When it comes to budgeting tools, there are a plethora of options available in the market. However, two of the most popular budgeting tools are Monarch Money and Mint. Both of these tools offer a range of features and benefits that can help users manage their finances efficiently. This article will compare Monarch Money vs. Mint to help you decide which budgeting tool is right for you.
What is Monarch Money?
Monarch Money is a budgeting tool designed to help users manage their finances effectively. It is a mobile app that connects to your bank accounts and credit cards to track your spending and create a budget. The app provides an overview of your finances, showing you where your money is going and how much you spend in different categories.
What is Mint?
Mint is another popular budgeting tool that has been around for over a decade. Like Monarch Money, Mint is a mobile app that connects to your bank accounts and credit cards to track your spending. It provides an overview of your finances, including income, expenses, and net worth. Mint also offers a range of features, including bill tracking, credit score monitoring, and investment tracking.
Comparing Monarch Money vs. Mint
Now that we have a brief overview of Monarch Money and Mint let’s compare them in more detail.
User Interface
Monarch Money and Mint offer an intuitive and easy-to-use design regarding the user interface. However, Monarch Money has a more minimalist design with fewer features on the home screen. This can make it easier to navigate and find what you need quickly. On the other hand, Mint has a more cluttered home screen with more features and information displayed at once. While this can be overwhelming initially, it offers more information and options for users who want to dig deeper into their finances.
Budgeting Features
Monarch Money and Mint offer budgeting features that allow you to set spending limits and track expenses. However, Monarch Money takes a more hands-off approach, creating a budget based on your spending habits. This can be helpful for users who want to spend less time manually setting up their budgets. On the other hand, Mint allows you to create a custom budget based on your specific financial goals and priorities. This can be helpful for users who want more control over their budget and spending.
Bill Tracking
Monarch Money and Mint offer bill tracking features that allow you to see when your bills are due and how much you owe. However, Monarch Money takes this further by allowing you to pay your bills directly within the app. This can be a convenient feature for users who want to streamline their bill-paying process. On the other hand, Mint does not offer this feature and requires you to log in to each biller’s website to pay your bills.
Investment Tracking
Mint offers investment tracking features allowing you to track your portfolio and see how your investments perform. This can be helpful for users who have assets and want to keep track of their returns. Monarch Money, on the other hand, does not offer investment tracking features.
Credit Score Monitoring
Mint also offers credit score monitoring, which allows you to track your credit score and receive alerts when there are changes to your credit report. This can be helpful for users who want to improve their credit scores and stay on top of their credit reports. Monarch Money does not offer credit score monitoring features.
Pricing
Both Monarch Money and Mint are free to use, although Monarch Money offers a premium subscription for $9.99 per month. The premium subscription includes additional features, such as custom categories and the ability to track your net worth.
In conclusion, Monarch Money and Mint are popular budgeting tools offering various features to help users manage their finances. While Monarch Money has a more minimalist design and takes a more hands-off approach to budgeting, Mint provides a more detailed overview of your finances and allows for more customization. Both tools offer bill-tracking features, but Monarch Money takes it further by allowing you to pay bills directly within the app.
