Group level budgeting

Group level budgeting

Group Level Budgets

Want to stay on top of your finances and set some guardrails around your spending, without getting stuck in the nitty gritty? Well good news! We’ve introduced the ability to set and track budgets at the category group level.

Group-level budgeting provides a more flexible way to track your spending. For instance, you can set a monthly budget target at the “Food & Dining” group level, without having to set and track individual category budgets for Groceries, Restaurants, Coffee, etc. In this manner, you can more easily stay within your overall food budget while being more flexible with how and where you eat each month.

Group level budgeting does not impact cash flow reporting, and you can still see how much you spend within each category in the cash flow report.

You can learn more about how to setup group level budgets in our Help Center.

Other Improvements

  • Account page improvements on web to make it easier to understand how your net worth is changing and which accounts are driving the changes.

    • % change now added to the asset and liability groups. Green text for increase and red text for decrease. Makes it easier to see what’s changing and what makes up the overall net worth change

    • The summary card now shows the % breakdown of net worth by asset and liability group, making it easier to see where your overall net worth comes from

    • Spark line improvements. For each of your financial accounts, you can quickly see the activity over the current month and the overall change. red for decrease and green for increase. Previously this chart showed the information from the past month instead of the current month.

  • You can now easily grant temporary access to your Monarch account. This is a great option for a tax accountant or other financial professional that you’re working with. Access is limited to 7 days and can be revoked anytime.

  • All customers will now have the ability to try out the AI Assistant. There is a new Monarch Labs setting on the Preference page where you can turn on access. Chat with the Assistant about your money. This is still in beta!

  • You can now invert an account balance if it comes in incorrectly from a data provider. For example, sometimes a mortgage account will come in as a positive value instead of a negative value, so it incorrectly adds to your net worth instead of subtracts. If you see this problem there is now a setting on the account detail page to flip the sign on the balance. Previously only our CS team was able to make this change.

  • We made some improvements to the mappings between financial account types and goals. Now you’ll be able to automatically connect more account types to Retirement and Education goals. The main change is that checking and savings accounts can now be added to both. This will make it easier to track progress towards completing the goal.

Bug Fixes

  • Fixed an issue where some edits to pending transactions were being overwritten when the transaction posted.

  • Fixed an issue where Apple Card statements were not able to be imported.

  • Fixed an issue with the Investments Dashboard card in the Android app that made it hard to read the % change.

  • Fixed an issue in the mobile app where the Budget Remaining amount was incorrectly displaying as the full Budget amount on category level budgets.

What’s Next

  • Fixed/Flex/Non monthly budgeting

  • Improvements to how goals work. Please provide your input here!

  • Improvements to merchant names and categorization (Ongoing)

  • New collaboration features

The modern way to manage your money

Monarch is an all-in-one platform that brings together everything you need to optimize your finances. Join thousands of families using Monarch to achieve financial resilience.