How to Use Monarch Money to See All Your Finances in One Place
Monarch Money connects your bank accounts, credit cards, loans, and investments to give you a complete picture of your financial life in one app.
At a Glance
Sign Up and Start Your Free Trial
~30sQuick Tip
Quick Tip: Monarch supports collaboration. You can invite a spouse or partner to share your financial dashboard. Both people can view and manage the budget from their own phones with the same account.
Connect Your Financial Accounts
~31sWarning
Monarch uses read-only access to your financial accounts. It cannot move money or make changes. If a connection fails or an account stops syncing, you may need to re-enter your banking credentials in the Accounts section.
Review and Categorize Your Transactions
~35sQuick Tip
Quick Tip: Merchant rules let you tell Monarch that a specific store always belongs in a specific category. Set these up for your most frequent purchases to stop recategorizing them every month.
Set Up a Budget
~22sTrack Your Net Worth Over Time
~32sQuick Tip
Quick Tip: You can add your home's estimated value manually under "Assets" to include home equity in your net worth calculation. Use a conservative estimate from a site like Zillow or Redfin rather than the highest possible value.
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Monarch Money is a budgeting and financial tracking app that connects to virtually all of your financial accounts — bank accounts, credit cards, mortgages, investment accounts, student loans, and retirement accounts — and displays everything in a single organized dashboard. Instead of logging in to four or five different apps to understand your financial situation, you open Monarch and see it all at once.
The app is especially strong for people who want a high-level view of their finances rather than a strict envelope-style budget. It tracks your spending automatically by importing transactions from connected accounts, sorts those transactions into categories, and shows you trends over time. You can see month-by-month breakdowns of how much you spent on dining, groceries, entertainment, and any other category without manually entering a single transaction.
One of Monarch's standout features is its net worth tracker. It calculates your net worth in real time by subtracting your total debts (mortgage, car loan, credit card balances) from your total assets (checking, savings, investments, home value). Watching this number grow over time is a powerful motivator to spend thoughtfully and save consistently.
Monarch also has a goal-tracking feature for specific financial targets — paying off a credit card, saving for a down payment, or building an emergency fund. You set the target amount and deadline, and Monarch shows your progress and tells you how much you need to save each month to stay on track.
The app costs $14.99 per month or $99.99 per year. A free trial is available. Unlike Mint, which shut down in 2024, Monarch does not sell your data to third parties — its business model is entirely subscription-based.
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