Monarch Money Review 2023

Monarch Money Review 2023 – Personal Finance App

Looking for the right money management website and app that can help you budget, create a financial plan, and track your investments, the Monarch Money app is the right fit. Here is everything you need to know about the app.

Monarch Money

Monarch is a Silicon Valley startup that has built a new money management platform. Its co-founders and software engineers have been developing the technology behind the scenes since 2018.

But the product didn’t publicly launch until the end of 2020. In the world of personal finance advice, a lot of attention goes toward long-term planning and investing for retirement or long-term wealth-building.

But a huge portion of real-life financial planning involves setting and reaching goals that are a few months or a few years away.

Whether you’re saving for a Supreme sweatshirt or your first house, you’ll need a plan to save enough money to reach the goal.

Monarch Money Review

The main dashboard includes your primary bank accounts, credit cards, loans, investments, and other financial accounts.

This dashboard could be reordered and customized based on your preferences. You could also invite a collaborator for no additional charge.

This feature helps partners who have mixed finances or if you’d like to give your accountant or investment advisor access to your data.

How does Monarch Money work?

Setting up an account with Monarch Money is relatively straightforward. You could open an account on its website or mobile app, which is available on the App Store and the Google Play Store.

Once you’ve logged in to your account, you can build your dashboard by syncing your external financial accounts and organizing their widgets.

Monarch Money works with more than 12,000 financial institutions and investment firms. The app uses data transfer services Plaid and Finicity to connect to those financial institutions securely.

However, some institutions, like Capital One, Wells Fargo, or American Express, may have trouble connecting.


Monarch Money Cost

Once you’re connected, Monarch Money will sync your transactions and allocate them to their respective categories, such as rent/mortgage, credit card, or groceries.

You could also create and customize your categorization. If one of your accounts cannot sync through the app, you could manually add expenses and transactions to get a full picture of your net worth and budget.

Monarch Money Investment Tracking Features

The investment section helps you view your entire portfolio, including 401(k) plans and taxable brokerage accounts.

You can view your investment performance over time and chart changes based on specific time frames.

You can track investments through mobile and web platforms. These platforms allow you to view how your investments are allocated based on the asset class.

You could also analyze your historical performance and compare your portfolio against critical industry benchmarks across different time ranges.

What Does It Offer

Users connect financial accounts (called Synced Accounts) to the app.

The app then works to automatically categorize transactions into specific categories. Users can update the categorization, and customize categories.

If you’ve got assets outside of Synced Accounts, you can enter those manually into the app. That makes it easier to track your real net worth in the app.

Once you’ve connected your accounts, Monarch will suggest a budget and calculate your net worth. You can also enter as many goals as you want financial goals section.

1. Sync All Your Financial Accounts

There are currently over 11,200 bank, brokerage, and other financial accounts that can be synced with Monarch Money.

Unlike some of its competitors, Monarch uses more than one data aggregator to increase its sync coverage.

For example, you can link your real estate values via Zillow Zestimate to get a picture of your real estate net worth.

The drawback is there is limited support for crypto. Right now, only Coinbase is supported, but there are plans to allow you to connect to other exchanges and wallets in the future.

2. Monitor Your Transactions And Cashflow

If you’re looking for a solid spending tracker to see how you’re spending your money and where your cash is going, Monarch offers a great solution.

You can track your transactions, categorize them, create custom categories, and even set up tags for other members of your household.

This is a solid tool to allow you to track your spending and create a budget.

3. Create and Track Your Goals

Monarch’s focus on goals-based planning is its primary point of differentiation. Users who need help breaking up large goals into smaller pieces will be pleased.

The app also allows users to “direct free cash” to specific financial goals. When you put money towards a goal, the app rewards you.

The little confetti reward on the screen is surprisingly fun. It makes financial progress into a small celebration.

4. Customizable Dashboards

After logging into your account, you’ll notice a “Customize dashboard” option at the top of your Dashboard page.

After tapping that button, you can drag and drop the widgets to change their order or remove elements completely.

5. Investment Tracking

In our initial review of Monarch Money, the lack of investment tracking tools was one of its major downfalls. However, Monarch listened to its users and recently launched its new investment feature.

Now, you can use the app to analyze your entire portfolio across multiple brokers and accounts.

The investment tracking is still not as robust as some of the competitors. You can see your holdings and a benchmark to the index (very similar to Personal Capital), and you can see the “type” of investment.

However, there is no investment allocation tracking yet, and it’s difficult to track income from the investments (for example, there’s no native “Dividend” category).

The Benefit of Monarch Money

The Benefit of Monarch Money

1. As you learn how to manage your money, having an app that offers multiple features on one platform might be helpful.

2. Not only is Monarch Money good at tracking your cash and spending habits, but some of its features might be beneficial for those who like to break larger goals into smaller pieces.

3. Using a banking app, you could set up a monthly contribution into your savings account. For example, you might move $500 as a lump sum into your savings account every month.

4. But Monarch Money could help you break that sum up into different parts for an emergency fund, travel, or a down payment on a house. It does this without requiring additional bank accounts.


How to get started with Monarch Money

1. Monarch Money is available on iOS and Android and has a web version.

2. You could create a Monarch Money account and sign up for the free 7-day trial through either the app or web version, and you don’t need a credit card to access the free trial.

3. When your trial ends, you can choose one of the available subscription plans. You can pay for one month at a time, for $9.99 per month; or pay $89.99 once annually, which equates to about $7.50 a month.

How to Contact Monarch

You won’t find a customer service phone number listed anywhere on Monarch’s website.

However, the company does offer live chat customer support that you can access once you’ve logged into your account. You can also email Monarch at [email protected]

Monarch Money

Monarch Money is a platform used to track accounts and analyze your investments to achieve your goals.

The software offers tools for an up-to-date view of your assets, liabilities, and spending. Collaborate with teams to identify trends and set up budgets to monitor your track with goals.

It supports Mobile Android and iOS. Individuals, Small companies make use of the software.

1. No Advertisements

Monarch makes money through a low-cost subscription. This means we get to focus solely on improving the product for you, and you never see an ad.

Monarch Money

2. Built-in Collaboration

Invite a partner to your household for a joint view of your finances. You will each get your login and a joint understanding of your finances. You can even invite a financial advisor.

3. Powerful Investment Tools

Monarch tracks all of your investment holdings in all of your accounts, so you can analyze your entire portfolio’s performance and allocation.

4. Improved Data Syncing

Monarch uses multiple data providers to optimize our institution sync coverage.

This means more institutions are supported, syncs happen faster, and you get clean data for your balances, transactions, and investments.

5. Plan for Your Financial Future

Monarch helps you generate a financial plan that stretches years into the future. This helps you effectively plan for your larger financial goals.


6. Responsive Customer Support

Our customer support team will jump in and help you with any questions, comments, or issues you may think of. We’re always here to help!

7. Contribute To the Product Roadmap

We let our users vote on the features they want us to build next. We use this information to define our product roadmap to ensure we’re always building the best product for our customers.

8. Modern, Intuitive Design

Monarch has a beautiful, intuitive, and clean design across the web and mobile. We obsess over the details to make sure every piece of the product is easy to use.

Frequently Asked Questions


Best Overall: Mint.
Best for Debt Payoff: You Need a Budget.
Best for Wealth Management: Personal Capital.
Best for Bill Payment: Prism.
Best for Shared Expenses: Spendee.
Best for Budgeting: EveryDollar.
Best Visuals: Mobills.




Altair Monarch

$1,995per user/ per year

Self-service data preparation software

Altair Monarch Server

$10,000starting price

Automate data acquisition, preparation, and distribution to all users and systems

Monarch protects your data with bank-level security. Your login details are never stored and access to your accounts is limited to read-only, we cannot move your money.

The Monarch universal wallet is by far my favorite option for storing and tracking my digital assets. This has been long anticipated and I am so thankful to finally be using it.

Altair Monarch is a self-service, web-based data preparation solution that helps businesses extract data from reports such as HTML, PDF, and XPS.
The platform can access data from customer lists, sales reports, logs, inventories, invoices, and more.

The software is published by Datawatch Corporation, which was acquired by Altair in 2018.
Over 500,000 copies of Monarch have been licensed, and the software is in use in over 40,000 organizations.

Monarch allows users to re-use information from existing computer reports, such as text, PDF, and HTML files.

1. Highlight one or more lines of your text from the original file.

2. Pick a pattern to “Trap” your data.

The most common trap-patterned type is the “identical” pattern. The identical pattern searches for a set of characters that are written exactly alike. For example, account numbers, names, addresses, and so forth.

3. Review the original file to ensure you haven’t missed any lines that should have been trapped.

4. Assign field names from the lines you trapped in your original file. Navigate to “Edit” and then “Field List” to name the columns and rows.

For example, create a column for names and account numbers and then rows for product and price, which creates an invoice.

5. Click the “Table Window” below the menu bar. You should be able to view your table results. Export the table into a Microsoft Excel spreadsheet, Dbase, or text.

Specifically, the main difference between Monarch and SOS is the online/offline platform. As far as the material goes, they’re the same thing.

With Switched-on-Schoolhouse, you’ll buy the material on CD or USB and then use it offline. Monarch requires a login.

This includes full access for 18 months and is available any time, anywhere from a compatible browser.
We use our Chromebook most of the time, and it works great.

Monarch is a Christian online homeschool curriculum for grades 3-12 that’s compatible with most web browsers on a Windows or Macintosh operating system.

Monarch Money is outstanding among other financial apps because they help its users progress toward their financial goals at a very steady pace.

CSN Team.

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