Great video! Thank goodness you keep us updated on new features, you do a better job than Monarch itself! Question, this may not be advisable, but what if I just wanted ONE number? Let's say I set a goal to only spend $5K per month (for example). And that's all I really care about. If I exceed it, I can look into why in the Reports or wherever, but I just want a budget that is that one big number. Possible in Monarch?
Hi great video! Thanks! New to budgeting. I’ve been trying YNAB now for about 3 weeks, but couldn’t quite “get it” for whatever reason. So I’m trying out Monarch now. It seems much easier to me to set up and get going. Question: In flex budgeting, when I have a non-monthly category and it rolls over (i.e. auto maintenance), I’m assuming that money just sits in the checking account. I’m afraid that if I see extra money in the checking account, I’m just going to spend it. Would you recommend every month to move that money to a savings account until I need it? And if so, is there a way to set that up automatically? Or am I not understanding this correctly? Thanks again for the video!
I want some of the extra features of Monarch Money but I’m having a hard time wrapping my head around a new way of doing things coming from YNAB.. and might stay with YNAB I want the ability to pre plan a budget, ahead of time like in Monarch but my brain is freaking out about how much I am allowed to pay on a credit card to making sure I have all the transactions to pay them set to transfer categories, I feel like I need to constantly double check, in YNAB when I add a transfer I tell it from or to a different account, which added a paired transaction which makes life easy, if there is no account to pair it with, then I know I can count it as an expense. But monarch is much less strict and I feel like if I don’t babysit it perfectly I’ll lose track of dollars and where they are going.. But I really hate in YNAB that I can’t roll a negative balance over to the next month, knowing someone will pay me back.. the next month.. which is frustrating..
If I don't put a budget amount for a flexible expense category, MM automatically hides the category. On yours, they always show (such as at 3:41). How do you do that?
If there isn't an expense in the actual for the category it will hide them it seems. So as you spend through the month, more and more categories will not show as hidden
I would like to see the 'Non-Monthly' feature added to the 'Category Budget', unless there's already a way to do this with Rollovers (if so, I haven't figured it out).
I couldn't use budget feature before this, but flex set up is great. I put zero in for the variable budgets and they disappear until the actual money is spent.
Great video! This is like the 5th video I've seen of yours about Monarch, they're great! I'm currently a YNAB user looking to get into Monarch but I'm not sure if I'm taking a step down...What do you think? I like the category style better for customization here but it seems like I can only set due dates with flex option. Is that correct or is there a way to set up a due date like you can for flex? For ex. yearly, monthly, etc?
I struggle with overdrafts and have ADHD... I was using a spreadsheet but want some more automation. Do you think Monarch money is for me? Do they have a desktop version
Hi! How would you recommend categorizing big expenses. for example, if you are pulling money from your savings account for a large expense (home renovation, wedding). etc. Would you hide the transaction so that it doesn't affect the savings rate?
Hey there! I would highly recommend never hiding transactions like that or your savings rate would be a lie. If I saved $5000 for a vacation all year and then spent it on that vacation for the year, I did not save $5,000. My bank account is not $5,000 higher I broke even. I do recommend using the filters in the report section so that if you wanted to see cashflow without those big expenses, you can filter out the categories with one-off expenses. But I would never hide them entirely from your budget or else you will not have accurate date
@@evolvingmoney In that vain, I frequently move chunks of money from a savings account to cover large expenses. When they come in, they're shown as transfers. Those transfers aren't income, so it looks like I have blown up a category, even though I planned to move the money from savings for it. Should I create some sort of "savings transfer" category so it can show as income? Or do you think the filter idea will be sufficient? Never thought about a filter with reports.
I am struggling on how to place/categorize college tuition payments that are paid 4 times within the year. I cannot seem to figure this out. Can you help?
I would create a category called Tuition or Education and categorize it that way! You are going to see a big increase in your expenses those 4 times during the year and that is okay! Nothing wrong with seeing a big negative as long as it is true that you spent the funds in that category.
I love flexible budgets! Tried it and it looks great on the desktop, however, on the mobile app, for “flexible costs”, it does not show the “actual spent” when you don’t assign budgets for each category (set budget at flexible level) and since there is no “remaining” concept with this option, you really don’t have any info per category. This is critical info missing!
Thank you for this video. I'm a financial planner and needed an overview of this for my own Monarch use. This hit the spot perfectly!!!
Thank you for this video! The new flex feature has really thrown me for a loop!
You don't have to use it! Stick with Category budgeting if you got comfortable there.
Great video, thank you for sharing. The expense frequency feature is a nice touch, something I had missed from using YNAB.
Great video! Thank goodness you keep us updated on new features, you do a better job than Monarch itself! Question, this may not be advisable, but what if I just wanted ONE number? Let's say I set a goal to only spend $5K per month (for example). And that's all I really care about. If I exceed it, I can look into why in the Reports or wherever, but I just want a budget that is that one big number. Possible in Monarch?
Yep! You can put all categories in one group and budget by group to budget with just one expense number!
You're so thorough!!! Thank you!
Hi great video! Thanks! New to budgeting. I’ve been trying YNAB now for about 3 weeks, but couldn’t quite “get it” for whatever reason. So I’m trying out Monarch now. It seems much easier to me to set up and get going.
Question: In flex budgeting, when I have a non-monthly category and it rolls over (i.e. auto maintenance), I’m assuming that money just sits in the checking account. I’m afraid that if I see extra money in the checking account, I’m just going to spend it. Would you recommend every month to move that money to a savings account until I need it? And if so, is there a way to set that up automatically? Or am I not understanding this correctly?
Thanks again for the video!
Very helpful! Thanks so much!
Glad it was helpful!
I want some of the extra features of Monarch Money but I’m having a hard time wrapping my head around a new way of doing things coming from YNAB.. and might stay with YNAB
I want the ability to pre plan a budget, ahead of time like in Monarch but my brain is freaking out about how much I am allowed to pay on a credit card to making sure I have all the transactions to pay them set to transfer categories, I feel like I need to constantly double check, in YNAB when I add a transfer I tell it from or to a different account, which added a paired transaction which makes life easy, if there is no account to pair it with, then I know I can count it as an expense. But monarch is much less strict and I feel like if I don’t babysit it perfectly I’ll lose track of dollars and where they are going..
But I really hate in YNAB that I can’t roll a negative balance over to the next month, knowing someone will pay me back.. the next month.. which is frustrating..
If I don't put a budget amount for a flexible expense category, MM automatically hides the category. On yours, they always show (such as at 3:41). How do you do that?
Update: One of my categories doesn't hide, but the rest do. Is this a setting somewhere? I haven't been able to find answers anywhere.
@@aggieal14 Have you figured this out yet? I'm curios how to get this working as well. All my non-budget flexible items are hidden
If there isn't an expense in the actual for the category it will hide them it seems. So as you spend through the month, more and more categories will not show as hidden
I would like to see the 'Non-Monthly' feature added to the 'Category Budget', unless there's already a way to do this with Rollovers (if so, I haven't figured it out).
I would like this too!
I couldn't use budget feature before this, but flex set up is great. I put zero in for the variable budgets and they disappear until the actual money is spent.
Great video! This is like the 5th video I've seen of yours about Monarch, they're great! I'm currently a YNAB user looking to get into Monarch but I'm not sure if I'm taking a step down...What do you think? I like the category style better for customization here but it seems like I can only set due dates with flex option. Is that correct or is there a way to set up a due date like you can for flex? For ex. yearly, monthly, etc?
Due dates are only in the flex non monthly section! Monarch definitely requires more math on the initial set up than YNAB,!
I struggle with overdrafts and have ADHD... I was using a spreadsheet but want some more automation. Do you think Monarch money is for me? Do they have a desktop version
Monarch's desktop version is better than the app (but both are great) and I think you would love Monarch!
Hi! How would you recommend categorizing big expenses. for example, if you are pulling money from your savings account for a large expense (home renovation, wedding). etc. Would you hide the transaction so that it doesn't affect the savings rate?
Hey there! I would highly recommend never hiding transactions like that or your savings rate would be a lie. If I saved $5000 for a vacation all year and then spent it on that vacation for the year, I did not save $5,000. My bank account is not $5,000 higher I broke even. I do recommend using the filters in the report section so that if you wanted to see cashflow without those big expenses, you can filter out the categories with one-off expenses. But I would never hide them entirely from your budget or else you will not have accurate date
@@evolvingmoney In that vain, I frequently move chunks of money from a savings account to cover large expenses. When they come in, they're shown as transfers. Those transfers aren't income, so it looks like I have blown up a category, even though I planned to move the money from savings for it. Should I create some sort of "savings transfer" category so it can show as income? Or do you think the filter idea will be sufficient? Never thought about a filter with reports.
@@evolvingmoney This makes a lot of sense. Thank you!
I am struggling on how to place/categorize college tuition payments that are paid 4 times within the year. I cannot seem to figure this out. Can you help?
I would create a category called Tuition or Education and categorize it that way! You are going to see a big increase in your expenses those 4 times during the year and that is okay! Nothing wrong with seeing a big negative as long as it is true that you spent the funds in that category.
I love flexible budgets! Tried it and it looks great on the desktop, however, on the mobile app, for “flexible costs”, it does not show the “actual spent” when you don’t assign budgets for each category (set budget at flexible level) and since there is no “remaining” concept with this option, you really don’t have any info per category. This is critical info missing!
I have to click on each category to see how much I’ve spent
Long press on any value in the remaining column and it will toggle to actual
@ perfect, that’s exactly what I needed! Didn’t know this! Thank you so much.