Comparing Rocket Money vs. Monarch Money

Key takeaways

• Rocket Money offers bill negotiation and in-app subscription cancellation, features Monarch Money doesn't provide

• Both Monarch Money and Rocket Money have account sharing for couples or family members

• Monarch Money appeals to hands-on planners who want deep customization, but lacks automated savings tools

• Rocket Money's Safe-to-Spend feature shows exactly what you can spend after bills, while Monarch requires manual budget setup

• Monarch's budgeting can overwhelm beginners, while Rocket Money offers a simpler two-category approach with flexibility for leftover dollars

• Rocket Money offers a Watchlist, to help beginners keep an eye on one category or merchant, or custom tag, instead of committing to a full budget, if helpful 

• With Rocket Money's Financial Goals feature, you can have the app automatically move funds to your account at their FDIC insured banking partner¹, ² ; you have to do all money moving work yourself with Monarch

• Rocket Money includes full Experian credit reports; Monarch offers only basic credit score information

• Pricing: Rocket Money has a free plan and flexible Premium pricing; Monarch requires a paid subscription with no free tier

Introduction

When it comes to managing your money, finding the right personal finance app can make the difference between financial stress and financial confidence. Rocket Money and Monarch Money both help users track spending, monitor subscriptions, and work toward financial goals. But they take distinctly different approaches to getting you there.

Rocket Money has built its reputation on making personal finance effortless. Known for its subscription management and cancellation tools, bill negotiation services, and Financial Goals (or automated savings features), Rocket Money focuses on putting money back in your pocket while automating the tedious parts of budgeting. With over 10 million members and over $2.5 billion in savings, Rocket Money has proven its value for people who want real results without constant manual effort.¹,³

Monarch Money positions itself as a comprehensive financial planning tool designed for users who want granular control over their finances. With features like cash flow analysis and detailed net worth tracking, Monarch appeals to financially experienced users who enjoy diving deep into spreadsheets and financial projections.

Rocket Money goes beyond just tracking your spending—it actively helps you save through its affiliate partnerships. While Monarch focuses primarily on budgeting and net worth tracking, Rocket Money connects users with money-saving opportunities like car insurance comparisons, credit builder programs, and Rocket Loans, giving you multiple ways to put more money back in your pocket.

Both apps connect to your financial accounts and help you understand where your money goes. But the similarities largely end there. Let's break down how each app handles the features that matter most to your financial life.

Subscriptions and bills

Managing recurring expenses is one of the most impactful ways to improve your financial health, and this is where Rocket Money truly shines. According to one survey by The Motley Fool, Americans spend $133 more than they realize on monthly subscription fees.

Rocket Money automatically detects your subscriptions, recurring bills, and paychecks with high accuracy. The app sends proactive alerts when prices increase, bills are due, or paydays are approaching. But detection is just the beginning. Rocket Money Premium members can cancel unwanted subscriptions directly within the app without awkward phone calls. No more hunting for cancellation links required. Additionally, Rocket Money's bill negotiation service works on your behalf to lower bills for services like cable, internet, phone plans, and more. You only pay a portion of the first year’s savings if the negotiation succeeds, which is a great way to potentially save hundreds annually.

Monarch Money also detects recurring bills and subscriptions. However, Monarch stops there. The app doesn't offer in-app cancellation or bill negotiation services. If you spot a subscription you want to cancel, you'll need to handle that process yourself. Additionally, members report that Monarch's paycheck detection can be inconsistent, and the app lacks spend-projection insights tied to bill due dates.

For people who want their app to actively save them money, not just show them where it goes, Rocket Money delivers concrete value that Monarch simply doesn't match as well.

Budgeting features

Both Rocket Money and Monarch offer budgeting tools, but their philosophies differ significantly.

Rocket Money takes a streamlined, supportive approach to budgeting. The app automatically separates your fixed bills from discretionary spending, giving you immediate clarity on what's flexible in your budget. Features like split transactions, custom categories, tags, and rules let you personalize your experience without overwhelming complexity. Most importantly, Rocket Money's Safe-to-Spend feature calculates exactly how much money you have available after accounting for upcoming bills and expenses, a dynamic number that updates in real time as you spend.

Monarch's budgeting approach can feel overwhelming for beginners, since it requires setting budgets for all categories and allocating every dollar, whereas Rocket Money simplifies the process by focusing on two high-level categories—bills and spending—with the flexibility to add more over time and keep leftover dollars in a general slush fund.

In addition to custom budgets, which people can use for trips, hobbies, or products (something Monarch Money does not have), Rocket Money also offers a Watchlist, which is great for first-time budgeters. A Watchlist is exactly what it sounds like: a way to keep an eye on specific spending habits without committing to a comprehensive budget. Instead of tracking everything, you simply choose one or two spending categories or merchants that you want to monitor.

For example, maybe you suspect your coffee habit is getting out of control. Or perhaps you want to see just how much those “quick” Target runs are actually costing you each month. With a Watchlist, you can track just those specific things while ignoring everything else. And, since it's front and center on your dashboard, you'll always see your progress without digging through the app.Monarch Money offers a more traditional budgeting experience with a calendar view and detailed cash flow tracking. The platform is highly customizable, featuring tools like Sankey diagrams to visualize recurring expenses. However, this power comes with a steeper learning curve. Setting up Monarch's budget requires significant manual input, and features like the Sankey diagram can feel confusing for users who are just starting their financial journey. Notably, Monarch lacks any equivalent to Safe-to-Spend, meaning you won't get quick, at-a-glance guidance on what you can actually afford to spend today. And there is no Watchlist equivalent as of this article’s publication date.

Honestly, if you're an experienced financial planner who enjoys detailed spreadsheets, Monarch's customization might appeal to you. But if you want budgeting that feels intuitive from day one, with smart insights that guide your decisions, Rocket Money is the better choice.

Saving automations

This is where the difference between the two apps is most significant.

Rocket Money has a feature called Financial Goals. Within that feature is a tool called Smart Savings, which automatically transfers money into an FDIC-insured savings partner based on your spending patterns and cash flow.¹, ² The app analyzes your income and expenses, then moves small amounts to savings when it's safe to do so, helping you build your savings without thinking about it. The automation removes the friction that stops most people from saving consistently.

Monarch Money allows you to track financial goals by linking them to external accounts. However, Monarch does not offer automated savings transfers. If you want to move money into savings, you'll need to set up those transfers yourself through your bank. While goal tracking is helpful for monitoring progress, it doesn't actively help you save, it simply records what you've already done.

Net worth tracking features

Understanding your complete financial picture requires visibility into both what you own and what you owe.

Rocket Money provides net worth tracking that aggregates all your connected accounts (bank accounts, credit cards, loans, and investment accounts) into a single, holistic view. The app displays your total assets alongside your debts, calculating your net worth and showing how it changes over time.

Monarch Money also offers a net worth dashboard that connects various account types and displays your financial position. Monarch's net worth tracking is one of its stronger features, providing detailed breakdowns and historical tracking.

Both apps handle net worth tracking competently. The key difference lies in what surrounds this feature. Rocket Money pairs net worth tracking with actionable tools, like educational content and resources in the app, that help you actually improve your financial position. Monarch provides the data but less direct guidance on what to do with it.

Credit score tracking

Your credit score affects everything from loan rates to rental applications, making credit monitoring an essential feature for any comprehensive finance app.

Rocket Money includes credit score monitoring as part of its platform, allowing you to check your score regularly without impacting it. Beyond just the score, Rocket Money provides access to full Experian credit reports, giving you detailed insight into the factors affecting your credit. As you explore individual credit factors within your report (like account age or payment history) you'll find helpful tips tailored to your situation, such as reminders to keep older accounts open to strengthen your credit age over time.

Monarch Money offers surface-level credit score information but lacks the depth that Rocket Money provides. You won't find full credit reports or detailed improvement guidance within Monarch's platform.

For people working to build or repair their credit, Rocket Money's comprehensive credit features, including credit-building affiliate partners,  provide substantially more value than Monarch's basic score display.

Why Rocket Money is the budgeting app for you

Choosing a personal finance app ultimately comes down to what you need it to do for you. If you want an app that simply tracks and displays your financial data, several options exist. But if you want an app that actively works to improve your finances, Rocket Money stands apart.

Subscription cancellation and bill negotiation put real money back in your pocket, services that Monarch Money doesn't offer at all. Rocket Money has saved users over $2.5 billion from subscription cancellations, bill negotiations and more.¹, ³ Safe-to-Spend gives you instant clarity on your available funds, removing guesswork from daily spending decisions. The Watchlist gives you a starting point of watching one category, merchant, or custom tag if you don’t want to commit to a full budget. Smart Savings automates savings so you don't have to rely on willpower alone. And comprehensive credit tracking with full Experian reports helps you understand and improve one of your most important financial metrics.

Rocket Money also offers a free plan to get started, with Premium pricing that lets you pay what works for your budget, typically $7 to $14 per month. Monarch Money, by contrast, requires a paid subscription starting at $14.99 per month with no free tier available.

Frequently Asked Questions

Is Rocket Money free to use?

Yes, Rocket Money offers a free plan that includes basic features like subscription tracking, bill monitoring, and spending insights. For advanced features like in-app subscription cancellation, bill negotiation, Financial Goals (which includes Smart Savings), and full credit reports, you can upgrade to Rocket Money Premium, which offers flexible pricing typically between $7 and $14 per month.

Does Monarch Money have a free version?

No, Monarch Money does not offer a free tier. The app requires a paid subscription starting at $14.99 per month or $99.99 per year. They do offer a 7-day free trial for new users to test the platform before committing.

Can Rocket Money actually cancel subscriptions for me?

Yes, Rocket Money Premium members can cancel unwanted subscriptions directly within the app. Rocket Money handles the cancellation process on your behalf, saving you time and the hassle of navigating complicated cancellation procedures.

How does Rocket Money's bill negotiation work?

Rocket Money's bill negotiation team contacts your service providers, like cable, internet, and phone companies, to negotiate lower rates on your behalf. You only pay a percentage of the savings if the negotiation is successful, making it completely risk-free to try.

Is my money safe with Rocket Money's Financial Goals tool?

Yes, funds saved through Financial Goals are held with an FDIC-insured banking partner. Funds deposited in the savings feature are insured by the FDIC up to the maximum allowed by law, which is currently $250,000.¹, ²

Can I connect all my financial accounts to both apps?

Both Rocket Money and Monarch Money use secure bank connections (through services like Plaid) to link checking accounts, savings accounts, credit cards, loans, and investment accounts. Connection reliability is generally strong for both platforms, though experiences may vary depending on your specific financial institutions.

Which app is better for couples or families?

Monarch Money is well known for its household features, allowing multiple users to collaborate on a shared budget. Rocket Money also supports account sharing for Premium members, enabling couples to manage their finances together.  

Does Monarch Money offer bill negotiation?

No, Monarch Money does not offer bill negotiation services. If you want help lowering your bills, you would need to negotiate with providers yourself or use a separate service.

How do the apps handle transaction categorization?

Both apps automatically categorize transactions, though some manual adjustments may be needed. Rocket Money allows custom categories, tags, and rules to personalize your experience. Monarch Money also offers robust categorization with detailed customization options for users who want granular control.

Which app is better for beginners?

Rocket Money is generally more beginner-friendly, with intuitive features like Safe-to-Spend that provide immediate, actionable insights without complex setup. Rocket Money’s Watchlist is also an excellent place for a beginner to start, just by watching one category or merchant instead of committing to a full budget. Monarch Money offers more customization but requires more time and financial knowledge to configure effectively.

Can I track my credit score with both apps?

Rocket Money includes credit score monitoring with access to full Experian credit reports. Monarch Money offers basic credit score information but lacks the detailed credit reports and improvement guidance that Rocket Money provides.

1. Rocket Money is a financial technology company, not a bank. Banking services provided by nbkc bank, Member FDIC.

2. By utilizing the services, your beneficial funds may be held at nbkc bank (“Bank”) in an omnibus custodial account (“Omnibus Account”). In its ordinary course of business, Bank may deposit your funds into a network of other FDIC-insured depository institutions (each a “Network Bank” and together, the “Network Banks”) through a deposit network program administered by a third-party service provider (“Deposit Network Administrator”) and held in custody by a third-party custodian (the “Custodian Bank”) (a “Deposit Network Service”). To facilitate the placement of these funds, you appoint nbkc bank as your agent with respect to the Deposit Network Service, further authorizing nbkc bank to appoint a Deposit Network Administrator. At any given time, all, none or a portion of the funds deposited into your Omnibus Account may be placed into a Deposit Network Service and held beneficially in your name at Network Banks. You are not required or permitted to take any action with respect to the Deposit Network Services. The use of the Deposit Network Services will not create a direct relationship between you and: (i) any of the Network Banks, (ii) the Deposit Network Administrator or (iii) the Custodian Bank. The Deposit Network Administrator, as agent of Bank, maintains records of the balance of each depositor beneficially held at each Network Bank.

3. *$2.5 billion in savings represents savings from bill negotiations after fees, subscription cancellations on an annualized basis, and deposits in smart savings. The total represents a gross figure and may not reflect the net savings of individual members. This calculation is based on internal data and has not been independently verified.