Monarch Money Review
Everyone is very particular about their financial goals and budgeting schedules. Yet many people need advice regarding setting up their financial goals, and they visit many firms and pay a lot of money only to get the advice.
So, “Monarch Money” is the best solution for all those people who want to set their financial goals and strategies. Not only that, but the application also provides a range of additional features through which user can easily track their investing portions. Thus, stay connected with this article to learn more about the “Monarch Money” application.
What is Monarch Money?
Monarchy Money is an application that provides various purposes for personalizing users’ budgets and financial lives. This application helps users divide their financial goals into small segments.
Monarch Money is a fintech startup founded by three well-known personalities: Jon Sutherland, Ozzie Osman, and Val Agos Tino. The co-founder of Val Agostino was also one of the lead founders of the “Mint” application, an alternative option to Monarch Money.
Monarch Money offers distinctive features like money management and investment tracking, including cryptocurrencies. It also focuses on short-term and mid-term financial goal planning and gives advice to its users.
Monarch Money is a money management application that helps users create a budget.
Merits and Demerits of Monarch Money:
Merits of Monarch Money:
- Monarch money application offers a 7-day free trial.
- It is available on iOS, Android, or web platforms.
- The application also provides a live chart system to the user.
- The application does not consist of any of the advertisements on their platform.
- The dashboard of the app is customized.
- It also offers collaboration options to its users.
Demerits of Monarch Money:
- The sign-up process is quite expensive: $7.50 per month (or $89.99) per year.
- It offers no crypto options; it only gives a Coinbase option.
These are the merits and demerits of Monarch Money.
How Does Monarch Money Application Work?
Users can connect with Monarch Money through its official website or mobile application.
Once you join the account, you must fill out the details about yourself, including the bank and investment account numbers. The application can then be easily synced.
Later, the user has to sign up for the application and get a 7-day free trial to learn about the application’s working processing process. In these free trials, the application will permit you to access two bank accounts, and once they have paid the subscription to the app, they are allowed to use the investment tracking process, too.
After completing 7-day trials, your account is directly connected with your banks, and you can get a range of benefits from the Monarch Money application, including budgeting, goal setting, etc. Users can also get additional benefits after using the application for an extended period, like retirement planning, a necessary insurance policy, etc.
Charges of Monarch Money:
Monarch Money offers both a free and a paid version of the application. The free version is the best choice for those who want to monitor their budgeting and bank accounts. Users can also take a free trial to see the app’s premium features.
Now, let’s see the charging structure of the Monarch Money Application:
- Free Version:
The free plans consist of unlimited features, including;
- Cash Flow Statements.
- Collaborators.
- Budgets.
- Savings Goals.
Note: There are also some limitations to using a free version of the Monarch Money application, such as the ability to sync with only two bank accounts simultaneously.
- Premium Version:
We all know that premium plans are always costly, as they cover a range of the latest features. Here, users have two options: make a month-to-month payment of the premium, i.e., $9.99 per month, or go for an annual subscription, which costs them up to $89.99.
The following list shows you the upgraded features of the premiums, including:
- Unlimited Bank Connections.
- Customized Budget Categories.
- Investment and Cryptocurrency Tracking.
- Track Apple Card and Venmo Transactions.
- Priority Customer Support.
So, Monarch Money offers two ways to help users join the application: free or through their premium plans.
Let us see the best features that make the Monarch Money application unique from its alternative options.
The Best Features of Monarch Money Application:
The below-mentioned are some of the well-known features of the Monarch Money Application:
- Budget:
The Monarch Money application provides budget features to free and premium users, allowing them to set up their budgets efficiently. Budgets play a vital role in everyone’s life; whether you are planning to go on vacation or buy a new house, you must check your budget first.
The application offers various budget categories that help you cover most of your everyday household expenses, including business income, taxes, health and wellness, and more. If you select the application’s premium program, you will also benefit from customized categories.
- Premium Budegting Tool:
The following are the features that are offered by the excellent tools of the Monarch Money Application:
- Rollover Budgets
- Unlimited Transaction Rules
- Venmo Syncing
- Apple Card Tracking, etc.
- Financial Goals:
This feature is very beneficial for all the application users as it allows you to set up your savings account in the application itself, so you can easily keep your eyes on it.
- Investment Tracking:
This feature is only for those who have taken a premium plan of the Monarch Money Application. This plan lets premium holders easily sync their unlimited accounts and track performance.
You can also track a few crypto exchange services, including Coinbase, Binance, Kraken, and Gemini.
- Net Worth Tracker:
This platform also gives you a feature to track your cash and investment balances, through which you can easily calculate your liquid net worth. Also, premium holders can estimate their home value using the “Zillow” feature.
- Joint Finance:
Suppose you want to include your family members, like your spouse, financial advisor, adult children, etc., in this program. You can easily involve all of them using an unlimited collaboration feature. Not only that, but if anyone wants professional financial advice, you can also get the personal Monarch login and other multiple factors that give more security to your accounts.
- Personalized Advice:
With the help of this characteristic, the Monarch Money Application provides you with a list of all those priorities. Furthermore, you also get a few suggestions from their expertise regarding your financial strategies.
Thus, here is the list of some of the goals you receive from this platform.
- I am paying off high-interest debt.
- I am paying off low-interest debt or a mortgage.
- You are expanding your family.
- Savings are enough for retirement.
- You are improving your credit score.
- I am buying a car.
- Buying a home. Etc.,
- Customized Charts:
The platform also offers a clear and straightforward chart format, which allows customers to quickly learn about their financing plans and goals.
So, let’s see what types of charts the application provides.
- Cash Flow Chart.
- Investment Performance Chart.
- Monthly Spending Chart.
- Net Worth Chart.
So, these are all the best features the “Monarch Money” application provides.
Monarch Money Customer Reviews:
People have given positive feedback to the Monarch Money application, as they are very impressed with its features and services. If we consider the overall review of Monarch Money, it gets 4 out of 5 stars, which shows that the application is doing its best work so that more users can benefit.
Moreover, people are also happy with their free version plans, as they also offer unlimited offers that can easily cover a user’s requirements.
Wrapping Up:
“Monarch Money” is a prominent application, as it helps users manage their cash flows and budgeting strategies. A fascinating thing about this application is that it offers both plans, i.e., free plans and a premium plan so that anyone can take the benefits of Monarch Money.
In this article, we have discussed all the essential information about Monarch Money, including its pros and cons, features, reviews, and so on.