EveryDollar and Monarch are both personal finance management tools designed to help users track their spending, budget effectively, and achieve their financial goals. While they share similarities in their core purpose, they also have distinct differences in features, pricing, and user experience. In this comparison, we’ll explore the key features, benefits, and drawbacks of EveryDollar and Monarch to help you determine which one may be better suited to your needs.
Overview of EveryDollar:
EveryDollar is a budgeting app created by personal finance expert Dave Ramsey. It emphasizes a zero-based budgeting approach, where users allocate every dollar of income to specific expense categories. Here are some key features of EveryDollar:
Zero-Based Budgeting: EveryDollar follows Dave Ramsey’s principles of zero-based budgeting, where every dollar earned is assigned a specific purpose. This approach helps users prioritize spending and ensure that their expenses align with their financial goals.
Manual Transaction Entry: EveryDollar primarily relies on manual transaction entry, requiring users to input their expenses manually. While this may be more time-consuming than automatic syncing with bank accounts, it gives users greater control over their budgeting process and encourages mindful spending habits.
Goal Tracking: EveryDollar allows users to set and track financial goals, such as saving for emergencies, paying off debt, or planning for a vacation. By visualizing progress towards these goals, users can stay motivated and focused on their financial objectives.
Expense Tracking: Users can categorize expenses and monitor their spending habits through detailed expense tracking. This feature helps users identify areas where they may be overspending and make adjustments to stay within their budget.
Free and Paid Versions: EveryDollar offers both free and paid versions. The free version provides basic budgeting features, while the paid version, EveryDollar Plus, offers additional features such as automatic bank transaction syncing for easier expense tracking.
Overview of Monarch:
Monarch is a modern personal finance app that combines budgeting, investing, and cash flow forecasting into a single platform. It aims to provide users with a holistic view of their finances and empower them to make informed financial decisions. Here are some key features of Monarch:
Automated Budgeting: Monarch offers automated budgeting features that analyze users’ spending patterns and help them create personalized budgets based on their income and expenses. Users can set budget categories, track their spending, and receive insights and recommendations for optimizing their finances.
Automatic Transaction Syncing: Monarch automatically syncs with users’ bank accounts, credit cards, and other financial accounts to track transactions in real-time. This feature eliminates the need for manual data entry and ensures that users have an up-to-date view of their finances.
Cash Flow Forecasting: Monarch provides cash flow forecasting tools that help users predict their future income and expenses based on historical data and spending patterns. Users can visualize their cash flow projections and plan ahead to avoid cash shortages or overspending.
Investment Tracking: Monarch allows users to track their investment portfolios and monitor performance across various asset classes. Users can view their investment holdings, asset allocation, and investment returns, as well as receive insights and recommendations for optimizing their investment strategy.
Subscription-Based Pricing: Monarch operates on a subscription-based pricing model, with monthly or annual subscription plans available. The pricing varies depending on the features and services included in each plan, with options for individual users and families.
Comparison:
Now let’s compare EveryDollar and Monarch based on several key factors:
Budgeting Approach:
EveryDollar follows a zero-based budgeting approach, where users allocate every dollar of income to specific expense categories. Users have control over their budgeting process and must manually input transactions.
Monarch offers automated budgeting features that analyze users’ spending patterns and create personalized budgets. It provides insights and recommendations for optimizing finances based on users’ financial goals and objectives.
Transaction Syncing:
EveryDollar primarily relies on manual transaction entry, where users input their expenses manually. This approach gives users greater control but requires more effort and time.
Monarch offers automatic transaction syncing, which eliminates the need for manual data entry and ensures that users have an up-to-date view of their finances. This feature saves time and effort but may result in occasional inaccuracies or delays in transaction updates.
Cost:
EveryDollar offers both free and paid versions. The free version provides basic budgeting features, while the paid version (EveryDollar Plus) offers additional features such as automatic bank transaction syncing for a yearly fee.
Monarch operates on a subscription-based pricing model, with monthly or annual subscription plans available. The pricing varies depending on the features and services included in each plan, with options for individual users and families.
Additional Features:
EveryDollar focuses primarily on budgeting and goal tracking, with fewer additional features compared to Monarch. While it may lack some of Monarch’s advanced features, it provides a streamlined budgeting experience focused on Dave Ramsey’s principles.
Monarch offers a broader range of features beyond budgeting, including cash flow forecasting, investment tracking, and personalized insights and recommendations. It aims to provide users with a holistic view of their finances and empower them to make informed financial decisions.
Which is Better?
Determining which tool is better, EveryDollar or Monarch, depends on your individual preferences, budgeting style, and financial management needs:
EveryDollar may be better suited for users who prefer a structured, zero-based budgeting approach and are willing to manually input transactions for greater control and accuracy. It’s an excellent choice for followers of Dave Ramsey’s financial principles or those who prioritize simplicity and accountability in budgeting.
Monarch is ideal for users who prefer automated budgeting features, real-time transaction syncing, and a broader range of financial management tools. It’s suitable for users who want a comprehensive view of their finances, including budgeting, investing, and cash flow forecasting, all in one platform.
Final Conclusion on Everydollar vs Monarch: Which is Better?
Ultimately, both EveryDollar and Monarch are powerful tools that can help users take control of their finances, track spending, and work towards their financial goals. Choosing between them comes down to personal preference, budgeting style, and the specific features and functionalities that align with your needs and priorities. It may be beneficial to try out both platforms to see which one best suits your financial management needs and preferences.
