![]() ![]() Monarch expects specific accounts to be used for specific Goals, for example, a savings account for a vacation fund.Ģ. I just can't wrap my head around the Goals feature. ![]() So at first it felt like Monarch would be great. Now I'm at the point where I'm fine with transactions being automatically categorized so I can focus on the bigger picture and longer term goals. I started using when I was in college and overdrafting on my account was a real risk, so tracking every dollar made sense. ![]() But now that I'm in a position where I have a little more cushion, I've grown tired of the constant queue of transactions to approve and the general micromanagement in YNAB I still think YNAB is invaluable for people that have to really tightly manage money to make sure they have enough cash on hand at the end of the month to pay rent, for example. In the end Monarch isn't super different from more traditional budgeting apps like mint or rocketmoney, it's just the best executed. Some things get improperly categorized sometimes but this isn't that big of a deal because your categories in Monarch are likely broader than they would be in YNAB, and it's also not like YNAB where the total of your budget represents money you literally have on hand so if the numbers don't line up perfectly it's not the end of the world. Transactions get automatically put in categories and you don't need to review them except for certain circumstances where Monarch decides it can't confidentially categorizes them. You can still add your custom categories though. In monarch, you start with a set of default categories that are fairly broad, and they encourage you to use these as they seem to have done a pretty good job at designing filters that automatically classify transactions into those categories. YNAB and the YNAB community seems to trend toward creating very granular catergories, and every single transaction has to be viewed and approved. In general the way you're encouraged to set up your budget is different. budgeting only money you actually have in YNAB. You're budgeting your income in a given month in Monarch, vs. Monarch is a more traditional cashflow based system, as opposed to the cash system that YNAB uses. I should say a lot of it comes down to the theory of the budgeting system, not the software itself. ![]()
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