Monarch Money Review, Merits, Charges, Best Features and More

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, for which 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 know more about the “Monarch Money” application.

What is Monarch Money?

Monarchy Money is a kind of application that provides various purposes through which users can personalize their 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. Not only that, but it focuses on short-term and mid-term financial goal planning and also gives advice to its users.

Simply put, Monarch Money is a money management application that helps users to create a budget. 

Merits and Demerits of Monarch Money:

Merits of Monarch Money:

  1. Monarch money application offers a 7 days free trial.
  2. It is avail on iOS, Android, or web platforms.
  3. The application also provides a live chart system to the user.
  4. The application does not consist of any of the advertisements on their platform.
  5. The dashboard of the app is customized.
  6. It also offers collaboration options to its users. 

Demerits of Monarch Money:

  1. The sign-up process is quite expensive, which is $7.50 per month (or $89.99) per year.
  2. 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. With that, the application can be easily synced.

Later on, the user has to sign up for the application and gets a 7-day free trial, so they come to know about the working process of the application. In these free trials, the application will permit you to access two bank accounts, and once they 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. Also, users can 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 gives 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. Also, users can 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;

  1. Cash Flow Statements.
  2. Collaborators.
  3. Budgets.
  4. Savings Goals. 

Note: There are also some limitations to using a free version of the Monarch Money application, as you can only sync with two bank accounts simultaneously.

  • Premium Version:

We all know that premium plans are always costly, as it covers 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:

  1. Unlimited Bank Connections.
  2. Customized Budget Categories.
  3. Investment and Cryptocurrency Tracking.
  4. Track Apple Card and Venmo Transactions.
  5. Priority Customer Support.

So, these are two ways Monarch Money helps users join the application: free or using 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. Budget plays a vital role in everyone’s life; whether planning to go on vacation or buy a new house, it is necessary to check your budget first.

So, the application offers various categories of the budget that help you to cover most of your everyday household expenses, including business income, taxes, health and wellness, and more. Also, if you select the application’s premium program, you will 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 they impart you the facility to set up your saving account in the application itself, so you can easily keep your eyes on your account.

  • 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 their performance.

Not only that, but you can also track a few Crypto exchange services, which include 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. So, you can easily involve all of them under this program using an Unlimited Collaborating 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.

  1. Paying off high-interest debt.
  2. Paying off low-interest debt or a mortgage.
  3. Expanding your family.
  4. Savings are enough for retirement.
  5. Improving your credit score.
  6. Buying a car.
  7. Buying a home. Etc., 
  • Customized Charts:

Here the platform also offers a clear and straightforward chart format through which the customer can quickly learn about their financing plans and goals. 

So, let’s see what types of charts the application provides.

  1. Cash Flow Chart.
  2. Investment Performance Chart.
  3. Monthly Spending Chart.
  4. 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, they get 4 out of 5 stars, which shows that the application is doing its best work so that more and more users can benefit. 

Moreover, people are also happy with their free version plans, as they also offer unlimited offers which can easily cover all the requirements of a user.

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.

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