If you’re looking for a budgeting app that can help you organize your finances, track your net worth, and stay aligned with your spouse or partner, Monarch Money has been the best option my family and I have found so far.

My wife Nicole and I have used Monarch Money for the past few years, and it has genuinely changed the way we manage money together. We use it to track spending, monitor our net worth, plan for future goals, and reduce financial stress in our home.

I personally check Monarch every day. Most days, I spend about five minutes reviewing recent transactions and making sure everything is categorized correctly. Since Monarch allows you to create rules and automate much of the process, it becomes easier over time.

We also use Monarch during our “money dates” twice per month to review our finances together and plan for upcoming goals, vacations, and family expenses.

And while no budgeting app magically creates wealth, Monarch has helped us stay intentional with our money while our net worth has grown by more than $800,000 over the past three years through investing and business growth.

If you want to see exactly how Monarch works, check out our full video tutorial below before diving into the written guide.

Want to try Monarch Money for yourself? You can test it out with a free trial and get 50% off your first year using my link below.

Watch Our Monarch Money Tutorial

Why We Chose Monarch Money

I’ve tested dozens of budgeting apps over the years, including Mint, YNAB, Simplifi, Rocket Money, spreadsheets, and more.

Right now, Monarch Money is my favorite budgeting app for families and couples for a few reasons:

• Clean and simple user interface
• Excellent net worth tracking
• Great budgeting tools
• Strong collaboration features for couples
• Easy-to-use mobile app
• Helpful automation and rules
• Goal tracking improvements
• Investment account integration

What I appreciate most is that Monarch feels powerful without feeling overwhelming.

Some budgeting apps feel like you need a training course just to understand how to use them. Monarch strikes a nice balance between simplicity and functionality.

Step 1: Connect All Your Financial Accounts

The first thing I recommend is connecting all of your accounts immediately.

Checking accounts.
Savings accounts.
Credit cards.
Investment accounts.
Loans.
Mortgage accounts.

Everything.

If you don’t connect your accounts, you’re essentially flying blind.

One of the biggest benefits of Monarch is seeing your entire financial life in one place. This also helps many families simplify their finances because they start noticing duplicate accounts, unused credit cards, or unnecessary complexity.

To add accounts:

• Click “Accounts”
• Select “Add Account”
• Search for your financial institution
• Connect securely through Plaid, MX, or other integrations

You can also manually add accounts if needed.

Step 2: Set Up Your Budget Categories

This is where many people overcomplicate things.

Nicole and I probably have over 100 categories at this point because we have a busy life with kids, travel, business expenses, investing, and multiple financial goals.

But I don’t recommend starting there.

Instead, focus first on the biggest spending categories:

• Housing
• Transportation
• Groceries
• Daycare
• Dining
• Travel

Those categories typically drive the majority of spending for most families.

As you get more comfortable, you can customize categories to reflect your lifestyle and priorities.

For example, we personally have categories like:

• Andy Fun
• Nicole Fun
• Marriage Fun
• Family Fun

After paying off our mortgage and reaching Coast FIRE, we intentionally increased spending in areas that bring us joy and connection as a family.

That’s something I want people to understand … budgeting is not about restriction. A good budget helps you spend more confidently on the things that matter most while spending less on the things that don’t.

Step 3: Create Rules and Automations

This is one of the most underrated parts of Monarch.

Once you create rules for recurring transactions and categories, the app becomes dramatically easier to maintain.

That’s why I only spend about five minutes per day reviewing transactions now.

Without automation, budgeting can start to feel tedious. With automation, Monarch becomes more like a financial dashboard than a chore.

I also recommend reviewing recurring subscriptions and bills regularly so you can catch unnecessary spending before it grows.

Step 4: Use Rollover Budgeting

One of my favorite Monarch features is rollover budgeting.

If you don’t spend your full budget amount in one category, Monarch allows you to roll those dollars forward into future months or reallocate them elsewhere.

This reflects real life much better than rigid monthly budgeting systems.

For example:

• If you underspend on dining out one month
• You can move those dollars toward travel or entertainment later

This flexibility makes budgeting feel much more realistic and sustainable for families.

Step 5: Set Up Your Financial Goals

Monarch’s Goals feature has improved a lot recently, and we now use it regularly.

Right now, our family uses Goals for:

• Our next car purchase
• Our kids college funds
• Retirement savings
• Home upgrades

You can connect specific accounts to each goal, which helps you visually track progress over time.

For example:

• Our 529 plans connect to our college goals
• Our Vanguard accounts connect to retirement goals

This creates a really motivating visual system for long-term planning.

Step 6: Hold Regular Money Dates

This is honestly one of the biggest reasons Monarch has worked so well for our marriage.

Nicole and I usually have money dates twice per month. Occasionally we only do one per month, but I’ve found I feel less financial anxiety when we check in more frequently.

When we do money dates:

• We review transactions
• Categorize spending
• Talk about upcoming expenses
• Plan vacations
• Discuss family goals
• Coordinate schedules and priorities

If we skip too much time, the process becomes overwhelming.

If we stay consistent, it usually takes less than 45 minutes.

Sometimes we even project Monarch onto the big TV in our basement so we can review everything together more easily.

That shared visibility has helped reduce money fights and improve communication around finances.

Step 7: Track Your Net Worth

Monarch has completely replaced my old net worth tracking tools.

I love seeing:

• investments
• home equity
• savings
• debt
• retirement accounts

all in one place.

In fact, I had to move the net worth section lower on my dashboard because I was checking it too often.

That probably tells you how much I enjoy this feature.

But seeing your progress over time can be incredibly motivating and encouraging, especially during long-term wealth-building years.

Common Budgeting Mistakes Families Make

Here are some of the most common budgeting mistakes I see:

Not reviewing the budget regularly

Setting up a budget once and ignoring it for months doesn’t work.

That’s like going to the gym once and wondering why you’re not fit a year later.

Consistency matters.

Creating unrealistic budgets

If your family of five spends $1,800 per month on groceries, pretending you’ll suddenly spend $900 probably isn’t realistic.

A budget should reflect reality while helping you improve gradually.

Focusing too much on tiny categories

Start with the big expenses first.

Optimizing a $15 monthly category won’t change your financial life nearly as much as improving housing, transportation, food, or investing decisions.

Thinking budgeting is restrictive

Budgeting should create freedom, not guilt.

Your budget is simply a reflection of your priorities.

Who Monarch Money Is Best For

In my opinion, Monarch is best for:

• Families
• Couples
• People who want net worth tracking
• Users who want automation
• People who value clean design
• Busy households managing multiple accounts
• Anyone looking for an all-in-one financial dashboard

Who Monarch Money May Not Be Best For

Monarch may not be ideal for:

• People who want a completely free app
• Users who only want basic budgeting
• People who prefer spreadsheets
• Users who enjoy highly detailed zero-based budgeting systems like YNAB

Personally, I think Monarch strikes the best balance between simplicity and power for most families.

Related Monarch Money Articles

• Monarch Money Review
  https://marriagekidsandmoney.com/monarch-money-review/
• Monarch Money vs YNAB
  https://marriagekidsandmoney.com/monarch-money-vs-ynab/
• Simplifi vs Monarch Money
  https://marriagekidsandmoney.com/simplifi-vs-monarch-money-which-is-the-best-mint-alternative/
• Best Budget Apps for Families and Couples
  https://marriagekidsandmoney.com/best-budget-apps-for-families/

Final Thoughts

If budgeting has felt overwhelming in the past, Monarch Money may be worth trying.

For our family, it has reduced stress, improved communication, simplified financial tracking, and helped us stay intentional with our money goals.

No budgeting app is perfect for everyone. But after testing dozens of tools over the years, Monarch has become our favorite budgeting app for families and couples.

If you’d like to try Monarch Money for yourself, you can get a free trial plus 50% off your first year using my affiliate link below.