Our Verdict
When it comes to budgeting, Monarch Money wins the trophy. You’ll find the following characteristics glaring when you choose the app:
- All-in-one financial management tool.
- Ability to sync all your financial accounts.
- Robust financial goal-setting features.
Wally, on the other hand, is a personal finance app that comes with advanced AI-powered features. You can manage your budget effectively while gathering insights through its AI-driven tools.
Understand that both apps have unique strengths they both bring to the table. You might want to consider your financial goals and preferences as you decide on how much you can invest in any budgeting app.
Why Choose Monarch Money Budgeting App
Who Monarch Money Budgeting App is Best For
Opt for the Monarch Money budgeting app if you:
- Seek insights into your financial behavior that can help you make informed business.
- Desire to start with a free version before upgrading to a paid plan.
- Want to track your expenses daily, helping you to spot areas where you need improvements.
- Love to set and maintain a budget by allocating funds to different spending categories.
- Want collaboration on financial matters as the app allows you to invite family members to be part of your financial goals.
- Prefer a modern-day, intuitive interface.
- Desire to create multiple financial goals and monitor your progress toward each one.
- Need a budgeting app that provides detailed insights and projections into your financial goals, helping you to elevate your money management skills beyond the basics.
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Who Monarch Money Budgeting App isn’t Right For
Steer clear from the Monarch Money budgeting app if you:
- Prefer a more hands-off approach, day-to-day approach to budgeting and expenses tracking.
- Desire a simple, no-cost solution to manage your finances.
- Want to take proactive steps to manage your finances.
Why Choose Wally Budgeting App
Who Wally Budgeting App is Best For
Sign up for the Monarch Money budgeting app if you:
- Seek a simple, yet, effective way to manage your expenses daily without necessarily needing an advanced management system.
- Are focused solely on budgeting and tracking of expenses.
- Desire an app that offers AI-driven insights that help you make informed decisions.
- Need a platform that comes with the multi-currency feature, allowing you to seamlessly track your spending across different countries.
- Are looking for a budgeting app that offers free or low-cost solutions to help you track your income and expenses.
- Run a small, medium, or large business that requires a proper account of how money is spent.
- Don’t want to share your financial data with third parties, Wall’s privacy feature helps you to stay conscious by providing a strict privacy policy.
- Want a free trial to have an idea of what the platform offers.
Who Wally Budgeting App isn’t Right For
Avoid Monarch Money budgeting app if you:
- Want 24/7 customer support.
- Don’t have a thing for AI-powered personal finance platforms.
- Prefer communication through the phone, especially when needing support in times of need.
Monarch Money vs. Wally Budgeting App: The Main Difference
| Monarch Money | Wally |
Ideal For | ● Couples seeking debt reduction. ● Businesses looking for ways to break the paycheck-to paycheck cycle. ● Lovers of data security. | ● AI-driven insights for wealth building. ● Multi-currencies functionality. ● Budgeting-conscious individuals. |
Pricing | Free Trial: Start your personal finance management journey with Monarch Money by leveraging its 30-day free trial. You don’t need to commit with your credit card. Annual Plan: $5.83/month ($69.99, paid annually). Monthly Plan: $14.99/month. Note: Get a 30% discount plus a 30-day free trial code (WELCOME30) when you purchase the annual plan for the first time. | Wally offers a freemium to help you access the basic tools. However, there are no pricing plans available as they tailor pricing to individual needs. |
Account Integration | Bank account Credit cards Loan accounts Zillow Coinbase | Bank account Credit cards Loan accounts. |
Monarch Money vs. Wally Budgeting App: Product Offerings
Monarch Money Budgeting App
Monarch provides a variety of features with which you can get the most from the app. Here are the features you may find:
Net Worth: Track your balances and net worth over time by automatically syncing all of your bank accounts to Monarch.
Budgeting: Control how your money goes out by creating a budget that is tailored to your financial situation.
Recurring: Manage your recurring bills and subscriptions to know where you’re spending your money.
Investment: Beyond budgeting, Monarch helps you to monitor investments across multiple accounts.
Reports: Gather relevant insights into how you’re spending every dollar you make, and spot unnecessary expenses you need to take out.
Dashboard: With Monarch’s dashboard, you can customize your operations so you can do your thing from your computer or phone.
Goals: Get clear financial goals, leverage Monarch’s feature to track your progress, and allocate your savings to multiple goals.
Transactions: Get detailed information about all of your transactions—in one place. You can easily bulk-edit or filter your transactions whether you’re using a phone or on the web.
Collaboration: The app comes with a built-in collaboration tool where you can invite a partner to jointly view your finances and see how things are going so far with your money.
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Wally Budgeting App
Wally comes with tools that help you manage your finances. Here are features to consider:
- AI-driven financial insights: Use artificial intelligence to gather useful data that help you make informed financial decisions.
- Multi-currency tracking: Whether you’re traveling across different countries, you can easily switch from one currency to the other.
- Expense tracking tool: Spot where your money is going by leveraging the expense tracking tool.
- Privacy protection: Wally takes your privacy seriously with no ads or third-party data sharing.
Monarch Money vs. Wally Budgeting App: Standout Features
Monarch Money Budgeting App
- Offers an intuitive and modern-day interface that helps you to easily navigate across and use the app from any device.
- Provides tools that help you gather detailed reports and analysis and give you insights into your spending habits. That way, you can make informed decisions and modify your money strategy where necessary.
- Allows you to invite other household members so you can collaborate and share financial goals.
- Gives you the ability to customize your financial goals. You can set and track multiple goals, like paying off debt, building an emergency fund, or saving for a house. By customizing these goals, you can stay on track and motivated.
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Wally Budgeting App
- Wally excels in its AI-driven insights feature by offering financial advice based on your spending patterns.
- Deal with multiple currencies, allowing you to seamlessly track your expenses.
- Collaborate with family or friends to share financial goals.
Pros and Cons of Monarch Money Budgeting App
- Pros
- Offers a free trial.
- Has an affordable pricing plan.
- Gives discounts when you subscribe to the yearly plan.
- Offers a variety of financial management tools.
- Comes with a customizable budgeting dashboard.
- Has an easy-to-use, modern-day design.
- Allows collaboration with household members or friends.
- Cons
- Offers no free plan
- Has no live chat option for communication.
Pros and Cons of the Wally Budgeting App
- Pros
- Allows you to track expenses and incomes.
- Comes with a clean, intuitive design.
- Provides tools for managing your budgets.
- Supports multiple currencies, especially for international transactions.
- Offers data encryption and secure login options.
- Delivers detailed reports and insights into your spending habits.
- Cons
- Has no free trial for its users.
- Offers expensive pricing compared to alternative services.
Monarch Money vs. Wally Budgeting App: Customer Reviews
When it comes to rating, Monarch Money performs better compared to Wally. On Google Play, the app has a 4.7 out 5-star rating, comping from 5,664 votes as of the moment of writing this article. On the Apple Store, however, the app scores a bit higher with a rating of 4.9 out of 5 stars stemming from 25,470 customer reviews. Lastly, Emily Batdorf’s Forbes review shows that Monarch Money has 4.5 out of 5 stars.
On the other hand, Wally’s users have different feelings about its offerings. For instance, on Google Play, you’ll find that the app has a 1.8 out of 5-star rating, coming from 260 votes. Unfortunately, Wally does not support the mobile iOS platform. Meanwhile, Wally has a favorable review on Doughroller having 4.5 out of 5 stars coming from Kelvin’s and Mercandante’s evaluations.
From every indication, you’d agree that Monarch Money tops the chart when it comes to customer reviews. But that’s not an absolute solution for you choosing the app. Consider your financial goals and preferences before making any purchasing decision. The reason is that Wally might do well in terms of customer reviews, but might not fully align with your preferences.
Monarch Money vs. Wally Budgeting App Competitors
You Need A Budget (YNAB): Choose the YNAB app if budgeting is your primary focus, and do not need investing. The app streamlines your budgeting process by offering a zero-based budgeting approach to managing your money. With the YNAB app, you can track your expenses in real-time to know areas you can minimize spending on. You’ll also find the app helpful especially if you love taking control over every dollar you make, and assigning tasks to your money before you spend it. That way, you don’t have to eat into tomorrow’s income.
As you consider the YNAB budgeting app, put subscription costs into consideration. First off, the app offers a free trial which lasts up to 35 days. During the trial period, you get to try your hands on the app’s features and see how things work there.
If you’re ready to scale things up, you can opt for the paid plans which come in two categories. First, you have the annual plan which costs $9.08; per month ($109 paid yearly). Second, is the monthly plan priced at $14.99/month. Remember that taxes are applicable to the plans.
Goodbudget: Purchase the Goodbudget app to access a hands-on approach to managing your money using the envelope system. With the envelop system, you can allocate funds into digital envelopes for various spending categories. That way, you can track expenses and set goals for savings.
Aside from the envelope budgeting system, you can access features such as budget reports, recurring transactions, and multi-device syncing. The app supports both manual and automated expense tracking.
While Goodbudget is a great option to consider, you must keep its pricing in mind. For starters, the app offers a free plan, allowing you to access tools with which you can begin your budgeting journey. Its paid plan offers you the opportunity to scale things up with a fee of $10/month or $800 every year.
Stash: Opt for Stash if you seek an all-in-one financial solution that covers both budgeting and investing. The app is also a great choice if you’re seeking to build wealth in the long run. Stash offers you the opportunity to invest in fractional shares which is an avenue for you to gradually build your portfolio.
You’ll find its integration capabilities very helpful, as the app allows you to sync with other investment tools and platforms.
For pricing, Stash offers two plan tiers you can choose from. You can choose from the Stash Growth plan priced at $3/month or $32/year. Alternatively, choose the Stash+ which costs $9/month or $97/year.
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Pro Tips
- Define what your financial goals are before jumping on any budgeting app.
- Compare pricing from different providers to see which price best fits your budget.
- Link your bank accounts—and all that comes with it—to your budgeting app.
- Prevent overspending by covering all essential expenses.
- Don’t neglect reporting tools as they help you get insights into your spending lifestyle and identify areas you need to invest more money on.
- Set aside a day in a week to review your budget, and see areas you need to improve on.
- Stay consistent with your goal by sticking with your budget to build your financial health.
- Take advantage of features that help you automate actions on the app.
- Put every expense you make into different categories so you can see where your money is going.
Recap
So far, this article proves that Monarch Money is a preferred choice when compared to Wally. But, you’ve gotta factor in your financial goals and preferences. That way, you can decide which app has the features you need, and the price you can afford.
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