The end of Mint: Our zero-based budgeting philosophy and why we believe in Monarch Money
The impending shutdown of Mint signifies the end of an era. For over a decade, Mint was the go-to budgeting app for effortlessly tracking finances. With its closure, an opportunity emerges to rethink budgeting approaches altogether. With this news being so fresh, we’ve spent some time researching and testing a few platforms, and will continue to dive deeper into various budgeting apps. If our stance shared in this article changes as we learn more, we will update this post.
Allow me to explain our zero-based budgeting philosophy and why at this time, we believe Monarch Money is the ideal Mint replacement for those drawn to optimizing finances.
Demystifying Zero-Based Budgeting
Zero-based budgeting assigns every dollar earned to a specific job or purpose. You tally up all income, then divide expenses into fixed “must-have” costs like rent & childcare versus variable "nice-to-have” expenses like dining out or travel. We recommend our clients put all “variable” costs on credit cards, making it easier to monitor and control these costs month over month.
The goal is complete visibility into money flows - linking all accounts provides a holistic view of spending patterns and trends. All income is assigned to a category; no dollar remains as "leftover."
When variable costs exceed the budgeted amounts, funds must shift from another category to cover the overage. This keeps overall spending aligned with priorities and illuminates waste.
More Than Just Tracking Transactions
Approached this way, budgeting evolves from basic accounting into an assessment exercise. The visibility empowers you to identify opportunities to optimize spending in alignment with financial goals and values.
Tracking fixed versus variable expenses helps you determine where to cut back and reallocate. You glean meaningful insights around behavior rather than just tallying transactions. It allows you to make simpler statements like, “If I spend $5k on credit cards, I can save $1k. But if I spend $6k this month, I am breaking even and not saving”
For those seeking financial control and proficiency, zero-based budgeting provides the transparency and flexibility needed to align spending with what matters.
Enter, Monarch Money!
Many of our clients have leveraged Mint for years, and we spent the last week researching alternate options with the goal to have an opinion on which platform(s) we recommend as a company. After our initial testing of the available budgeting platforms, we believe Monarch Money follows our team’s budgeting philsophy best. Here's why:
Spending Insights – Monarch's AI reveals trends across categories to highlight optimization chances at a granular level.
Shared Budgets – Group household budgeting provides complete visibility into collective spending habits.
Bill Tracking – Emphasis on upcoming bills enables planning variable spending wisely around fixed expenses.
Cash Flow Forecasting – Predicting future cash flow allows proactive budget decisions tied to big-picture goals.
Automated Account Syncing - Monarch securely connects financial accounts to automatically import transactions, similar to Mint's set-it-and-forget-it account aggregation.
Monarch combines automated tracking of all transactions with intelligent insights into spending patterns. This gives you the visibility and control needed to follow the zero-based budgeting model effectively. Cashflow graphs like the one below help you look at multiple spending accounts in one place and see how you are trending each month more proactively.
One thing to note is that there is a cost to use Monarch Money ($99/year). While Mint offered a free version, Monarch does not.
Features to Prioritize When Choosing a Budgeting App
Monarch Money may or may not be right for you. Regardless, here are criteria that we think are important when choosing a budgeting app.
Ease of Use
The app should have an intuitive, user-friendly interface that is easy to navigate. Complicated or confusing apps add friction that discourage continued use.
Setup should be simple with clear steps. No convoluted onboarding process.
Features should be accessible without digging through complex menus. Common actions should be obvious.
Minimal manual entry should be required. Tedious data input leads to abandonment.
Automatic Syncing
The app must automatically import and categorize transactions from linked accounts and cards.
Syncing should happen seamlessly in the background, no manual refreshing needed.
New transactions should sync quickly, ideally within a day, to enable real-time tracking.
Users should be able to easily match unmatched transactions with a couple clicks.
Categorize Expenses
Customizable categories are a must, allowing tailored tracking.
Users should be able to track both high-level categories (e.g. food) and specific sub-categories (e.g. groceries, restaurants).
The app should accurately predict categories for transactions, minimizing the need for manual overrides.
Partner Visibility
The app should support shared budgets between partners and spouses.
This includes the ability to collaborate in real-time and track collective spending.
Partners should both have mobile access and stay on the same page.
Mobile & Desktop Access
Availability on iOS, Android, Mac, and Windows is ideal for maximum flexibility.
The mobile and desktop experiences should be fully synchronized.
Offline access enables use even without an internet connection.
Our Recommendation For Mint Users and Current Clients
For those accustomed to our principled zero-based approach, Monarch delivers. While we think Credit Karma and others have future potential, Monarch currently best fits our budgeting methodology and need for transparency. While Mint offers a free version, Monarch does not. Click here to view pricing details.
Of course, we will continue evaluating new options as the fintech landscape evolves. But right now, Monarch provides the optimal solution for zero-based budgeters seeking an empowering replacement for Mint.
Here are some alternatives as well
Empower - Free, but might get cold calls. Previously called Personal Capital and has a similar mint trend view for spending
Rocket Money - Free. Formerly called Truebill. Has the ability to track budgets and spending, but also can help get rid of unwanted subscriptions
YNAB - Similar cost to Monarch, felt a bit too granular for how we like to look at budgeting.
If you need guidance transitioning to Monarch and implementing zero-based budgeting. We’re happy to explain our techniques in greater depth. Your journey to financial wellness starts today.
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