
Credit card accounts
Loans of all kinds
Real estate value (via Zillow)
Crypto (via Coinbase)
Miscellaneous assets (including vehicles, art, and jewelry)

How does Monarch Money work?

After you create a Monarch Money account, you'll need to do a bit of upfront work to take full advantage of the app's features. Here are the steps to take:

Connect your accounts. You can connect many of your accounts by navigating to Profile > Settings > Institutions, selecting "Add an account" and searching for your financial institution. In some cases, you may need to manually add an account.
Organize your transactions. You can create spending categories and create tags for recent transactions. Since I'm self-employed, I tagged a few purchases for office supplies and work-related subscriptions as "business" so I can remember to deduct them at tax time.
Create a budget. You'll make a budget based on the income and expenses you're projecting for a month. Make sure you've properly categorized income sources like paychecks, business income, and interest income when you make your budget.
Set goals. You can set various goals and tell Monarch Money which account you're using to save toward that goal, then use the app to track your progress.

What we like about Monarch Money

Collaboration features

You can add up to five members of your household if you want to track expenses as a family. Each household member gets their own login, but can view accounts and transactions. You'll also have the option to give your financial advisor access.

No ads

Monarch Money is supported by subscription fees and doesn't have ads. That makes for a cleaner user experience and could also be an advantage if you're trying to avoid the temptation to sign up for new credit cards or other financial products.

Customizable dashboard

Monarch Money creates an all-in-one dashboard that includes your income, expenses, and progress on goals for the month, as well as a month-by-month breakdown of your net worth, your total available savings, your spending for this month vs. last month, and recent transactions. The dashboard is ideal for if you're seeking a high-level overview of your finances. You can also customize your view by keeping the widgets you like and turning off the ones you don't.

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.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account	APY	Promotion	Next Steps
Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	3.80% Rate info Min. to earn: $0	N/A	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Open Account for SoFi Checking and Savings On SoFi's Secure Website. Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	up to 4.00%² Rate info Min. to earn: $0	New customers can earn up to a $300 bonus with qualifying direct deposits!¹	Open Account for SoFi Checking and Savings On SoFi's Secure Website.
Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	3.80% Rate info Min. to earn: $0	N/A	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.

What could be improved

No free version

The downside to no ads is that Monarch Money doesn't have a free version. You'll need to pay a monthly or annual subscription fee in order to use the app.

Connectivity issues with some institutions

Monarch Money syncs with over 11,000 financial institutions, but some users report problems setting up new connections or syncing transactions. If an account you've added doesn't sync within 24 hours, one option is to upload a CSV of your transaction history.

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.

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).

How much does Monarch Money cost?

Here's what you'll pay for a Monarch Money subscription:

$14.99 per month, OR
$99.99 per year

As of September 2024, Monarch Money offered 30% off your first year plus an extended 30-day trial with the promo code WELCOME, which would bring your monthly cost down to $5.83 if you opt for annual billing.

Monarch Money online ratings

Many online reviewers compare Monarch Money against the recently discontinued Mint, noting that it offers a simpler user interface and that it's easy to set up. However, some users complain about the $99.99 annual cost.

They also report that it's difficult to monitor investment transactions using the app and that the recurring expenses feature often makes inaccurate predictions.

The Monarch Money app gets mostly high ratings:

iOS app rating: 4.9 out of 5 stars
Android app rating: 4.7 out of 5 stars

Monarch Money platform

The Monarch Money platform is appealing to those who want to visualize their finances. You can get a bird's-eye view of your money with the dashboard, as well as a visual breakdown of things like your cash flow and progress toward goals.

Setup can be a bit tedious, as is common with budgeting apps, and you need to be vigilant about how it first categorizes your expenses. For instance, Monarch Money initially categorized my gym membership at the YMCA as a recurring charitable donation.

However, you can improve the accuracy by taking time at the beginning to make sure transactions are accurately categorized.

Monarch Money dashboard. Image source: Monarch Money.

Monarch Money accounts tab. Image source: Monarch Money.

Monarch Money reports tab. Image source: Monarch Money.

Is Monarch Money safe?

Monarch Money touts safety and privacy as key advantages of its subscription-based model, as apps with a free version make money from selling your data. When you connect an account, the platform doesn't store your login credentials and receives read-only information from the account, meaning the platform can't move money into and out of your account.

Monarch Money uses third-party data providers Plaid, Finicity, and MX to connect your accounts, each of which uses industry-leading security protocols like encryption and SOC 2 type 2 reports.

Alternatives to Monarch Money

If you want an app that can help you cut expenses: Rocket Money is a good alternative for anyone looking for a budgeting tool that can help reduce unnecessary subscriptions, negotiate bills on your behalf, and monitor your credit.

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Best for simplifying financesRocket Money

Apply now! for Rocket Money

If you want an app that helps you control your spending: You Need a Budget is serious about giving every one of your dollars a job. If you need help with impulse purchases and overspending, YNAB may be better for you. But using it effectively does have a learning curve, unlike Monarch Money.

Best budgeting app overallYou Need a Budget

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Monarch Money might be right for you if:

You need help managing your household finances, alongside a partner or a financial advisor (or both).
You have a lot of different accounts and money in different places and you need help keeping everything straight.
You find it helpful to visualize your budget.
You don't mind paying a subscription fee to avoid a ton of targeted ads (or ads of any kind!).

Review sources

FAQs

The app and business is supported by subscription costs (which is why you won't see ads).
Yes, Monarch Money is a legitimate budgeting and finance app. Its website notes that it was developed by former employees of some of the best technology companies in the world.
Monarch Money says it will never sell your financial data to third-party companies.

This device is too small

Monarch Money Review: Budgeting Made Easy, if You're Willing to Pay