The Budgeting App of 2024: Monarch Money

Almost a year ago, the budgeting app Mint by Intuit was shut down. In December 2023, over three and a half million users were using Mint then since one of the biggest budgeting apps in the world shut down. This was a huge problem since Mint was a free app and people needed a new way to budget. Some people turn to software called Quicken Simplifi, a straightforward budgeting app that could be effective for only very simple budgets. This has been a problem because an effective budgeting app for complex budgets has not been implemented. Another problem arises, you now have to pay a premium price to access these newer and better budgeting apps. For example, some budgeting apps charge more than $100 every single year.

Overview

There is one budgeting app that I generally think is a great budgeting app to use and the budgetin use it myself. The name of the app is Monarch Money, it is a full-service budgeting app available on the app store and the web. It has so many robust features that make your budget stand out. While it is still $69.99 for your first year and $99.99 for every year after the first. It is a pretty expensive budgeting software, but in my opinion of the cons of the price. For example, the accounts feature is very high-quality and can update as soon as 30 seconds after the transaction. It helps a lot if you have a lot of financial accounts and need to keep track of them. You can keep track of bank accounts, houses, cars, and other assets.

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Features

Monarch Money is my favorite budgeting app because it is also very efficient at net worth tracking. There are also many features for your savings goals. You can set a savings goal with any amount and connect it to your savings accounts. As you deposit money into these accounts your connected savings account balance makes up your “available balance” which you can distribute to your various savings goals.

Another and probably the greatest feature of Monarch Money is budgeting. Budgeting is the main reason for having a budgeting app. They released a new feature very recently called “Flex Budgeting” It allows you to create budgets more flexibly and you can use you categories that you set up in Monarch. You can set these categories by going to settings categories and you can edit, add, and delete different categories. However, you cannot delete categories permanently in Monarch. Instead, you can disable categories, which hides them from all the services and features in Monarch.

The last crucial feature of Monarch Money is the cash flow tab. Analyzing your finances is crucial in your life and Monarch does not disappoint. There are Sankey diagrams that show you the distribution of income and expenses. It also shows you your savings rate and the percentage of your income in each of your accounts. You can see the average amount that you spend on each of your different expenses and how that has changed. My favorite part about the cash flow tab is how you can track investments and net worth growth. You can track how much your net worth has grown in the past year and beyond. This is a really helpful feature as it can help you track your net worth growth rate.

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I hope you enjoyed this week’s newsletter, I am so thankful for all of my readers and subscribers and I hope you all have a fantastic week. If you want me to write about a particular topic or have some feedback that you would like to convey. Please email: [email protected]. See you next week and have a great week.

Jacob Gans,

Friday Finance