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

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

Ryan is a full-time Personal Finance Writer at Motley Fool Money. He’s been covering topics like credit cards and savings since 2022, when he began his writing career at The Points Guy. He later joined Motley Fool Money, where he continues helping people who are new to the world of personal finance. Outside of work, you’ll find Ryan reading, writing, listening to music or obsessively updating his Letterboxd account.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation.

Looking to cut down on wasteful spending? Budgeting apps can be a game changer if you're trying to get a handle on where your money goes each month. Whether you want to cut spending, pay off debt, or save for something big, having a clear view of your finances can give you a huge step up.

I've tested out a handful of budgeting apps over the years, looking for the one that would help me stay on track. Along the way, I've learned what actually makes a budgeting app useful -- and what just looks good on paper.

I can say with certainty that Rocket Money and Monarch Money are two of the best budgeting app options out there. If you're choosing between the two, here's what to know about where each one shines and what to keep in mind before signing up.

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Monarch Money
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 personally used Rocket Money for years now, and it's the app I've stuck with after trying my fair share of options. It's not just a budgeting app -- it's also a low-effort money assistant. Just connect all of your accounts, and Rocket Money does a lot of the heavy lifting from there.

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 works: 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.
  • Bill negotiation costs extra: Rocket Money also has a service where it'll negotiate your bills for you, although it charges 35%-60% of your first-year savings as a fee. I haven't used this much myself, but it's a cool option to have.
  • Affordable pricing: With Rocket Money's Premium plan, you choose how much you want to pay -- from $6 to $12/month -- and you get access to all the same features no matter what. That means you can get complete Premium access for $6/month, a good bit cheaper than Monarch Money's $14.99/month or $99/year plan.

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.

So, which app should you choose?

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.