Money Analysed

Streamline Your Finances with Monarch Money: A Comprehensive Review

Managing personal finance can be a daunting task. From creating a budget to keeping track of expenses and investments, it can be overwhelming to handle finances alone.

Technology has made this easier by introducing financial planning apps that can assist in managing money seamlessly. One of the most popular financial planning apps available today is Monarch Money.

In this article, we will review Monarch Money and its features to help you determine if it is the right financial planning app for you.

Monarch Money Overview

Monarch Money is a financial planning app that provides users with a comprehensive dashboard and personalized financial advice. The app offers various features to make financial management more comfortable and less time-consuming.

Some of the features include:

Account syncing (bank integration)

One of the most convenient features of Monarch Money is the account syncing feature. This feature allows users to connect all their accounts in one place, making it easier to monitor transactions and balances.

With this feature, users can link their bank accounts, credit cards, and investment accounts. This feature ensures that users can manage their finances in real-time, allowing them to keep track of their spending and identify fraudulent transactions.

Monarch dashboard

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Monarch dashboard is a comprehensive overview of a user’s financial health. This feature provides information on the user’s net worth, savings, and investments in one place.

The dashboard also displays graphs and charts to give users a visual representation of their financial situation. The dashboard is updated in real-time, ensuring that users are always up-to-date on their finances.

Create financial goals

Monarch Money allows users to create financial goals based on their current financial situation. The app provides suggestions based on the user’s net worth, age, and income.

Users can set short-term and long-term goals, such as buying a house or saving for a vacation. Monarch Money also assists users in creating a plan to achieve their financial goals and monitors their progress.

Track income and expenses

Tracking expenses is one of the essential aspects of personal finance management. Monarch Money offers an expense tracking feature that automatically categorizes expenses from linked accounts.

The app also allows users to manually add transactions and categorize them. The income tracking feature tracks the user’s income sources and displays them on the dashboard.

Investment tracking

Monarch Money offers an investment tracking feature that monitors the user’s investments and displays information such as current market value and returns. Users can link their investment accounts to the app and view their portfolios on the dashboard.

This feature allows users to track their investments and make informed decisions based on their financial goals.

Net worth tracker

The net worth tracker is a critical feature of Monarch Money. This feature provides users with a comprehensive overview of their financial standing by tracking their assets and liabilities.

Monarch Money provides a feature that assists users in improving their net worth, offering suggestions on how to increase assets and reduce liabilities.

Bill center

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Bill center is a feature that consolidates all bills and payments in one place. This feature allows users to track due dates, monitor payment history, and set up alerts for future payments.

Users can also pay bills directly from the app using their linked payment methods.

Personalized financial advice

Monarch Money provides personalized financial advice based on a user’s financial goals and spending habits. The app provides recommendations on budgeting, saving, and investing.

The app also offers a feature where users can schedule a virtual meeting with a financial advisor to get professional advice. The personalized advice feature helps users to make informed financial decisions that align with their goals.

Pricing

Monarch Money offers a free trial for 30 days, after which users can choose to subscribe to the app. The app offers monthly and yearly subscription options.

The monthly subscription costs $9.99 per month, while the yearly subscription costs $99.99 per year.

Conclusion

In conclusion, Monarch Money is an excellent financial planning app that offers a comprehensive dashboard and personalized financial advice. The app provides a range of features such as account syncing, bill center, investment tracking, and net worth tracker, among others.

The personalized financial advice feature provides recommendations based on a user’s financial goals and spending habits. Overall, Monarch Money is an excellent app for anyone seeking to take control of their finances.

3) Is Monarch Money Safe to Use? When dealing with financial information, safety is a top priority for most people.

Monarch Money prioritizes the safety of its users’ information and uses advanced security measures to protect user data. Here are some ways that Monarch Money ensures the safety of its users’ information:

– Monarch Money uses bank-level security to encrypt user data and secure it using SSL (Secure Socket Layer) encryption.

– Monarch Money does not store users’ banking credentials on its servers but instead uses bank-level security protocols to access account information directly from the financial institutions. – To ensure that the app is secure, Monarch Money undergoes regular security audits conducted by independent third-party security experts.

– Monarch Money complies with data protection and privacy regulations, including the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). In summary, Monarch Money is safe to use, and the app takes the utmost care in ensuring the privacy and protection of user information.

4) How Easy is it to Start Budgeting? Starting a budget can seem daunting, but with Monarch Money, budgeting has never been easier.

Here are some simple steps to get started with budgeting using Monarch Money:

Step 1: Create an Account

To create an account, download the Monarch Money app on your iOS or Android device and sign up for a 30-day free trial. After the free trial period, you can subscribe to a monthly or yearly plan.

Once you’ve created an account, you can link your bank accounts, credit cards, and investment accounts to the app. Step 2: Set up Goals

To set up your financial goals, click on the “Goals” tab on your app’s dashboard and select the goals you want to achieve.

Monarch Money offers various goal suggestions based on your net worth, income, and age. You can set both short-term and long-term goals, and the app will help you track your progress towards achieving them.

Step 3: Track Income and Expenses

Monarch Money automatically categorizes expenses from linked accounts. Users can also manually add transactions and categorize them.

The app also tracks a user’s income sources and displays them on the dashboard. Step 4: Monitor Your Budget

Monarch Money provides a visual breakdown of your expenses and income to help you monitor your budget.

The app’s dashboard offers graphs, charts, and visual aids that allow you to track your financial progress in real-time. You can also use the app’s personalized financial advice to help make informed financial decisions that align with your financial goals.

Step 5: Adjust and Refine Your Budget

As you continue to use Monarch Money, you may find that you need to adjust or refine your budget. The app allows you to adjust your budget and modify your financial goals as necessary.

You can also schedule virtual meetings with financial advisors through the app to get professional advice on your budgeting and financial planning. In conclusion, starting a budget using Monarch Money is easy and straightforward.

With features such as automatic expense tracking, personalized financial advice, and a range of financial goal suggestions, Monarch Money makes budgeting simple and manageable. By following these simple steps, you can start budgeting and take control of your finances today.

5) Can People Outside the U.S. Use Monarch? Monarch Money is a financial planning app that is primarily designed for use in the United States.

The app’s features and functionality are tailored to the U.S. banking system and financial regulations. However, users outside the U.S. can still use the app to track their accounts and expenses.

Monarch Money supports the integration of accounts from several U.S. financial institutions such as banks and credit unions. When using the app outside the U.S., users may experience some limitations, such as the inability to sync all account types, incomplete transaction data, and differences in currency exchange rates.

Nonetheless, Monarch Money continues to expand its reach, and in the future, they may release updates with features tailored to the financial regulations of other countries. 6) Can You Make Shared Accounts with Monarch?

Monarch Money does not currently support shared accounts, but they have a feature in development that will allow users to share accounts with family members or friends. The shared accounts feature will allow users to pool finances and work towards financial goals together.

The shared accounts feature will work by allowing a user to invite another user to share an account. The shared account will be visible to all users and will display all transactions related to that account.

This feature is especially useful for people who share finances, such as couples who split expenses or families that manage multiple accounts together. The shared accounts feature will come with various customizable options, such as permissions, which will allow users to restrict certain actions, such as editing or deleting transactions.

The feature will also provide notifications to all users when there are any changes made to the shared account. In the meantime, Monarch Money offers an alternative for users who want to share their financial information with others.

The app allows users to export their financial data into a spreadsheet format that can be shared with others. In summary, the shared accounts feature is still in development, but Monarch Money is working towards releasing an update that will allow users to share accounts with family and friends.

Until then, users can export their financial data and use other communication methods such as messaging apps to share financial information with others.

Conclusion

Monarch Money is an excellent financial planning app that provides users with bank-level security, personalized financial advice, and a range of features such as net worth tracking, expense tracking, and bill center. While the app is primarily designed for use in the U.S., users outside the country can still use it to track their accounts and expenses.

The shared accounts feature is still in development, but Monarch Money continues to innovate and improve its app to provide users with the best financial planning experience possible. Budgeting is an essential part of personal finance management, and with the increasing availability of financial planning apps, it has become easier than ever to keep track of finances.

Here are some other budgeting options to consider:

1. Savvy Couple Budget Binder

The Savvy Couple Budget Binder is a physical budgeting tool designed to help individuals and couples manage their finances.

The binder includes various sections, such as a monthly budget template, financial goal planning sheets, savings tracking sheets, and debt payoff trackers. The binder also includes helpful tips and tricks for saving money and managing finances efficiently.

The binder is an excellent budgeting option for people who prefer a physical tool over a digital app or for those who want to take a more hands-on approach to budgeting. The Savvy Couple Budget Binder is available for purchase online.

2. Empower

Empower is a financial planning app that provides users with a range of features to help manage their finances.

The app offers an automatic savings feature, expense tracking, and personalized financial advice. The app’s unique feature is its human coaching service, where users can chat with a certified financial planner for advice on specific financial issues.

The coaching service is free for all users and provides expert advice tailored to individual needs. Empower offers a free trial period, after which users can choose to subscribe to the app.

The app’s subscription pricing is $8 per month or $80 per year. 3.

Mint

Mint is a free personal finance app that tracks expenses and assists in managing budgets. The app allows users to link their bank accounts, credit cards, and investment accounts, and it automatically categorizes expenses.

Users can also manually add expenses and set limits for different categories. Mint also includes features such as bill reminders, credit score monitoring, and investment tracking.

The app provides users with a comprehensive view of their finances through graphs and charts, making it easy to monitor spending and financial progress. Mint is a great option for those seeking a free budgeting tool that provides a comprehensive view of their financial status.

While it lacks some features found in paid apps, it still provides an excellent range of functions for those who need them.

Conclusion

In conclusion, budgeting is an essential part of personal finance management, and with the availability of various budgeting options, it has become easier than ever to manage finances. The Savvy Couple Budget Binder is a physical budgeting tool that provides personal finance management support in a tangible format.

Empower is a financial planning app that offers a human coaching service, automated savings, expense tracking, and personalized financial advice. Mint is a free personal finance app that tracks expenses, provides reminders, and monitors credit scores.

Each of these options offers unique features and benefits to users. It is important to evaluate personal needs and preferences when choosing a budgeting option to find the best fit.

In conclusion, financial planning apps provide users with a convenient and efficient way to manage various aspects of their personal finances. Monarch Money is an excellent financial planning app that offers various features, such as expense tracking, investment monitoring, personalized financial advice, and net worth tracking.

For users who prefer physical tools, the Savvy Couple Budget Binder offers a tangible alternative to digital budgeting apps. Empower provides automated savings, expense tracking, personalized financial advice, and human coaching.

And Mint offers free expense tracking and credit score monitoring. When choosing a budgeting option, it is important to consider personal needs and preferences.

Overall, managing personal finances is a crucial task that requires attention and careful management to achieve financial goals.

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