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Monarch Money Review: A Budgeting App Built for Long-Term Planners

Katie Sartoris

by Katie Sartoris

Managing Editor

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Looking for a new budgeting app? Monarch Money may be right for you. 

Monarch Money is a premium, all-in-one budgeting and financial planning platform created by former Mint employees. It stands out for its long-term planning tools and customizable dashboards, and is designed for users who want a serious, detailed approach to managing money. 

In our review, we’ll explore Monarch Money’s features, pricing and safety. Then we’ll help you decide whether it’s worth the price compared to apps like YNAB and Rocket Money. 

What Is Monarch Money and Who Is It For?

Subscription-based Monarch Money isn’t for the beginner budgeter — many consider it a good middle-ground option between basic and advanced budgeting tools. Overall, it works best for folks who are serious about planning and want financial clarity. 

With Monarch Money, you can get a full picture of your finances. The budgeting service combines visual financial tools with automation. And with real-time account syncing, you can monitor your income, spending, savings, debt and investments, all while keeping track of your financial goals. 

Key Features of the Monarch Budgeting App

Monarch Money is truly an all-in-one budgeting tool. Here’s a list of its features: 

  • Account Syncing: Via Plaid, Monarch syncs with thousands of banks, credit cards and investment accounts.
  • Budgeting Options: You can choose between Flex Budgeting and Category Budgeting. The Flex option is built based on the reality that expenses can vary month to month. Category budgeting is more traditional. You assign every expense a category and track your spending that way. 
  • Subscription Monitoring: Monarch automatically detects your recurring subscriptions including app memberships, gyms and streaming services. 
  • Goal Tracking: You can set and monitor goals like paying off debt or saving for a vacation or home. 
  • Shared Household Access: Invite a partner to manage finances jointly.
  • Net Worth Tracking: Sync your accounts and track your net worth with Monarch’s tools that automatically aggregate assets and debts.
  • Investment Tracking: When you sync your accounts, Monarch pulls in data from accounts like 401(k)s, IRAs and brokerages.
  • AI Forecasting: The app’s AI-powered budgeting tool projects future balances based on current spending trends and goals.
A woman in a business suit holds a phone.
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How Much Does Monarch Money Cost? 

Monarch Money is a subscription-based budgeting tool. Here’s a breakdown of the costs:

  • 7-Day Free Trial: Don’t forget to cancel it if you don’t want to be charged. 
  • Monthly Rate: Subscribe to Monarch for $14.99 per month. 
  • Annual Rate: Get Monarch for a year for $99.99. That saves you $79.89 annually. 

Pros and Cons of Monarch

Monarch may not be for everyone. Here’s a look at the budgeting app’s pros and cons: 

Pros:

  • Highly customizable budgeting tools
  • Beautiful interface and user experience 
  • Built-in goal tracking and long-term planning
  • Household sharing included in price
  • Investment and net worth tracking

Cons:

  • No free version
  • Learning curve for beginners
  • No bill negotiation or subscription cancellation tools
  • Doesn’t include credit-building or cash advance features like Cleo
This is an example of what Monarch Money looks like.
Photo courtesy of Monarch Money

Is Monarch Money Safe and Legit? 

Yes, Monarch Money is safe and legit. It uses Plaid for secure bank connection and encrypts user data. 

Monarch isn’t affiliated with other financial institutions. Rather, it’s user-focused and ad-free. You can’t move money via Monarch, either. Access to your accounts is read-only. 

When it comes to reviews, Monarch has gotten high marks — an average of 4.7/5 in app stores. 

Monarch Money vs. Other Budgeting Apps

Monarch isn’t the only budgeting app out there, and it’s ideal for users who want to place multiple financial apps with a robust, all-in-one long-term planning tool.

Here’s a look at how Monarch stacks up against YNAB, Rocket Money and Cleo. 


Monarch Money vs. Other Budgeting Apps

Feature Monarch Money YNAB Rocket Money Cleo

Custom budgets
Yes
Yes
Moderate
No

Shared budgeting
Yes
No
No
No

Investment tracking
Yes
No
No
No

Net worth tracker
Yes
No
Yes with premium
No

Free plan
7-day trial
34-day trial
Yes
Yes

AI forecasting
Yes
No
No
No

Cash advance or credit tools
No
No
No
Yes

Who Should (and Shouldn’t) Use Monarch Money?

Monarch isn’t for everyone. 

It’s best for: 

  • Couples managing shared finances
  • Professionals focused on net worth growth
  • Users who want everything in one place: budgets, investments, goals

It may not be ideal for: 

  • People on tight budgets who need a free tool
  • Users who prefer gamified or casual apps
  • Those looking for short-term help like subscription canceling or cash advances

Final Verdict: Is Monarch Money Worth the Cost?

Monarch Money is a powerful, modern tool for those who want full control over their finances, without ads or distractions. But it’s not for everyone. 

However, if you want to take long-term control of your money with a clean, customizable interface, Monarch Money may be worth it. 

Frequently Asked Questions About Monarch