PocketGuard is a budgeting app that helps you track your spending. It allows you to connect multiple credit and debit cards so you can track everything in one convenient app. PocketGuard helps you set up budgets for different categories like groceries, clothing, or meals and notifies you as you approach your limit. This app is perfect for overspenders.
Monarch Money: App Review
(Author Rating)
7.75/10
7.75/10
Basic App Info:
What Is Monarch?
Monarch Money is a personal finance and budgeting app that emphasizes improving your financial health by giving you the right tools. It boasts a customizable dashboard and enables users to plan and track their goals, which is a feature that most apps lack.
How It Works
Upon creating an account, Monarch requires you to sync your bank accounts so it can begin categorizing your expenses and income. You can also sync your investment accounts if you have any. The app will walk you through these steps and help you establish your financial goals and budget rules. Monarch does not have the access or ability to transfer funds to or from your synced accounts. It only gives you an overview of where your money is going.
Overall Score: 7.75/10
This personal finance app scores a 7.75/10 thanks to its clean design, tools, and excellent user experience. Monarch takes a surprising approach to implementing new features based on user feedback and a public roadmap. Many other companies aren’t transparent with their plans and don’t allow their user base to vote on features or tools they would like to see incorporated. However, Monarch’s pricing and limited support are some of its biggest downfalls in comparison with other budgeting apps.
Cost: 6/10
The price is one of Monarch Money’s negatives. Understandably, Monarch has to make money somehow. But $89.99 per year may sound like a lot to some. However, the tools and features the app provides outweigh the cost in our opinion. The other downside is that there is no free plan available although there is a 7-day free trial for those interested in testing the app.
As explained on their website, Monarch has no free plan because they want to align their incentives with their users. They also want to avoid placing ads that could clutter their product. They’ve also made it clear that they won’t sell users’ personal financial information to the highest bidder as part of this reason.
User Experience: 8/10
What’s great about Monarch is its layout and design. The company is one of the few budgeting apps out there that has managed to build something that looks fresh and appealing. Monarch has also made an app that is intuitive and easy to use. But how do users feel about it?
The ratings on the Android and iOS app versions reveal that most users have been pleased with the app and where it’s headed. But, despite the app’s positive reviews and intuitive design, it might take some time for users to fully understand how the app works and how to get the most out of it.
Monarch’s lack of customer support hurts its score in this category. The only way to contact Monarch is via email. Despite this negative, Monarch does provide a help center for users with basic questions or users who need help getting started on the app.
Tools & Features: 9/10
Monarch Money has a broad list of tools and features that its users can take advantage of, such as:
- A financial planning tool to forecast your spending in the future with notifications if you get off track
- Financial goal tracking (lets you track your progress toward buying a house or saving for a trip)
- Spending insights (allows you to analyze your spending and savings across your accounts)
- Infinite collaborators (free of charge)
- Investment tracking (lets you see how your investment portfolio is performing)
Setup: 8/10
Those unfamiliar with setting up a budget may find the app difficult to use at first. The good news is that Monarch will walk you through this process. They’ll help you set up your profile and budget and sync your bank and investment accounts (crypto is supported but limited).
If you find Monarch does not support your bank, you can still add it manually.
The App
Likes/Dislikes
Likes
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Customizable dashboard (you can categorize your expenses/income with emojis)
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Slick design
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Users can vote on features they want to see implemented into the app
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Public roadmap
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Built-in planning tool
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No ads
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Unlimited collaborators at no extra cost
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7-day free trial
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No credit/debit card is required on signup during the 7-day free trial
Disikes
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Expensive
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It takes time to set up
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No free plan
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Customer support is limited (only available via email)
Alternatives to Monarch
App Ratings, Size, & Category
RATINGS
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4.8 / 5
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4.5 / 5
SIZE
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67.2 MB
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55M
CATEGORY
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Finance
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Finance
Bottom Line: Easy to Manage Your Money
Monarch Money makes it easy for you to manage your money and strives to listen to its users’ feedback. If you are willing to pay the price and risk limited support, this app is an excellent choice.
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