Monarch Money vs. YNAB: Which Budget App Wins?
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Күн бұрынIn this Monarch Money vs. YNAB showdown, we'll share what we love about both of these popular tools and help you choose the right one for you! Monarch Money (free trial): www.marriagekidsandmoney.com/... (affiliate) and YNAB (free trial): marriagekidsandmoney.com/YNAB
CHAPTERS
00:00 - Intro - Monarch Money vs. YNAB
00:38 - Who is Monarch Money?
01:47 - Who is YNAB?
03:01 - Best Features - Round 1
07:21 - Areas for Improvement - Round 2
10:30 - Final Verdict: Monarch Money vs. YNAB
12:09 - Close - Monarch Money vs. YNAB
#MonarchMoney #YNAB #BudgetApps #FamilyFinance #PersonalFinance
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Andy Hill is the award-winning family finance coach behind Marriage Kids and Money - a platform dedicated to helping young families build wealth and happiness.
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CREDITS
Research & Writing: Andy Hill
Video Editing: www.editvideo.io
Thumbnails: Ardi, The Thumbnail Wiz
Channel Management: Nev Maraj
@MarriageKidsandMoney 7 ай бұрын
Monarch Money Free Trial - www.marriagekidsandmoney.com/monarchmoney (affiliate) YNAB Free Trial - www.marriagekidsandmoney.com/ynab
@MTB-ENG 7 ай бұрын
Thanks for the video!
@MarriageKidsandMoney 7 ай бұрын
Glad you liked it!
@dpayne1943 7 ай бұрын
If you want the system to budget for you Monarch (the budget part is not very strong, it is better in other areas). If you want to "BUDGET" and be in full control and learn to understand your money then YNAB is your app. Not sure why you think that YNAB does not do well with partners. They now have "YNAB Together". I have not used it, but one of my close friends does. She budgets with her husband (they have both joint and separate accounts), she budgets with her 11 year old daughter (teaching her money skills) and she does the budgeting for her 90 year old mom's accounts (she is her conservator). She says it works really good for her.
@MarriageKidsandMoney 7 ай бұрын
That's great to hear! I'll look more closely at YNAB Together - thanks!
@dulcihrt 7 ай бұрын
Also YNAB shred with up to 5 people, I believe.
@MarriageKidsandMoney 7 ай бұрын
@@dulcihrt Excellent news for YNABers! YNAB continues to add great features
@2AoDqqLTU5v 6 ай бұрын
Very disingenuous to say that Monarch doesn’t give you full ability to create and manage your own budget. What you are referencing is Monarch suggesting you a budget that is up to you to adjust or not when first creating an account.
@dpayne1943 6 ай бұрын
@@2AoDqqLTU5v I never said you can’t create your categories. But they promote estimating or predicting your monthly income so that you budget based on that prediction. And they gladly offer to create that budget for you. That is why I said “If you want the system to budget for you Monarch” I’m saying use it, if that is what you are looking to do. If you want to understand your money and how to budget what you really have, right now, not some prediction based on the past, then Monarch is not the app to use. And just so you know, I have actually helped someone build her budget in Monarch and so I have seen it first hand. It was a bear getting it to work as a zero based budget.
@gregcampbell4467 7 ай бұрын
Nice review. I found YNAB is better for manual entries in every way. I can figure out if a card or bank transaction is already manually entered (syncing), so I can always know if i am about to go over budget. MM is a better net worth tracker. It is best when all its transactions come to it automatically, so it can suffer banking system lag. Manual transactions would lead to double entries. But Monarch handles investment and asset tracking much better. I use the word tracking intentionally here, as in after-the-fact. YNAB admits that total networth is not the product's focus, but probably an expected secondary benefit. As for costs, I would not want to go back to a freemium model where "I am the product" and get ads or emails or calls. Each product gives waayy more value in real $ at the end of the day than its costs. (Monarch is almost entirely for US users)
@MarriageKidsandMoney 7 ай бұрын
Such good insights here! I would agree that free model comes with reduced benefits for sure. Lack of customer service, continual upsells, etc
@a8lg6p 4 ай бұрын
I tried monarch, and maybe I didn't give it enough of a chance, but it seemed to me that like all the rest, it's reactive rather than proactive...good for looking over previous months to see where the money went and how I did compared to other months, but not great for letting me see accurate to the minute information on what I can afford to do now based on what I've already spent this month/week, and making me see how I'll have to alter the plans I've already made if I choose to spend anyway. YNAB encourages/forces manual entry, but that's a plus, not a minus. At least until there's an app that can automatically record a transaction the second I get a notification that a charge has been authorized.
@MarriageKidsandMoney 4 ай бұрын
Great feedback here! YNAB wins for proactivity for sure -- using money you already have instead of money you're planning on getting is a safer way to go
@wds3222 3 ай бұрын
YNAB not for me. I dont have time to sit there and learn how to use the thing.
@MarriageKidsandMoney 3 ай бұрын
Monarch definitely has a quicker ramp-up time in my opinion.
@2AoDqqLTU5v 6 ай бұрын
YNAB’s structure doesn’t work well for high earners who do not want to spend hours a week double checking every single transaction. Monarch works best for that use case
@MarriageKidsandMoney 6 ай бұрын
Great feedback! (ignore my other comment asking for more details :)
@FastRedPonyCar 5 ай бұрын
Yeah every month, I'm digging through transactions fixing incorrectly categorized charges and manually entering categories for all the uncategorized items. We don't use Monarch but we do also use rocket money as a companion app to YNAB and it's MUCH smarter about just figuring out which categories the transactions that aren't obvious should go but also has easy to use and pretty powerful transactions rules. What I don't like about Rocket (and from what I can tell, Monarch) is that YNAB's virtual "money in the envelope" budgeting system easily lets you pull from one category of spending one month to cover overspending in another category. I don't think Rocket lets you do this. You either have money left to spend in a category or you go over and that's it.
@Phlucious 5 ай бұрын
THIS is exactly what I came to the internet to learn. Tired of micromanaging but hate automated transaction classification. Just let me go $3 over and it’ll be fine next month.
@MarriageKidsandMoney 5 ай бұрын
@@FastRedPonyCar I love that feature from YNAB and yes, Monarch allows you to do that too. It's a game changer because we all make mistakes and it allows for that.
@MarriageKidsandMoney 5 ай бұрын
@@Phlucious Yes, YNAB and Monarch both help with that.
@TobiJustSaidThat 7 ай бұрын
Any timeline on Canada? We lose Mint by Jan I think you’d get an a lot of users up north if you could get it up
@MarriageKidsandMoney 7 ай бұрын
Just got an email today from Monarch saying "Canada launching soon" "Soon" had no timeline
@gordonb1737 5 күн бұрын
Do you have to link bank accounts with Monarch? Or can you do everything manually?
@adamccccc 7 ай бұрын
Having a hard time choosing between Monarch money and ynab since mint got shut down, but I'm still waiting for monarch money to release in Canada
@MarriageKidsandMoney 7 ай бұрын
ah yes! YNAB may be your best bet then
@2AoDqqLTU5v 6 ай бұрын
Used YNAB for years and switched to Monarch last week. Wish I had done that earleir
@MarriageKidsandMoney 6 ай бұрын
@@2AoDqqLTU5v Wow! That's interesting feedback. Can you share more on why it's better for you?
@annabelleyee6199 6 ай бұрын
Monarch is in Canada now!
@MarriageKidsandMoney 6 ай бұрын
@@annabelleyee6199 Great news!
@davidmajoros9594 2 ай бұрын
Does Monarch Money / YNAB support multiple currencies or if not, is there any other particular one that you might recommend that might?
@lightworker221 Ай бұрын
YNAB only does 1 currency at a time
@mflong100 6 ай бұрын
Sounds like Monarch is a good alternative to YNAB if you are in the category of people that preferred Mint to YNAB. YNAB loyalists should absolutely stay with them. (I didn’t care for YNAB, myself.)
@MarriageKidsandMoney 6 ай бұрын
Good assessment! And I would agree!
@anadaniellaespinoza4693 3 ай бұрын
What is the best budget for a single woman, not a family? Thanks, Ana
@MarriageKidsandMoney 3 ай бұрын
Both of these tools will serve you well! If you're a beginner budgeter, I'd lean more toward Monarch.
@user-oy5ku6bb5h 6 ай бұрын
Good
@MarriageKidsandMoney 6 ай бұрын
Thanks for watching!
@MrAltairantares 6 ай бұрын
This was a great summary of the respective websites, wished you actually reviewed with real accounts.
@MarriageKidsandMoney 6 ай бұрын
Thank you for the constructive feedback.
@Anaturalpharmacist 7 ай бұрын
Can you compare to Dave Ramsey’s budget app also?
@MarriageKidsandMoney 7 ай бұрын
Great idea! I'm working on a YNAB vs. EveryDollar video ... Here's a Mint vs. EveryDollar video! kzfaq.info/get/bejne/kLekac6Gmq7Jj5s.htmlsi=u-ZOSeGZVZHO3d6m
@anniemilakovic7683 7 ай бұрын
Hmm that’s interesting that you say monarch wins for families- I’d pick YNAB for families bc of the ability to create unlimited fully separate entire budgets. Good for couples who do a his/hers/theirs setup. I don’t see how you create an entire separate budget in monarch. I wouldn’t give my kids access to my budget, they need their own to learn! It seems all you can do in monarch is give access to individuals to your one budget.
@MarriageKidsandMoney 6 ай бұрын
Great points to share! Thank you! My wife and I have been using Monarch since the transition away from Mint and it's worked well for us. I'm considering YNAB for my small business budget as well. Have you used it for anything like that? Looking for others who've enjoyed it in that area.
@dixonhouse 9 күн бұрын
@@MarriageKidsandMoney I have been using YNAB for a little over 6 years. I started with just using it for our personal and small business. Then 4 years ago my step father passed away and I have taken over managing my mother's finances and so I have a budget for her as well now. And 3 years ago she purchased a multi-tenant rental property and I manage it's finances and have a budget for it in YNAB as well. I don't know what I would have done if I didn't have it to help me keep track of everything. So I love it for business!
@MarriageKidsandMoney 8 күн бұрын
@@dixonhouse YNAB sounds incredibly impactful for you. I'm so happy to hear this.
@claydoug 4 ай бұрын
YNAB for the win!
@MarriageKidsandMoney 4 ай бұрын
Awesome! MANY MANY loyal fans!
@jdbdidoek 7 ай бұрын
No thanks. I'm not that lazy to pay someone $8 - $9 /month to sync and aggregate data into a dashboard unless they have 99.9999% availability and reliability SLAs
@MarriageKidsandMoney 7 ай бұрын
You call it lazy. I call it saving time so I can focus on more important things in my life. To each their own!
@2AoDqqLTU5v 6 ай бұрын
“Money wise pound foolish”
@brianfickley 7 ай бұрын
Crypto is a scam. It doesn’t need to be in a budgeting app.
@MarriageKidsandMoney 7 ай бұрын
It's not for me either, but around 20% of US Adults were invested in 2022 according to Bankrate. That number has probably decreased over the last year.
Jacob Wade (Roadmap Money)
Рет қаралды 24 М.