Our Verdict
When it comes to the matter of choosing the best budgeting app, it can be a challenge, but understanding the strengths of Monarch Money and PocketGuard can help you decide. Monarch Money is much suitable if you need a comprehensive financial management tool, offering robust features like investment tracking, net worth monitoring, and personalized financial advice, with the added benefit of collaborating with partners or financial advisors. However, it comes with a subscription fee, which may be a drawback if you’re looking for a free option.
In contrast, you can consider PocketGuard as perfect for you if you prefer a straightforward budgeting app to track spendable money after accounting for bills and goals. It excels with features like bill tracking and a debt payoff planner, making it great for managing day-to-day expenses and debt repayment. With a lower subscription cost and a free basic version, PocketGuard is more accessible.
Ultimately, both apps have their unique strengths, and the best choice depends on your specific financial needs and preferences.
Why Choose Monarch Money Budgeting App
Who Monarch Money Budgeting App Is Best For
Use Monarch Money Budgeting App if you:
- Need a detailed, all-in-one solution for budgeting, investment tracking, and financial goal setting.
- Want collaboration features for managing shared finances and tracking expenses together.
- Enjoy tailoring your budgeting tools with custom categories and personalized financial goals.
- Require robust tools for monitoring and analyzing your investment portfolio.
- Appreciate detailed reports and analytics to understand your financial habits and identify areas for improvement.
- Are ready to invest in a high-quality, feature-rich budgeting app that offers more than basic financial management.
>>>MORE: Monarch Money Budgeting App Review
Who Monarch Money Budgeting App Is Not Right For
Look for Other Budgeting Apps If You:
- Prefer a simpler, more straightforward budgeting tool without extensive features.
- Need a free or lower-cost budgeting solution.
- Want a quicker setup process with minimal customization.
- Don’t require investment tracking or advanced financial planning tools.
- Prefer an app with a more intuitive interface for beginners.
- Need an app that focuses solely on basic budgeting and expense tracking.
Why Choose PocketGuard Budgeting App
Who PocketGuard Budgeting App Is Best For
Opt for PocketGuard as Your Preferred Budgeting App If You:
- Prefer a simple, user-friendly budgeting tool.
- Want an app that automatically categorizes expenses and provides insights on saving money.
- Need a clear view of your disposable income with the Safe-to-Spend feature.
- Value strong security measures to protect your financial data.
- Seek a quick and easy setup process without extensive customization.
- Seek for a cost-effective budgeting solution.
Who PocketGuard Budgeting App Is Not Right For
Choose Another Budgeting App Instead of PocketGuard If You:
- Require extensive customization options for your budgeting categories and financial goals.
- Need robust tools for tracking investments and advanced financial planning.
- Prefer an app that supports collaboration for managing shared finances.
- Want detailed reports and analytics to understand your financial habits deeply.
- Are looking for a more comprehensive financial management tool.
- Desire features beyond basic budgeting, such as bill tracking and debt management.
Main Differences
| Main Differences | Monarch Money | PocketGuard |
|---|---|---|
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Ideal For |
Monarch Money Is Ideal for You If You:
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PocketGuard Is Ideal for You If You:
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Pricing |
Monarch Money offers two pricing plans:
Cost: $14.99 per month Features: Unlimited financial accounts, custom reports, investment tracking, and more Free Trial: New customers can try the app for seven days
Cost: $99.99 per year (equivalent to $8.33 per month) Features: Includes the same features as the monthly plan Free Trial: Former Mint users may qualify for a 30-day free trial |
PocketGuard offers 4 different pricing offers:
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Standout Features |
Monarch Money offers a robust set of features to enhance your financial management such that you can:
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When you opt for PocketGuard, you get access to features that enable you to:
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Standout Features
Monarch Money Standout Features
Comprehensive Financial Planning
Take charge of your finances with Monarch Money’s comprehensive tools. Whether you’re budgeting, tracking investments, setting goals, or analyzing your financial health, Monarch Money covers it all in one place.
Extensive Customization
Tailor Monarch Money to fit your financial style. Customize categories, set personal goals, and adjust settings to match your unique financial strategy for personalized money management.
Collaboration Tools
Simplify managing finances with Monarch Money’s collaboration features. Perfect for families and couples, these tools make it easy to track shared expenses and work towards financial goals together.
Advanced Reporting and Analytics
Gain deep insights into your money habits with Monarch Money’s advanced reports. Understand where your money goes, how investments perform, and make smarter financial decisions based on data.
User-Friendly Interface
Navigate financial complexities effortlessly with Monarch Money’s intuitive interface. Stay organized, visualize your financial picture, and take proactive steps towards achieving your goals.
>>>PRO TIPS: Honeydue Vs Quicken Simplifi Budgeting App
PocketGuard Standout Features
Automated Expense Categorization
Simplify your budgeting with PocketGuard’s automated categorization. Easily track expenses and see where your money is going each month.
Safe-to-Spend
Make informed spending decisions with PocketGuard’s Safe-to-Spend feature. Know exactly how much money you have available after bills and savings goals, ensuring you stays within your budget.
User-Friendly Design
Enjoy stress-free budgeting with PocketGuard’s easy-to-use design. Whether you’re new to budgeting or a seasoned pro, manage your finances effortlessly.
Strong Security Measures
Rest easy knowing your financial data is secure with PocketGuard’s bank-level security. Your information is protected so you can focus on managing your money with confidence.
Cost-Effective Plans
Choose from PocketGuard’s range of plans, including a free option and premium plans for extra features. Start improving your financial management skills without breaking the bank.
Pros and Cons of Monarch Money Budgeting App
- Pros
- It offers a wide range of tools for budgeting, investment tracking, and financial goal setting, providing an all-in-one solution for managing your finances.
- It allows you to tailor budgeting categories, set personalized goals, and adjust the app to fit your unique financial needs with the extensive customization options.
- It supports multiple users managing shared finances, making it easier to track and manage joint expenses especially as it is suitable for families and couples,.
- It provides detailed reports and analytics, helping you understand your spending patterns, income sources, and investment performance.
- Cons
- It is a premium app with a monthly or yearly subscription fee, which may be a drawback if you are looking for free budgeting tools.
- It has learning curve due to its comprehensive features.
- It has a relatively short free trial period (seven days for new customers).
- It does not offer direct bill payment features.
Pros and Cons of PocketGuard Budgeting App
- Pros
- It automatically categorizes your expenses, providing a clear and organized view of where your money is going.
- It has the unique Safe-to-Spend feature that helps you know to exactly how much disposable income you have after accounting for bills, goals, and necessities, aiding in smarter spending decisions.
- It has a simple and intuitive design, making it easy for users of all financial literacy levels to manage their budget effectively.
- It uses bank-level security protocols to ensure your financial data is protected, giving you peace of mind.
- It offers a range of pricing plans, including a free basic plan and affordable premium plans, making it accessible to a wide audience.
- Cons
- It offers fewer customization options compared to some other budgeting apps, which might be a drawback for users with specific needs.
- It provides basic financial reports, which may not be sufficient for users looking for detailed analysis and advanced financial insights.
- It does not offer features for tracking investments, which may be a limitation for users with investment portfolios.
Customer Reviews
Customers are highly satisfied with the Monarch Money app, which boasts an impressive 4.9 out of 5 stars on the App Store from thousands of reviews, highlighting its user-friendly interface and comprehensive financial planning tools. It also maintains a solid 4.8 out of 5 stars on Google Play, where users appreciate its customization options and advanced analytics, making it a top choice for those seeking robust financial insights. On the other hand, the PocketGuard app receives positive ratings for its practical budgeting features and accessibility, holding a 4.6 out of 5 stars on the App Store based on approximately 6,900 reviews, with users praising its automated expense categorization and Safe-to-Spend feature. However, it has a 3.6 out of 5 stars rating on Google Play from over 2,030 reviews, where some users note limitations in customization and occasional syncing issues. Overall, both apps are well-regarded for their respective strengths, making them valuable tools for different aspects of personal finance management.
Competitors
YNAB (You Need a Budget)
YNAB (You Need a Budget) focuses on zero-based budgeting, offering a structured approach to personal finance management. Users manually enter and track their expenses, benefiting from robust budgeting tools and educational resources designed to overhaul their financial habits. This app operates on a subscription-based model.
Mint
Mint is a comprehensive personal finance management tool that provides features such as expense tracking, investment tracking, and bill payment reminders. It operates on a free model supported by ads, making it a cost-effective option for users looking for a wide range of financial tools in one app.
Quicken Simplifi
Quicken Simplifi delivers detailed personal finance management with real-time updates, transaction tracking, spending analysis, and net worth tracking. This subscription-based app is ideal for users seeking an in-depth and continuously updated view of their finances.
EveryDollar
EveryDollar offers a simple, straightforward approach to budgeting with a focus on zero-based budgeting and goal setting. Users can customize their expense categories to fit their financial needs. EveryDollar provides a free basic version and a premium version that includes additional features.
Goodbudget
Goodbudget utilizes the envelope budgeting system to help users manage their finances. It includes features for digital envelope budgeting, expense tracking, and debt tracking. Users can choose between a free basic version and a premium version that offers more envelopes and features.
Personal Capital
Personal Capital is geared towards investment and wealth management. It offers expense tracking, investment management, and retirement planning tools, providing a comprehensive suite for managing both day-to-day expenses and long-term financial goals. The app’s basic financial tools are free, with additional advisory services available for a fee.
Tiller Money
Tiller Money stands out with its spreadsheet-based budgeting approach. It automates the import of financial data into Google Sheets or Excel, allowing users to customize their budget templates according to their preferences. Tiller Money is available through a subscription model.
>>>GET SMARTER: YNAB vs Wally Budgeting App
Pro Tips
- Assess Your Needs: Identify what you need most from a budgeting app. If you need detailed financial planning and investment tracking, Monarch Money might be the better choice. If simplicity and automated budgeting are your priorities, PocketGuard could be more suitable.
- Try Free Versions: Many budgeting apps offer free trials or basic versions. Take advantage of these to test out Monarch Money, PocketGuard, and their competitors to see which interface and features you prefer.
- Consider Your Budget: Evaluate the cost of each app and consider what fits your budget. While Monarch Money and Quicken Simplifi offer premium features at a cost, Mint and PocketGuard provide valuable tools with free and affordable plans.
- Read Reviews: Look for user reviews and expert opinions to understand the strengths and weaknesses of each app based on real-world use. Reviews can provide insights into user experiences and help you make an informed decision.
- Check for Integration: Ensure the app integrates with your financial institutions and accounts. Seamless integration can save you time and provide a more comprehensive view of your finances.
- Look for Updates and Support: Choose an app that regularly updates its features and provides good customer support. This ensures you have access to the latest tools and assistance when needed.
- Test Collaboration Features: If managing finances with a partner or family, test the collaboration features. Monarch Money’s robust collaboration tools may be advantageous if you need to track shared expenses and goals.
- Evaluate Security Measures: Prioritize apps with strong security protocols. Both Monarch Money and PocketGuard use bank-level security, but always ensure the app you choose keeps your financial data secure.
- Explore Additional Tools: Some apps offer extra tools like bill payment reminders, investment tracking, and detailed financial reports. Assess whether these additional features align with your financial management needs.
- Keep an Open Mind: Don’t hesitate to switch apps if your financial needs change. Continuously evaluate your budgeting app’s effectiveness and stay open to exploring new options that might better suit your evolving financial goals.
Recap
In the end, to choose between Monarch Money and PocketGuard ultimately depends on your personal financial needs and preferences. Consider Monarch Money as your go-to option if you require a comprehensive financial management tool with features like investment tracking, net worth monitoring, and personalized financial advice, despite its subscription fee.
On the other hand, PocketGuard is ideal for those who prefer a straightforward budgeting app with excellent bill tracking and debt payoff planning capabilities, available at a lower subscription cost and with a free basic version. Both apps offer unique advantages, so the best choice will align with your specific financial goals and habits.
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