What is Monarch money, pros and cons, use cases and prices
Monarch Money is a personal finance app designed to help users effectively manage their money.
Pros:
1. Focus on savings: Monarch Money encourages users to save by setting savings goals and providing tools to track progress.
2. Easy sharing for families: Users can easily share financial information and collaborate on budgeting and saving with family members.
3. Transaction sorting capabilities: Monarch Money automatically sorts transactions into categories, making it easier for users to track and manage their spending.
4. Scenario-testing tools: Users can simulate different financial scenarios to see how they would impact their overall financial health.
Cons:
1. Limited investment options: Monarch Money is primarily focused on budgeting and saving, with limited support for investment management.
Use cases:
Monarch Money is suitable for individuals and families looking to improve their financial management skills, set and achieve savings goals, and collaborate on budgeting with family members.
Prices:
The app offers a free basic version with limited features, as well as a premium version priced at $4.99 per month, which includes advanced features such as scenario-testing tools and custom budget tracking.
