Why I Often Recommend Monarch Money
For the millionth time, personal finance is personal and I don’t recommend the same things to every client. That said, folks who use a certain type of budget, like accountability and have a smartphone are often looking for a way to manage their money and I think Monarch is a great option for a lot of people who fit that bill. Here are some reasons why I like it:
It has a user-friendly interface
Monarch is cleaner than my place after I hire a cleaner. It’s got an intuitive design that’s easy to navigate and get the hang of. It’s super easy to set and track goals, establish and then modify your budget, watch your net worth go up and offers some easy to implement suggestions.
It’s pretty much an all-in-one platform
To use Monarch, you link your accounts. Seeing everything in one place is great, you get a comprehensive look at net worth, spending and saving. You can track credit cards, loans and investments on the same platform instead of logging into like a dozen different places.
I feel like it’s pretty secure
Honestly, I’m not an IT professional. But Monarch uses Plaid to securely view your accounts, not modify them like make a credit card payment, and they have some great articles on how they value security.
It’s got lots of customizable budgets and goals
This is a must for anyone looking to take control of their finances. You can build goals like saving for a car or vacation, paying down debt or building your emergency fund. And this flexibility mirrors the gospel I preach that personal finance is personal.
There are collaborative features
Now this is something Mint (RIP) didn’t offer. You can have one account with multiple members, which promotes transparency and helps couples operate as a team.
The visuals though
Monarch is gorgeous. Graphs, charts, the whole shebang. So easy to see your progress!
Monarch is ad free
You pay a monthly or annual subscription fee, which is a bummer, but it’s invaluable and they’re not selling you other shit. Can’t say the same for mint.
It adapts easily
The Monarch team is always listening. They even let you know what they’re working on, which is pretty neat.
It supports financial coaching!
There’s a feature where, for a small fee, you can grant your financial coach (hopefully me!) access to your account.
Interested in checking it out? Click here for an extended free trial and be sure to reach out with questions or success stories!
