Monarch's setup order, and why it works

Monarch's getting-started guide lists five steps: connect accounts, review categories, create a budget, set a goal, then customise. Budgets and reports are built from connected transactions, so the order matters. A budget built before categories are clean will report wrong numbers until you go back and fix them.

Monarch connects to banks through three data providers: Plaid, Mastercard (Finicity) and MX. Access is read-only, and Monarch says it cannot move money. Monarch also publishes a Connection Status Dashboard showing how well each institution is supported. Check it before day 1 so you know which banks may be hard to connect.

This guide is research from Monarch's help centre and pricing page, read on 30 October 2026. It is not a hands-on test.

Day-by-day plan

Plan on about 20 to 40 minutes a day. The verify column is what to check before moving on.

Day-by-day plan
DayTaskVerify
1Connect the bank with your primary checking account, then savings and your most-used cards. Use Settings > Institutions or the Accounts tab.Each balance matches the bank. Note any account that failed.
2Add loans, investments and retirement accounts. If one fails, try a different provider, or add it as a manual account.Net worth looks plausible. Manual accounts have a current balance.
3Review imported history. It varies by bank, from months to years. Optionally delete history before a chosen date so all accounts start together; this is permanent and done under Settings > Data.You have decided which start date your reports will use.
4Clean up categories in Settings > Categories: rename, disable what you do not use, add custom categories and reorder groups.Categories match your real bills. Disabling a category with transactions prompts you to move them.
5Re-categorise about three months of transactions, which is what Monarch recommends. Accept the Create rule prompt on the web for repeat merchants.Recent transactions are categorised, and rules now cover your regular merchants.
6Check that income is categorised correctly, then create the budget. Flex is the default; Category is the alternative.Expected income sets the budget total, and the month balances.
7Add recurring bills under Recurring > Manage recurring, and invite your partner from Settings > Members.Upcoming bills appear on the recurring calendar, and your partner can log in.

Choosing a budget style

Both styles start from expected monthly income and reset each month unless you turn on rollovers with the gear icon next to a category. The difference is how much you track.

Choosing a budget style
Flex budgeting (default)Category budgeting
StructureThree buckets: Fixed, Non-monthly and Flex.A limit for each category.
Starting numbersMonarch tries to pre-fill amounts from the last 6 months of spending.You set each category amount.
FitsPeople who want one flexible spending number and fewer decisions.People who want line-by-line control, or who are coming from envelope budgeting.
SwitchingPossible at any time from Budget > Settings. Monarch keeps saved settings for each style.Same. One note: a category budget you remove in Flex does not come back when you switch.

Recurring bills and transaction review

Each time new transactions sync, Monarch scans them for recurring items. You can also add a recurring merchant by hand or ask Monarch to search for them. On the web calendar, green means paid as expected, yellow means paid at a different amount, blue means upcoming and red means missed. One detail to know: the twice-a-month frequency schedules payments on the 1st and 15th, moved to the business day before if either falls on a weekend.

For shared finances, any transaction can be marked Needs Review and assigned to anyone, to yourself or to a specific household member. On mobile you can swipe through flagged transactions from the dashboard banner. A week-one habit worth starting: flag anything over an agreed amount for review by both partners.

Adding a partner

Adding household members is free under one subscription. Each member gets their own login and the same visibility and access to accounts, transactions and budgets. Monarch notes that all household members can see all connected accounts, and accounts cannot be hidden from specific members. Talk about that before you link a personal account.

Monarch cannot invite an email address that already has a Monarch account. If your partner signed up separately, they need a different email or must delete their existing account first. Shared views let you assign ownership of accounts or transactions to a person and see spending by person.

Day-7 checklist: what should be true before you trust the numbers

  • Every connected balance matches the bank on the same day, and you know which accounts are manual.
  • Income transactions such as paychecks and interest are in income categories, because the budget is built on them.
  • Transfers between your own accounts are not counted as spending.
  • About three months of transactions are re-categorised, and rules exist for your regular merchants.
  • Your budget style is chosen and the month balances against expected income.
  • Recurring bills show on the calendar, with nothing marked red that you actually paid.
  • Your partner can log in and both of you know every account is visible to both.
  • You have noted which accounts have short history and decided whether to import more or delete older history.

Cost, trial and limits of this guide

Monarch's help page on changing plans lists Core at $14.99 a month or $99.99 a year. Its pricing page says 'Your first week is on us' and promotes 30% off the first year of annual Core with code WELCOME for new users. Monarch's FAQ says you are billed when the trial ends unless you cancel at least 24 hours before, and that household members cost nothing extra. Monarch also offers a Plus tier that adds forecasting, business tracking and deeper investment tools; we did not find its price on the pages we read.

A one-week trial is tight for this plan. If you want to see a full month before paying, do days 1 to 5 quickly and treat the first paid month as the real test. Monarch's money-back guarantee, covered in our refund policy guide, applies to direct subscribers but not App Store subscriptions.

Questions before you decide

Which accounts should I connect to Monarch first?

Monarch's getting-started guide says to start with the bank that holds your primary checking account, then savings and your most-used credit cards. Loans, investments and retirement accounts can come later. If one account will not connect, connect what you can and come back to it.

Should I choose Flex or Category budgeting?

Flex is the default. It sorts spending into Fixed, Non-monthly and Flex, and pre-fills amounts from your last six months of spending. Category budgeting sets a limit for each category. You can switch at any time, and Monarch says settings are kept if you switch back.

Does adding my partner cost extra?

No. Monarch says adding household members is free under one subscription. Each person gets their own login, and every member can see every connected account. Monarch cannot invite an email address that already has a Monarch account.

What if my imported history is uneven across accounts?

Monarch says history depends on what each bank provides, from a few months to several years. You can import more history manually later on the web. If you would rather start every account on the same date, you can delete history before a chosen date, but that deletion is permanent.

Follow the sources

Provider terms can change. Recheck the linked source before applying or subscribing.

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