Monarch Money Canada review: The Mint Alternative?
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Updated: November 09, 2023
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What is Monarch Money?
You know how challenging it can be to keep track of your financial life when it's spread across multiple banks and investment accounts.
That's where Monarch Money comes in. It’s a financial management platform that's been the talk of the town for bringing all your financial information into one place (good news now that we know Mint.com is shutting down). It's the go-to tool for budgeting, tracking spending and planning for the future. And all without the hassle of switching between different apps and services.
But Monarch Money isn't just about gathering data; it's about giving you the tools to forecast your financial future, allowing you to see how today's spending can affect tomorrow's dreams.
Canada access is only in beta
It's not yet widely available, but you can join their waitlist to be the first to know when it becomes available
What does Monarch money offer?
Monarch Money acts as your personal finance concierge, connecting with over 11,200 financial institutions. This connectivity means you can have a comprehensive view of your bank accounts, investment portfolios and even your crypto assets if you're using Coinbase.
It's not just about monitoring your finances; it's about actively planning and tracking your financial goals. Want to build an emergency fund, save for a vacation, or make a down payment on a home? Monarch Money helps you set these goals and track your progress toward them. While it doesn't allow for moving money within the app, its visual tools and reminders keep you aligned with your financial targets.
Monarch Money pros and cons
- Extensive connectivity: Links with a multitude of Canadian and American financial institutions for a complete financial picture.
- Customization: Tailor transaction categories and rules for a budget that fits your lifestyle.
- Net worth tracking: Keep an eye on your overall financial health with a detailed net worth tracker.
- Collaboration: Manage finances with your partner, spouse, roommates, or family members at no extra cost.
- Crypto limitations: Only supports cryptocurrency through Coinbase, which might be a deal-breaker for diversified crypto investors.
- Basic free plan: The complimentary version offers limited features, nudging you toward the premium plan.
- No bill payments: It's a read-only service, so you'll need to handle bill payments through other channels.
What is Monarch Money pricing?
For Canadians who want to unlock all of Monarch Money's capabilities, the premium plan is priced at USD $14.99 per month or USD $99.99 when billed annually.
The free version offers a taste of the service, but with restricted features and connections.
If you're curious but not yet convinced, Monarch Money provides a seven-day free trial to experience the premium features before making a commitment.
Monarch Money features
- Financial planning and goal setting: With Monarch Money, you can visualize your financial trajectory, create custom categories for expenses and forecast your cash flow to see how your spending habits could impact your financial future.
- Investment tracker: The platform allows you to monitor your entire investment portfolio, including stocks, ETFs and crypto held in Coinbase, giving you a clear picture of your asset allocation and performance.
- Net worth tracker: Monarch Money offers a robust net worth tracker that includes your bank accounts, credit card debts, investments, loans and even property values synced with Zillow.
- Recurring bills and subscriptions: The app helps you stay on top of your recurring payments with a calendar and reminder system, ensuring you never miss a payment or forget to cancel a subscription you no longer need.
- Transaction rules: Simplify your budgeting with rules that automatically categorize regular transactions, saving you time and giving you accurate financial insights.
- Personalized advice: Monarch Money's Advice Wizard provides customized suggestions based on your financial situation, helping you make informed decisions about your money.
Monarch Money vs. Mint
Mint has long been a popular free tool for budgeting and credit score tracking, but Monarch Money's premium, ad-free approach is gaining traction among Canadians.
With Mint shutting down and Intuit pushing its users to use Credit Karma (which is more of a credit monitoring tool), Monarch Money is emerging as a strong contender. This is especially true for those who value a comprehensive and integrated financial overview.
Read more: Best Mint alternatives
Is Monarch Money safe?
When it comes to managing your finances digitally, security is paramount.
Monarch Money employs Plaid for secure data integration, ensuring your financial information is encrypted and handled responsibly.
The app also supports multi-factor authentication, providing an additional layer of security to safeguard your account.
How do I open an account?
Getting started with Monarch Money is straightforward. Visit the website or download the app, and you can begin with a seven-day free trial. If you find it suits your needs, upgrading to a premium account is just a few taps away.
Is Monarch Money worth it?
For the financially astute Canadian, Monarch Money could be a game-changer. It's not merely about tracking where your money goes; it's about planning where it could take you. If you're looking for a tool that offers depth, customization and a clear path to your financial goals, Monarch Money may be worth the investment.
Can I link my Canadian bank accounts to Monarch Money?+
Yes, Monarch Money supports connections with numerous financial institutions, including many Canadian banks, allowing you to manage all your finances in one place.
How does Monarch Money ensure the safety of my financial data?+
Monarch Money uses read-only data with robust encryption and offers multi-factor authentication to ensure your financial information is secure and protected.
What are my options if Monarch Money doesn't support a particular financial institution or asset type?+
Monarch Money allows for manual entry of assets and liabilities, so you can include any items not automatically supported, ensuring a complete financial picture.