When that is done, you're prompted to define your financial objectives, such as saving for a house down payment or clearing a student loan, along with the desired amounts for each. Once set up, they'll automatically update future transactions. You can also incorporate assets like real estate, vehicles, and cryptocurrencies to assess your overall net worth. You just link your various finances - checking, savings, retirement, and credit card and loan accounts - to the service. Getting started with Monarch is easy enough. Those same accounts stay linked up in Monarch. Every month or two, I'd need to reconnect my accounts to Mint. Mint would consistently have trouble importing data from several of my accounts. In a word, it's "great." It does everything I need it to do and makes managing my money much easier. I've now been using Monarch Money for four months. I was able to add my partner to my dashboard without hassle. Adding another person to the budgeting platform is straightforward. The application also supports shared budgeting, making it suitable for couples or families. This includes how to review your cash flow, how to set up estate documents, and what to look for in life insurance. Here, Monarch spells out the steps you need to manage your money in the long run. The customizable dashboard provides an overview of your financial situation, with widgets for comparing monthly spending, viewing recent transactions, monitoring investments, and tracking savings goals.Īlso: 6 ways to spend less on TV streaming without losing the shows you loveĪnother nice feature is Monarch's Advice section. Contributions to this section are only possible when expenses are lower than income. The app creates a dedicated savings section on the home screen. You can set a financial goal, such as saving for a house downpayment, and give it a deadline. I also like that Monarch prioritizes savings. If you see inaccuracies in our content, please report the mistake via this form. If we have made an error or published misleading information, we will correct or clarify the article. Our editors thoroughly review and fact-check every article to ensure that our content meets the highest standards. Our goal is to deliver the most accurate information and the most knowledgeable advice possible in order to help you make smarter buying decisions on tech gear and a wide array of products and services. ZDNET's editorial team writes on behalf of you, our reader. Indeed, we follow strict guidelines that ensure our editorial content is never influenced by advertisers. Neither ZDNET nor the author are compensated for these independent reviews. This helps support our work, but does not affect what we cover or how, and it does not affect the price you pay. When you click through from our site to a retailer and buy a product or service, we may earn affiliate commissions. And we pore over customer reviews to find out what matters to real people who already own and use the products and services we’re assessing. We gather data from the best available sources, including vendor and retailer listings as well as other relevant and independent reviews sites. ZDNET's recommendations are based on many hours of testing, research, and comparison shopping.
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