Quick Summary: Choosing between YNAB and Monarch Money comes down to deciding whether you want to passively track your spending or actively plan your life.
- YNAB helps you stop worrying about money by giving every dollar a job and helping you plan with purpose—especially powerful if you have variable income, debt, or big goals.
- Monarch Money offers a comprehensive financial overview for those who prefer to track their money passively, with a strong focus on investment monitoring and net worth.
- Choosing between them depends on whether you want to look back at what happened—or look forward and decide what happens next.
The world of personal finance apps can be noisy. With so many “budgeting apps” promising clarity and control, how do you know which one is actually going to help you?
YNAB and Monarch Money are popular choices, but they take fundamentally different approaches. The best app for you isn’t the one with the best rating on the App Store or the one your best friend’s sister’s uncle uses. It’s the one with the philosophy that aligns with your goals. Let’s talk more about these two apps so you can decide what’s right for you!
What is Monarch Money?
Monarch Money is a comprehensive financial dashboard that pulls together your cash, credit, investment, and other accounts into a single view. It focuses on tracking, trends, and your overall net worth.
Monarch is best for people who want a more passive relationship with their money. It’s great if you want to see historical trends, monitor your net worth, and keep tabs on real-time investment performance—rather than planning how you’ll spend each dollar.
Its budgeting system is based on monthly income forecasting. This means it can be tricky for users who are close to the financial edge, living paycheck-to-paycheck, or dealing with variable income. It also means that many people won’t be able to use the Monarch budget to guide everyday spending, only to reflect back after the fact.
What is YNAB?
YNAB isn’t just a personal finance app. It’s a complete method to help you stop worrying about money by changing the way you think about it entirely.
YNAB helps you decide what the money in your account is for before you spend it. When you get new money, you decide what you want it to do for you—whether it’s to fund next month’s rent, a little treat to celebrate the weekend, or your big, audacious dreams. Ever wondered where your money goes? With YNAB, it will go exactly where you tell it to and then you spend according to the plan.
YNAB is for anyone who wants to get good with money. It’s for people who want to stop second-guessing and start feeling confident. It’s for people who are tired of wondering if they can afford something, and ready to know exactly what their money is doing—and why.
Rather than forecast income, YNAB asks you to plan with only the money you actually have. That makes it ideal for variable income, real-time decision-making, and long-term behavior change.
Rather than simply tracking past spending, with YNAB you’ll align all the money in your account with your priorities and values. Rather than looking back at past spending reports, you’ll be looking forward and proactively planning. That shift is what transforms your financial life from chaos to clarity.
Head-to-Head Comparison
What does each app do best?
- Monarch: Tracking-first, investment-focused, big-picture overview
- YNAB: Planning-first, goal-oriented, behavior-focused
If you want to break the paycheck-to-paycheck cycle, get out of debt, or know exactly what your money is doing today, YNAB is the tool for you. If you want to look back at trends and keep tabs on your net worth with less effort, Monarch will likely be a better fit.
How Hard Is It to Get Started?
- Monarch: Easy initial setup, especially if you want to connect all your accounts and passively observe. Setting it up to help you budget and guide your spending may require workarounds and will be more complicated.
- YNAB: YNAB will take time to set up and learn to use, because it’s not just tracking how you already spend—it’s teaching you a new way of looking at your money and your life. The abundant resources: workshops, help articles, blog posts and cutting-edge customer support can make the transition smoother and more rewarding!
Pricing comparison
- YNAB: $14.99/month or $109/year USD, 34-day free trial.
- Monarch: $14.99/month or $99.99/year USD, 7-day trial.
YNAB’s return on investment shows up in saved dollars, savings goals met, and the elimination of money worries. Monarch’s value comes from passive money management and investment tracking.
When considering ROI, think about what kind of financial help you really need. Monarch can provide a birds-eye view of your total financial picture. That insight is valuable for those who want to take a hands-off approach to their money and passively monitor for signs of past overspending, investment shifts, or long-term financial trends without needing to be involved in daily decisions.
But if you want to change your spending behavior, get out of debt, or reach other more near-term financial goals, YNAB may be better for you. You’ll create a flexible plan for your money and easily adjust that plan when life throws changes your way. Over time, that adaptability translates into more savings, fewer surprises, and a lot less stress. On average, YNAB users save $600 in their first month and over $6,000 in their first year.
Who Should Choose Monarch Money?
Choose Monarch if:
- You want comprehensive financial tracking in one place including detailed net worth tracking.
- Your best budgeting app is one that takes a more hands-off approach to spending management.
- Monitoring investments and net worth is your highest priority.
- You’re not trying to manage variable income or debt proactively.
Who Should Choose YNAB?
Choose YNAB if:
- You want to stop worrying about money.
- You want to fundamentally change how you think about money.
- You want to spend in alignment with your values and priorities.
- You’re living paycheck-to-paycheck or have variable income.
- You want to actively pay down debt and save for future goals.
- You want encouraging and judgement-free education, customer support, and community.
- You live outside North America. (Monarch is available in the US and Canada only.)
- You want to get good with money—and stay that way.
Which App is Right for Me?
There’s no universal best app. They serve very different financial purposes. Ask yourself: “Do I want to track what already happened, or decide what happens next?”
If you want a plan, a method, and a sense of clarity every time you spend—YNAB is for you. It’s not just software. It’s a complete transformation in how you interact with money.
If you want to see your net worth grow over time and prefer not to make frequent financial decisions, Monarch offers a beautiful and useful dashboard.
Making Your Decision
Still on the fence? Here are a few questions to help you decide:
- Do I want to be more proactive or more reflective with my money?
- Am I trying to get out of debt, manage variable income, or stop living paycheck to paycheck?
- Do I want a tool that helps me plan every dollar I have—or one that shows me what happened after the fact?
- Am I looking to change my spending habits or simply keep an eye on things over time?
Both YNAB and Monarch Money offer free trials—so why not try the approach that intrigues you most? The best personal finance system is the one you will actually open and look at over your morning beverage!
Ready to stop worrying about money? Get YNAB, get good with money, and start building a life where every dollar moves you closer to what matters most. It’s free for 34 days, no credit card required!
