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Monarch Money vs. Rocket Money: Which Budgeting App Is Better?

Updated
Ryan Wilcox
Author: Ryan Wilcox
Ryan Wilcox
Ryan Wilcox
Full-Time Personal Finance Writer

Ryan Wilcox is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, auto insurance, and other personal finance topics. Ryan has been writing about credit cards and savings since 2022. Before joining Motley Fool Money, he was a full-time writer at The Points Guy, where he focused on maximizing credit card rewards and travel strategies. He holds a bachelor’s degree in English and American History from the University of North Carolina at Chapel Hill, where he also spent four years reporting for The Daily Tar Heel. With a background in both journalism and consumer finance, he brings a clear and thoughtful voice to money topics. Outside of work, Ryan is likely reading, writing, or updating his Letterboxd account.

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Trying to cut down on wasteful spending this year? (Who isn't?)

If so, the right budget app can be a total game changer. And you're looking at two of my favorite options out there: Monarch Money and Rocket Money.

These two platforms have a lot of the same features -- but as you can imagine, there are some key differences that set them apart. Here's what to know about Monarch Money vs. Rocket Money and how to figure out which one's right for you.

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Monarch Money
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Rocket Money
Best for simplifying financesRocket Money
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What both apps do well

Both Rocket Money and Monarch Money let you link all your accounts -- checking, credit cards, savings, loans, and even investments -- so you can see your financial life in one place. If you've ever felt like your money was scattered across apps and banks, these tools help pull everything together.

You'll also get helpful budgeting tools, transaction tracking, and the option to collaborate with a partner -- great if you're budgeting together, or just want another set of eyes on your progress. Both also come with a seven-day free trial.

Once you go beyond the basics, though, the two apps start to split. Here are some key differences.

Rocket Money: Best for simplicity and saving money

I've used Rocket Money for years now, and I can say that it's more than a budgeting app -- it's a legitimate savings buddy. Here are a few reasons I've stuck with it.

What I like most about Rocket Money

  • Canceling subscriptions automatically: This has saved me more money than I care to admit -- Rocket Money flagged several subscriptions I'd forgotten about and canceled them with one tap. You won't find this with Monarch Money.
  • Smart Savings that actually work: Rocket Money can automatically move small amounts of money to savings based on your habits. You can turn it off or adjust the rules, but I've found it useful when I want to build a budgeting buffer.
  • Affordable pricing: With Rocket Money's Premium plan, you choose how much you want to pay -- from $6 to $12/month -- and get access to all the same features, no matter what. That means you can get complete Premium access for $6/month, much cheaper than Monarch Money's $14.99/month or $99/year plans.
  • Bill negotiation (costs extra): Rocket Money also has a service where it'll negotiate your bills for you, although it'll charge you 35%-60% of your first-year savings. I haven't used this tool much myself, but it's a cool option to have.

Where Rocket Money falls short

  • Free plan is pretty limited: Unless you upgrade to Premium, you're missing out on all the best features: subscription cancellation, Smart Savings, unlimited budgets, and more.
  • Interface is functional, not flashy: Rocket Money isn't as visually sleek as Monarch Money. If a beautiful dashboard is what motivates you to budget, Monarch Money might be more your style.

Monarch Money: Best for customization and visuals

Where Rocket Money is a great beginner-friendly tool, Monarch Money feels more like a finance command center. If you like building dashboards, tracking net worth in detail, and customizing every little category, Monarch Money was made for you.

What Monarch Money does best

  • Fully customizable dashboard: With Monarch Money, you can move widgets around, hide sections, and rearrange your entire layout. It's one of the most flexible personal finance dashboards out there.
  • Beautiful visualizations: Monarch Money excels at turning your financial data into charts, tables, and timelines that make sense. If you're a visual thinker, it's super satisfying to use.
  • No ads or upsells: Since Monarch Money doesn't offer a free tier, you won't get hit with any annoying promotions or locked features once you've paid.

Where Monarch Money misses the mark

  • No subscription cancellation tool: Monarch Money can show you recurring charges, but that's it. You'll have to cancel them manually. This is where Rocket Money really shines.
  • No Smart Savings or automatic transfers: You can set financial goals, but Monarch Money won't move money around for you. There's no AI or automation here.
  • Higher cost: Monarch Money charges $14.99/month or $99/year. There's no permanent free tier, either, so it's a bigger financial commitment.

Side-by-side comparison

Feature Rocket Money Monarch Money
Account syncing Yes Yes
Budget tracking Yes Yes
Subscription cancelation Yes No
Bill negotiation Yes (35%-60% fee) No
Smart Savings automation Yes No
Credit score monitoring Yes No
Shared household access Yes (Premium only) Yes
Visual dashboards Basic Advanced
Custom categories Yes Yes
Free plan Yes (limited) No
Cost $6-$12/month $14.99/month or $99/year
Data source: Rocket Money and Monarch Money.

Monarch Money vs. Rocket Money: Which is right for you?

If you're looking for a budgeting app that's simple, effective, and doesn't require much setup, Rocket Money is probably the better choice. It's the app I recommend to most people starting their financial cleanup, especially if you're trying to cancel old subscriptions or save without much effort.

Sign up for Rocket Money to track spending, cut waste, and grow savings automatically.

On the other hand, if you already have a good handle on your finances and want a more hands-on, design-driven experience, Monarch Money could be the upgrade you're looking for. Just be ready to pay a little more for the extra customization and clean, ad-free interface.

Sign up for Monarch Money to customize your budget and track goals in a distraction-free space.

Or, you could try both for a week -- both apps offer a seven-day free trial, which gives you enough time to see which one actually fits your style.

FAQs

  • It depends on your goals. Monarch Money is better for detailed budgeting and customization, while Rocket Money is better for simplicity, automation, and saving money with less effort.

  • Yes. Rocket Money can identify and cancel subscriptions directly in the app, which can help you cut recurring costs quickly.

  • No. Monarch Money requires a paid subscription, while Rocket Money offers a limited free plan with optional paid upgrades.