Introduction
Both Monarch and EveryDollar are capable zero based budget options to track your money and control your spending. But they have some very distinct differences. Which one is best for you depends on your goals and level of budgeting experience. Let’s compare Monarch vs EveryDollar.
Quick Overview
Monarch Money
Summary
We find Monarch to be a capable zero-based budget tool that has every necessary feature to track your income and expenses. The user interface is very professional and sleek. Monarch’s feature allowing couples to maintain their own sign-in credentials offers less friction while maintaining complete transparency in your finances.
EveryDollar
Summary
EveryDollar is also a very capable zero-based budgeting tool that focuses on helping its users complete the Ramsey “baby steps” to become debt-free and build wealth. It is a good option for those looking for more support and encouragement via Ramsey resources. We do find its user interface to be a bit clunky compared to Monarch.
Monarch vs EveryDollar Detailed Comparison
Price Comparison
| Price | Monarch | EveryDollar |
|---|---|---|
| Paid Version | $99.99/ Year | $79.99/ Year |
| Free Version | NA | Free (limited features) |
Features Comparison
| Feature | Monarch | EveryDollar |
|---|---|---|
| Zero-Based Budgeting Method | Yes | Yes |
| Free Version | No | Yes |
| Customizable budget categories & groupings | Yes | Yes |
| Drag and drop categorization | No | Yes |
| Reports from budget | Yes | Yes (paid only) |
| Bank connection | Yes | Yes (paid only) |
| Automatic transaction categorizing | Yes | No |
| Split your transactions | Yes | Yes |
| Goal trackers | Yes | Yes (paid only) |
| Collaborate with your spouse on your shared budget via your unique sign-in credentials | Yes | No |
| Track sinking funds | Yes | Yes |
| Live help/ group coaching | No | Yes (paid only) |
| Networth tracking | Yes | Yes (paid only) |
User Interface Comparison
| Feature | Monarch | EveryDollar |
|---|---|---|
| Android App | Yes | Yes |
| iOS App | Yes | Yes |
| Web Application (Browser) | Yes | Yes |
| Learning Curve | Tie | Tie |
| Design & Aesthetics | Winner | A bit clunky |
Monarch vs EveryDollar Overall Conclusion
Because of its free tier, EveryDollar is a great entry-level budgeting system. However, you’ll sacrifice bank connectivity in the free tier which means you’ll have to keep all of your receipts for manual entry into the app. EveryDollar scatters Ramsey Solutions resources throughout the app and on YouTube so if you want to go deep into the Ramsey ecosystem, you’ll find plenty of support, especially in the paid tier. Something that Monarch does not offer.
Monarch takes the title for best UI with its sleek design. We think Monarch is better for couples due to its independent sign-in credentials for each spouse. Something EveryDollar does not offer making it a puzzling feature omission given Ramsey’s insistence on both spouses participating fully in the budget process. EveryDollar seems to have trouble integrating newer features without introducing a learning curve for its users. That said, if support and encouragement are what you need EveryDollar is a great option.
If you are new at budgeting, focused on becoming debt-free, and learning disciplined financial management skills, EveryDollar is a great option because you’ll find a lot of support and encouragement in EveryDollar’s knowledge base. Ramsey truly cares about seeing you succeed with money.
If you are a more experienced budgeter you’ll find a few extra useful visuals in Monarch along with a pleasing user interface that feels more up-to-date. Monarch’s is more friendly to couples offering unique sign-in credentials for each spouse. This feature has been easier for my wife and me to use because we avoid the clunkiness that can come from sharing an email and password. It’s just easier and offers less friction.
In the battle of Monarch vs EveryDollar we think Monarch comes out on top overall. However, both are very capable zero-based budget tools that should be around for years to come. You can use either to get control over your income, expenses, and future.
My wife and I switched to Monarch about a year ago (from EveryDollar) and we have been very pleased so far.
